N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:	December 31, 2009

Item 1. Reports to Stockholders

Fidelity® Variable Insurance Products:
Consumer Discretionary Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listings, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund^A
VIP Consumer Discretionary - Initial Class ^C	38.32%	-0.59%	0.92%
VIP Consumer Discretionary - Investor Class^{B, C}	38.17%	-0.66%	0.88%

^AFrom July 18, 2001.

^B The initial offering of Investor Class shares took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class. Had Investor Class's transfer agent fee been reflected, returns prior to July 21, 2005 would have been lower.

^C Prior to October 1, 2006, VIP Consumer Discretionary Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Consumer Discretionary Portfolio - Initial Class on July 18, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: In 2009, most global markets saw both crippling lows and considerable highs. After a dismal start, the economy began to show signs of improvement, suggesting that a recovery was on the horizon. Credit markets began to heal as fiscal and monetary stimulus efforts around the world started to take effect, and corporate earnings staged an impressive rebound, fueled in large part by massive cost cutting. As a result, the flight to quality that marked most of 2008 and early 2009 shifted in March as investors flocked to riskier asset categories. The U.S. equity market, as measured by the bellwether Standard & Poor's 500^SM Index and the blue-chip proxy Dow Jones Industrial Average^SM, reflected this changing environment, gaining 26.46% and 22.68%, respectively. Meanwhile, the technology-laden Nasdaq Composite® Index rose 45.32%. Foreign stocks also produced strong gains, as illustrated by the 31.93% jump of the MSCI® EAFE® Index (Europe, Australasia, Far East), a gauge of developed stock markets outside the U.S. and Canada. Emerging-markets stocks, which suffered their worst calendar-year performance ever in 2008, posted record returns this past year, with the MSCI Emerging Markets Index soaring 79.02%. A depreciating U.S. dollar helped bolster returns for U.S. investors in foreign equities.

Comments from John Harris, Portfolio Manager of VIP Consumer Discretionary Portfolio: For the year ending December 31, 2009, the fund's shares underperformed the 46.75% return of its sector benchmark, the MSCI® U.S. Investable Market Consumer Discretionary Index, but outperformed the S&P 500®. (For specific portfolio results, please refer to the performance section of this report.) The top detractor to the fund's performance relative to the MSCI index was its underweighting in automaker Ford Motor, which performed very strongly as the only one of the ´Big Three' automakers to avoid government assistance. Weak stock selection in restaurants also hampered results, with stakes in fast-food chains Burger King Holdings, which I sold during the period, and Sonic lagging, while an underweighted position in strong-performing coffee giant Starbucks hurt as well. An overweighting in home improvement retailer Lowe's - the fund's largest position - and a non-benchmark position in discount retail giant Costco further detracted. On the positive side, an out-of-index stake in Hong Kong-based global sourcing agent Li & Fung led the way, benefiting from strong relationships with high-quality, value-oriented retailers looking for exclusive brands with more cachet than their own store-label names. Elsewhere, the fund's stake in casino operator Las Vegas Sands was a winner when the company was able to restructure its Macau, China, property credit facility, while an out-of-index position in search engine and online advertising leader Google further boosted returns.

Note to shareholders: In January 2010, Fidelity adopted capped benchmarks for most of its sector and industry funds, including the VIP sector portfolios. The capped benchmarks, which limit the weightings of individual issuers, better represent the investment opportunities available to the funds and will provide shareholders with more-meaningful performance comparisons. These changes do not affect the investment policies of any of the funds, and the primary benchmark for all of the funds remains the Standard & Poor's 500 Index.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.00%
Actual		$ 1,000.00	$ 1,266.50	$ 5.71
Hypothetical ^A		$ 1,000.00	$ 1,020.16	$ 5.09
Investor Class	1.08%
Actual		$ 1,000.00	$ 1,265.20	$ 6.17
Hypothetical ^A		$ 1,000.00	$ 1,019.76	$ 5.50

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Lowe's Companies, Inc.	6.0	7.4
Target Corp.	5.8	6.8
The Walt Disney Co.	5.6	5.5
McDonald's Corp.	4.9	7.1
Amazon.com, Inc.	3.9	2.4
Staples, Inc.	2.7	2.9
Advance Auto Parts, Inc.	2.3	2.6
Ford Motor Co.	2.3	0.0
Comcast Corp. Class A	2.2	3.8
Wyndham Worldwide Corp.	2.0	1.0
	37.7

Top Industries (% of fund's net assets)
As of December 31, 2009
	Specialty Retail	22.2%
	Media	20.8%
	Hotels, Restaurants & Leisure	20.2%
	Multiline Retail	8.1%
	Internet & Catalog Retail	5.3%
	All Others*	23.4%

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As of June 30, 2009
	Specialty Retail	27.2%
	Hotels, Restaurants & Leisure	20.3%
	Media	19.8%
	Multiline Retail	7.2%
	Textiles, Apparel & Luxury Goods	5.6%
	All Others*	19.9%

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* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
AUTO COMPONENTS - 2.6%
Auto Parts & Equipment - 2.6%
BorgWarner, Inc.	2,100		$ 69,762
Johnson Controls, Inc.	5,500		149,820
			219,582
AUTOMOBILES - 3.0%
Automobile Manufacturers - 2.3%
Ford Motor Co. (a)	18,900		189,000
Motorcycle Manufacturers - 0.7%
Harley-Davidson, Inc.	2,400		60,480
TOTAL AUTOMOBILES			249,480
DISTRIBUTORS - 0.5%
Distributors - 0.5%
Li & Fung Ltd.	10,000		41,343
DIVERSIFIED CONSUMER SERVICES - 3.4%
Education Services - 2.2%
Apollo Group, Inc. Class A (non-vtg.) (a)	1,060		64,215
DeVry, Inc.	900		51,057
Navitas Ltd.	3,559		13,107
Strayer Education, Inc.	275		58,435
			186,814
Specialized Consumer Services - 1.2%
Coinstar, Inc. (a)	900		25,002
Sotheby's Class A (ltd. vtg.)	2,101		47,230
Steiner Leisure Ltd. (a)	700		27,832
			100,064
TOTAL DIVERSIFIED CONSUMER SERVICES			286,878
FOOD & STAPLES RETAILING - 2.3%
Food Retail - 0.6%
Susser Holdings Corp. (a)	6,000		51,540
Hypermarkets & Super Centers - 1.7%
BJ's Wholesale Club, Inc. (a)	400		13,084
Costco Wholesale Corp.	2,100		124,257
			137,341
TOTAL FOOD & STAPLES RETAILING			188,881
HOTELS, RESTAURANTS & LEISURE - 20.2%
Casinos & Gaming - 3.9%
Bally Technologies, Inc. (a)	700		28,903
International Game Technology	900		16,893
Las Vegas Sands Corp. unit	363		92,881
MGM Mirage, Inc. (a)	6,100		55,632
Sands China Ltd.	6,400		7,723
WMS Industries, Inc. (a)	2,750		110,000
Wynn Macau Ltd.	10,800		13,156
			325,188

	Shares		Value
Hotels, Resorts & Cruise Lines - 4.7%
Carnival Corp. unit	3,600		$ 114,084
Starwood Hotels & Resorts Worldwide, Inc.	3,100		113,367
Wyndham Worldwide Corp.	8,100		163,377
			390,828
Leisure Facilities - 0.4%
Vail Resorts, Inc. (a)	1,000		37,800
Restaurants - 11.2%
BJ's Restaurants, Inc. (a)	2,116		39,823
Darden Restaurants, Inc.	3,300		115,731
Jack in the Box, Inc. (a)	1,400		27,538
McDonald's Corp.	6,560		409,606
P.F. Chang's China Bistro, Inc. (a)	1,413		53,567
Sonic Corp. (a)	3,410		34,339
Starbucks Corp. (a)	6,800		156,808
Texas Roadhouse, Inc. Class A (a)	3,800		42,674
Yum! Brands, Inc.	1,400		48,958
			929,044
TOTAL HOTELS, RESTAURANTS & LEISURE			1,682,860
HOUSEHOLD DURABLES - 4.6%
Home Furnishings - 1.2%
Mohawk Industries, Inc. (a)	1,300		61,880
Tempur-Pedic International, Inc. (a)	1,500		35,445
			97,325
Homebuilding - 1.9%
Lennar Corp. Class A	3,300		42,141
M.D.C. Holdings, Inc.	300		9,312
Meritage Homes Corp. (a)	1,000		19,330
Pulte Homes, Inc.	6,055		60,550
Toll Brothers, Inc. (a)	1,500		28,215
			159,548
Household Appliances - 0.9%
Whirlpool Corp.	929		74,933
Housewares & Specialties - 0.6%
Newell Rubbermaid, Inc.	3,300		49,533
TOTAL HOUSEHOLD DURABLES			381,339
INTERNET & CATALOG RETAIL - 5.3%
Catalog Retail - 0.3%
Liberty Media Corp. Interactive Series A (a)	2,400		26,016
Internet Retail - 5.0%
Amazon.com, Inc. (a)	2,440		328,229
Blue Nile, Inc. (a)	473		29,955
Expedia, Inc. (a)	2,100		53,991
			412,175
TOTAL INTERNET & CATALOG RETAIL			438,191
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - 1.6%
Internet Software & Services - 1.6%
Google, Inc. Class A (a)	173		$ 107,257
GREE, Inc.	100		6,186
NetEase.com, Inc. sponsored ADR (a)	200		7,522
Tencent Holdings Ltd.	400		8,651
			129,616
LEISURE EQUIPMENT & PRODUCTS - 0.4%
Leisure Products - 0.4%
Polaris Industries, Inc.	800		34,904
MEDIA - 20.8%
Advertising - 2.0%
Interpublic Group of Companies, Inc. (a)	12,417		91,637
Lamar Advertising Co. Class A (a)	1,482		46,075
National CineMedia, Inc.	1,400		23,198
			160,910
Cable & Satellite - 7.6%
Cablevision Systems Corp. - NY Group Class A	2,300		59,386
Comcast Corp. Class A	10,755		181,329
DIRECTV (a)	4,300		143,405
DISH Network Corp. Class A	2,000		41,540
Liberty Media Corp. Starz Series A (a)	280		12,922
Time Warner Cable, Inc.	3,382		139,981
Virgin Media, Inc.	3,300		55,539
			634,102
Movies & Entertainment - 10.1%
DreamWorks Animation SKG, Inc. Class A (a)	617		24,649
News Corp.:
Class A	3,000		41,070
Class B	2,900		46,168
The Walt Disney Co.	14,400		464,400
Time Warner, Inc.	3,909		113,908
Viacom, Inc. Class B (non-vtg.) (a)	5,100		151,623
			841,818
Publishing - 1.1%
McGraw-Hill Companies, Inc.	2,700		90,477
TOTAL MEDIA			1,727,307
MULTILINE RETAIL - 8.1%
Department Stores - 2.3%
Kohl's Corp. (a)	2,000		107,860
Nordstrom, Inc.	2,218		83,352
			191,212

	Shares		Value
General Merchandise Stores - 5.8%
Target Corp.	10,000		$ 483,700
TOTAL MULTILINE RETAIL			674,912
PROFESSIONAL SERVICES - 0.2%
Human Resource & Employment Services - 0.2%
Monster Worldwide, Inc. (a)	1,000		17,400
SPECIALTY RETAIL - 22.2%
Apparel Retail - 4.7%
American Eagle Outfitters, Inc.	1,800		30,564
Citi Trends, Inc. (a)	3,147		86,920
Gymboree Corp. (a)	2,105		91,546
Ross Stores, Inc.	1,800		76,878
Urban Outfitters, Inc. (a)	2,000		69,980
Zumiez, Inc. (a)	2,555		32,500
			388,388
Automotive Retail - 2.9%
Advance Auto Parts, Inc.	4,670		189,042
O'Reilly Automotive, Inc. (a)	1,400		53,368
			242,410
Computer & Electronics Retail - 1.7%
Best Buy Co., Inc.	1,500		59,190
Conn's, Inc. (a)	2,400		14,016
hhgregg, Inc. (a)	1,800		39,654
RadioShack Corp.	1,652		32,214
			145,074
Home Improvement Retail - 8.1%
Home Depot, Inc.	3,649		105,566
Lowe's Companies, Inc.	21,305		498,323
Lumber Liquidators, Inc. (a)	2,800		75,040
			678,929
Homefurnishing Retail - 0.4%
Williams-Sonoma, Inc.	1,500		31,170
Specialty Stores - 4.4%
Big 5 Sporting Goods Corp.	2,400		41,232
Cabela's, Inc. Class A (a)	1,200		17,112
OfficeMax, Inc. (a)	2,600		32,994
Signet Jewelers Ltd. (a)	300		8,016
Staples, Inc.	9,086		223,425
Vitamin Shoppe, Inc.	1,100		24,464
Zale Corp. (a)	6,833		18,586
			365,829
TOTAL SPECIALTY RETAIL			1,851,800
TEXTILES, APPAREL & LUXURY GOODS - 3.8%
Apparel, Accessories & Luxury Goods - 1.1%
G-III Apparel Group Ltd. (a)	1,800		39,006
Phillips-Van Heusen Corp.	200		8,136
VF Corp.	620		45,409
			92,551
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - CONTINUED
Footwear - 2.7%
Deckers Outdoor Corp. (a)	500		$ 50,860
Iconix Brand Group, Inc. (a)	2,100		26,565
NIKE, Inc. Class B	2,200		145,354
			222,779
TOTAL TEXTILES, APPAREL & LUXURY GOODS			315,330
TOTAL COMMON STOCKS (Cost $7,437,564)		8,239,823
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.16% (b) (Cost $53,323)	53,323		53,323
Cash Equivalents - 0.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.01%, dated 12/31/09 due 1/4/10 (Collateralized by U.S. Government Obligations) # (Cost $31,000)	$ 31,000		$ 31,000
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $7,521,887)			8,324,146
NET OTHER ASSETS - 0.0%			(2,151)
NET ASSETS - 100%		$ 8,321,995

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.

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

Repurchase Agreement / Counterparty	Value
$31,000 due 1/04/10 at 0.01%
BNP Paribas Securities Corp.	$ 2,675
Mizuho Securities USA, Inc.	28,325
	$ 31,000

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	$ 576

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 8,239,823	$ 8,069,883	$ 169,940	$ -
Money Market Funds	53,323	53,323	-	-
Cash Equivalents	31,000	-	31,000	-
Total Investments in Securities:	$ 8,324,146	$ 8,123,206	$ 200,940	$ -

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

Investments in Securities:
Beginning Balance	$ 31,050
Total Realized Gain (Loss)	30,406
Total Unrealized Gain (Loss)	52,331
Cost of Purchases	23,200
Proceeds of Sales	(44,106)
Amortization/Accretion	-
Transfers in/out of Level 3	(92,881)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009	$ -

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

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $2,054,868 of which $966,651 and $1,088,217 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including repurchase agreements of $31,000) - See accompanying schedule: Unaffiliated issuers (cost $7,468,564)	$ 8,270,823
Fidelity Central Funds (cost $53,323)	53,323
Total Investments (cost $7,521,887)		$ 8,324,146
Cash		685
Receivable for investments sold		146,223
Dividends receivable		9,016
Distributions receivable from Fidelity Central Funds		4
Prepaid expenses		36
Receivable from investment adviser for expense reductions		2,644
Other receivables		233
Total assets		8,482,987

Liabilities
Payable for investments purchased	$ 121,802
Payable for fund shares redeemed	128
Accrued management fee	3,946
Other affiliated payables	1,043
Other payables and accrued expenses	34,073
Total liabilities		160,992

Net Assets		$ 8,321,995
Net Assets consist of:
Paid in capital		$ 9,760,242
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,240,504)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		802,257
Net Assets		$ 8,321,995

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($4,097,617 ÷ 427,610 shares)		$ 9.58

Investor Class: Net Asset Value, offering price and redemption price per share ($4,224,378 ÷ 441,354 shares)		$ 9.57

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 108,524
Interest		9
Income from Fidelity Central Funds		576
Total income		109,109

Expenses
Management fee	$ 39,291
Transfer agent fees	14,681
Accounting fees and expenses	2,722
Custodian fees and expenses	12,447
Independent trustees' compensation	46
Audit	33,105
Legal	40
Miscellaneous	530
Total expenses before reductions	102,862
Expense reductions	(30,748)	72,114
Net investment income (loss)		36,995
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(649,497)
Foreign currency transactions	35
Total net realized gain (loss)		(649,462)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,832,343
Assets and liabilities in foreign currencies	(1)
Total change in net unrealized appreciation (depreciation)		2,832,342
Net gain (loss)		2,182,880
Net increase (decrease) in net assets resulting from operations		$ 2,219,875

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 36,995	$ 33,831
Net realized gain (loss)	(649,462)	(1,541,532)
Change in net unrealized appreciation (depreciation)	2,832,342	(1,650,912)
Net increase (decrease) in net assets resulting from operations	2,219,875	(3,158,613)
Distributions to shareholders from net investment income	(39,751)	(30,645)
Distributions to shareholders from net realized gain	-	(72,042)
Total distributions	(39,751)	(102,687)
Share transactions - net increase (decrease)	1,609,010	(1,561,450)
Redemption fees	8,313	5,640
Total increase (decrease) in net assets	3,797,447	(4,817,110)

Net Assets
Beginning of period	4,524,548	9,341,658
End of period (including undistributed net investment income of $0 and $671, respectively)	$ 8,321,995	$ 4,524,548

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 6.96	$ 10.72	$ 12.84	$ 11.45	$ 11.12
Income from Investment Operations
Net investment income (loss) ^C	.04	.04	(.01)	.11 ^F	(.02)
Net realized and unrealized gain (loss)	2.62	(3.68)	(1.02)	1.33	.35
Total from investment operations	2.66	(3.64)	(1.03)	1.44	.33
Distributions from net investment income	(.05)	(.05)	(.02)	(.06)	-
Distributions from net realized gain	-	(.09)	(1.08)	-	-
Total distributions	(.05)	(.13)^I	(1.10)	(.06)	-
Redemption fees added to paid in capital ^C	.01	.01	.01	.01	-^H
Net asset value, end of period	$ 9.58	$ 6.96	$ 10.72	$ 12.84	$ 11.45
Total Return^A,B	38.32%	(34.10)%	(8.14)%	12.63%	2.97%
Ratios to Average Net Assets^D,G
Expenses before reductions	1.43%	1.40%	1.10%	1.20%	1.19%
Expenses net of fee waivers, if any	1.00%	1.00%	1.01%	1.15%	1.14%
Expenses net of all reductions	.99%	1.00%	1.01%	1.14%	1.12%
Net investment income (loss)	.57%	.48%	(.07)%	.90% ^F	(.19)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,098	$ 3,212	$ 6,989	$ 13,866	$ 9,616
Portfolio turnover rate ^E	166%	81%	114%	189%	74%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects special dividends which amounted to $.09 per share. Excluding these special dividends, the ratio of net investment income (loss) to average net assets would have been .13%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment ad-viser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.13 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.085 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 6.96	$ 10.72	$ 12.83	$ 11.44	$ 11.49
Income from Investment Operations
Net investment income (loss) ^E	.04	.04	(.03)	.10 ^H	(.01)
Net realized and unrealized gain (loss)	2.61	(3.68)	(1.02)	1.33	(.04)
Total from investment operations	2.65	(3.64)	(1.05)	1.43	(.05)
Distributions from net investment income	(.05)	(.05)	(.02)	(.05)	-
Distributions from net realized gain	-	(.09)	(1.05)	-	-
Total distributions	(.05)	(.13)^L	(1.07)	(.05)	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.01	-^K
Net asset value, end of period	$ 9.57	$ 6.96	$ 10.72	$ 12.83	$ 11.44
Total Return^B,C,D	38.17%	(34.10)%	(8.29)%	12.62%	(.44)%
Ratios to Average Net Assets^F,J
Expenses before reductions	1.51%	1.54%	1.24%	1.41%	1.61% ^A
Expenses net of fee waivers, if any	1.08%	1.09%	1.15%	1.25%	1.25% ^A
Expenses net of all reductions	1.08%	1.09%	1.15%	1.24%	1.23% ^A
Net investment income (loss)	.48%	.39%	(.21)%	.80% ^H	(.20)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,224	$ 1,313	$ 2,352	$ 4,256	$ 339
Portfolio turnover rate ^G	166%	81%	114%	189%	74%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects special dividends which amounted to $.09 per share. Excluding these special dividends, the ratio of net investment income (loss) to average net assets would have been .03%. ^I For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K Amount represents less than $.01 per share. ^L Total distributions of $.13 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.085 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Consumer Discretionary Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, February 12, 2010, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds including the Fidelity Money Market Central Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as level 2 in the hierarchy.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,290,200
Gross unrealized depreciation	(659,039)
Net unrealized appreciation (depreciation)	$ 631,161

Tax Cost	$ 7,692,985

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (2,054,868)
Net unrealized appreciation (depreciation)	$ 631,160

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 39,751	$ 51,833
Long-term Capital Gains	-	50,854
Total	$ 39,751	$ 102,687

Trading (Redemption) Fees. Shares held less than 60 days are subject to a redemption fee equal to 1% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,910,584 and $11,321,526, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .56% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class pays a monthly asset-based transfer agent fee of .15% of average net assets. The total transfer agent fees paid by each class to FIIOC, including out of pocket expenses, were as follows:

Initial Class	$ 6,672
Investor Class	8,009
	$ 14,681

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,396 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $31 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

7. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.00%	$ 16,829
Investor Class	1.08%	13,402
		$ 30,231

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 19,436	$ 22,246
Investor Class	20,315	8,399
Total	$ 39,751	$ 30,645
From net realized gain
Initial Class	$ -	$ 53,286
Investor Class	-	18,756
Total	$ -	$ 72,042

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	387,558	200,837	$ 2,878,099	$ 1,839,241
Reinvestment of distributions	2,071	8,451	19,436	75,532
Shares redeemed	(423,292)	(400,279)	(3,190,755)	(3,312,456)
Net increase (decrease)	(33,663)	(190,991)	$ (293,220)	$ (1,397,683)
Investor Class
Shares sold	573,242	124,737	$ 4,445,239	$ 1,182,888
Reinvestment of distributions	2,151	3,058	20,315	27,155
Shares redeemed	(322,598)	(158,673)	(2,563,324)	(1,373,810)
Net increase (decrease)	252,795	(30,878)	$ 1,902,230	$ (163,767)

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Consumer Discretionary Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Consumer Discretionary Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Consumer Discretionary Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 222 funds advised by FMR or an affiliate. Mr. Curvey oversees 410 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Discretionary Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Consumer Discretionary Portfolio

fid196

The Board stated that the investment performance of Initial Class of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Initial Class through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 4% means that 96% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

VIP Consumer Discretionary Portfolio

fid198

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VCONIC-ANN-0210
1.817355.104

Fidelity® Variable Insurance Products:
Consumer Staples Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Life of fund^A
VIP Consumer Staples - Initial Class	20.73%	2.29%
VIP Consumer Staples - Investor Class	20.68%	2.21%

^AFrom April 24, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class on April 24, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Robert Lee, Portfolio Manager of VIP Consumer Staples Portfolio: During the past year, the fund solidly outperformed the MSCI U.S. Investable Market Consumer Staples Index, which returned 15.56%. (For specific portfolio results, please refer to the performance section of this report.) Leading the way was strong stock picking within brewers, including an out-of-index stake in Belgian brewer Anheuser-Busch InBev, which posted solid gains in response to a successful merger between two major brewers. Security selection in the soft drinks area also helped, such as stakes in bottlers Coca-Cola Enterprises and Turkey's Coca-Cola Icecek AS, as well as Canada's private-label manufacturer Cott. Stock picks within packaged food and meats were significant contributors, including an out-of-index holding in Anglo-Dutch Unilever and Switzerland's Nestle. Underweighting the hypermarket and super center space - most notably major index component Wal-Mart Stores - was a positive as well. On the negative side, an overweighting and weak stock selection within food retailing detracted, including stakes in grocery chains Safeway and Kroger. Underweighting the strong-performing tobacco group - including index components Altria Group and Lorillard - hurt as well. Lorillard was sold prior to period end. Lastly, overweighting the distillers and vintners industry detracted, including a position in Constellation Brands.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.00%
Actual		$ 1,000.00	$ 1,177.20	$ 5.49
Hypothetical ^A		$ 1,000.00	$ 1,020.16	$ 5.09
Investor Class	1.08%
Actual		$ 1,000.00	$ 1,176.60	$ 5.93
Hypothetical ^A		$ 1,000.00	$ 1,019.76	$ 5.50

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	14.4	12.6
CVS Caremark Corp.	6.8	8.0
The Coca-Cola Co.	6.7	7.4
PepsiCo, Inc.	6.0	6.2
Wal-Mart Stores, Inc.	5.4	5.1
British American Tobacco PLC sponsored ADR	5.1	4.8
Walgreen Co.	3.9	1.0
Altria Group, Inc.	3.6	2.2
Avon Products, Inc.	3.4	3.0
Nestle SA (Reg.)	3.1	4.1
	58.4

Top Industries (% of fund's net assets)
As of December 31, 2009
	Beverages	26.8%
	Food & Staples Retailing	22.2%
	Household Products	17.2%
	Food Products	12.3%
	Tobacco	12.0%
	All Others*	9.5%

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As of June 30, 2009
	Beverages	30.1%
	Food & Staples Retailing	19.2%
	Household Products	17.3%
	Food Products	16.2%
	Tobacco	9.6%
	All Others*	7.6%

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* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
BEVERAGES - 26.8%
Brewers - 6.0%
Anadolu Efes Biracilik ve Malt Sanyii AS	4,700		$ 52,774
Anheuser-Busch InBev SA NV	7,768		404,751
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	930		94,014
Molson Coors Brewing Co. Class B	12,955		585,048
			1,136,587
Distillers & Vintners - 4.0%
Brown-Forman Corp. Class B (non-vtg.)	900		48,213
Constellation Brands, Inc. Class A (sub. vtg.) (a)	30,489		485,690
Diageo PLC sponsored ADR	3,215		223,153
			757,056
Soft Drinks - 16.8%
Coca-Cola Enterprises, Inc.	12,388		262,626
Coca-Cola FEMSA SAB de CV sponsored ADR	1,420		93,322
Coca-Cola Icecek AS	5,450		54,638
Cott Corp. (a)	100		824
Dr Pepper Snapple Group, Inc.	8,003		226,485
Embotelladora Andina SA sponsored ADR	4,500		91,800
Fomento Economico Mexicano SAB de CV sponsored ADR	985		47,162
Pepsi Bottling Group, Inc.	150		5,625
PepsiCo, Inc.	18,863		1,146,870
The Coca-Cola Co.	22,150		1,262,550
			3,191,902
TOTAL BEVERAGES			5,085,545
FOOD & STAPLES RETAILING - 22.2%
Drug Retail - 10.7%
CVS Caremark Corp.	40,012		1,288,787
Walgreen Co.	19,850		728,892
			2,017,679
Food Retail - 4.9%
Kroger Co.	20,364		418,073
Safeway, Inc.	22,240		473,490
Susser Holdings Corp. (a)	1,100		9,449
The Pantry, Inc. (a)	2,291		31,135
			932,147
Hypermarkets & Super Centers - 6.6%
BJ's Wholesale Club, Inc. (a)	7,130		233,222
Wal-Mart Stores, Inc.	19,100		1,020,895
			1,254,117
TOTAL FOOD & STAPLES RETAILING			4,203,943

	Shares		Value
FOOD PRODUCTS - 12.3%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	9,010		$ 282,103
Bunge Ltd.	2,805		179,043
Corn Products International, Inc.	2,748		80,324
SLC Agricola SA	5,100		47,694
Viterra, Inc. (a)	4,900		46,032
			635,196
Packaged Foods & Meats - 9.0%
Ausnutria Dairy Hunan Co. Ltd. Class H	58,000		47,569
Brasil Foods SA	100		2,579
Cadbury PLC sponsored ADR	59		3,032
Cermaq ASA (a)	4,600		44,445
Cosan Ltd. Class A (a)	1,300		11,310
Danone	1,254		76,892
Dean Foods Co. (a)	12,000		216,480
General Mills, Inc.	2,141		151,604
Lindt & Spruengli AG	2		49,070
Nestle SA (Reg.)	12,210		591,957
Tyson Foods, Inc. Class A	6,686		82,037
Unilever NV (NY Shares)	13,125		424,331
			1,701,306
TOTAL FOOD PRODUCTS			2,336,502
HOUSEHOLD PRODUCTS - 17.2%
Household Products - 17.2%
Colgate-Palmolive Co.	2,692		221,148
Energizer Holdings, Inc. (a)	4,795		293,838
Procter & Gamble Co.	45,217		2,741,507
			3,256,493
PERSONAL PRODUCTS - 3.7%
Personal Products - 3.7%
Avon Products, Inc.	20,192		636,048
Mead Johnson Nutrition Co. Class A	600		26,220
Natura Cosmeticos SA	2,200		46,512
			708,780
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	8,838		569,256
Perrigo Co.	53		2,112
			571,368
TOBACCO - 12.0%
Tobacco - 12.0%
Altria Group, Inc.	35,180		690,583
British American Tobacco PLC sponsored ADR	14,820		958,261
KT&G Corp.	756		41,752
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	11,370		$ 547,920
Souza Cruz Industria Comerico	1,400		47,068
			2,285,584
TOTAL COMMON STOCKS (Cost $18,795,947)		18,448,215
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 0.16% (b) (Cost $681,800)	681,800		681,800
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $19,477,747)			19,130,015
NET OTHER ASSETS - (0.8)%			(152,428)
NET ASSETS - 100%		$ 18,977,587

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	$ 1,353
Total	$ 1,353

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 18,448,215	$ 18,400,646	$ 47,569	$ -
Money Market Funds	681,800	681,800	-	-
Total Investments in Securities:	$ 19,130,015	$ 19,082,446	$ 47,569	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	80.7%
United Kingdom	6.3%
Switzerland	3.4%
Netherlands	2.2%
Belgium	2.1%
Brazil	1.2%
Bermuda	1.0%
Others (individually less than 1%)	3.1%
	100.0%

Income Tax Information

At December 31, 2009, the Fund had a capital loss carryforward of approximately $1,107,172, of which $176,480 and $930,692 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $18,795,947)	$ 18,448,215
Fidelity Central Funds (cost $681,800)	681,800
Total Investments (cost $19,477,747)		$ 19,130,015
Receivable for investments sold		21,330
Dividends receivable		44,774
Distributions receivable from Fidelity Central Funds		144
Prepaid expenses		76
Receivable from investment adviser for expense reductions		2,434
Other receivables		37
Total assets		19,198,810

Liabilities
Payable for investments purchased	$ 125,161
Payable for fund shares redeemed	46,651
Accrued management fee	8,635
Other affiliated payables	2,326
Other payables and accrued expenses	38,450
Total liabilities		221,223

Net Assets		$ 18,977,587
Net Assets consist of:
Paid in capital		$ 20,623,704
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,298,359)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(347,758)
Net Assets		$ 18,977,587

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($8,531,508 ÷ 834,514 shares)		$ 10.22

Investor Class: Net Asset Value, offering price and redemption price per share ($10,446,079 ÷ 1,023,049 shares)		$ 10.21

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 465,955
Interest		7
Income from Fidelity Central Funds		1,353
Total income		467,315

Expenses
Management fee	$ 98,588
Transfer agent fees	30,080
Accounting fees and expenses	6,817
Custodian fees and expenses	35,465
Independent trustees' compensation	128
Audit	32,265
Legal	322
Miscellaneous	1,494
Total expenses before reductions	205,159
Expense reductions	(22,823)	182,336
Net investment income (loss)		284,979
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(814,723)
Foreign currency transactions	(1,041)
Total net realized gain (loss)		(815,764)
Change in net unrealized appreciation (depreciation) on: Investment securities	3,023,140
Assets and liabilities in foreign currencies	473
Total change in net unrealized appreciation (depreciation)		3,023,613
Net gain (loss)		2,207,849
Net increase (decrease) in net assets resulting from operations		$ 2,492,828

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 284,979	$ 278,021
Net realized gain (loss)	(815,764)	(472,434)
Change in net unrealized appreciation (depreciation)	3,023,613	(4,299,638)
Net increase (decrease) in net assets resulting from operations	2,492,828	(4,494,051)
Distributions to shareholders from net investment income	(282,510)	(286,028)
Share transactions - net increase (decrease)	(6,462,234)	12,995,494
Redemption fees	5,770	25,741
Total increase (decrease) in net assets	(4,246,146)	8,241,156

Net Assets
Beginning of period	23,223,733	14,982,577
End of period (including undistributed net investment income of $0 and distributions in excess of net investment income of $5,678, respectively)	$ 18,977,587	$ 23,223,733

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.60	$ 11.08	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.15	.15	.08
Net realized and unrealized gain (loss)	1.63	(2.53)	1.11
Total from investment operations	1.78	(2.38)	1.19
Distributions from net investment income	(.16)	(.11)	(.04)
Distributions from net realized gain	-	-	(.07)
Total distributions	(.16)	(.11)	(.11)
Redemption fees added to paid in capital ^E	-^J	.01	-^J
Net asset value, end of period	$ 10.22	$ 8.60	$ 11.08
Total Return^B,C,D	20.73%	(21.35)%	11.92%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.12%	1.12%	1.66% ^A
Expenses net of fee waivers, if any	1.00%	1.00%	1.00% ^A
Expenses net of all reductions	1.00%	1.00%	1.00% ^A
Net investment income (loss)	1.68%	1.47%	1.05% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,532	$ 9,706	$ 7,964
Portfolio turnover rate ^G	71%	91%	35% ^A

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period April 24, 2007 (commencement of operations) to December 31, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.59	$ 11.07	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.14	.14	.07
Net realized and unrealized gain (loss)	1.63	(2.52)	1.11
Total from investment operations	1.77	(2.38)	1.18
Distributions from net investment income	(.15)	(.11)	(.04)
Distributions from net realized gain	-	-	(.07)
Total distributions	(.15)	(.11)	(.11)
Redemption fees added to paid in capital ^E	-^J	.01	-^J
Net asset value, end of period	$ 10.21	$ 8.59	$ 11.07
Total Return^B,C,D	20.68%	(21.41)%	11.82%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.22%	1.22%	1.79% ^A
Expenses net of fee waivers, if any	1.08%	1.08%	1.15% ^A
Expenses net of all reductions	1.08%	1.08%	1.15% ^A
Net investment income (loss)	1.60%	1.39%	.90% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,446	$ 13,518	$ 7,018
Portfolio turnover rate ^G	71%	91%	35% ^A

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period April 24, 2007 (commencement of operations) to December 31, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Consumer Staples Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including the Fidelity Money Market Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as level 2 in the hierarchy.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,108,916
Gross unrealized depreciation	(1,647,835)
Net unrealized appreciation (depreciation)	$ (538,919)

Tax Cost	$ 19,668,934

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (1,107,172)
Net unrealized appreciation (depreciation)	$ (538,945)

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 282,510	$ 286,028

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,267,130 and $18,431,041, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 9,269
Investor Class	20,811
	$ 30,080

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $98 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.00%	$ 8,921
Investor Class	1.08%	13,486
		$ 22,407

Annual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 131,298	$ 121,735
Investor Class	151,212	164,293
Total	$ 282,510	$ 286,028

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	438,229	1,195,732	$ 4,041,941	$ 11,605,548
Reinvestment of distributions	13,013	14,597	131,298	121,735
Shares redeemed	(745,202)	(800,693)	(6,159,466)	(7,779,005)
Net increase (decrease)	(293,960)	409,636	$ (1,986,227)	$ 3,948,278
Investor Class
Shares sold	562,478	1,623,656	$ 5,117,088	$ 15,815,233
Reinvestment of distributions	15,001	19,723	151,212	164,293
Shares redeemed	(1,127,994)	(703,808)	(9,744,307)	(6,932,310)
Net increase (decrease)	(550,515)	939,571	$ (4,476,007)	$ 9,047,216

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Consumer Staples Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Consumer Staples Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Consumer Staples Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed in December 2009, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Consumer Staples Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Consumer Staples Portfolio

fid235

The Board stated that the investment performance of the fund was lower than its benchmark for the period shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class. The Board stated that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 4% means that 96% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

VIP Consumer Staples Portfolio

fid237

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VCSP-ANN-0210
1.850994.102

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Life of fund ^A
VIP Emerging Markets - Initial Class	75.40%	-6.97%
VIP Emerging Markets - Service Class ^B	75.49%	-7.03%
VIP Emerging Markets - Service Class 2 ^C	75.41%	-7.17%

^AFrom January 23, 2008.

^BPerformance of Service Class shares reflects an asset-based service fee (12b-1 fee).

^CPerformance of Service Class 2 shares reflects an asset-based service fee (12b-1 fee).

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Emerging Markets Portfolio - Initial Class on January 23, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Emerging Markets Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Robert von Rekowsky, Portfolio Manager of VIP Emerging Markets Portfolio: During the past year, the fund modestly lagged the MSCI Emerging Markets Index. (For specific portfolio results, please refer to the performance section of this report.) Versus that benchmark, the fund's gains were dampened by its cash position. Beyond that, unrewarding stock selection and an underweighting in information technology hurt, as did weak picks in financials, industrials and utilities. From a country standpoint, stock selection in South Korea, India and Taiwan worked against us. Mexican bank Grupo Financiero Banorte performed poorly early in the period and was the fund's largest relative detractor. A small out-of-index position in IT services provider Rolta India also detracted, and I sold the stock. Meanwhile, CEZ, an electric utility based in the Czech Republic, performed well but lagged the huge gain of the broader market. Modestly underweighting major index component Samsung Electronics worked against us, as the Korean electronics giant's stock price rallied in response to prospects for improving demand for cellular handsets and DRAM computer memory, among other products. In the case of China's Ping An Insurance, our position delivered solid results, but underweighting the stock early in the period hurt performance. Another detractor, Korean steel maker POSCO, was sold around the middle of the period, which, in retrospect, was too early. Positive sector influences included stock selection and an overweighting in consumer discretionary, as well as solid picks in telecommunication services and energy. Geographically, favorable stock picks and overweightings in Indonesia and Turkey were beneficial. CNPC is a Hong Kong-based crude oil and natural gas exploration/production company with properties in China, Kazakhstan and Thailand, among other locations. An attractive valuation to start the period and rising oil prices aided the stock. Also contributing were Astra International, a conglomerate that's a good proxy for the Indonesian economy, and two Turkish stocks: Turk Hava Yollari, also known as Turkish Airlines, and Turkiye Garanti Bankasi, a bank. Hungary's OTP Bank and China's Geely Automobile Holdings also added value.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,329.10	$ 6.46
Hypothetical ^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class	1.20%
Actual		$ 1,000.00	$ 1,329.80	$ 7.05
Hypothetical ^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2	1.35%
Actual		$ 1,000.00	$ 1,327.10	$ 7.92
Hypothetical ^A		$ 1,000.00	$ 1,018.40	$ 6.87
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,329.10	$ 6.46
Hypothetical ^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,327.10	$ 7.92
Hypothetical ^A		$ 1,000.00	$ 1,018.40	$ 6.87
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,329.70	$ 6.93
Hypothetical ^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of December 31, 2009
	Brazil	15.5%
	Korea (South)	10.0%
	China	9.3%
	Russia	9.2%
	Taiwan	7.9%
	India	7.2%
	United States of America	6.4%
	South Africa	5.3%
	Hong Kong	5.0%
	Other	24.2%

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Percentages are adjusted for the effect of futures contracts, if applicable.

As of June 30, 2009
	Brazil	12.2%
	United States of America	10.9%
	China	9.9%
	Korea (South)	8.8%
	India	8.1%
	Russia	7.3%
	Taiwan	7.1%
	Hong Kong	6.0%
	South Africa	5.7%
	Other	24.0%

cjc504

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks and Investment Companies	94.4	91.9
Short-Term Investments and Net Other Assets	5.6	8.1
Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (Brazil, Oil, Gas & Consumable Fuels)	3.8	3.3
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	3.2	2.1
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	3.1	1.7
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	2.2	2.4
Itau Unibanco Banco Multiplo SA ADR (Brazil, Commercial Banks)	2.1	0.0
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	1.7	1.8
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components)	1.6	1.3
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	1.6	1.9
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.5	1.8
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels)	1.2	1.2
	22.0
Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	24.1	23.0
Energy	14.7	15.3
Materials	14.2	12.5
Information Technology	14.2	10.4
Telecommunication Services	8.2	8.9
Consumer Discretionary	7.3	7.7
Industrials	3.8	5.7
Consumer Staples	3.7	2.7
Utilities	2.3	2.4
Health Care	1.9	1.7

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
Argentina - 0.2%
Banco Macro SA sponsored ADR	3,600		$ 107,136
BAILIWICK OF JERSEY - 0.4%
Randgold Resources Ltd. sponsored ADR	3,400		269,008
Bermuda - 0.6%
Aquarius Platinum Ltd.:
(Australia) (a)	59,369		391,962
(United Kingdom) (a)	1,666		10,959
TOTAL BERMUDA			402,921
Brazil - 15.5%
Anhanguera Educacional Participacoes SA unit (a)	4,337		60,837
Banco Bradesco SA (PN) sponsored ADR	9,900		216,513
BM&F BOVESPA SA	42,400		299,938
Centrais Eletricas Brasileiras SA (Electrobras):
(PN-B) sponsored ADR	13,300		248,710
sponsored ADR	6,400		134,976
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	75		1,355
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	18,000		574,740
Fibria Celulose SA sponsored ADR (a)	12,513		285,797
Gerdau SA sponsored ADR	33,900		577,317
Itau Unibanco Banco Multiplo SA ADR	65,170		1,488,483
Localiza Rent A Car SA	7,500		82,186
Net Servicos de Comunicacao SA sponsored ADR	25,400		343,662
OGX Petroleo e Gas Participacoes SA	40,000		388,985
PDG Realty S.A. Empreendimentos e Participacoes	26,500		263,936
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	46,100		966,434
(PN) sponsored ADR (non-vtg.)	42,000		1,780,380
sponsored ADR	7,500		357,600
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	20,500		439,110
Vale SA (PN-A) sponsored ADR	92,179		2,287,883
Vivo Participacoes SA sponsored ADR	12,300		381,300
TOTAL BRAZIL			11,180,142
Canada - 1.1%
Eldorado Gold Corp. (a)	5,300		75,264
Eldorado Gold Corp. unit (a)	7,594		106,208
First Quantum Minerals Ltd.	3,900		297,924
Niko Resources Ltd.	700		65,559
Sherritt International Corp.	7,700		48,150
Sino-Forest Corp. (a)	7,200		132,809
Uranium One, Inc. (a)	18,100		52,027
TOTAL CANADA			777,941

	Shares		Value
Cayman Islands - 1.8%
BaWang International (Group) Holding Ltd.	108,000		$ 74,784
China Shanshui Cement Group Ltd.	108,000		78,396
Daphne International Holdings Ltd.	158,000		126,882
Eurasia Drilling Co. Ltd. GDR (Reg. S)	7,100		120,700
Geely Automobile Holdings Ltd.	695,000		379,311
Hidili Industry International Development Ltd. (a)	163,000		202,777
Integra Group Holdings unit (a)	31,600		94,800
Mindray Medical International Ltd. sponsored ADR	4,957		168,141
PCD Stores Group Ltd.	210,000		80,626
TOTAL CAYMAN ISLANDS			1,326,417
China - 9.3%
Baidu.com, Inc. sponsored ADR (a)	600		246,738
China Citic Bank Corp. Ltd. Class H	182,000		154,051
China Construction Bank Corp. (H Shares)	1,286,000		1,098,389
China Mengniu Dairy Co. Ltd. (a)	83,000		295,038
China Merchants Bank Co. Ltd. (H Shares)	190,050		494,472
China Shenhua Energy Co. Ltd. (H Shares)	130,500		633,463
China Yurun Food Group Ltd.	77,000		228,489
Golden Eagle Retail Group Ltd. (H Shares)	139,000		281,937
Industrial & Commercial Bank of China Ltd. (H Shares)	1,364,000		1,123,297
Maanshan Iron & Steel Co. Ltd. (H Shares) (a)	122,000		88,386
Minth Group Ltd.	89,000		130,645
PICC Property & Casualty Co. Ltd. (H Shares) (a)	178,000		159,276
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	68,500		595,596
Sina Corp. (a)	1,600		72,288
Tencent Holdings Ltd.	35,800		774,242
Yantai Changyu Pioneer Wine Co. (B Shares)	11,400		101,404
ZTE Corp. (H Shares)	32,600		200,423
TOTAL CHINA			6,678,134
Cyprus - 0.1%
Bank of Cyprus Public Co. Ltd.	10,000		70,580
XXI Century Investments Public Ltd. (a)	600		145
TOTAL CYPRUS			70,725
Czech Republic - 1.1%
Ceske Energeticke Zavody AS	8,400		393,750
Komercni Banka AS	1,800		383,691
TOTAL CZECH REPUBLIC			777,441
Common Stocks - continued
	Shares		Value
Egypt - 0.4%
Commercial International Bank Ltd. sponsored GDR	30,149		$ 301,490
Hong Kong - 5.0%
China Agri-Industries Holding Ltd.	217,000		283,501
China Mobile (Hong Kong) Ltd.	86,000		800,157
China Overseas Land & Investment Ltd.	154,000		322,662
CNOOC Ltd.	514,000		800,751
CNPC (Hong Kong) Ltd.	330,000		435,170
Hong Kong Exchange & Clearing Ltd.	11,600		206,384
Shanghai Industrial Holdings Ltd.	73,000		370,259
Sino-Ocean Land Holdings Ltd.	275,500		252,949
Texwinca Holdings Ltd.	110,000		102,235
TOTAL HONG KONG			3,574,068
Hungary - 0.6%
OTP Bank Ltd. (a)	15,500		447,462
India - 7.2%
Bank of Baroda	11,392		126,156
Bharat Heavy Electricals Ltd.	7,742		400,912
DLF Ltd.	12,596		98,032
Housing Development and Infrastructure Ltd. (a)	18,016		140,079
Housing Development Finance Corp. Ltd.	10,070		580,593
Indiabulls Real Estate Ltd. (a)	21,565		105,804
Infosys Technologies Ltd. sponsored ADR	15,670		866,081
Jain Irrigation Systems Ltd.	6,816		128,118
JSW Steel Ltd.	17,657		385,479
Mahindra & Mahindra Ltd.	15,000		349,337
Patni Computer Systems Ltd. sponsored ADR	3,400		69,530
Power Finance Corp. Ltd.	2,989		16,838
Reliance Industries Ltd.	37,096		871,688
Rural Electrification Corp. Ltd. (a)	18,356		96,032
Tata Consultancy Services Ltd.	26,011		420,486
Tata Power Co. Ltd.	7,388		219,913
Tata Steel Ltd.	21,219		282,417
Ultratech Cement Ltd.	1,378		27,144
TOTAL INDIA			5,184,639
Indonesia - 4.3%
Delta Dunia Petroindo Tbk PT (a)	670,500		120,228
Gudang Garam PT Perusahaan	53,000		121,183
PT Astra International Tbk	115,000		423,396
PT Bank Mandiri Persero Tbk	642,000		320,149
PT Bank Rakyat Indonesia Tbk	475,000		385,545
PT Bumi Resources Tbk	692,500		178,177
PT Indocement Tunggal Prakarsa Tbk	221,000		321,242
PT Indofood Sukses Makmur Tbk	725,500		273,266
PT Perusahaan Gas Negara Tbk Series B	977,300		404,401
PT Telkomunikasi Indonesia Tbk Series B	516,000		517,370
TOTAL INDONESIA			3,064,957

	Shares		Value
Ireland - 0.1%
Dragon Oil PLC (a)	14,809		$ 92,982
Israel - 1.9%
Check Point Software Technologies Ltd. (a)	6,000		203,280
Israel Chemicals Ltd.	15,203		200,435
Partner Communications Co. Ltd. ADR	8,931		181,746
Teva Pharmaceutical Industries Ltd. sponsored ADR	14,500		814,610
TOTAL ISRAEL			1,400,071
Kazakhstan - 0.7%
JSC Halyk Bank of Kazakhstan unit (a)	30,566		290,377
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	8,000		199,200
TOTAL KAZAKHSTAN			489,577
Korea (South) - 10.0%
Hynix Semiconductor, Inc. (a)	23,370		463,963
Hyundai Engineering & Construction Co. Ltd.	5,833		354,660
Hyundai Industrial Development & Construction Co.	8,600		278,413
Hyundai Mobis	3,340		489,797
Hyundai Motor Co.	7,153		742,245
Industrial Bank of Korea (a)	26,060		312,879
KB Financial Group, Inc. (a)	13,130		672,222
Korea Exchange Bank	33,200		412,838
Korean Air Lines Co. Ltd. (a)	2,120		99,812
LG Innotek Co. Ltd.	2,050		174,221
Lumens Co. Ltd. (a)	17,855		136,737
Samsung Electronics Co. Ltd.	3,287		2,252,268
Samsung SDI Co. Ltd.	1,692		215,477
Shinhan Financial Group Co. Ltd. (a)	16,850		622,663
TOTAL KOREA (SOUTH)			7,228,195
Luxembourg - 1.1%
ArcelorMittal SA (NY Shares) Class A	6,400		292,800
Evraz Group SA GDR	13,184		372,448
Ternium SA sponsored ADR (a)	4,000		141,680
TOTAL LUXEMBOURG			806,928
Mexico - 3.4%
America Movil SAB de CV Series L sponsored ADR	25,600		1,202,688
Banco Compartamos SA de CV	17,600		90,897
Corporacion Geo SA de CV Series B (a)	69,500		184,678
Fomento Economico Mexicano SAB de CV sponsored ADR	9,400		450,072
Grupo Financiero Banorte SAB de CV Series O	83,100		303,996
Telmex Internacional SAB de CV Series L ADR	13,800		244,950
TOTAL MEXICO			2,477,281
Common Stocks - continued
	Shares		Value
Nigeria - 0.1%
Guaranty Trust Bank PLC GDR (Reg. S)	14,400		$ 86,400
Norway - 0.1%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	56,000		48,986
Panama - 0.2%
Copa Holdings SA Class A	2,600		141,622
Papua New Guinea - 0.1%
Oil Search Ltd.	9,716		53,499
Peru - 0.4%
Compania de Minas Buenaventura SA sponsored ADR	9,590		320,977
Philippines - 0.6%
Megaworld Corp.	3,210,000		102,168
Philippine Long Distance Telephone Co. sponsored ADR	5,400		306,018
TOTAL PHILIPPINES			408,186
Poland - 1.0%
Bank Polska Kasa Opieki SA (a)	7,100		400,331
Bank Zachodni WBK SA (a)	5,014		332,192
TOTAL POLAND			732,523
Russia - 9.2%
Cherkizovo Group OJSC GDR (a)	3,000		31,500
Magnit OJSC GDR (Reg. S)	19,200		304,320
Mechel Steel Group OAO sponsored ADR	12,900		242,778
Novorossiysk Commercial Sea Port JSC (a)	86,500		14,273
Novorossiysk Commercial Sea Port JSC GDR (Reg. S)	700		8,057
OAO Gazprom	8,900		54,317
OAO Gazprom sponsored ADR	60,442		1,514,072
OAO NOVATEK GDR	6,622		437,052
OAO Tatneft sponsored ADR	13,503		393,477
OGK-2 JSC (a)	423,500		13,171
OGK-6 JSC (a)	261,400		6,666
OJSC MMC Norilsk Nickel sponsored ADR (a)	41,744		599,026
OJSC Oil Company Rosneft GDR (Reg. S)	74,500		640,700
Polymetal JSC GDR (Reg. S) (a)	20,800		190,736
RusHydro JSC sponsored ADR (a)	49,344		188,988
Sberbank (Savings Bank of the Russian Federation)	232,600		653,373
Sberbank (Savings Bank of the Russian Federation) GDR	1,350		378,815
Sistema JSFC sponsored GDR (a)	14,675		308,175
Vimpel Communications sponsored ADR	24,000		446,160
VTB Bank JSC unit	37,700		177,944
TOTAL RUSSIA			6,603,600
Singapore - 0.3%
Straits Asia Resources Ltd.	124,000		230,332

	Shares		Value
South Africa - 5.3%
African Bank Investments Ltd.	71,500		$ 287,544
AngloGold Ashanti Ltd.	6,000		248,008
Aspen Pharmacare Holdings Ltd. (a)	32,464		322,449
Aveng Ltd.	53,500		288,077
Clicks Group Ltd.	69,561		255,808
Illovo Sugar Ltd.	17,116		73,707
Mr. Price Group Ltd.	48,000		226,721
MTN Group Ltd.	46,008		732,030
Mvelaphanda Resources Ltd. (a)	39,874		263,674
Raubex Group Ltd.	47,496		153,769
Shoprite Holdings Ltd.	26,988		237,538
Standard Bank Group Ltd.	38,800		534,089
Steinhoff International Holdings Ltd.	76,422		214,208
TOTAL SOUTH AFRICA			3,837,622
Taiwan - 7.9%
Advanced Semiconductor Engineering, Inc. sponsored ADR	40,200		178,086
Asia Cement Corp.	253,200		273,858
AU Optronics Corp. sponsored ADR	30,900		370,491
Cathay Financial Holding Co. Ltd. (a)	171,000		319,122
Epistar Corp.	27,000		101,282
First Financial Holding Co. Ltd.	564,657		350,373
Formosa Epitaxy, Inc.	114,000		190,653
Fubon Financial Holding Co. Ltd. (a)	265,000		325,555
Hon Hai Precision Industry Co. Ltd. (Foxconn)	239,232		1,132,968
Macronix International Co. Ltd.	400,506		229,111
MediaTek, Inc.	39,032		680,833
Siliconware Precision Industries Co. Ltd.	208,560		282,622
Taiwan Mobile Co. Ltd.	167,000		325,752
Taiwan Semiconductor Manufacturing Co. Ltd.	244,609		493,194
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	36,064		412,572
TOTAL TAIWAN			5,666,472
Thailand - 0.7%
Advanced Info Service PCL (For. Reg.)	65,000		168,087
Siam Commercial Bank PCL (For. Reg.)	125,200		324,697
Total Access Communication PCL (For. Reg.)	400		428
TOTAL THAILAND			493,212
Turkey - 2.2%
Hurriyet Gazetecilik ve Matbaacilik AS (a)	85,656		107,056
Koc Holding AS	16,000		47,266
Tofas Turk Otomobil Fabrikasi AS	84,924		267,906
Turk Hava Yollari AO	89,000		339,059
Turkiye Garanti Bankasi AS	106,000		449,873
Turkiye Is Bankasi AS Series C	88,929		374,450
TOTAL TURKEY			1,585,610
Common Stocks - continued
	Shares		Value
United Kingdom - 0.7%
Hikma Pharmaceuticals PLC	10,646		$ 87,748
Tullow Oil PLC	2,458		51,841
Xstrata PLC (a)	21,851		395,875
TOTAL UNITED KINGDOM			535,464
United States of America - 0.8%
Central European Distribution Corp. (a)	7,300		207,393
Freeport-McMoRan Copper & Gold, Inc.	4,800		385,392
TOTAL UNITED STATES OF AMERICA			592,785
TOTAL COMMON STOCKS (Cost $56,170,306)		67,994,805
Money Market Funds - 5.7%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (b) (Cost $4,086,573)	4,086,573		$ 4,086,573
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $60,256,879)			72,081,378
NET OTHER ASSETS - (0.1)%			(94,894)
NET ASSETS - 100%		$ 71,986,484

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	$ 6,019

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 11,180,142	$ 11,180,142	$ -	$ -
Korea (South)	7,228,195	6,605,532	622,663	-
China	6,678,134	420,430	6,257,704	-
Russia	6,603,600	6,603,600	-	-
Taiwan	5,666,472	5,666,472	-	-
India	5,184,639	5,184,639	-	-
South Africa	3,837,622	3,837,622	-	-
Hong Kong	3,574,068	-	3,574,068	-
Indonesia	3,064,957	3,064,957	-	-
Other	14,976,976	14,034,200	942,776	-
Money Market Funds	4,086,573	4,086,573	-	-
Total Investments in Securities:	$ 72,081,378	$ 60,684,167	$ 11,397,211	$ -

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $4,615,107 of which $1,790,850 and $2,824,257 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $56,170,306)	$ 67,994,805
Fidelity Central Funds (cost $4,086,573)	4,086,573
Total Investments (cost $60,256,879)		$ 72,081,378
Cash		14,570
Foreign currency held at value (cost $11,026)		11,024
Receivable for investments sold		153,440
Receivable for fund shares sold		141,014
Dividends receivable		57,976
Distributions receivable from Fidelity Central Funds		424
Prepaid expenses		188
Receivable from investment adviser for expense reductions		16,691
Other receivables		9,423
Total assets		72,486,128

Liabilities
Payable for investments purchased	$ 268,099
Accrued management fee	45,808
Distribution fees payable	60
Other affiliated payables	9,289
Other payables and accrued expenses	176,388
Total liabilities		499,644

Net Assets		$ 71,986,484
Net Assets consist of:
Paid in capital		$ 65,695,206
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,436,095)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		11,727,373
Net Assets		$ 71,986,484

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($250,351 ÷ 29,409.4 shares)		$ 8.51

Service Class: Net Asset Value, offering price and redemption price per share ($117,551 ÷ 13,772.1 shares)		$ 8.54

Service Class 2: Net Asset Value, offering price and redemption price per share ($117,439 ÷ 13,727.5 shares)		$ 8.56

Initial Class R: Net Asset Value, offering price and redemption price per share ($31,314,149 ÷ 3,678,469.9 shares)		$ 8.51

Service Class 2R: Net Asset Value, offering price and redemption price per share ($117,439 ÷ 13,727.5 shares)		$ 8.56

Investor Class R: Net Asset Value, offering price and redemption price per share ($40,069,555 ÷ 4,714,242.0 shares)		$ 8.50

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 552,011
Interest		9
Income from Fidelity Central Funds		6,019
		558,039
Less foreign taxes withheld		(55,709)
Total income		502,330

Expenses
Management fee	$ 250,829
Transfer agent fees	41,743
Distribution fees	2,093
Accounting fees and expenses	16,032
Custodian fees and expenses	245,770
Independent trustees' compensation	163
Audit	93,877
Legal	110
Miscellaneous	1,753
Total expenses before reductions	652,370
Expense reductions	(320,749)	331,621
Net investment income (loss)		170,709
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,720,774)
Foreign currency transactions	(55,463)
Total net realized gain (loss)		(1,776,237)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $97,033)	16,723,971
Assets and liabilities in foreign currencies	(167)
Total change in net unrealized appreciation (depreciation)		16,723,804
Net gain (loss)		14,947,567
Net increase (decrease) in net assets resulting from operations		$ 15,118,276

Statement of Changes in Net Assets

	Year ended December 31, 2009	For the period January 23, 2008 (commencement of operations) to December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 170,709	$ 120,318
Net realized gain (loss)	(1,776,237)	(3,448,972)
Change in net unrealized appreciation (depreciation)	16,723,804	(4,996,431)
Net increase (decrease) in net assets resulting from operations	15,118,276	(8,325,085)
Distributions to shareholders from net investment income	(171,137)	(118,460)
Distributions to shareholders from net realized gain	(219,436)	-
Total distributions	(390,573)	(118,460)
Share transactions - net increase (decrease)	48,999,079	16,664,085
Redemption fees	22,594	16,568
Total increase (decrease) in net assets	63,749,376	8,237,108

Net Assets
Beginning of period	8,237,108	-
End of period	$ 71,986,484	$ 8,237,108

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.13
Net realized and unrealized gain (loss)	3.64	(5.19)
Total from investment operations	3.68	(5.06)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.51	$ 4.88
Total Return^{B, C, D}	75.40%	(50.45)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.85%	3.92%^A
Expenses net of fee waivers, if any	1.10%	1.10%^A
Expenses net of all reductions	1.02%	1.02%^A
Net investment income (loss)	.60%	1.54%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 250	$ 516
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount represents less than $.01 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.03	.12
Net realized and unrealized gain (loss)	3.65	(5.19)
Total from investment operations	3.68	(5.07)
Distributions from net investment income	-^J	(.07)
Distributions from net realized gain	(.02)	-
Total distributions	(.02)	(.07)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.54	$ 4.88
Total Return^{B, C, D}	75.49%	(50.53)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.02%	4.02%^A
Expenses net of fee waivers, if any	1.20%	1.20%^A
Expenses net of all reductions	1.12%	1.12%^A
Net investment income (loss)	.50%	1.44%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 118	$ 396
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.02	.11
Net realized and unrealized gain (loss)	3.66	(5.19)
Total from investment operations	3.68	(5.08)
Distributions from net investment income	-	(.06)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.56	$ 4.88
Total Return^{B, C, D}	75.41%	(50.65)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.17%	4.17%^A
Expenses net of fee waivers, if any	1.35%	1.35%^A
Expenses net of all reductions	1.27%	1.27%^A
Net investment income (loss)	.35%	1.29%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 395
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Initial Class R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.11
Net realized and unrealized gain (loss)	3.63	(5.16)
Total from investment operations	3.67	(5.05)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	.01	.01
Net asset value, end of period	$ 8.51	$ 4.88
Total Return^{B, C, D}	75.40%	(50.45)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.03%	3.71%^A
Expenses net of fee waivers, if any	1.10%	1.10%^A
Expenses net of all reductions	1.02%	1.02%^A
Net investment income (loss)	.60%	1.54%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 31,314	$ 3,158
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.02	.11
Net realized and unrealized gain (loss)	3.66	(5.19)
Total from investment operations	3.68	(5.08)
Distributions from net investment income	-	(.06)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.56	$ 4.88
Total Return^{B, C, D}	75.41%	(50.65)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.17%	4.17%^A
Expenses net of fee waivers, if any	1.35%	1.35%^A
Expenses net of all reductions	1.27%	1.27%^A
Net investment income (loss)	.35%	1.29%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 395
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.87	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.10
Net realized and unrealized gain (loss)	3.63	(5.16)
Total from investment operations	3.67	(5.06)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	.01	.01
Net asset value, end of period	$ 8.50	$ 4.87
Total Return^{B, C, D}	75.56%	(50.55)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.07%	3.81%^A
Expenses net of fee waivers, if any	1.18%	1.18%^A
Expenses net of all reductions	1.10%	1.10%^A
Net investment income (loss)	.52%	1.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 40,070	$ 3,377
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Emerging Markets Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares, Initial Class R shares, Service Class 2R shares and Investor Class R shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, February 16, 2010, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds including the Fidelity Central Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of December 31, 2009, the Fund did not have any unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 12,407,172
Gross unrealized depreciation	(1,349,306)
Net unrealized appreciation (depreciation)	$ 11,057,866

Tax Cost	$ 61,023,512

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 25,253
Capital loss carryforward	$ (4,615,107)
Net unrealized appreciation (depreciation)	$ 11,057,772

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 390,573	$ 118,460

Trading (Redemption) Fees. Initial Class R shares, Service Class 2R shares and Investor Class R shares held less than 60 days are subject to a redemption fee equal to 1% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $66,246,826 and $20,858,501, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .81% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's and Service Class 2R's average net assets.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 349
Service Class 2	872
Service Class 2R	872
	$ 2,093

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. The total transfer agent fees paid by each class to FIIOC, including out of pocket expenses, were as follows:

Initial Class	$ 496
Service Class	362
Service Class 2	362
Initial Class R	12,367
Service Class 2R	362
Investor Class R	27,794
	$ 41,743

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Annual Report

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $81 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Initial Class	1.10%	$ 8,520
Service Class	1.20%	6,385
Service Class 2	1.35%	6,373
Initial Class R	1.10%	129,562
Service Class 2R	1.35%	6,373
Investor Class R	1.18%	138,186
		$ 295,399

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008 ^A
From net investment income
Initial Class	$ 596	$ 7,875
Service Class	41	5,365
Service Class 2	-	4,404
Initial Class R	75,536	46,484
Service Class 2R	-	4,404
Investor Class R	94,964	49,928
Total	$ 171,137	$ 118,460
From net realized gain
Initial Class	$ 762	$ -
Service Class	275	-
Service Class 2	-	-
Initial Class R	96,805	-
Service Class 2 R	-	-
Investor Class R	121,594	-
Total	$ 219,436	$ -

^A For the period January 23, 2008 (commencement of operations) to December 31, 2008.

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008 ^A	2009	2008 ^A
Initial Class
Shares sold	16,945	107,445	$ 120,071	$ 1,068,509
Reinvestment of distributions	165	1,615	1,358	7,875
Shares redeemed	(93,578)	(3,183)	(691,714)	(22,468)
Net increase (decrease)	(76,468)	105,877	$ (570,285)	$ 1,053,916
Service Class
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	38	1,098	316	5,365
Shares redeemed	(67,365)	-	(502,507)	-
Net increase (decrease)	(67,327)	81,099	$ (502,191)	$ 805,375
Service Class 2
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	-	902	-	4,404
Shares redeemed	(67,175)	-	(501,199)	-
Net increase (decrease)	(67,175)	80,903	$ (501,199)	$ 804,414
Initial Class R
Shares sold	3,509,051	856,743	$ 24,423,527	$ 8,037,340
Reinvestment of distributions	20,952	9,532	172,342	46,484
Shares redeemed	(499,141)	(218,667)	(3,003,566)	(1,627,362)
Net increase (decrease)	3,030,862	647,608	$ 21,592,303	$ 6,456,462
Service Class 2R
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	-	902	-	4,404
Shares redeemed	(67,175)	-	(501,199)	-
Net increase (decrease)	(67,175)	80,903	$ (501,199)	$ 804,414
Investor Class R
Shares sold	4,321,090	938,957	$ 31,280,354	$ 8,629,449
Reinvestment of distributions	26,389	10,240	216,557	49,928
Shares redeemed	(326,280)	(256,154)	(2,015,261)	(1,939,873)
Net increase (decrease)	4,021,199	693,043	$ 29,481,650	$ 6,739,504

^A For the period January 23, 2008 (commencement of operations) to December 31, 2008.

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of approximately 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Emerging Markets Portfolio:

We have audited the accompanying statement of assets and liabilities of VIP Emerging Markets Portfolio (the Fund), a fund of Variable Insurance Products Fund IV, including the schedule of investments, as of December 31, 2009, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year ended December 31, 2009 and for the period from January 23, 2008 (commencement of operations) to December 31, 2008. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of VIP Emerging Markets Portfolio as of December 31, 2009, the results of its operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year ended December 31, 2009 and for the period from January 23, 2008 (commencement of operations) to December 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 16, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity VIP Emerging Markets Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class	02/05/10	02/05/10	$.003
Service Class	02/05/10	02/05/10	$.003
Service Class 2	02/05/10	02/05/10	$.003

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Initial Class	12/18/2009	$0.051	$0.006
	12/30/2009	$0.003	$-
Service Class	12/18/2009	$0.026	$0.006
	12/30/2009	$0.003	$-
Service Class 2	12/18/2009	$-	$-
	12/30/2009	$-	$-

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Emerging Markets Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board noted that it is not possible to evaluate performance in any comprehensive fashion because the fund had been in operation for less than one calendar year. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and, if a meaningful peer group exists, a peer group of mutual funds.

The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 36% means that 64% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

VIP Emerging Markets Portfolio

fid286

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

The Board noted that the total expenses of each of Initial Class and Initial Class R ranked equal to its competitive median for the period and the total expenses of each of Investor Class R, Service Class, Service Class 2, and Service Class 2 R ranked above its competitive median for the period. The Board considered that the total expenses of Investor Class R were above the median primarily due to its higher transfer agent fee. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VIPEM-ANN-0210
1.858135.101

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio - Class R

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Life of fund ^A
VIP Emerging Markets - Initial Class R	75.40%	-6.97%
VIP Emerging Markets - Service Class 2 R ^B	75.41%	-7.17%
VIP Emerging Markets - Investor Class R	75.56%	-7.03%

^AFrom January 23, 2008.

^BPerformance of Service Class 2 R shares reflects an asset-based service fee (12b-1 fee).

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Emerging Markets Portfolio - Initial Class R on January 23, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Emerging Markets Index performed over the same period.

fid299

Annual Report

Management's Discussion of Fund Performance

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,329.10	$ 6.46
Hypothetical ^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class	1.20%
Actual		$ 1,000.00	$ 1,329.80	$ 7.05
Hypothetical ^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2	1.35%
Actual		$ 1,000.00	$ 1,327.10	$ 7.92
Hypothetical ^A		$ 1,000.00	$ 1,018.40	$ 6.87
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,329.10	$ 6.46
Hypothetical ^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,327.10	$ 7.92
Hypothetical ^A		$ 1,000.00	$ 1,018.40	$ 6.87
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,329.70	$ 6.93
Hypothetical ^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of December 31, 2009
	Brazil	15.5%
	Korea (South)	10.0%
	China	9.3%
	Russia	9.2%
	Taiwan	7.9%
	India	7.2%
	United States of America	6.4%
	South Africa	5.3%
	Hong Kong	5.0%
	Other	24.2%

fid311

Percentages are adjusted for the effect of futures contracts, if applicable.

As of June 30, 2009
	Brazil	12.2%
	United States of America	10.9%
	China	9.9%
	Korea (South)	8.8%
	India	8.1%
	Russia	7.3%
	Taiwan	7.1%
	Hong Kong	6.0%
	South Africa	5.7%
	Other	24.0%

cjc504

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks and Investment Companies	94.4	91.9
Short-Term Investments and Net Other Assets	5.6	8.1
Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (Brazil, Oil, Gas & Consumable Fuels)	3.8	3.3
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	3.2	2.1
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	3.1	1.7
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	2.2	2.4
Itau Unibanco Banco Multiplo SA ADR (Brazil, Commercial Banks)	2.1	0.0
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	1.7	1.8
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components)	1.6	1.3
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	1.6	1.9
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.5	1.8
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels)	1.2	1.2
	22.0
Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	24.1	23.0
Energy	14.7	15.3
Materials	14.2	12.5
Information Technology	14.2	10.4
Telecommunication Services	8.2	8.9
Consumer Discretionary	7.3	7.7
Industrials	3.8	5.7
Consumer Staples	3.7	2.7
Utilities	2.3	2.4
Health Care	1.9	1.7

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares		Value
Argentina - 0.2%
Banco Macro SA sponsored ADR	3,600		$ 107,136
BAILIWICK OF JERSEY - 0.4%
Randgold Resources Ltd. sponsored ADR	3,400		269,008
Bermuda - 0.6%
Aquarius Platinum Ltd.:
(Australia) (a)	59,369		391,962
(United Kingdom) (a)	1,666		10,959
TOTAL BERMUDA			402,921
Brazil - 15.5%
Anhanguera Educacional Participacoes SA unit (a)	4,337		60,837
Banco Bradesco SA (PN) sponsored ADR	9,900		216,513
BM&F BOVESPA SA	42,400		299,938
Centrais Eletricas Brasileiras SA (Electrobras):
(PN-B) sponsored ADR	13,300		248,710
sponsored ADR	6,400		134,976
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	75		1,355
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	18,000		574,740
Fibria Celulose SA sponsored ADR (a)	12,513		285,797
Gerdau SA sponsored ADR	33,900		577,317
Itau Unibanco Banco Multiplo SA ADR	65,170		1,488,483
Localiza Rent A Car SA	7,500		82,186
Net Servicos de Comunicacao SA sponsored ADR	25,400		343,662
OGX Petroleo e Gas Participacoes SA	40,000		388,985
PDG Realty S.A. Empreendimentos e Participacoes	26,500		263,936
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	46,100		966,434
(PN) sponsored ADR (non-vtg.)	42,000		1,780,380
sponsored ADR	7,500		357,600
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	20,500		439,110
Vale SA (PN-A) sponsored ADR	92,179		2,287,883
Vivo Participacoes SA sponsored ADR	12,300		381,300
TOTAL BRAZIL			11,180,142
Canada - 1.1%
Eldorado Gold Corp. (a)	5,300		75,264
Eldorado Gold Corp. unit (a)	7,594		106,208
First Quantum Minerals Ltd.	3,900		297,924
Niko Resources Ltd.	700		65,559
Sherritt International Corp.	7,700		48,150
Sino-Forest Corp. (a)	7,200		132,809
Uranium One, Inc. (a)	18,100		52,027
TOTAL CANADA			777,941

	Shares		Value
Cayman Islands - 1.8%
BaWang International (Group) Holding Ltd.	108,000		$ 74,784
China Shanshui Cement Group Ltd.	108,000		78,396
Daphne International Holdings Ltd.	158,000		126,882
Eurasia Drilling Co. Ltd. GDR (Reg. S)	7,100		120,700
Geely Automobile Holdings Ltd.	695,000		379,311
Hidili Industry International Development Ltd. (a)	163,000		202,777
Integra Group Holdings unit (a)	31,600		94,800
Mindray Medical International Ltd. sponsored ADR	4,957		168,141
PCD Stores Group Ltd.	210,000		80,626
TOTAL CAYMAN ISLANDS			1,326,417
China - 9.3%
Baidu.com, Inc. sponsored ADR (a)	600		246,738
China Citic Bank Corp. Ltd. Class H	182,000		154,051
China Construction Bank Corp. (H Shares)	1,286,000		1,098,389
China Mengniu Dairy Co. Ltd. (a)	83,000		295,038
China Merchants Bank Co. Ltd. (H Shares)	190,050		494,472
China Shenhua Energy Co. Ltd. (H Shares)	130,500		633,463
China Yurun Food Group Ltd.	77,000		228,489
Golden Eagle Retail Group Ltd. (H Shares)	139,000		281,937
Industrial & Commercial Bank of China Ltd. (H Shares)	1,364,000		1,123,297
Maanshan Iron & Steel Co. Ltd. (H Shares) (a)	122,000		88,386
Minth Group Ltd.	89,000		130,645
PICC Property & Casualty Co. Ltd. (H Shares) (a)	178,000		159,276
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	68,500		595,596
Sina Corp. (a)	1,600		72,288
Tencent Holdings Ltd.	35,800		774,242
Yantai Changyu Pioneer Wine Co. (B Shares)	11,400		101,404
ZTE Corp. (H Shares)	32,600		200,423
TOTAL CHINA			6,678,134
Cyprus - 0.1%
Bank of Cyprus Public Co. Ltd.	10,000		70,580
XXI Century Investments Public Ltd. (a)	600		145
TOTAL CYPRUS			70,725
Czech Republic - 1.1%
Ceske Energeticke Zavody AS	8,400		393,750
Komercni Banka AS	1,800		383,691
TOTAL CZECH REPUBLIC			777,441
Common Stocks - continued
	Shares		Value
Egypt - 0.4%
Commercial International Bank Ltd. sponsored GDR	30,149		$ 301,490
Hong Kong - 5.0%
China Agri-Industries Holding Ltd.	217,000		283,501
China Mobile (Hong Kong) Ltd.	86,000		800,157
China Overseas Land & Investment Ltd.	154,000		322,662
CNOOC Ltd.	514,000		800,751
CNPC (Hong Kong) Ltd.	330,000		435,170
Hong Kong Exchange & Clearing Ltd.	11,600		206,384
Shanghai Industrial Holdings Ltd.	73,000		370,259
Sino-Ocean Land Holdings Ltd.	275,500		252,949
Texwinca Holdings Ltd.	110,000		102,235
TOTAL HONG KONG			3,574,068
Hungary - 0.6%
OTP Bank Ltd. (a)	15,500		447,462
India - 7.2%
Bank of Baroda	11,392		126,156
Bharat Heavy Electricals Ltd.	7,742		400,912
DLF Ltd.	12,596		98,032
Housing Development and Infrastructure Ltd. (a)	18,016		140,079
Housing Development Finance Corp. Ltd.	10,070		580,593
Indiabulls Real Estate Ltd. (a)	21,565		105,804
Infosys Technologies Ltd. sponsored ADR	15,670		866,081
Jain Irrigation Systems Ltd.	6,816		128,118
JSW Steel Ltd.	17,657		385,479
Mahindra & Mahindra Ltd.	15,000		349,337
Patni Computer Systems Ltd. sponsored ADR	3,400		69,530
Power Finance Corp. Ltd.	2,989		16,838
Reliance Industries Ltd.	37,096		871,688
Rural Electrification Corp. Ltd. (a)	18,356		96,032
Tata Consultancy Services Ltd.	26,011		420,486
Tata Power Co. Ltd.	7,388		219,913
Tata Steel Ltd.	21,219		282,417
Ultratech Cement Ltd.	1,378		27,144
TOTAL INDIA			5,184,639
Indonesia - 4.3%
Delta Dunia Petroindo Tbk PT (a)	670,500		120,228
Gudang Garam PT Perusahaan	53,000		121,183
PT Astra International Tbk	115,000		423,396
PT Bank Mandiri Persero Tbk	642,000		320,149
PT Bank Rakyat Indonesia Tbk	475,000		385,545
PT Bumi Resources Tbk	692,500		178,177
PT Indocement Tunggal Prakarsa Tbk	221,000		321,242
PT Indofood Sukses Makmur Tbk	725,500		273,266
PT Perusahaan Gas Negara Tbk Series B	977,300		404,401
PT Telkomunikasi Indonesia Tbk Series B	516,000		517,370
TOTAL INDONESIA			3,064,957

	Shares		Value
Ireland - 0.1%
Dragon Oil PLC (a)	14,809		$ 92,982
Israel - 1.9%
Check Point Software Technologies Ltd. (a)	6,000		203,280
Israel Chemicals Ltd.	15,203		200,435
Partner Communications Co. Ltd. ADR	8,931		181,746
Teva Pharmaceutical Industries Ltd. sponsored ADR	14,500		814,610
TOTAL ISRAEL			1,400,071
Kazakhstan - 0.7%
JSC Halyk Bank of Kazakhstan unit (a)	30,566		290,377
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	8,000		199,200
TOTAL KAZAKHSTAN			489,577
Korea (South) - 10.0%
Hynix Semiconductor, Inc. (a)	23,370		463,963
Hyundai Engineering & Construction Co. Ltd.	5,833		354,660
Hyundai Industrial Development & Construction Co.	8,600		278,413
Hyundai Mobis	3,340		489,797
Hyundai Motor Co.	7,153		742,245
Industrial Bank of Korea (a)	26,060		312,879
KB Financial Group, Inc. (a)	13,130		672,222
Korea Exchange Bank	33,200		412,838
Korean Air Lines Co. Ltd. (a)	2,120		99,812
LG Innotek Co. Ltd.	2,050		174,221
Lumens Co. Ltd. (a)	17,855		136,737
Samsung Electronics Co. Ltd.	3,287		2,252,268
Samsung SDI Co. Ltd.	1,692		215,477
Shinhan Financial Group Co. Ltd. (a)	16,850		622,663
TOTAL KOREA (SOUTH)			7,228,195
Luxembourg - 1.1%
ArcelorMittal SA (NY Shares) Class A	6,400		292,800
Evraz Group SA GDR	13,184		372,448
Ternium SA sponsored ADR (a)	4,000		141,680
TOTAL LUXEMBOURG			806,928
Mexico - 3.4%
America Movil SAB de CV Series L sponsored ADR	25,600		1,202,688
Banco Compartamos SA de CV	17,600		90,897
Corporacion Geo SA de CV Series B (a)	69,500		184,678
Fomento Economico Mexicano SAB de CV sponsored ADR	9,400		450,072
Grupo Financiero Banorte SAB de CV Series O	83,100		303,996
Telmex Internacional SAB de CV Series L ADR	13,800		244,950
TOTAL MEXICO			2,477,281
Common Stocks - continued
	Shares		Value
Nigeria - 0.1%
Guaranty Trust Bank PLC GDR (Reg. S)	14,400		$ 86,400
Norway - 0.1%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	56,000		48,986
Panama - 0.2%
Copa Holdings SA Class A	2,600		141,622
Papua New Guinea - 0.1%
Oil Search Ltd.	9,716		53,499
Peru - 0.4%
Compania de Minas Buenaventura SA sponsored ADR	9,590		320,977
Philippines - 0.6%
Megaworld Corp.	3,210,000		102,168
Philippine Long Distance Telephone Co. sponsored ADR	5,400		306,018
TOTAL PHILIPPINES			408,186
Poland - 1.0%
Bank Polska Kasa Opieki SA (a)	7,100		400,331
Bank Zachodni WBK SA (a)	5,014		332,192
TOTAL POLAND			732,523
Russia - 9.2%
Cherkizovo Group OJSC GDR (a)	3,000		31,500
Magnit OJSC GDR (Reg. S)	19,200		304,320
Mechel Steel Group OAO sponsored ADR	12,900		242,778
Novorossiysk Commercial Sea Port JSC (a)	86,500		14,273
Novorossiysk Commercial Sea Port JSC GDR (Reg. S)	700		8,057
OAO Gazprom	8,900		54,317
OAO Gazprom sponsored ADR	60,442		1,514,072
OAO NOVATEK GDR	6,622		437,052
OAO Tatneft sponsored ADR	13,503		393,477
OGK-2 JSC (a)	423,500		13,171
OGK-6 JSC (a)	261,400		6,666
OJSC MMC Norilsk Nickel sponsored ADR (a)	41,744		599,026
OJSC Oil Company Rosneft GDR (Reg. S)	74,500		640,700
Polymetal JSC GDR (Reg. S) (a)	20,800		190,736
RusHydro JSC sponsored ADR (a)	49,344		188,988
Sberbank (Savings Bank of the Russian Federation)	232,600		653,373
Sberbank (Savings Bank of the Russian Federation) GDR	1,350		378,815
Sistema JSFC sponsored GDR (a)	14,675		308,175
Vimpel Communications sponsored ADR	24,000		446,160
VTB Bank JSC unit	37,700		177,944
TOTAL RUSSIA			6,603,600
Singapore - 0.3%
Straits Asia Resources Ltd.	124,000		230,332

	Shares		Value
South Africa - 5.3%
African Bank Investments Ltd.	71,500		$ 287,544
AngloGold Ashanti Ltd.	6,000		248,008
Aspen Pharmacare Holdings Ltd. (a)	32,464		322,449
Aveng Ltd.	53,500		288,077
Clicks Group Ltd.	69,561		255,808
Illovo Sugar Ltd.	17,116		73,707
Mr. Price Group Ltd.	48,000		226,721
MTN Group Ltd.	46,008		732,030
Mvelaphanda Resources Ltd. (a)	39,874		263,674
Raubex Group Ltd.	47,496		153,769
Shoprite Holdings Ltd.	26,988		237,538
Standard Bank Group Ltd.	38,800		534,089
Steinhoff International Holdings Ltd.	76,422		214,208
TOTAL SOUTH AFRICA			3,837,622
Taiwan - 7.9%
Advanced Semiconductor Engineering, Inc. sponsored ADR	40,200		178,086
Asia Cement Corp.	253,200		273,858
AU Optronics Corp. sponsored ADR	30,900		370,491
Cathay Financial Holding Co. Ltd. (a)	171,000		319,122
Epistar Corp.	27,000		101,282
First Financial Holding Co. Ltd.	564,657		350,373
Formosa Epitaxy, Inc.	114,000		190,653
Fubon Financial Holding Co. Ltd. (a)	265,000		325,555
Hon Hai Precision Industry Co. Ltd. (Foxconn)	239,232		1,132,968
Macronix International Co. Ltd.	400,506		229,111
MediaTek, Inc.	39,032		680,833
Siliconware Precision Industries Co. Ltd.	208,560		282,622
Taiwan Mobile Co. Ltd.	167,000		325,752
Taiwan Semiconductor Manufacturing Co. Ltd.	244,609		493,194
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	36,064		412,572
TOTAL TAIWAN			5,666,472
Thailand - 0.7%
Advanced Info Service PCL (For. Reg.)	65,000		168,087
Siam Commercial Bank PCL (For. Reg.)	125,200		324,697
Total Access Communication PCL (For. Reg.)	400		428
TOTAL THAILAND			493,212
Turkey - 2.2%
Hurriyet Gazetecilik ve Matbaacilik AS (a)	85,656		107,056
Koc Holding AS	16,000		47,266
Tofas Turk Otomobil Fabrikasi AS	84,924		267,906
Turk Hava Yollari AO	89,000		339,059
Turkiye Garanti Bankasi AS	106,000		449,873
Turkiye Is Bankasi AS Series C	88,929		374,450
TOTAL TURKEY			1,585,610
Common Stocks - continued
	Shares		Value
United Kingdom - 0.7%
Hikma Pharmaceuticals PLC	10,646		$ 87,748
Tullow Oil PLC	2,458		51,841
Xstrata PLC (a)	21,851		395,875
TOTAL UNITED KINGDOM			535,464
United States of America - 0.8%
Central European Distribution Corp. (a)	7,300		207,393
Freeport-McMoRan Copper & Gold, Inc.	4,800		385,392
TOTAL UNITED STATES OF AMERICA			592,785
TOTAL COMMON STOCKS (Cost $56,170,306)		67,994,805
Money Market Funds - 5.7%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (b) (Cost $4,086,573)	4,086,573		$ 4,086,573
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $60,256,879)			72,081,378
NET OTHER ASSETS - (0.1)%			(94,894)
NET ASSETS - 100%		$ 71,986,484

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	$ 6,019

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 11,180,142	$ 11,180,142	$ -	$ -
Korea (South)	7,228,195	6,605,532	622,663	-
China	6,678,134	420,430	6,257,704	-
Russia	6,603,600	6,603,600	-	-
Taiwan	5,666,472	5,666,472	-	-
India	5,184,639	5,184,639	-	-
South Africa	3,837,622	3,837,622	-	-
Hong Kong	3,574,068	-	3,574,068	-
Indonesia	3,064,957	3,064,957	-	-
Other	14,976,976	14,034,200	942,776	-
Money Market Funds	4,086,573	4,086,573	-	-
Total Investments in Securities:	$ 72,081,378	$ 60,684,167	$ 11,397,211	$ -

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $4,615,107 of which $1,790,850 and $2,824,257 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $56,170,306)	$ 67,994,805
Fidelity Central Funds (cost $4,086,573)	4,086,573
Total Investments (cost $60,256,879)		$ 72,081,378
Cash		14,570
Foreign currency held at value (cost $11,026)		11,024
Receivable for investments sold		153,440
Receivable for fund shares sold		141,014
Dividends receivable		57,976
Distributions receivable from Fidelity Central Funds		424
Prepaid expenses		188
Receivable from investment adviser for expense reductions		16,691
Other receivables		9,423
Total assets		72,486,128

Liabilities
Payable for investments purchased	$ 268,099
Accrued management fee	45,808
Distribution fees payable	60
Other affiliated payables	9,289
Other payables and accrued expenses	176,388
Total liabilities		499,644

Net Assets		$ 71,986,484
Net Assets consist of:
Paid in capital		$ 65,695,206
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(5,436,095)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		11,727,373
Net Assets		$ 71,986,484

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($250,351 ÷ 29,409.4 shares)		$ 8.51

Service Class: Net Asset Value, offering price and redemption price per share ($117,551 ÷ 13,772.1 shares)		$ 8.54

Service Class 2: Net Asset Value, offering price and redemption price per share ($117,439 ÷ 13,727.5 shares)		$ 8.56

Initial Class R: Net Asset Value, offering price and redemption price per share ($31,314,149 ÷ 3,678,469.9 shares)		$ 8.51

Service Class 2R: Net Asset Value, offering price and redemption price per share ($117,439 ÷ 13,727.5 shares)		$ 8.56

Investor Class R: Net Asset Value, offering price and redemption price per share ($40,069,555 ÷ 4,714,242.0 shares)		$ 8.50

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 552,011
Interest		9
Income from Fidelity Central Funds		6,019
		558,039
Less foreign taxes withheld		(55,709)
Total income		502,330

Expenses
Management fee	$ 250,829
Transfer agent fees	41,743
Distribution fees	2,093
Accounting fees and expenses	16,032
Custodian fees and expenses	245,770
Independent trustees' compensation	163
Audit	93,877
Legal	110
Miscellaneous	1,753
Total expenses before reductions	652,370
Expense reductions	(320,749)	331,621
Net investment income (loss)		170,709
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,720,774)
Foreign currency transactions	(55,463)
Total net realized gain (loss)		(1,776,237)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $97,033)	16,723,971
Assets and liabilities in foreign currencies	(167)
Total change in net unrealized appreciation (depreciation)		16,723,804
Net gain (loss)		14,947,567
Net increase (decrease) in net assets resulting from operations		$ 15,118,276

Statement of Changes in Net Assets

	Year ended December 31, 2009	For the period January 23, 2008 (commencement of operations) to December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 170,709	$ 120,318
Net realized gain (loss)	(1,776,237)	(3,448,972)
Change in net unrealized appreciation (depreciation)	16,723,804	(4,996,431)
Net increase (decrease) in net assets resulting from operations	15,118,276	(8,325,085)
Distributions to shareholders from net investment income	(171,137)	(118,460)
Distributions to shareholders from net realized gain	(219,436)	-
Total distributions	(390,573)	(118,460)
Share transactions - net increase (decrease)	48,999,079	16,664,085
Redemption fees	22,594	16,568
Total increase (decrease) in net assets	63,749,376	8,237,108

Net Assets
Beginning of period	8,237,108	-
End of period	$ 71,986,484	$ 8,237,108

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.13
Net realized and unrealized gain (loss)	3.64	(5.19)
Total from investment operations	3.68	(5.06)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.51	$ 4.88
Total Return^{B, C, D}	75.40%	(50.45)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.85%	3.92%^A
Expenses net of fee waivers, if any	1.10%	1.10%^A
Expenses net of all reductions	1.02%	1.02%^A
Net investment income (loss)	.60%	1.54%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 250	$ 516
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.03	.12
Net realized and unrealized gain (loss)	3.65	(5.19)
Total from investment operations	3.68	(5.07)
Distributions from net investment income	-^J	(.07)
Distributions from net realized gain	(.02)	-
Total distributions	(.02)	(.07)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.54	$ 4.88
Total Return^{B, C, D}	75.49%	(50.53)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.02%	4.02%^A
Expenses net of fee waivers, if any	1.20%	1.20%^A
Expenses net of all reductions	1.12%	1.12%^A
Net investment income (loss)	.50%	1.44%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 118	$ 396
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.02	.11
Net realized and unrealized gain (loss)	3.66	(5.19)
Total from investment operations	3.68	(5.08)
Distributions from net investment income	-	(.06)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.56	$ 4.88
Total Return^{B, C, D}	75.41%	(50.65)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.17%	4.17%^A
Expenses net of fee waivers, if any	1.35%	1.35%^A
Expenses net of all reductions	1.27%	1.27%^A
Net investment income (loss)	.35%	1.29%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 395
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Initial Class R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.11
Net realized and unrealized gain (loss)	3.63	(5.16)
Total from investment operations	3.67	(5.05)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	.01	.01
Net asset value, end of period	$ 8.51	$ 4.88
Total Return^{B, C, D}	75.40%	(50.45)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.03%	3.71%^A
Expenses net of fee waivers, if any	1.10%	1.10%^A
Expenses net of all reductions	1.02%	1.02%^A
Net investment income (loss)	.60%	1.54%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 31,314	$ 3,158
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.02	.11
Net realized and unrealized gain (loss)	3.66	(5.19)
Total from investment operations	3.68	(5.08)
Distributions from net investment income	-	(.06)
Redemption fees added to paid in capital^E	-^J	.02
Net asset value, end of period	$ 8.56	$ 4.88
Total Return^{B, C, D}	75.41%	(50.65)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	3.17%	4.17%^A
Expenses net of fee waivers, if any	1.35%	1.35%^A
Expenses net of all reductions	1.27%	1.27%^A
Net investment income (loss)	.35%	1.29%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 395
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class R

Years ended December 31,	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.87	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.04	.10
Net realized and unrealized gain (loss)	3.63	(5.16)
Total from investment operations	3.67	(5.06)
Distributions from net investment income	(.02)	(.08)
Distributions from net realized gain	(.03)	-
Total distributions	(.05)	(.08)
Redemption fees added to paid in capital^E	.01	.01
Net asset value, end of period	$ 8.50	$ 4.87
Total Return^{B, C, D}	75.56%	(50.55)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.07%	3.81%^A
Expenses net of fee waivers, if any	1.18%	1.18%^A
Expenses net of all reductions	1.10%	1.10%^A
Net investment income (loss)	.52%	1.46%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 40,070	$ 3,377
Portfolio turnover rate^G	70%	79%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period January 23, 2008 (commencement of operations) to December 31, 2008.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, February 16, 2010, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 12,407,172
Gross unrealized depreciation	(1,349,306)
Net unrealized appreciation (depreciation)	$ 11,057,866

Tax Cost	$ 61,023,512

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 25,253
Capital loss carryforward	$ (4,615,107)
Net unrealized appreciation (depreciation)	$ 11,057,772

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 390,573	$ 118,460

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $66,246,826 and $20,858,501, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .81% of the Fund's average net assets.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 349
Service Class 2	872
Service Class 2R	872
	$ 2,093

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. The total transfer agent fees paid by each class to FIIOC, including out of pocket expenses, were as follows:

Initial Class	$ 496
Service Class	362
Service Class 2	362
Initial Class R	12,367
Service Class 2R	362
Investor Class R	27,794
	$ 41,743

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

Annual Report

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $81 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Initial Class	1.10%	$ 8,520
Service Class	1.20%	6,385
Service Class 2	1.35%	6,373
Initial Class R	1.10%	129,562
Service Class 2R	1.35%	6,373
Investor Class R	1.18%	138,186
		$ 295,399

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008 ^A
From net investment income
Initial Class	$ 596	$ 7,875
Service Class	41	5,365
Service Class 2	-	4,404
Initial Class R	75,536	46,484
Service Class 2R	-	4,404
Investor Class R	94,964	49,928
Total	$ 171,137	$ 118,460
From net realized gain
Initial Class	$ 762	$ -
Service Class	275	-
Service Class 2	-	-
Initial Class R	96,805	-
Service Class 2 R	-	-
Investor Class R	121,594	-
Total	$ 219,436	$ -

^A For the period January 23, 2008 (commencement of operations) to December 31, 2008.

Annual Report

Notes to Financial Statements - continued

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008 ^A	2009	2008 ^A
Initial Class
Shares sold	16,945	107,445	$ 120,071	$ 1,068,509
Reinvestment of distributions	165	1,615	1,358	7,875
Shares redeemed	(93,578)	(3,183)	(691,714)	(22,468)
Net increase (decrease)	(76,468)	105,877	$ (570,285)	$ 1,053,916
Service Class
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	38	1,098	316	5,365
Shares redeemed	(67,365)	-	(502,507)	-
Net increase (decrease)	(67,327)	81,099	$ (502,191)	$ 805,375
Service Class 2
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	-	902	-	4,404
Shares redeemed	(67,175)	-	(501,199)	-
Net increase (decrease)	(67,175)	80,903	$ (501,199)	$ 804,414
Initial Class R
Shares sold	3,509,051	856,743	$ 24,423,527	$ 8,037,340
Reinvestment of distributions	20,952	9,532	172,342	46,484
Shares redeemed	(499,141)	(218,667)	(3,003,566)	(1,627,362)
Net increase (decrease)	3,030,862	647,608	$ 21,592,303	$ 6,456,462
Service Class 2R
Shares sold	-	80,001	$ -	$ 800,010
Reinvestment of distributions	-	902	-	4,404
Shares redeemed	(67,175)	-	(501,199)	-
Net increase (decrease)	(67,175)	80,903	$ (501,199)	$ 804,414
Investor Class R
Shares sold	4,321,090	938,957	$ 31,280,354	$ 8,629,449
Reinvestment of distributions	26,389	10,240	216,557	49,928
Shares redeemed	(326,280)	(256,154)	(2,015,261)	(1,939,873)
Net increase (decrease)	4,021,199	693,043	$ 29,481,650	$ 6,739,504

^A For the period January 23, 2008 (commencement of operations) to December 31, 2008.

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of approximately 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Emerging Markets Portfolio:

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 16, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of VIP Emerging Markets Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class R	02/05/10	02/05/10	$.003
Investor Class R	02/05/10	02/05/10	$.003
Service Class 2 R	02/05/10	02/05/10	$.003

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Initial Class R	12/18/2009	$0.051	$0.006
	12/30/2009	$0.003	$-
Investor Class R	12/18/2009	$0.051	$0.006
	12/30/2009	$0.003	$-
Service Class 2 R	12/18/2009	$-	$-
	12/30/2009	$-	$-

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Emerging Markets Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board noted that it is not possible to evaluate performance in any comprehensive fashion because the fund had been in operation for less than one calendar year. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index and, if a meaningful peer group exists, a peer group of mutual funds.

VIP Emerging Markets Portfolio

fid286

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VIPEMR-ANN-0210
1.888698.101

Fidelity® Variable Insurance Products:
Energy Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund^A
VIP Energy Portfolio - Initial Class ^C	47.90%	11.05%	10.59%
VIP Energy Portfolio - Investor Class^{B, C}	47.79%	10.94%	10.53%

^A From July 19, 2001.

^B The initial offering of Investor Class took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class. If Investor Class's transfer agent fee had been reflected, returns prior to July 21, 2005 would have been lower.

^C Prior to October 1, 2006, VIP Energy Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Initial Class on July 19, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

fid336

Annual Report

Management's Discussion of Fund Performance

Comments from John Dowd, Portfolio Manager of VIP Energy Portfolio: The fund solidly outperformed the 19.44% gain of the MSCI U.S. Investable Market Energy Index, as well as the S&P 500®. (For specific portfolio performance results, please refer to the performance section of this report.) Despite an overweighting in oil and gas refining/marketing stocks, which underperformed other energy segments, and a couple of individual stock miscalculations, superior security selection and beneficial industry positioning propelled the fund's return past that of the MSCI benchmark. Our underweighting in weak-performing integrated oil companies, notably Exxon Mobil and Chevron, provided the biggest boost, as did overweighting more-volatile energy services stocks. In particular, large positions in low-cost natural gas exploration and production firms Southwestern Energy and Cabot Oil & Gas both generated strong returns. Additionally, surging coal prices led our overweighted stakes in coal producers Massey Energy and Foundation Coal to become key contributors. Foundation Coal was acquired by Alpha Natural Resources during the period. Disappointments included oil refiners Sunoco and Valero Energy, natural gas exploration and production firm Comstock Resources and an underweighting in strong-performing oil-services giant Schlumberger.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.70%
Actual		$ 1,000.00	$ 1,275.30	$ 4.01
Hypothetical^A		$ 1,000.00	$ 1,021.68	$ 3.57
Service Class 2	.95%
Actual		$ 1,000.00	$ 1,272.60	$ 5.44
Hypothetical^A		$ 1,000.00	$ 1,020.42	$ 4.84
Investor Class	.79%
Actual		$ 1,000.00	$ 1,274.10	$ 4.53
Hypothetical^A		$ 1,000.00	$ 1,021.22	$ 4.02

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Schlumberger Ltd.	6.7	3.7
Southwestern Energy Co.	6.0	4.9
Occidental Petroleum Corp.	5.9	5.3
XTO Energy, Inc.	5.0	0.0
Petrohawk Energy Corp.	3.7	3.4
BJ Services Co.	3.5	2.3
Massey Energy Co.	3.5	2.2
BP PLC sponsored ADR	3.5	0.0
Alpha Natural Resources, Inc.	3.3	1.8
Transocean Ltd.	3.3	3.8
	44.4

Top Industries (% of fund's net assets)
As of December 31, 2009
	Oil, Gas & Consumable Fuels	59.1%
	Energy Equipment & Services	36.0%
	Electrical Equipment	2.9%
	Construction & Engineering	0.7%
	Gas Utilities	0.6%
	All Others*	0.7%

fid344

As of June 30, 2009
	Oil, Gas & Consumable Fuels	58.8%
	Energy Equipment & Services	35.3%
	Electrical Equipment	3.3%
	Gas Utilities	1.1%
	Construction & Engineering	0.5%
	All Others*	1.0%

cjc505

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.7%
Construction & Engineering - 0.7%
Jacobs Engineering Group, Inc. (a)	68,400		$ 2,572,524
ELECTRICAL EQUIPMENT - 2.8%
Electrical Components & Equipment - 2.7%
centrotherm photovoltaics AG (a)	14,099		851,800
Energy Conversion Devices, Inc. (a)(c)	57,327		605,946
Evergreen Solar, Inc. (a)(c)	141,706		213,976
First Solar, Inc. (a)(c)	26,857		3,636,438
JA Solar Holdings Co. Ltd. ADR (a)(c)	504,307		2,874,550
SunPower Corp.:
Class A (a)	12,500		296,000
Class B (a)	63,500		1,330,325
			9,809,035
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	7,383		450,248
TOTAL ELECTRICAL EQUIPMENT			10,259,283
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Itron, Inc. (a)	14,278		964,764
ENERGY EQUIPMENT & SERVICES - 36.0%
Oil & Gas Drilling - 12.2%
Atwood Oceanics, Inc. (a)	37,270		1,336,130
Ensco International Ltd. ADR	48,300		1,929,102
Helmerich & Payne, Inc.	127,451		5,082,746
Hercules Offshore, Inc. (a)	91,780		438,708
Nabors Industries Ltd. (a)	372,994		8,164,839
Noble Corp.	285,720		11,628,804
Northern Offshore Ltd. (a)	587,000		962,137
Patterson-UTI Energy, Inc.	64,014		982,615
Pride International, Inc. (a)	69,313		2,211,778
Transocean Ltd. (a)	147,047		12,175,492
			44,912,351
Oil & Gas Equipment & Services - 23.8%
Baker Hughes, Inc.	20,900		846,032
Basic Energy Services, Inc. (a)	22,860		203,454
BJ Services Co.	690,860		12,849,996
Cameron International Corp. (a)	11,600		484,880
Complete Production Services, Inc. (a)	24,100		313,300
Core Laboratories NV	12,500		1,476,500
Dresser-Rand Group, Inc. (a)	20,400		644,844
Exterran Holdings, Inc. (a)	46,243		991,912
Global Industries Ltd. (a)	172,034		1,226,602
Halliburton Co.	210,774		6,342,190
Helix Energy Solutions Group, Inc. (a)	38,900		457,075
Key Energy Services, Inc. (a)	31,200		274,248
National Oilwell Varco, Inc.	266,478		11,749,015
Newpark Resources, Inc. (a)	10,993		46,500
Oceaneering International, Inc. (a)	46,234		2,705,614

	Shares		Value
Oil States International, Inc. (a)	14,100		$ 553,989
Schlumberger Ltd.	379,142		24,678,353
Smith International, Inc.	185,857		5,049,735
Superior Energy Services, Inc. (a)	102,154		2,481,321
Superior Well Services, Inc. (a)	4,800		68,448
TSC Offshore Group Ltd. (a)	746,000		267,382
Weatherford International Ltd. (a)	673,366		12,059,985
Willbros Group, Inc. (a)	108,033		1,822,517
			87,593,892
TOTAL ENERGY EQUIPMENT & SERVICES			132,506,243
GAS UTILITIES - 0.6%
Gas Utilities - 0.6%
Questar Corp.	43,800		1,820,766
Zhongyu Gas Holdings Ltd. (a)	3,884,000		384,291
			2,205,057
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Teck Resources Ltd. Class B (sub. vtg.) (a)	35,700		1,251,106
OIL, GAS & CONSUMABLE FUELS - 59.1%
Coal & Consumable Fuels - 10.9%
Alpha Natural Resources, Inc. (a)	284,383		12,336,535
Arch Coal, Inc.	357,250		7,948,813
Centennial Coal Co. Ltd.	125,698		451,633
Cloud Peak Energy, Inc.	40,000		582,400
CONSOL Energy, Inc.	112,821		5,618,486
Massey Energy Co.	304,352		12,785,828
PT Bumi Resources Tbk	1,598,000		411,157
			40,134,852
Integrated Oil & Gas - 13.6%
BG Group PLC	58,861		1,067,338
BP PLC sponsored ADR	219,600		12,730,212
Chevron Corp.	9,876		760,353
ConocoPhillips	1,036		52,909
Hess Corp.	700		42,350
Marathon Oil Corp.	369,821		11,545,812
Occidental Petroleum Corp.	267,683		21,776,012
Royal Dutch Shell PLC Class A sponsored ADR	30,800		1,851,388
			49,826,374
Oil & Gas Exploration & Production - 33.1%
Anadarko Petroleum Corp.	192,051		11,987,823
Apache Corp.	62,100		6,406,857
Arena Resources, Inc. (a)	51,700		2,229,304
Brigham Exploration Co. (a)	64,900		879,395
Cabot Oil & Gas Corp.	239,218		10,427,513
Canadian Natural Resources Ltd.	48,500		3,508,304
Comstock Resources, Inc. (a)	94,920		3,850,904
Denbury Resources, Inc. (a)	71,700		1,061,160
EOG Resources, Inc.	36,200		3,522,260
EXCO Resources, Inc.	369,423		7,842,850
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Newfield Exploration Co. (a)	78,224		$ 3,772,744
Niko Resources Ltd.	9,100		852,272
OPTI Canada, Inc. (a)	80,500		155,537
Painted Pony Petroleum Ltd. Class A (a)	67,000		369,866
Petrobank Energy & Resources Ltd. (a)	14,200		692,126
Petrohawk Energy Corp. (a)	561,869		13,479,237
Pioneer Natural Resources Co.	8,000		385,360
Range Resources Corp.	43,263		2,156,661
Southwestern Energy Co. (a)	457,412		22,047,258
Ultra Petroleum Corp. (a)	57,700		2,876,922
Whiting Petroleum Corp. (a)	67,483		4,821,660
XTO Energy, Inc.	392,346		18,255,859
			121,581,872
Oil & Gas Refining & Marketing - 1.5%
Frontier Oil Corp.	220,081		2,649,775
Tesoro Corp. (c)	23,800		322,490
Valero Energy Corp.	92,857		1,555,355
World Fuel Services Corp. (c)	35,600		953,724
			5,481,344
Oil & Gas Storage & Transport - 0.0%
Williams Companies, Inc.	1,950		41,106
TOTAL OIL, GAS & CONSUMABLE FUELS			217,065,548
TOTAL COMMON STOCKS (Cost $341,858,716)		366,824,525

Convertible Bonds - 0.1%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	$ 204,084

Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.16% (d)	1,249,124		1,249,124
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	7,275,800		7,275,800
TOTAL MONEY MARKET FUNDS (Cost $8,524,924)		8,524,924

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $350,563,640)

375,553,533

NET OTHER ASSETS - (2.2)%		(7,935,676)
NET ASSETS - 100%	$ 367,617,857

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,089
Fidelity Securities Lending Cash Central Fund	91,251
Total	$ 102,340

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 366,824,525	$ 366,172,852	$ 651,673	$ -
Convertible Bonds	204,084	-	204,084	-
Money Market Funds	8,524,924	8,524,924	-	-
Total Investments in Securities:	$ 375,553,533	$ 374,697,776	$ 855,757	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	74.0%
Switzerland	9.8%
Netherlands Antilles	6.7%
United Kingdom	4.8%
Canada	2.6%
Cayman Islands	1.0%
Others (individually less than 1%)	1.1%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $53,390,490 all of which will expire on December 31, 2017.

The fund intends to elect to defer to its fiscal year ending December 31, 2010 approximately $6,746,004 of losses recognized during the period November 1, 2009 to December 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $6,976,900) - See accompanying schedule: Unaffiliated issuers (cost $342,038,716)	$ 367,028,609
Fidelity Central Funds (cost $8,524,924)	8,524,924
Total Investments (cost $350,563,640)		$ 375,553,533
Foreign currency held at value (cost $264)		264
Receivable for investments sold		18,613
Receivable for fund shares sold		74,538
Dividends receivable		297,167
Interest receivable		1,809
Distributions receivable from Fidelity Central Funds		12,040
Prepaid expenses		1,535
Other receivables		5,021
Total assets		375,964,520

Liabilities
Payable for investments purchased	$ 3,002
Payable for fund shares redeemed	789,791
Accrued management fee	168,164
Distribution fees payable	25,635
Other affiliated payables	37,693
Other payables and accrued expenses	46,580
Collateral on securities loaned, at value	7,275,800
Total liabilities		8,346,665

Net Assets		$ 367,617,855
Net Assets consist of:
Paid in capital		$ 409,767,096
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(67,138,007)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		24,988,766
Net Assets		$ 367,617,855

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($152,028,085 ÷ 9,007,753 shares)		$ 16.88

Service Class 2: Net Asset Value, offering price and redemption price per share ($125,668,857 ÷ 7,483,624 shares)		$ 16.79

Investor Class: Net Asset Value, offering price and redemption price per share ($89,920,913 ÷ 5,337,748 shares)		$ 16.85

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 3,600,772
Interest		5,664
Income from Fidelity Central Funds		102,340
Total income		3,708,776

Expenses
Management fee	$ 1,774,478
Transfer agent fees	320,243
Distribution fees	266,327
Accounting and security lending fees	124,927
Custodian fees and expenses	14,812
Independent trustees' compensation	2,184
Registration fees	123
Audit	41,945
Legal	1,863
Miscellaneous	29,151
Total expenses before reductions	2,576,053
Expense reductions	(15,112)	2,560,941
Net investment income (loss)		1,147,835
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(28,865,515)
Foreign currency transactions	(79,207)
Total net realized gain (loss)		(28,944,722)
Change in net unrealized appreciation (depreciation) on: Investment securities	147,681,525
Assets and liabilities in foreign currencies	(468)
Total change in net unrealized appreciation (depreciation)		147,681,057
Net gain (loss)		118,736,335
Net increase (decrease) in net assets resulting from operations		$ 119,884,170

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,147,835	$ 197,135
Net realized gain (loss)	(28,944,722)	(26,219,761)
Change in net unrealized appreciation (depreciation)	147,681,057	(343,580,729)
Net increase (decrease) in net assets resulting from operations	119,884,170	(369,603,355)
Distributions to shareholders from net investment income	(1,156,325)	(275,275)
Distributions to shareholders from net realized gain	-	(18,707,189)
Total distributions	(1,156,325)	(18,982,464)
Share transactions - net increase (decrease)	(14,569,173)	(29,506,360)
Redemption fees	154,874	458,118
Total increase (decrease) in net assets	104,313,546	(417,634,061)

Net Assets
Beginning of period	263,304,309	680,938,370
End of period	$ 367,617,855	$ 263,304,309

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 11.46	$ 26.55	$ 19.04	$ 18.92	$ 13.62
Income from Investment Operations
Net investment income (loss)^C	.07	.03	.07	.09	.10
Net realized and unrealized gain (loss)	5.41	(14.31)	8.62	3.09	6.20
Total from investment operations	5.48	(14.28)	8.69	3.18	6.30
Distributions from net investment income	(.07)	(.03)	(.06)	(.16)	(.08)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.94)
Total distributions	(.07)	(.83)	(1.19)	(3.07)	(1.02)
Redemption fees added to paid in capital^C	.01	.02	.01	.01	.02
Net asset value, end of period	$ 16.88	$ 11.46	$ 26.55	$ 19.04	$ 18.92
Total Return^{A, B}	47.90%	(54.26)%	45.97%	16.91%	46.31%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.71%	.70%	.70%	.71%	.72%
Expenses net of fee waivers, if any	.71%	.70%	.70%	.71%	.72%
Expenses net of all reductions	.70%	.69%	.70%	.70%	.66%
Net investment income (loss)	.47%	.13%	.31%	.43%	.56%
Supplemental Data
Net assets, end of period (000 omitted)	$ 152,028	$ 117,940	$ 355,854	$ 280,537	$ 334,368
Portfolio turnover rate^E	113%	130%	61%	151%	107%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.40	$ 26.44	$ 18.98	$ 18.90	$ 15.80
Income from Investment Operations
Net investment income (loss)^E	.03	(.03)	.02	.04	.04
Net realized and unrealized gain (loss)	5.38	(14.23)	8.58	3.07	4.04
Total from investment operations	5.41	(14.26)	8.60	3.11	4.08
Distributions from net investment income	(.03)	-	(.02)	(.13)	(.07)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.92)
Total distributions	(.03)	(.80)	(1.15)	(3.04)	(.99)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01
Net asset value, end of period	$ 16.79	$ 11.40	$ 26.44	$ 18.98	$ 18.90
Total Return^{B, C, D}	47.57%	(54.40)%	45.64%	16.55%	25.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.96%	.95%	.95%	.96%	.97%^A
Expenses net of fee waivers, if any	.96%	.95%	.95%	.96%	.97%^A
Expenses net of all reductions	.95%	.94%	.94%	.95%	.91%^A
Net investment income (loss)	.22%	(.12)%	.07%	.18%	.31%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 125,669	$ 90,109	$ 193,887	$ 70,305	$ 20,211
Portfolio turnover rate^G	113%	130%	61%	151%	107%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period April 6, 2005 (commencement of sale of shares) to December 31, 2005.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.44	$ 26.49	$ 19.00	$ 18.91	$ 16.76
Income from Investment Operations
Net investment income (loss)^E	.05	.01	.05	.06	.03
Net realized and unrealized gain (loss)	5.41	(14.28)	8.61	3.08	3.11
Total from investment operations	5.46	(14.27)	8.66	3.14	3.14
Distributions from net investment income	(.06)	-^J	(.05)	(.15)	(.08)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.92)
Total distributions	(.06)	(.80)	(1.18)	(3.06)	(1.00)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01
Net asset value, end of period	$ 16.85	$ 11.44	$ 26.49	$ 19.00	$ 18.91
Total Return^{B, C, D}	47.79%	(54.32)%	45.88%	16.69%	18.73%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.81%	.79%	.81%	.84%	.91%^A
Expenses net of fee waivers, if any	.81%	.79%	.81%	.84%	.91%^A
Expenses net of all reductions	.80%	.78%	.81%	.82%	.85%^A
Net investment income (loss)	.37%	.04%	.20%	.31%	.37%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 89,921	$ 55,256	$ 131,198	$ 51,436	$ 16,402
Portfolio turnover rate^G	113%	130%	61%	151%	107%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Energy Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Money Market Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as level 2 in the hierarchy.

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

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 70,597,312
Gross unrealized depreciation	(52,608,932)
Net unrealized appreciation (depreciation)	$ 17,988,380

Tax Cost	$ 357,565,153

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (53,390,490)
Net unrealized appreciation (depreciation)	$ 17,987,253

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 1,156,325	$ 2,562,622
Long-term Capital Gains	-	16,419,842
Total	$ 1,156,325	$ 18,982,464

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $347,708,014 and $356,645,998, respectively.

5. Fees and Other Transactions with Affiliates.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a separate 12b-1 Plan for Service Class 2 shares. Service Class 2 pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a service fee. For the period, the service fee is based on an annual rate of .25% of Service Class 2's average net assets.

For the period, Service Class 2 paid FDC $266,327, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services.

Initial Class	$ 109,902
Service Class 2	82,533
Investor Class	127,808
	$ 320,243

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,529 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $91,251.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 612,974	$ 256,873
Service Class 2	245,394	-
Investor Class	297,957	18,402
Total	$ 1,156,325	$ 275,275
From net realized gain
Initial Class	$ -	$ 8,939,423
Service Class 2	-	6,049,173
Investor Class	-	3,718,593
Total	$ -	$ 18,707,189

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	1,204,844	1,984,359	$ 16,607,740	$ 49,227,554
Reinvestment of distributions	36,815	627,226	612,974	9,196,296
Shares redeemed	(2,529,302)	(5,719,043)	(35,099,465)	(116,160,558)
Net increase (decrease)	(1,287,643)	(3,107,458)	$ (17,878,751)	$ (57,736,708)
Service Class 2
Shares sold	1,896,791	3,461,499	$ 25,683,905	$ 81,684,684
Reinvestment of distributions	14,810	428,438	245,394	6,049,173
Shares redeemed	(2,330,582)	(3,320,478)	(30,821,580)	(66,620,993)
Net increase (decrease)	(418,981)	569,459	$ (4,892,281)	$ 21,112,864
Investor Class
Shares sold	1,690,015	2,051,429	$ 23,990,831	$ 52,822,887
Reinvestment of distributions	17,928	264,475	297,957	3,736,995
Shares redeemed	(1,201,221)	(2,438,344)	(16,086,929)	(49,442,398)
Net increase (decrease)	506,722	(122,440)	$ 8,201,859	$ 7,117,484

Annual Report

Notes to Financial Statements - continued

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 66% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 34% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Energy Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Energy Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Energy Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Energy Portfolio

Annual Report

VIP Energy Portfolio

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The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Energy Portfolio

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Co.
Quincy, MA

VNRIC-ANN-0210
1.817379.104

Fidelity® Variable Insurance Products:
Energy Portfolio: Service Class 2

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund^A
VIP Energy Portfolio - Service Class 2 ^{B, C}	47.57%	10.78%	10.43%

^A From July 19, 2001.

^B The initial offering of Service Class 2 shares took place on April 6, 2005. Performance for Service Class 2 shares reflects an asset-based service fee (12b-1 fee). Returns prior to April 6, 2005 are those of Initial Class and do not include the effects of Service Class 2's 12b-1 fee. Had Service Class 2's 12b-1 fee been reflected, returns prior to April 6, 2005 would have been lower.

^C Prior to October 1, 2006, VIP Energy Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Energy Portfolio - Service Class 2 on July 19, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period. The initial offering of Service Class 2 took place on April 6, 2005. See above for additional information regarding the performance of Service Class 2.

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Annual Report

Management's Discussion of Fund Performance

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.70%
Actual		$ 1,000.00	$ 1,275.30	$ 4.01
Hypothetical^A		$ 1,000.00	$ 1,021.68	$ 3.57
Service Class 2	.95%
Actual		$ 1,000.00	$ 1,272.60	$ 5.44
Hypothetical^A		$ 1,000.00	$ 1,020.42	$ 4.84
Investor Class	.79%
Actual		$ 1,000.00	$ 1,274.10	$ 4.53
Hypothetical^A		$ 1,000.00	$ 1,021.22	$ 4.02

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Schlumberger Ltd.	6.7	3.7
Southwestern Energy Co.	6.0	4.9
Occidental Petroleum Corp.	5.9	5.3
XTO Energy, Inc.	5.0	0.0
Petrohawk Energy Corp.	3.7	3.4
BJ Services Co.	3.5	2.3
Massey Energy Co.	3.5	2.2
BP PLC sponsored ADR	3.5	0.0
Alpha Natural Resources, Inc.	3.3	1.8
Transocean Ltd.	3.3	3.8
	44.4

Top Industries (% of fund's net assets)
As of December 31, 2009
	Oil, Gas & Consumable Fuels	59.1%
	Energy Equipment & Services	36.0%
	Electrical Equipment	2.9%
	Construction & Engineering	0.7%
	Gas Utilities	0.6%
	All Others*	0.7%

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As of June 30, 2009
	Oil, Gas & Consumable Fuels	58.8%
	Energy Equipment & Services	35.3%
	Electrical Equipment	3.3%
	Gas Utilities	1.1%
	Construction & Engineering	0.5%
	All Others*	1.0%

cjc505

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.7%
Construction & Engineering - 0.7%
Jacobs Engineering Group, Inc. (a)	68,400		$ 2,572,524
ELECTRICAL EQUIPMENT - 2.8%
Electrical Components & Equipment - 2.7%
centrotherm photovoltaics AG (a)	14,099		851,800
Energy Conversion Devices, Inc. (a)(c)	57,327		605,946
Evergreen Solar, Inc. (a)(c)	141,706		213,976
First Solar, Inc. (a)(c)	26,857		3,636,438
JA Solar Holdings Co. Ltd. ADR (a)(c)	504,307		2,874,550
SunPower Corp.:
Class A (a)	12,500		296,000
Class B (a)	63,500		1,330,325
			9,809,035
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	7,383		450,248
TOTAL ELECTRICAL EQUIPMENT			10,259,283
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Itron, Inc. (a)	14,278		964,764
ENERGY EQUIPMENT & SERVICES - 36.0%
Oil & Gas Drilling - 12.2%
Atwood Oceanics, Inc. (a)	37,270		1,336,130
Ensco International Ltd. ADR	48,300		1,929,102
Helmerich & Payne, Inc.	127,451		5,082,746
Hercules Offshore, Inc. (a)	91,780		438,708
Nabors Industries Ltd. (a)	372,994		8,164,839
Noble Corp.	285,720		11,628,804
Northern Offshore Ltd. (a)	587,000		962,137
Patterson-UTI Energy, Inc.	64,014		982,615
Pride International, Inc. (a)	69,313		2,211,778
Transocean Ltd. (a)	147,047		12,175,492
			44,912,351
Oil & Gas Equipment & Services - 23.8%
Baker Hughes, Inc.	20,900		846,032
Basic Energy Services, Inc. (a)	22,860		203,454
BJ Services Co.	690,860		12,849,996
Cameron International Corp. (a)	11,600		484,880
Complete Production Services, Inc. (a)	24,100		313,300
Core Laboratories NV	12,500		1,476,500
Dresser-Rand Group, Inc. (a)	20,400		644,844
Exterran Holdings, Inc. (a)	46,243		991,912
Global Industries Ltd. (a)	172,034		1,226,602
Halliburton Co.	210,774		6,342,190
Helix Energy Solutions Group, Inc. (a)	38,900		457,075
Key Energy Services, Inc. (a)	31,200		274,248
National Oilwell Varco, Inc.	266,478		11,749,015
Newpark Resources, Inc. (a)	10,993		46,500
Oceaneering International, Inc. (a)	46,234		2,705,614

	Shares		Value
Oil States International, Inc. (a)	14,100		$ 553,989
Schlumberger Ltd.	379,142		24,678,353
Smith International, Inc.	185,857		5,049,735
Superior Energy Services, Inc. (a)	102,154		2,481,321
Superior Well Services, Inc. (a)	4,800		68,448
TSC Offshore Group Ltd. (a)	746,000		267,382
Weatherford International Ltd. (a)	673,366		12,059,985
Willbros Group, Inc. (a)	108,033		1,822,517
			87,593,892
TOTAL ENERGY EQUIPMENT & SERVICES			132,506,243
GAS UTILITIES - 0.6%
Gas Utilities - 0.6%
Questar Corp.	43,800		1,820,766
Zhongyu Gas Holdings Ltd. (a)	3,884,000		384,291
			2,205,057
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Teck Resources Ltd. Class B (sub. vtg.) (a)	35,700		1,251,106
OIL, GAS & CONSUMABLE FUELS - 59.1%
Coal & Consumable Fuels - 10.9%
Alpha Natural Resources, Inc. (a)	284,383		12,336,535
Arch Coal, Inc.	357,250		7,948,813
Centennial Coal Co. Ltd.	125,698		451,633
Cloud Peak Energy, Inc.	40,000		582,400
CONSOL Energy, Inc.	112,821		5,618,486
Massey Energy Co.	304,352		12,785,828
PT Bumi Resources Tbk	1,598,000		411,157
			40,134,852
Integrated Oil & Gas - 13.6%
BG Group PLC	58,861		1,067,338
BP PLC sponsored ADR	219,600		12,730,212
Chevron Corp.	9,876		760,353
ConocoPhillips	1,036		52,909
Hess Corp.	700		42,350
Marathon Oil Corp.	369,821		11,545,812
Occidental Petroleum Corp.	267,683		21,776,012
Royal Dutch Shell PLC Class A sponsored ADR	30,800		1,851,388
			49,826,374
Oil & Gas Exploration & Production - 33.1%
Anadarko Petroleum Corp.	192,051		11,987,823
Apache Corp.	62,100		6,406,857
Arena Resources, Inc. (a)	51,700		2,229,304
Brigham Exploration Co. (a)	64,900		879,395
Cabot Oil & Gas Corp.	239,218		10,427,513
Canadian Natural Resources Ltd.	48,500		3,508,304
Comstock Resources, Inc. (a)	94,920		3,850,904
Denbury Resources, Inc. (a)	71,700		1,061,160
EOG Resources, Inc.	36,200		3,522,260
EXCO Resources, Inc.	369,423		7,842,850
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Newfield Exploration Co. (a)	78,224		$ 3,772,744
Niko Resources Ltd.	9,100		852,272
OPTI Canada, Inc. (a)	80,500		155,537
Painted Pony Petroleum Ltd. Class A (a)	67,000		369,866
Petrobank Energy & Resources Ltd. (a)	14,200		692,126
Petrohawk Energy Corp. (a)	561,869		13,479,237
Pioneer Natural Resources Co.	8,000		385,360
Range Resources Corp.	43,263		2,156,661
Southwestern Energy Co. (a)	457,412		22,047,258
Ultra Petroleum Corp. (a)	57,700		2,876,922
Whiting Petroleum Corp. (a)	67,483		4,821,660
XTO Energy, Inc.	392,346		18,255,859
			121,581,872
Oil & Gas Refining & Marketing - 1.5%
Frontier Oil Corp.	220,081		2,649,775
Tesoro Corp. (c)	23,800		322,490
Valero Energy Corp.	92,857		1,555,355
World Fuel Services Corp. (c)	35,600		953,724
			5,481,344
Oil & Gas Storage & Transport - 0.0%
Williams Companies, Inc.	1,950		41,106
TOTAL OIL, GAS & CONSUMABLE FUELS			217,065,548
TOTAL COMMON STOCKS (Cost $341,858,716)		366,824,525

Convertible Bonds - 0.1%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	$ 204,084

Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.16% (d)	1,249,124		1,249,124
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	7,275,800		7,275,800
TOTAL MONEY MARKET FUNDS (Cost $8,524,924)		8,524,924

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $350,563,640)

375,553,533

NET OTHER ASSETS - (2.2)%		(7,935,676)
NET ASSETS - 100%	$ 367,617,857

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,089
Fidelity Securities Lending Cash Central Fund	91,251
Total	$ 102,340

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 366,824,525	$ 366,172,852	$ 651,673	$ -
Convertible Bonds	204,084	-	204,084	-
Money Market Funds	8,524,924	8,524,924	-	-
Total Investments in Securities:	$ 375,553,533	$ 374,697,776	$ 855,757	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	74.0%
Switzerland	9.8%
Netherlands Antilles	6.7%
United Kingdom	4.8%
Canada	2.6%
Cayman Islands	1.0%
Others (individually less than 1%)	1.1%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $53,390,490 all of which will expire on December 31, 2017.

The fund intends to elect to defer to its fiscal year ending December 31, 2010 approximately $6,746,004 of losses recognized during the period November 1, 2009 to December 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $6,976,900) - See accompanying schedule: Unaffiliated issuers (cost $342,038,716)	$ 367,028,609
Fidelity Central Funds (cost $8,524,924)	8,524,924
Total Investments (cost $350,563,640)		$ 375,553,533
Foreign currency held at value (cost $264)		264
Receivable for investments sold		18,613
Receivable for fund shares sold		74,538
Dividends receivable		297,167
Interest receivable		1,809
Distributions receivable from Fidelity Central Funds		12,040
Prepaid expenses		1,535
Other receivables		5,021
Total assets		375,964,520

Liabilities
Payable for investments purchased	$ 3,002
Payable for fund shares redeemed	789,791
Accrued management fee	168,164
Distribution fees payable	25,635
Other affiliated payables	37,693
Other payables and accrued expenses	46,580
Collateral on securities loaned, at value	7,275,800
Total liabilities		8,346,665

Net Assets		$ 367,617,855
Net Assets consist of:
Paid in capital		$ 409,767,096
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(67,138,007)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		24,988,766
Net Assets		$ 367,617,855

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($152,028,085 ÷ 9,007,753 shares)		$ 16.88

Service Class 2: Net Asset Value, offering price and redemption price per share ($125,668,857 ÷ 7,483,624 shares)		$ 16.79

Investor Class: Net Asset Value, offering price and redemption price per share ($89,920,913 ÷ 5,337,748 shares)		$ 16.85

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 3,600,772
Interest		5,664
Income from Fidelity Central Funds		102,340
Total income		3,708,776

Expenses
Management fee	$ 1,774,478
Transfer agent fees	320,243
Distribution fees	266,327
Accounting and security lending fees	124,927
Custodian fees and expenses	14,812
Independent trustees' compensation	2,184
Registration fees	123
Audit	41,945
Legal	1,863
Miscellaneous	29,151
Total expenses before reductions	2,576,053
Expense reductions	(15,112)	2,560,941
Net investment income (loss)		1,147,835
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(28,865,515)
Foreign currency transactions	(79,207)
Total net realized gain (loss)		(28,944,722)
Change in net unrealized appreciation (depreciation) on: Investment securities	147,681,525
Assets and liabilities in foreign currencies	(468)
Total change in net unrealized appreciation (depreciation)		147,681,057
Net gain (loss)		118,736,335
Net increase (decrease) in net assets resulting from operations		$ 119,884,170

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,147,835	$ 197,135
Net realized gain (loss)	(28,944,722)	(26,219,761)
Change in net unrealized appreciation (depreciation)	147,681,057	(343,580,729)
Net increase (decrease) in net assets resulting from operations	119,884,170	(369,603,355)
Distributions to shareholders from net investment income	(1,156,325)	(275,275)
Distributions to shareholders from net realized gain	-	(18,707,189)
Total distributions	(1,156,325)	(18,982,464)
Share transactions - net increase (decrease)	(14,569,173)	(29,506,360)
Redemption fees	154,874	458,118
Total increase (decrease) in net assets	104,313,546	(417,634,061)

Net Assets
Beginning of period	263,304,309	680,938,370
End of period	$ 367,617,855	$ 263,304,309

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 11.46	$ 26.55	$ 19.04	$ 18.92	$ 13.62
Income from Investment Operations
Net investment income (loss)^C	.07	.03	.07	.09	.10
Net realized and unrealized gain (loss)	5.41	(14.31)	8.62	3.09	6.20
Total from investment operations	5.48	(14.28)	8.69	3.18	6.30
Distributions from net investment income	(.07)	(.03)	(.06)	(.16)	(.08)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.94)
Total distributions	(.07)	(.83)	(1.19)	(3.07)	(1.02)
Redemption fees added to paid in capital^C	.01	.02	.01	.01	.02
Net asset value, end of period	$ 16.88	$ 11.46	$ 26.55	$ 19.04	$ 18.92
Total Return^{A, B}	47.90%	(54.26)%	45.97%	16.91%	46.31%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.71%	.70%	.70%	.71%	.72%
Expenses net of fee waivers, if any	.71%	.70%	.70%	.71%	.72%
Expenses net of all reductions	.70%	.69%	.70%	.70%	.66%
Net investment income (loss)	.47%	.13%	.31%	.43%	.56%
Supplemental Data
Net assets, end of period (000 omitted)	$ 152,028	$ 117,940	$ 355,854	$ 280,537	$ 334,368
Portfolio turnover rate^E	113%	130%	61%	151%	107%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.40	$ 26.44	$ 18.98	$ 18.90	$ 15.80
Income from Investment Operations
Net investment income (loss)^E	.03	(.03)	.02	.04	.04
Net realized and unrealized gain (loss)	5.38	(14.23)	8.58	3.07	4.04
Total from investment operations	5.41	(14.26)	8.60	3.11	4.08
Distributions from net investment income	(.03)	-	(.02)	(.13)	(.07)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.92)
Total distributions	(.03)	(.80)	(1.15)	(3.04)	(.99)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01
Net asset value, end of period	$ 16.79	$ 11.40	$ 26.44	$ 18.98	$ 18.90
Total Return^{B, C, D}	47.57%	(54.40)%	45.64%	16.55%	25.80%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.96%	.95%	.95%	.96%	.97%^A
Expenses net of fee waivers, if any	.96%	.95%	.95%	.96%	.97%^A
Expenses net of all reductions	.95%	.94%	.94%	.95%	.91%^A
Net investment income (loss)	.22%	(.12)%	.07%	.18%	.31%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 125,669	$ 90,109	$ 193,887	$ 70,305	$ 20,211
Portfolio turnover rate^G	113%	130%	61%	151%	107%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period April 6, 2005 (commencement of sale of shares) to December 31, 2005.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.44	$ 26.49	$ 19.00	$ 18.91	$ 16.76
Income from Investment Operations
Net investment income (loss)^E	.05	.01	.05	.06	.03
Net realized and unrealized gain (loss)	5.41	(14.28)	8.61	3.08	3.11
Total from investment operations	5.46	(14.27)	8.66	3.14	3.14
Distributions from net investment income	(.06)	-^J	(.05)	(.15)	(.08)
Distributions from net realized gain	-	(.80)	(1.13)	(2.91)	(.92)
Total distributions	(.06)	(.80)	(1.18)	(3.06)	(1.00)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01
Net asset value, end of period	$ 16.85	$ 11.44	$ 26.49	$ 19.00	$ 18.91
Total Return^{B, C, D}	47.79%	(54.32)%	45.88%	16.69%	18.73%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.81%	.79%	.81%	.84%	.91%^A
Expenses net of fee waivers, if any	.81%	.79%	.81%	.84%	.91%^A
Expenses net of all reductions	.80%	.78%	.81%	.82%	.85%^A
Net investment income (loss)	.37%	.04%	.20%	.31%	.37%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 89,921	$ 55,256	$ 131,198	$ 51,436	$ 16,402
Portfolio turnover rate^G	113%	130%	61%	151%	107%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 70,597,312
Gross unrealized depreciation	(52,608,932)
Net unrealized appreciation (depreciation)	$ 17,988,380

Tax Cost	$ 357,565,153

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (53,390,490)
Net unrealized appreciation (depreciation)	$ 17,987,253

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 1,156,325	$ 2,562,622
Long-term Capital Gains	-	16,419,842
Total	$ 1,156,325	$ 18,982,464

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $347,708,014 and $356,645,998, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, Service Class 2 paid FDC $266,327, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services.

Initial Class	$ 109,902
Service Class 2	82,533
Investor Class	127,808
	$ 320,243

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,529 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

7. Security Lending.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 612,974	$ 256,873
Service Class 2	245,394	-
Investor Class	297,957	18,402
Total	$ 1,156,325	$ 275,275
From net realized gain
Initial Class	$ -	$ 8,939,423
Service Class 2	-	6,049,173
Investor Class	-	3,718,593
Total	$ -	$ 18,707,189

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	1,204,844	1,984,359	$ 16,607,740	$ 49,227,554
Reinvestment of distributions	36,815	627,226	612,974	9,196,296
Shares redeemed	(2,529,302)	(5,719,043)	(35,099,465)	(116,160,558)
Net increase (decrease)	(1,287,643)	(3,107,458)	$ (17,878,751)	$ (57,736,708)
Service Class 2
Shares sold	1,896,791	3,461,499	$ 25,683,905	$ 81,684,684
Reinvestment of distributions	14,810	428,438	245,394	6,049,173
Shares redeemed	(2,330,582)	(3,320,478)	(30,821,580)	(66,620,993)
Net increase (decrease)	(418,981)	569,459	$ (4,892,281)	$ 21,112,864
Investor Class
Shares sold	1,690,015	2,051,429	$ 23,990,831	$ 52,822,887
Reinvestment of distributions	17,928	264,475	297,957	3,736,995
Shares redeemed	(1,201,221)	(2,438,344)	(16,086,929)	(49,442,398)
Net increase (decrease)	506,722	(122,440)	$ 8,201,859	$ 7,117,484

Annual Report

Notes to Financial Statements - continued

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Energy Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Energy Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Energy Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Service Class 2 designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Energy Portfolio

Annual Report

VIP Energy Portfolio

fid353

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Energy Portfolio

fid355

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Co.
Quincy, MA

VNR2-ANN-0210
1.826359.105

Fidelity® Variable Insurance Products:
Financial Services Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy andoutlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund^A
VIP Financial Services - Initial Class	27.30%	-7.18%	-1.76%
VIP Financial Services - Investor Class^B	27.30%	-7.28%	-1.82%

^A From July 18, 2001.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Financial Services Portfolio - Initial Class on July 18, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Benjamin Hesse, Portfolio Manager of VIP Financial Services Portfolio: For the 12 months ending December 31, 2009, the fund significantly outperformed the 14.38% return of its sector benchmark, the MSCI® U.S. Investable Market Financials Index, and came out slightly ahead of the S&P 500®. (For specific portfolio results, please refer to the performance section of this report.) Stock selection was the strongest contributor to results, although industry weightings were also helpful, particularly in investment banking/brokerage, life/health insurance, regional banks and property/casualty insurance. Conversely, the fund lost ground in other diversified financial services and real estate development. Stock selection was weak among investment banking/brokerage and regional banks, but largely offset by favorable industry weightings. My focus remained on stocks with attractive valuations and shifts in earnings that could predict a turnaround. Top performers included Genworth Financial, a multi-line insurer that benefited from not having to raise capital, as well as BM&F BOVESPA, a Brazilian stock and futures exchange that is not in the MSCI index, and CME Group, which runs the Chicago Mercantile Exchange. Both exchanges did well as trading volumes picked up, leading me to take profits and sell CME. In addition, Principal Financial, a life insurer, gained as the rising stock market boosted the value of its investment portfolio. The fund was hurt by an underweighting in Bank of America - within other diversified financial services - as the stock rallied. In addition, KeyCorp, a Midwest regional bank, fell sharply following a poorly executed capital raise. Cash holdings also hindered results in a strong up market.

Note to shareholders: In January 2010, Fidelity adopted capped benchmarks for most of its sector and industry funds, including the VIP sector portfolios. The capped benchmarks, which limit the weightings of individual issuers, better represent the investment opportunities available to the fund and will provide shareholders with more-meaningful performance comparisons. These changes do not affect the investment policies of any of the funds, and the primary benchmark for all of the funds remains the Standard & Poor's 500 index.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.88%
Actual		$ 1,000.00	$ 1,180.40	$ 4.84
Hypothetical^A		$ 1,000.00	$ 1,020.77	$ 4.48
Investor Class	.98%
Actual		$ 1,000.00	$ 1,180.10	$ 5.39
Hypothetical^A		$ 1,000.00	$ 1,020.27	$ 4.99

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Citigroup, Inc.	5.2	0.4
Morgan Stanley	5.1	5.0
Charles Schwab Corp.	5.0	0.0
McGraw-Hill Companies, Inc.	4.3	2.1
Bank of America Corp.	4.3	3.8
JPMorgan Chase & Co.	4.1	3.8
Bank of New York Mellon Corp.	3.8	0.0
State Street Corp.	3.7	0.0
Moody's Corp.	3.4	0.0
Wells Fargo & Co.	3.2	1.6
	42.1

Top Industries (% of fund's net assets)
As of December 31, 2009
	Capital Markets	34.7%
	Commercial Banks	20.9%
	Diversified Financial Services	17.9%
	Insurance	8.2%
	IT Services	6.4%
	All Others*	11.9%

fid406

As of June 30, 2009
	Capital Markets	27.6%
	Insurance	18.6%
	Diversified Financial Services	15.7%
	Commercial Banks	15.2%
	IT Services	6.3%
	All Others*	16.6%

fid284

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CAPITAL MARKETS - 34.7%
Asset Management & Custody Banks - 15.5%
AllianceBernstein Holding LP	17,400		$ 488,940
Bank of New York Mellon Corp.	49,745		1,391,368
Bank Sarasin & Co. Ltd. Series B (Reg.)	11,070		418,018
EFG International	45,068		622,408
Franklin Resources, Inc.	4,174		439,731
GLG Partners, Inc. (a)	4,700		15,134
Janus Capital Group, Inc.	9,800		131,810
Legg Mason, Inc.	13,962		421,094
State Street Corp.	31,200		1,358,448
The Blackstone Group LP	26,000		341,120
U.S. Global Investments, Inc. Class A	7,800		96,018
			5,724,089
Investment Banking & Brokerage - 19.2%
Broadpoint Gleacher Securities Group, Inc. (a)	164,201		732,336
Charles Schwab Corp.	97,442		1,833,858
Evercore Partners, Inc. Class A	12,426		377,750
GFI Group, Inc.	103,839		474,544
Jefferies Group, Inc. (a)	20,550		487,652
Lazard Ltd. Class A	7,400		280,978
MF Global Ltd. (a)	129,647		901,047
Morgan Stanley	63,750		1,887,000
TD Ameritrade Holding Corp. (a)	5,300		102,714
			7,077,879
TOTAL CAPITAL MARKETS			12,801,968
COMMERCIAL BANKS - 20.9%
Diversified Banks - 13.4%
Banco Macro SA sponsored ADR (c)	25,100		746,976
Barclays PLC Sponsored ADR (c)	65,400		1,151,040
BBVA Banco Frances SA sponsored ADR	19,068		119,938
China Citic Bank Corp. Ltd. Class H	1,173,000		992,865
China Merchants Bank Co. Ltd. (H Shares)	30,500		79,355
Comerica, Inc.	7,900		233,603
Mizuho Financial Group, Inc.	75,400		135,658
U.S. Bancorp, Delaware	15,300		344,403
Wells Fargo & Co.	43,012		1,160,894
			4,964,732
Regional Banks - 7.5%
Fifth Third Bancorp	12,000		117,000
Glacier Bancorp, Inc. (c)	21,060		288,943
Huntington Bancshares, Inc.	22,400		81,760
KeyCorp	131,700		730,935
Nara Bancorp, Inc.	8,916		101,107
PNC Financial Services Group, Inc.	497		26,237
Regions Financial Corp.	17,500		92,575
SVB Financial Group (a)	10,488		437,245

	Shares		Value
Umpqua Holdings Corp.	25,467		$ 341,512
Wintrust Financial Corp.	17,504		538,948
			2,756,262
TOTAL COMMERCIAL BANKS			7,720,994
CONSUMER FINANCE - 0.1%
Consumer Finance - 0.1%
Promise Co. Ltd. (c)	5,850		44,922
DIVERSIFIED CONSUMER SERVICES - 1.3%
Specialized Consumer Services - 1.3%
Sotheby's Class A (ltd. vtg.) (c)	20,796		467,494
DIVERSIFIED FINANCIAL SERVICES - 17.2%
Other Diversified Financial Services - 13.6%
Bank of America Corp. (c)	104,700		1,576,782
Citigroup, Inc.	575,600		1,905,239
JPMorgan Chase & Co.	36,538		1,522,538
			5,004,559
Specialized Finance - 3.6%
BM&F BOVESPA SA	3,000		21,222
JSE Ltd.	5,300		43,115
Moody's Corp. (c)	47,247		1,266,220
			1,330,557
TOTAL DIVERSIFIED FINANCIAL SERVICES			6,335,116
HOTELS, RESTAURANTS & LEISURE - 0.2%
Casinos & Gaming - 0.2%
Wynn Macau Ltd.	63,200		76,985
INSURANCE - 8.2%
Insurance Brokers - 0.3%
Aon Corp.	2,700		103,518
Life & Health Insurance - 0.2%
Principal Financial Group, Inc.	3,642		87,554
Multi-Line Insurance - 3.7%
Assurant, Inc.	6,700		197,516
Genworth Financial, Inc. Class A (a)	78,995		896,593
Hartford Financial Services Group, Inc.	12,360		287,494
			1,381,603
Property & Casualty Insurance - 2.4%
CNA Financial Corp. (a)	18,904		453,696
XL Capital Ltd. Class A	22,500		412,425
			866,121
Reinsurance - 1.6%
Everest Re Group Ltd.	4,918		421,374
Transatlantic Holdings, Inc.	500		26,055
Validus Holdings Ltd.	4,682		126,133
			573,562
TOTAL INSURANCE			3,012,358
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
China Finance Online Co. Ltd. ADR (a)(c)	45,847		$ 334,683
IT SERVICES - 6.4%
Data Processing & Outsourced Services - 5.9%
Euronet Worldwide, Inc. (a)	45,591		1,000,722
MasterCard, Inc. Class A	2,600		665,548
MoneyGram International, Inc. (a)	116,068		334,276
Visa, Inc. Class A	1,957		171,159
			2,171,705
IT Consulting & Other Services - 0.5%
Cognizant Technology Solutions Corp. Class A (a)	3,200		144,960
Satyam Computer Services Ltd. sponsored ADR (a)	10,700		49,327
			194,287
TOTAL IT SERVICES			2,365,992
MEDIA - 4.7%
Advertising - 0.4%
SearchMedia Holdings Ltd. (a)	21,200		154,972
Publishing - 4.3%
McGraw-Hill Companies, Inc.	47,204		1,581,806
TOTAL MEDIA			1,736,778
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Residential REITs - 0.4%
UDR, Inc.	9,075		149,193
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.9%
Diversified Real Estate Activities - 0.4%
Mitsubishi Estate Co. Ltd.	9,000		143,762
Real Estate Development - 2.5%
Central China Real Estate Ltd.	491,000		139,947
Xinyuan Real Estate Co. Ltd. ADR (a)(c)	173,786		776,823
			916,770
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			1,060,532
ROAD & RAIL - 0.6%
Trucking - 0.6%
Arkansas Best Corp.	5,967		175,609
Dollar Thrifty Automotive Group, Inc. (a)(c)	2,207		56,521
			232,130

	Shares		Value
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	1,360		$ 39,345
THRIFTS & MORTGAGE FINANCE - 0.3%
Thrifts & Mortgage Finance - 0.3%
Washington Federal, Inc.	6,214		120,179
Washington Mutual, Inc. (a)	16,757		2,337
			122,516
TOTAL COMMON STOCKS (Cost $33,872,806)		36,501,006
Convertible Preferred Stocks - 0.7%

DIVERSIFIED FINANCIAL SERVICES - 0.7%
Other Diversified Financial Services - 0.7%
Bank of America Corp. (Cost $262,500)	17,500		261,100
Money Market Funds - 13.4%

Fidelity Cash Central Fund, 0.16% (d)	124,592		124,592
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	4,832,200		4,832,200
TOTAL MONEY MARKET FUNDS (Cost $4,956,792)		4,956,792

TOTAL INVESTMENT PORTFOLIO - 113.0%

(Cost $39,092,098)

41,718,898

NET OTHER ASSETS - (13.0)%			(4,809,689)
NET ASSETS - 100%		$ 36,909,209

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,150
Fidelity Securities Lending Cash Central Fund	185,726
Total	$ 190,876

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 36,501,006	$ 34,887,512	$ 1,613,494	$ -
Convertible Preferred Stocks	261,100	261,100	-	-
Money Market Funds	4,956,792	4,956,792	-	-
Total Investments in Securities:	$ 41,718,898	$ 40,105,404	$ 1,613,494	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	79.0%
Bermuda	4.7%
China	3.8%
United Kingdom	3.1%
Cayman Islands	3.1%
Switzerland	2.8%
Argentina	2.3%
Others (individually less than 1%)	1.2%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $13,962,996 of which $5,800,488 and $8,162,508 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including securities loaned of $4,695,488) - See accompanying schedule: Unaffiliated issuers (cost $34,135,306)	$ 36,762,106
Fidelity Central Funds (cost $4,956,792)	4,956,792
Total Investments (cost $39,092,098)		$ 41,718,898
Receivable for investments sold		1,466,814
Receivable for fund shares sold		8,805
Dividends receivable		10,712
Distributions receivable from Fidelity Central Funds		2,093
Prepaid expenses		201
Other receivables		3,866
Total assets		43,211,389

Liabilities
Payable to custodian bank	$ 710,550
Payable for investments purchased	611,289
Payable for fund shares redeemed	88,402
Accrued management fee	17,769
Other affiliated payables	4,539
Other payables and accrued expenses	37,431
Collateral on securities loaned, at value	4,832,200
Total liabilities		6,302,180

Net Assets		$ 36,909,209
Net Assets consist of:
Paid in capital		$ 49,541,104
Undistributed net investment income		11,496
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,270,191)
Net unrealized appreciation (depreciation) on investments		2,626,800
Net Assets		$ 36,909,209

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($20,155,382 ÷ 3,075,354 shares)		$ 6.55

Investor Class: Net Asset Value, offering price and redemption price per share ($16,753,827 ÷ 2,563,778 shares)		$ 6.53

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 537,376
Interest		65
Income from Fidelity Central Funds (including $185,726 from security lending)		190,876
Total income		728,317

Expenses
Management fee	$ 207,813
Transfer agent fees	51,114
Accounting and security lending fees	15,123
Custodian fees and expenses	38,372
Independent trustees' compensation	251
Audit	37,566
Legal	215
Interest	127
Miscellaneous	3,253
Total expenses before reductions	353,834
Expense reductions	(14,500)	339,334
Net investment income (loss)		388,983
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,579,372)
Foreign currency transactions	511
Total net realized gain (loss)		(1,578,861)
Change in net unrealized appreciation (depreciation) on: Investment securities	12,561,571
Assets and liabilities in foreign currencies	83
Total change in net unrealized appreciation (depreciation)		12,561,654
Net gain (loss)		10,982,793
Net increase (decrease) in net assets resulting from operations		$ 11,371,776

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 388,983	$ 898,088
Net realized gain (loss)	(1,578,861)	(13,298,599)
Change in net unrealized appreciation (depreciation)	12,561,654	(12,685,138)
Net increase (decrease) in net assets resulting from operations	11,371,776	(25,085,649)
Distributions to shareholders from net investment income	(480,612)	(802,048)
Distributions to shareholders from net realized gain	-	(2,471,464)
Total distributions	(480,612)	(3,273,512)
Share transactions - net increase (decrease)	(3,476,603)	23,585,553
Redemption fees	47,529	59,484
Total increase (decrease) in net assets	7,462,090	(4,714,124)

Net Assets
Beginning of period	29,447,119	34,161,243
End of period (including undistributed net investment income of $11,496 and undistributed net investment income of $78,528, respectively)	$ 36,909,209	$ 29,447,119

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.22	$ 11.57	$ 14.60	$ 12.98	$ 12.19
Income from Investment Operations
Net investment income (loss)^C	.06	.21	.20	.18	.16
Net realized and unrealized gain (loss)	1.35	(5.68)	(2.02)	1.86	.77
Total from investment operations	1.41	(5.47)	(1.82)	2.04	.93
Distributions from net investment income	(.09)	(.15)	(.36)	(.16)	(.14)
Distributions from net realized gain	-	(.74)	(.86)	(.27)	-
Total distributions	(.09)	(.89)	(1.22)	(.43)	(.14)
Redemption fees added to paid in capital^C	.01	.01	.01	.01	-^G
Net asset value, end of period	$ 6.55	$ 5.22	$ 11.57	$ 14.60	$ 12.98
Total Return^{A, B}	27.30%	(50.08)%	(13.43)%	16.29%	7.71%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.91%	.84%	.87%	.86%	.86%
Expenses net of fee waivers, if any	.91%	.84%	.87%	.86%	.86%
Expenses net of all reductions	.87%	.84%	.87%	.85%	.85%
Net investment income (loss)	1.09%	2.64%	1.48%	1.36%	1.31%
Supplemental Data
Net assets, end of period (000 omitted)	$ 20,155	$ 17,436	$ 23,631	$ 44,781	$ 32,776
Portfolio turnover rate^E	336%	100%	48%	68%	59%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 5.20	$ 11.54	$ 14.57	$ 12.98	$ 12.07
Income from Investment Operations
Net investment income (loss)^E	.06	.20	.18	.16	.05
Net realized and unrealized gain (loss)	1.34	(5.67)	(2.02)	1.86	.86
Total from investment operations	1.40	(5.47)	(1.84)	2.02	.91
Distributions from net investment income	(.08)	(.14)	(.34)	(.17)	-
Distributions from net realized gain	-	(.74)	(.86)	(.27)	-
Total distributions	(.08)	(.88)	(1.20)	(.44)	-
Redemption fees added to paid in capital^E	.01	.01	.01	.01	-^J
Net asset value, end of period	$ 6.53	$ 5.20	$ 11.54	$ 14.57	$ 12.98
Total Return^{B, C, D}	27.30%	(50.18)%	(13.60)%	16.12%	7.54%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.01%	.94%	.99%	1.00%	1.18%^A
Expenses net of fee waivers, if any	1.01%	.94%	.99%	1.00%	1.18%^A
Expenses net of all reductions	.97%	.94%	.99%	.99%	1.16%^A
Net investment income (loss)	.99%	2.54%	1.36%	1.22%	.95%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,754	$ 12,012	$ 10,530	$ 13,030	$ 2,133
Portfolio turnover rate^G	336%	100%	48%	68%	59%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Financial Services Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 5,080,298
Gross unrealized depreciation	(3,760,693)
Net unrealized appreciation (depreciation)	$ 1,319,605

Tax Cost	$ 40,399,293

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 11,496
Capital loss carryforward	$ (13,962,996)
Net unrealized appreciation (depreciation)	$ 1,319,605

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 480,612	$ 1,436,613
Long-term Capital Gains	-	1,836,899
Total	$ 480,612	$ 3,273,512

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $119,911,075 and $120,948,911, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 19,981
Investor Class	31,133
	$ 51,114

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment. The commissions paid to these affiliated firms were $13,228 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $173 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

7. Security Lending.

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,102,000. The weighted average interest rate was .75%. The interest expense amounted to $127 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 274,450	$ 479,656
Investor Class	206,162	322,392
Total	$ 480,612	$ 802,048
From net realized gain
Initial Class	$ -	$ 1,682,600
Investor Class	-	788,864
Total	$ -	$ 2,471,464

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	2,435,099	2,382,491	$ 12,296,639	$ 19,887,411
Reinvestment of distributions	46,301	265,220	274,450	2,162,256
Shares redeemed	(2,748,859)	(1,347,360)	(15,895,754)	(10,403,989)
Net increase (decrease)	(267,459)	1,300,351	$ (3,324,665)	$ 11,645,678
Investor Class
Shares sold	2,429,823	1,944,613	$ 12,249,127	$ 15,854,880
Reinvestment of distributions	34,612	143,835	206,162	1,111,256
Shares redeemed	(2,209,743)	(691,630)	(12,607,227)	(5,026,261)
Net increase (decrease)	254,692	1,396,818	$ (151,938)	$ 11,939,875

Annual Report

Notes to Financial Statements - continued

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Financial Services Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Financial Services Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Financial Services Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class designates 75% and Investor Class designates 81% of the dividends distributed in December 2009 as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Financial Services Portfolio

Annual Report

VIP Financial Services Portfolio

fid415

The Board stated that the investment performance of the fund was lower than its benchmark for the one- and five-year periods, although the three-year cumulative total return of Initial Class compared favorably to its benchmark. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Financial Services Portfolio

fid417

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management and Research (Hong Kong) Limited

Fidelity Management and Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VFSIC-ANN-0210
1.817367.105

Fidelity® Variable Insurance Products:
Growth Stock Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Growth Stock - Initial Class	44.86%	1.35%	4.53%
VIP Growth Stock - Service Class ^B	44.61%	1.24%	4.42%
VIP Growth Stock - Service Class 2 ^C	44.42%	1.10%	4.27%
VIP Growth Stock - Investor Class ^D	44.64%	1.25%	4.45%

^A From December 11, 2002

^BPerformance for Service Class shares reflects an asset-based service fee (12b-1 fee).

^CPerformance for Service Class 2 shares reflects an asset-based service fee (12b-1 fee).

^DThe initial offering of Investor Class shares took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class. Had Investor Class's transfer agent fee been reflected, returns prior to July 21, 2005 would have been lower.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Growth Stock Portfolio - Initial Class on December 11, 2002, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Jeffrey Feingold, Portfolio Manager of VIP Growth Stock Portfolio: For the 12 months ending December 31, 2009, the fund handily beat the 37.21% return of its benchmark, the Russell 1000® Growth Index. (For specific portfolio results, please refer to the performance section of this report.) Stock selection drove performance, with especially strong results in the consumer discretionary, information technology (IT), financials and health care sectors. My focus remained on companies with the potential to grow earnings faster than the market over the long term. Top performers included non-index holding Tempur-Pedic International, a premium bedding company that benefited from aggressive cost cutting, and Inverness Medical Innovations, a medical diagnostics company with steady revenue growth and good expense discipline. Other standouts were Apple, which saw strong sales of its iPhone, iPod and iTouch products, and Cognizant Technology Solutions, an offshore IT services provider that gained as more corporations turned to outsourcing. The fund lost ground versus the index from an overweighting in financials and modestly disappointing performance from our stock picks in consumer staples. Detractors included Delta Air, which was pressured by reduced travel budgets. We cut our losses and sold the position. An underweighting in technology leader International Business Machines (IBM) further hindered results, as the company's cost cutting, diversified product line and stock buybacks drove the share price higher. I later sold IBM.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.85%
Actual		$ 1,000.00	$ 1,266.00	$ 4.85
Hypothetical^A		$ 1,000.00	$ 1,020.92	$ 4.33
Service Class	.95%
Actual		$ 1,000.00	$ 1,266.20	$ 5.43
Hypothetical^A		$ 1,000.00	$ 1,020.42	$ 4.84
Service Class 2	1.10%
Actual		$ 1,000.00	$ 1,265.40	$ 6.28
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Investor Class	.93%
Actual		$ 1,000.00	$ 1,266.40	$ 5.31
Hypothetical^A		$ 1,000.00	$ 1,020.52	$ 4.74

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	4.7	3.2
Google, Inc. Class A	4.4	3.5
Microsoft Corp.	4.2	4.3
Cisco Systems, Inc.	2.1	2.4
Procter & Gamble Co.	2.1	2.7
Amazon.com, Inc.	2.1	1.1
Tempur-Pedic International, Inc.	1.9	0.9
QUALCOMM, Inc.	1.8	1.8
Wal-Mart Stores, Inc.	1.8	2.3
United Technologies Corp.	1.6	1.1
	26.7
Top Five Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	34.7	31.6
Health Care	14.0	16.6
Consumer Staples	13.1	13.9
Consumer Discretionary	10.7	11.4
Industrials	9.6	9.4

Asset Allocation (% of fund's net assets)
As of December 31, 2009*			As of June 30, 2009**
	Stocks 96.3%			Stocks 99.2%
	Short-Term Investments and Net Other Assets 3.7%			Short-Term Investments and Net Other Assets 0.8%
* Foreign investments		10.1%	** Foreign investments		8.6%

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Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.6%
Johnson Controls, Inc.	3,200		$ 87,168
Diversified Consumer Services - 0.6%
Strayer Education, Inc.	400		84,996
Hotels, Restaurants & Leisure - 1.9%
McDonald's Corp.	2,000		124,880
Starbucks Corp. (a)	4,800		110,688
Wyndham Worldwide Corp.	2,400		48,408
			283,976
Household Durables - 2.1%
iRobot Corp. (a)	1,600		28,160
Tempur-Pedic International, Inc. (a)	12,500		295,375
			323,535
Internet & Catalog Retail - 2.1%
Amazon.com, Inc. (a)	2,310		310,741
Specialty Retail - 0.9%
Best Buy Co., Inc.	900		35,514
Sally Beauty Holdings, Inc. (a)	5,800		44,370
Staples, Inc.	2,100		51,639
			131,523
Textiles, Apparel & Luxury Goods - 2.5%
Deckers Outdoor Corp. (a)	1,800		183,096
Phillips-Van Heusen Corp.	1,700		69,156
Polo Ralph Lauren Corp. Class A	1,600		129,568
			381,820
TOTAL CONSUMER DISCRETIONARY			1,603,759
CONSUMER STAPLES - 13.1%
Beverages - 2.7%
Anheuser-Busch InBev SA NV	1,616		84,202
PepsiCo, Inc.	1,500		91,200
The Coca-Cola Co.	3,950		225,150
			400,552
Food & Staples Retailing - 4.3%
Costco Wholesale Corp.	2,200		130,174
Wal-Mart Stores, Inc.	5,000		267,250
Walgreen Co.	4,600		168,912
Whole Foods Market, Inc. (a)(c)	2,800		76,860
			643,196
Food Products - 3.2%
Bunge Ltd.	1,600		102,128
Danone	1,510		92,590
Nestle SA sponsored ADR	2,000		96,700
The J.M. Smucker Co.	2,700		166,725
Tingyi (Cayman Island) Holding Corp.	8,000		19,795
			477,938
Household Products - 2.1%
Procter & Gamble Co.	5,200		315,276

	Shares		Value
Personal Products - 0.8%
Avon Products, Inc.	2,600		$ 81,900
BaWang International (Group) Holding Ltd.	11,000		7,617
Hengan International Group Co. Ltd.	3,000		22,212
			111,729
TOTAL CONSUMER STAPLES			1,948,691
ENERGY - 4.1%
Energy Equipment & Services - 1.0%
Schlumberger Ltd.	2,190		142,547
Oil, Gas & Consumable Fuels - 3.1%
Arch Coal, Inc.	1,300		28,925
Chesapeake Energy Corp.	1,900		49,172
Exxon Mobil Corp.	1,990		135,698
Massey Energy Co.	1,200		50,412
Occidental Petroleum Corp.	1,900		154,565
Range Resources Corp.	1,000		49,850
			468,622
TOTAL ENERGY			611,169
FINANCIALS - 5.4%
Capital Markets - 1.2%
Bank of New York Mellon Corp.	600		16,782
Goldman Sachs Group, Inc.	200		33,768
Morgan Stanley	3,100		91,760
Northern Trust Corp.	800		41,920
			184,230
Commercial Banks - 0.9%
PNC Financial Services Group, Inc.	700		36,953
Wells Fargo & Co.	3,400		91,766
			128,719
Consumer Finance - 0.5%
American Express Co.	2,000		81,040
Diversified Financial Services - 1.8%
Bank of America Corp.	4,500		67,770
CME Group, Inc.	400		134,380
JPMorgan Chase & Co.	1,600		66,672
			268,822
Real Estate Management & Development - 1.0%
Henderson Land Development Co. Ltd.	2,000		14,945
Jones Lang LaSalle, Inc.	2,000		120,800
Yanlord Land Group Ltd.	8,000		12,355
			148,100
TOTAL FINANCIALS			810,911
HEALTH CARE - 14.0%
Biotechnology - 2.6%
Alexion Pharmaceuticals, Inc. (a)	1,300		63,466
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Amgen, Inc. (a)	2,300		$ 130,111
Biogen Idec, Inc. (a)	2,100		112,350
Dendreon Corp. (a)	1,100		28,908
United Therapeutics Corp. (a)	1,100		57,915
			392,750
Health Care Equipment & Supplies - 2.8%
Covidien PLC	4,800		229,872
ev3, Inc. (a)	1,100		14,674
Inverness Medical Innovations, Inc. (a)	3,525		146,323
Mako Surgical Corp. (a)	800		8,880
NuVasive, Inc. (a)	500		15,990
			415,739
Health Care Providers & Services - 2.8%
CIGNA Corp.	2,000		70,540
Express Scripts, Inc. (a)	1,200		103,740
Medco Health Solutions, Inc. (a)	3,300		210,903
UnitedHealth Group, Inc.	1,100		33,528
			418,711
Health Care Technology - 1.5%
Cerner Corp. (a)	2,800		230,832
Life Sciences Tools & Services - 0.5%
QIAGEN NV (a)	3,100		69,192
Pharmaceuticals - 3.8%
Allergan, Inc.	3,000		189,030
Cadence Pharmaceuticals, Inc. (a)	2,200		21,274
Johnson & Johnson	1,900		122,379
King Pharmaceuticals, Inc. (a)	3,200		39,264
Merck & Co., Inc.	800		29,232
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,500		140,450
ViroPharma, Inc. (a)	2,200		18,458
			560,087
TOTAL HEALTH CARE			2,087,311
INDUSTRIALS - 9.6%
Aerospace & Defense - 4.1%
Alliant Techsystems, Inc. (a)	900		79,443
Honeywell International, Inc.	2,200		86,240
Precision Castparts Corp.	1,300		143,455
Raytheon Co.	1,300		66,976
United Technologies Corp.	3,500		242,935
			619,049
Airlines - 0.5%
Southwest Airlines Co.	6,800		77,724
Building Products - 0.3%
Masco Corp.	2,900		40,049
Electrical Equipment - 0.7%
American Superconductor Corp. (a)	900		36,810

	Shares		Value
First Solar, Inc. (a)	400		$ 54,160
Rockwell Automation, Inc.	400		18,792
			109,762
Machinery - 1.9%
Caterpillar, Inc.	1,300		74,087
Cummins, Inc.	1,200		55,032
Danaher Corp.	1,000		75,200
Ingersoll-Rand Co. Ltd.	2,000		71,480
			275,799
Professional Services - 0.6%
Robert Half International, Inc.	3,100		82,863
Road & Rail - 1.5%
CSX Corp.	1,900		92,131
Union Pacific Corp.	2,000		127,800
			219,931
TOTAL INDUSTRIALS			1,425,177
INFORMATION TECHNOLOGY - 34.7%
Communications Equipment - 5.3%
Cisco Systems, Inc. (a)	13,300		318,402
Juniper Networks, Inc. (a)	6,800		181,356
Palm, Inc. (a)	2,400		24,096
QUALCOMM, Inc.	5,800		268,308
			792,162
Computers & Peripherals - 6.8%
Apple, Inc. (a)	3,340		704,271
Hewlett-Packard Co.	4,300		221,493
Seagate Technology	2,400		43,656
Western Digital Corp. (a)	1,100		48,565
			1,017,985
Electronic Equipment & Components - 0.9%
Agilent Technologies, Inc. (a)	2,100		65,247
Ingram Micro, Inc. Class A (a)	4,000		69,800
			135,047
Internet Software & Services - 6.0%
Baidu.com, Inc. sponsored ADR (a)	100		41,123
eBay, Inc. (a)	5,000		117,700
Google, Inc. Class A (a)	1,050		650,979
NetEase.com, Inc. sponsored ADR (a)	900		33,849
Tencent Holdings Ltd.	2,000		43,254
			886,905
IT Services - 2.6%
Alliance Data Systems Corp. (a)	2,400		155,016
Cognizant Technology Solutions Corp. Class A (a)	4,060		183,918
MasterCard, Inc. Class A	200		51,196
			390,130
Semiconductors & Semiconductor Equipment - 3.8%
ASML Holding NV (NY Shares)	1,100		37,499
Intel Corp.	9,500		193,800
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
KLA-Tencor Corp.	1,100		$ 39,776
Lam Research Corp. (a)	1,200		47,052
Marvell Technology Group Ltd. (a)	3,100		64,325
NVIDIA Corp. (a)	5,700		106,476
Omnivision Technologies, Inc. (a)	1,700		24,701
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	4,418		50,542
			564,171
Software - 9.3%
Activision Blizzard, Inc. (a)	600		6,666
Adobe Systems, Inc. (a)	2,400		88,272
BMC Software, Inc. (a)	2,400		96,240
Citrix Systems, Inc. (a)	2,200		91,542
Informatica Corp. (a)	1,200		31,032
MICROS Systems, Inc. (a)	2,500		77,575
Microsoft Corp.	20,300		618,947
Nuance Communications, Inc. (a)	5,100		79,254
Red Hat, Inc. (a)	2,000		61,800
Sourcefire, Inc. (a)	2,300		61,525
Sybase, Inc. (a)	4,100		177,940
			1,390,793
TOTAL INFORMATION TECHNOLOGY			5,177,193
MATERIALS - 3.8%
Chemicals - 2.4%
Air Products & Chemicals, Inc.	900		72,954
Albemarle Corp.	1,500		54,555
Dow Chemical Co.	4,000		110,520
The Mosaic Co.	2,100		125,433
			363,462
Metals & Mining - 1.4%
AngloGold Ashanti Ltd. sponsored ADR	1,300		52,234

	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.	600		$ 48,174
Newmont Mining Corp.	2,100		99,351
			199,759
TOTAL MATERIALS			563,221
TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	2,900		125,309
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp.	1,500		19,965
TOTAL COMMON STOCKS (Cost $12,623,348)		14,372,706
Money Market Funds - 6.0%

Fidelity Cash Central Fund, 0.16% (d)	835,963		835,963
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	57,000		57,000
TOTAL MONEY MARKET FUNDS (Cost $892,963)		892,963
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $13,516,311)			15,265,669
NET OTHER ASSETS - (2.3)%			(340,854)
NET ASSETS - 100%		$ 14,924,815

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 956
Fidelity Securities Lending Cash Central Fund	1,220
Total	$ 2,176

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,603,759	$ 1,603,759	$ -	$ -
Consumer Staples	1,948,691	1,899,067	49,624	-
Energy	611,169	611,169	-	-
Financials	810,911	795,966	14,945	-
Health Care	2,087,311	2,087,311	-	-
Industrials	1,425,177	1,425,177	-	-
Information Technology	5,177,193	5,133,939	43,254	-
Materials	563,221	563,221	-	-
Telecommunication Services	125,309	125,309	-	-
Utilities	19,965	19,965	-	-
Money Market Funds	892,963	892,963	-	-
Total Investments in Securities:	$ 15,265,669	$ 15,157,846	$ 107,823	$ -

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

Investments in Securities:
Beginning Balance	$ 15,525
Total Realized Gain (Loss)	(2,552)
Total Unrealized Gain (Loss)	(525)
Cost of Purchases	-
Proceeds of Sales	(12,448)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	89.9%
Ireland	2.0%
Bermuda	1.1%
Netherlands Antilles	1.0%
Others (individually less than 1%)	6.0%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $4,641,736 of which $2,310,685 and $2,331,051 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $54,900) - See accompanying schedule: Unaffiliated issuers (cost $12,623,348)	$ 14,372,706
Fidelity Central Funds (cost $892,963)	892,963
Total Investments (cost $13,516,311)		$ 15,265,669
Cash		3,215
Receivable for investments sold		37,362
Receivable for fund shares sold		145,052
Dividends receivable		6,736
Distributions receivable from Fidelity Central Funds		140
Prepaid expenses		62
Receivable from investment adviser for expense reductions		3,822
Other receivables		378
Total assets		15,462,436

Liabilities
Payable for investments purchased	$ 429,727
Payable for fund shares redeemed	107
Accrued management fee	6,393
Distribution fees payable	426
Other affiliated payables	1,644
Other payables and accrued expenses	42,324
Collateral on securities loaned, at value	57,000
Total liabilities		537,621

Net Assets		$ 14,924,815
Net Assets consist of:
Paid in capital		$ 18,021,219
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,845,701)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,749,297
Net Assets		$ 14,924,815

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($5,373,857 ÷ 476,824 shares)		$ 11.27

Service Class: Net Asset Value, offering price and redemption price per share ($822,636 ÷ 73,323 shares)		$ 11.22

Service Class 2: Net Asset Value, offering price and redemption price per share ($1,684,312 ÷ 151,378 shares)		$ 11.13

Investor Class: Net Asset Value, offering price and redemption price per share ($7,044,010 ÷ 628,362 shares)		$ 11.21

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 146,776
Interest		12
Income from Fidelity Central Funds		2,176
Total income		148,964
Expenses
Management fee	$ 67,492
Transfer agent fees	22,220
Distribution fees	5,523
Accounting and security lending fees	4,680
Custodian fees and expenses	24,872
Independent trustees' compensation	83
Audit	47,164
Legal	72
Miscellaneous	1,022
Total expenses before reductions	173,128
Expense reductions	(61,724)	111,404
Net investment income (loss)		37,560
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(948,330)
Foreign currency transactions	(678)
Total net realized gain (loss)		(949,008)
Change in net unrealized appreciation (depreciation) on: Investment securities	5,507,187
Assets and liabilities in foreign currencies	(49)
Total change in net unrealized appreciation (depreciation)		5,507,138
Net gain (loss)		4,558,130
Net increase (decrease) in net assets resulting from operations		$ 4,595,690

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 37,560	$ 23,446
Net realized gain (loss)	(949,008)	(3,782,197)
Change in net unrealized appreciation (depreciation)	5,507,138	(7,520,377)
Net increase (decrease) in net assets resulting from operations	4,595,690	(11,279,128)
Distributions to shareholders from net investment income	(44,030)	(17,221)
Share transactions - net increase (decrease)	385,195	(9,270,016)
Total increase (decrease) in net assets	4,936,855	(20,566,365)

Net Assets
Beginning of period	9,987,960	30,554,325
End of period (including undistributed net investment income of $0 and $3,524, respectively)	$ 14,924,815	$ 9,987,960

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.81	$ 14.15	$ 12.07	$ 11.94	$ 11.14
Income from Investment Operations
Net investment income (loss) ^C	.04	.02	- ^H	- ^H	.01
Net realized and unrealized gain (loss)	3.46	(6.34)	2.74	.13	.83
Total from investment operations	3.50	(6.32)	2.74	.13	.84
Distributions from net investment income	(.04)	(.02)	-	- ^H	(.01)
Distributions from net realized gain	-	-	(.66)	-	(.04)
Total distributions	(.04)	(.02)	(.66)	- ^H	(.04) ^I
Net asset value, end of period	$ 11.27	$ 7.81	$ 14.15	$ 12.07	$ 11.94
Total Return ^A,B	44.86%	(44.67)%	22.67%	1.12%	7.57%
Ratios to Average Net Assets ^D,G
Expenses before reductions	1.35%	1.16%	1.10%	.98%	1.01%
Expenses net of fee waivers, if any	.85%	.85%	.85%	.86%	.85%
Expenses net of all reductions	.84%	.85%	.84%	.86%	.81%
Net investment income (loss)	.39%	.19%	-% ^F	.03%	.12%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,374	$ 3,368	$ 13,752	$ 7,414	$ 22,750
Portfolio turnover rate ^E	173%	137%	167%	93%	91%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than .01%.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount represents less than $.01 per share.

^I Total distributions of $.040 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.035 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.78	$ 14.08	$ 12.02	$ 11.90	$ 11.12
Income from Investment Operations
Net investment income (loss) ^C	.03	.01	(.01)	(.01)	- ^H
Net realized and unrealized gain (loss)	3.44	(6.30)	2.73	.13	.82
Total from investment operations	3.47	(6.29)	2.72	.12	.82
Distributions from net investment income	(.03)	(.01)	-	-	(.01)
Distributions from net realized gain	-	-	(.66)	-	(.04)
Total distributions	(.03)	(.01)	(.66)	-	(.04) ^I
Net asset value, end of period	$ 11.22	$ 7.78	$ 14.08	$ 12.02	$ 11.90
Total Return ^A,B	44.61%	(44.71)%	22.60%	1.01%	7.41%
Ratios to Average Net Assets ^D,G
Expenses before reductions	1.42%	1.22%	1.17%	1.16%	1.36%
Expenses net of fee waivers, if any	.95%	.95%	.95%	.96%	.97%
Expenses net of all reductions	.94%	.95%	.95%	.95%	.92%
Net investment income (loss)	.30%	.09%	(.10)%	(.07)%	-% ^F
Supplemental Data
Net assets, end of period (000 omitted)	$ 823	$ 1,021	$ 2,545	$ 2,077	$ 2,056
Portfolio turnover rate ^E	173%	137%	167%	93%	91%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than .01%.

^H Amount represents less than $.01 per share.

^I Total distributions of $.040 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.035 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.71	$ 13.96	$ 11.95	$ 11.84	$ 11.08
Income from Investment Operations
Net investment income (loss) ^C	.01	(.01)	(.03)	(.03)	(.02)
Net realized and unrealized gain (loss)	3.42	(6.24)	2.70	.14	.82
Total from investment operations	3.43	(6.25)	2.67	.11	.80
Distributions from net investment income	(.01)	-	-	-	(.01)
Distributions from net realized gain	-	-	(.66)	-	(.04)
Total distributions	(.01)	-	(.66)	-	(.04) ^G
Net asset value, end of period	$ 11.13	$ 7.71	$ 13.96	$ 11.95	$ 11.84
Total Return ^A,B	44.42%	(44.77)%	22.31%	.93%	7.25%
Ratios to Average Net Assets ^D,F
Expenses before reductions	1.67%	1.42%	1.38%	1.35%	1.51%
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%	1.11%	1.12%
Expenses net of all reductions	1.09%	1.10%	1.09%	1.10%	1.07%
Net investment income (loss)	.15%	(.06)%	(.25)%	(.22)%	(.15)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,684	$ 2,183	$ 5,116	$ 3,220	$ 2,729
Portfolio turnover rate ^E	173%	137%	167%	93%	91%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Total distributions of $.040 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.035 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 7.78	$ 14.10	$ 12.05	$ 11.94	$ 11.64
Income from Investment Operations
Net investment income (loss) ^E	.03	.01	(.02)	(.01)	- ^J
Net realized and unrealized gain (loss)	3.44	(6.31)	2.73	.12	.30
Total from investment operations	3.47	(6.30)	2.71	.11	.30
Distributions from net investment income	(.04)	(.02)	-	- ^J	-
Distributions from net realized gain	-	-	(.66)	-	-
Total distributions	(.04)	(.02)	(.66)	- ^J	-
Net asset value, end of period	$ 11.21	$ 7.78	$ 14.10	$ 12.05	$ 11.94
Total Return ^B,C,D	44.64%	(44.69)%	22.45%	.95%	2.58%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.43%	1.25%	1.22%	1.21%	1.16% ^A
Expenses net of fee waivers, if any	.93%	.93%	1.00%	1.01%	1.00% ^A
Expenses net of all reductions	.93%	.93%	.99%	1.01%	.96% ^A
Net investment income (loss)	.31%	.11%	(.15)%	(.12)%	(.03)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,044	$ 3,416	$ 9,142	$ 3,849	$ 2,209
Portfolio turnover rate ^G	173%	137%	167%	93%	91%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Growth Stock Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, certain foreign taxes, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 2,056,138
Gross unrealized depreciation	(479,199)
Net unrealized appreciation (depreciation)	$ 1,576,939

Tax Cost	$ 13,688,730

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (4,641,736)
Net unrealized appreciation (depreciation)	$ 1,576,878

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 44,030	$ 17,221

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $20,344,345 and $20,527,884, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 891
Service Class 2	4,632
	$ 5,523

Initial Class	$ 6,012
Service Class	808
Service Class 2	3,498
Investor Class	11,902
	$ 22,220

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $60 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

7. Security Lending.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Initial Class	.85%	$ 20,636
Service Class	.95%	4,182
Service Class 2	1.10%	10,560
Investor Class	.93%	25,747
		$ 61,125

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 17,544	$ 8,154
Service Class	2,306	656
Service Class 2	753	-
Investor Class	23,427	8,411
Total	$ 44,030	$ 17,221

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	340,858	180,482	$ 3,163,323	$ 2,074,455
Reinvestment of distributions	1,690	1,060	17,544	8,154
Shares redeemed	(296,785)	(722,244)	(2,715,001)	(8,341,769)
Net increase (decrease)	45,763	(540,702)	$ 465,866	$ (6,259,160)
Service Class
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	236	86	2,306	656
Shares redeemed	(58,153)	(49,669)	(518,410)	(519,049)
Net increase (decrease)	(57,917)	(49,583)	$ (516,104)	$ (518,393)
Service Class 2
Shares sold	33,227	79,695	$ 276,521	$ 920,792
Reinvestment of distributions	69	-	753	-
Shares redeemed	(165,102)	(162,963)	(1,439,354)	(1,660,933)
Net increase (decrease)	(131,806)	(83,268)	$ (1,162,080)	$ (740,141)
Investor Class
Shares sold	557,764	281,169	$ 5,149,675	$ 3,422,986
Reinvestment of distributions	2,257	1,099	23,427	8,411
Shares redeemed	(370,786)	(491,415)	(3,575,589)	(5,183,719)
Net increase (decrease)	189,235	(209,147)	$ 1,597,513	$ (1,752,322)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 88% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 11% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Growth Stock Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Growth Stock Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Growth Stock Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class, Service Class, Service Class 2, and Investor Class designates 100% of the dividends distributed in February and December 2009, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Growth Stock Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Initial Class and Service Class 2 of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Initial Class and Service Class 2 show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

VIP Growth Stock Portfolio

fid440

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Initial Class of the fund was in the fourth quartile for the one- and five-year periods and the third quartile for the three-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 9% means that 91% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

VIP Growth Stock Portfolio

fid442

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of Initial Class ranked below its competitive median for 2008, the total expenses of Investor Class ranked equal to its competitive median for 2008, and the total expenses of each of Service Class and Service Class 2 ranked above its competitive median for 2008. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Mellon Bank, N.A.
Pittsburgh, PA

VIPGR-ANN-0210
1.781993.107

Fidelity® Variable Insurance Products:
Health Care Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. The fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Health Care - Initial Class	32.80%	4.28%	3.35%
VIP Health Care - Investor Class^B	32.53%	4.16%	3.28%

^A From July 18, 2001.

^B The initial offering of Investor Class took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class. Had Investor Class's transfer agent fee been reflected, returns prior to July 21, 2005 would have been lower.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class on July 18, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

fid453

Annual Report

Management's Discussion of Fund Performance

Comments from Edward Yoon, Portfolio Manager of VIP Health Care Portfolio: For the 12 months ending December 31, 2009, the fund decisively outperformed the 22.24% return of the MSCI® U.S. Investable Market Health Care Index. (For specific portfolio results, please refer to the performance section of this report.) A sizable boost came from strong stock picking in pharmaceuticals, health care supplies, managed health care, biotechnology and health care services, while favorable industry positioning contributed as well. On the other hand, our bias in favor of quality growth-oriented companies meant we did not own certain health care equipment stocks that rallied during the year. In terms of individual contributors, Inverness Medical Innovations, which produces diagnostic tests, helped the most. Among large drug stocks, we underweighted Johnson & Johnson and Eli Lilly, where growth was slow, and early in the period overweighted Wyeth and Schering-Plough, which agreed to be acquired at attractive prices. Pharmacy benefits managers Medco Health Solutions and Express Scripts and Botox maker Allergan also helped. On the other hand, overweightings in Illumina, which develops gene-sequencing technology, and C. R. Bard, a medical technology company, detracted from relative performance. Myriad Genetics, which makes a genetic test for breast cancer, also hurt. Due to our underweighting in Medtronic, the fund did not benefit when this medical equipment stock rallied. Some of the above stocks were no longer held at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.80%
Actual		$ 1,000.00	$ 1,202.60	$ 4.44
Hypothetical ^A		$ 1,000.00	$ 1,021.17	$ 4.08
Investor Class	.90%
Actual		$ 1,000.00	$ 1,201.20	$ 4.99
Hypothetical ^A		$ 1,000.00	$ 1,020.67	$ 4.58

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Pfizer, Inc.	8.7	5.7
Covidien PLC	5.9	5.9
Medco Health Solutions, Inc.	4.7	5.2
Allergan, Inc.	4.6	4.7
Express Scripts, Inc.	4.4	4.0
Merck & Co., Inc.	4.1	4.6
Biogen Idec, Inc.	3.5	2.1
Illumina, Inc.	3.0	3.2
C. R. Bard, Inc.	2.9	2.8
CIGNA Corp.	2.3	2.6
	44.1

Top Industries (% of fund's net assets)
As of December 31, 2009
	Pharmaceuticals	26.5%
	Health Care Providers & Services	22.0%
	Health Care Equipment & Supplies	20.3%
	Biotechnology	14.2%
	Life Sciences Tools & Services	8.6%
	All Others*	8.4%

fid186


As of June 30, 2009
	Health Care Equipment & Supplies	25.4%
	Pharmaceuticals	24.5%
	Health Care Providers & Services	20.6%
	Biotechnology	13.3%
	Life Sciences Tools & Services	11.7%
	All Others*	4.5%

fid194

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
BIOTECHNOLOGY - 14.2%
Biotechnology - 14.2%
Acorda Therapeutics, Inc. (a)	10,400		$ 262,288
Affymax, Inc. (a)	6,300		155,862
Alexion Pharmaceuticals, Inc. (a)	11,405		556,792
Alnylam Pharmaceuticals, Inc. (a)(c)	8,200		144,484
Amgen, Inc. (a)	17,340		980,924
Biogen Idec, Inc. (a)	40,700		2,177,450
BioMarin Pharmaceutical, Inc. (a)	34,277		644,750
Dendreon Corp. (a)(c)	5,800		152,424
Genzyme Corp. (a)	4,863		238,336
Gilead Sciences, Inc. (a)	9,769		422,802
Human Genome Sciences, Inc. (a)	7,200		220,320
Incyte Corp. (a)	45,200		411,772
Micromet, Inc. (a)	7,900		52,614
Myriad Genetics, Inc. (a)	11,910		310,851
OSI Pharmaceuticals, Inc. (a)	10,800		335,124
PDL BioPharma, Inc.	45,548		312,459
Protalix BioTherapeutics, Inc. (a)(c)	23,800		157,556
Targacept, Inc. (a)	11,133		232,902
Theravance, Inc. (a)	8,512		111,252
United Therapeutics Corp. (a)	18,600		979,290
			8,860,252
CHEMICALS - 0.8%
Fertilizers & Agricultural Chemicals - 0.8%
Monsanto Co.	6,050		494,588
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Carriage Services, Inc. (a)	37,339		146,742
Stewart Enterprises, Inc. Class A	25,532		131,490
			278,232
ELECTRONIC EQUIPMENT & COMPONENTS - 1.9%
Electronic Equipment & Instruments - 1.9%
Agilent Technologies, Inc. (a)	38,100		1,183,767
FOOD & STAPLES RETAILING - 1.6%
Drug Retail - 1.6%
Walgreen Co.	26,900		987,768
HEALTH CARE EQUIPMENT & SUPPLIES - 20.3%
Health Care Equipment - 17.6%
Abiomed, Inc. (a)	19,037		166,383
ArthroCare Corp. (a)	10,716		253,969
Baxter International, Inc.	11,610		681,275
C. R. Bard, Inc.	22,987		1,790,687
CareFusion Corp. (a)	15,200		380,152
Conceptus, Inc. (a)	14,900		279,524
Covidien PLC	76,688		3,672,588
Edwards Lifesciences Corp. (a)	11,805		1,025,264
ev3, Inc. (a)	25,083		334,607
HeartWare International, Inc. (a)	4,227		149,932
HeartWare International, Inc. CDI (a)	95,695		96,703

	Shares		Value
Micrus Endovascular Corp. (a)	23,595		$ 354,161
Nobel Biocare Holding AG (Switzerland)	13,432		451,171
NuVasive, Inc. (a)(c)	10,300		329,394
Orthofix International NV (a)	7,110		220,197
Orthovita, Inc. (a)	45,300		159,003
Osmetech PLC (a)	1,638,024		49,769
William Demant Holding AS (a)	2,299		173,595
Wright Medical Group, Inc. (a)	20,933		396,680
			10,965,054
Health Care Supplies - 2.7%
AGA Medical Holdings, Inc.	6,800		100,436
Cooper Companies, Inc.	14,470		551,596
InfuSystems Holdings, Inc. (a)	52,900		116,380
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	4,900		294
Inverness Medical Innovations, Inc. (a)(c)	17,685		734,104
RTI Biologics, Inc. (a)	35,400		135,936
			1,638,746
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			12,603,800
HEALTH CARE PROVIDERS & SERVICES - 22.0%
Health Care Distributors & Services - 2.1%
Henry Schein, Inc. (a)	18,126		953,428
Profarma Distribuidora de Produtos Farmaceuticos SA	23,200		226,143
Sinopharm Group Co. Ltd. Class H	34,400		120,884
			1,300,455
Health Care Facilities - 2.5%
Emeritus Corp. (a)(c)	13,261		248,644
Hanger Orthopedic Group, Inc. (a)	26,090		360,825
Health Management Associates, Inc. Class A (a)	52,600		382,402
Sunrise Senior Living, Inc. (a)	37,195		119,768
Universal Health Services, Inc. Class B	15,182		463,051
			1,574,690
Health Care Services - 10.6%
Clarient, Inc. (a)	36,400		96,460
Emergency Medical Services Corp. Class A (a)	3,800		205,770
Express Scripts, Inc. (a)	31,484		2,721,792
Genoptix, Inc. (a)	3,300		117,249
Health Grades, Inc. (a)	37,266		159,871
LHC Group, Inc. (a)	6,300		211,743
Medco Health Solutions, Inc. (a)	46,070		2,944,334
RehabCare Group, Inc. (a)	3,800		115,634
			6,572,853
Managed Health Care - 6.8%
Aetna, Inc.	28,800		912,960
CIGNA Corp.	40,332		1,422,510
Health Net, Inc. (a)	16,920		394,067
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
Humana, Inc. (a)	3,707		$ 162,700
WellPoint, Inc. (a)	23,608		1,376,110
			4,268,347
TOTAL HEALTH CARE PROVIDERS & SERVICES			13,716,345
HEALTH CARE TECHNOLOGY - 1.9%
Health Care Technology - 1.9%
Allscripts-Misys Healthcare Solutions, Inc. (a)	16,889		341,664
Cerner Corp. (a)	8,300		684,252
Computer Programs & Systems, Inc.	3,599		165,734
			1,191,650
INTERNET SOFTWARE & SERVICES - 0.5%
Internet Software & Services - 0.5%
WebMD Health Corp. (a)	7,600		292,524
LIFE SCIENCES TOOLS & SERVICES - 8.6%
Life Sciences Tools & Services - 8.6%
Bruker BioSciences Corp. (a)	18,097		218,250
Covance, Inc. (a)	9,000		491,130
ICON PLC sponsored ADR (a)	12,310		267,496
Illumina, Inc. (a)(c)	61,403		1,882,002
Life Technologies Corp. (a)	22,858		1,193,873
PerkinElmer, Inc.	16,800		345,912
QIAGEN NV (a)(c)	41,824		933,512
			5,332,175
PHARMACEUTICALS - 26.5%
Pharmaceuticals - 26.5%
Abbott Laboratories	19,202		1,036,716
Allergan, Inc.	45,882		2,891,025
Ardea Biosciences, Inc. (a)	14,771		206,794
Auxilium Pharmaceuticals, Inc. (a)(c)	3,500		104,930
Cadence Pharmaceuticals, Inc. (a)(c)	22,845		220,911
Endo Pharmaceuticals Holdings, Inc. (a)	14,300		293,293
Hikma Pharmaceuticals PLC	15,823		130,419

	Shares		Value
King Pharmaceuticals, Inc. (a)	64,800		$ 795,096
Merck & Co., Inc.	69,100		2,524,914
Mitsubishi Tanabe Pharma Corp.	1,000		12,484
Optimer Pharmaceuticals, Inc. (a)(c)	11,867		133,860
Pfizer, Inc.	299,250		5,443,357
Piramal Healthcare Ltd.	11,607		93,286
Pronova BioPharma ASA (a)	51,900		157,600
Shire PLC sponsored ADR	17,100		1,003,770
Teva Pharmaceutical Industries Ltd. sponsored ADR	14,021		787,700
ViroPharma, Inc. (a)	40,727		341,700
Warner Chilcott PLC (a)	10,500		298,935
			16,476,790
TOTAL COMMON STOCKS (Cost $53,288,038)		61,417,891
Money Market Funds - 9.0%

Fidelity Cash Central Fund, 0.16% (d)	1,692,543		1,692,543
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	3,924,525		3,924,525
TOTAL MONEY MARKET FUNDS (Cost $5,617,068)		5,617,068
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $58,905,106)			67,034,959
NET OTHER ASSETS - (7.7)%			(4,799,184)
NET ASSETS - 100%		$ 62,235,775

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,515
Fidelity Securities Lending Cash Central Fund	15,166
Total	$ 19,681

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 61,417,891	$ 61,284,523	$ 133,368	$ -
Money Market Funds	5,617,068	5,617,068	-	-
Total Investments in Securities:	$ 67,034,959	$ 66,901,591	$ 133,368	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.5%
Ireland	6.8%
Bailiwick of Jersey	1.6%
Netherlands	1.5%
Israel	1.3%
Others (individually less than 1%)	2.3%
	100.0%

Income Tax Information

At December 31, 2009, the Fund had a capital loss carryforward of approximately $8,943,455, of which $3,482,538 and $5,460,917 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including securities loaned of $3,805,968) - See accompanying schedule: Unaffiliated issuers (cost $53,288,038)	$ 61,417,891
Fidelity Central Funds (cost $5,617,068)	5,617,068
Total Investments (cost $58,905,106)		$ 67,034,959
Cash		3,975
Receivable for investments sold		35,148
Receivable for fund shares sold		33,328
Dividends receivable		34,328
Distributions receivable from Fidelity Central Funds		679
Prepaid expenses		275
Other receivables		6,263
Total assets		67,148,955

Liabilities
Payable for investments purchased	$ 914,281
Payable for fund shares redeemed	20
Accrued management fee	28,333
Other affiliated payables	6,978
Other payables and accrued expenses	39,043
Collateral on securities loaned, at value	3,924,525
Total liabilities		4,913,180

Net Assets		$ 62,235,775
Net Assets consist of:
Paid in capital		$ 63,978,460
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,872,194)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		8,129,509
Net Assets		$ 62,235,775

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($37,787,346 ÷ 3,502,684 shares)		$ 10.79

Investor Class: Net Asset Value, offering price and redemption price per share ($24,448,429 ÷ 2,274,423 shares)		$ 10.75

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 619,254
Interest		19,531
Income from Fidelity Central Funds		19,681
Total income		658,466

Expenses
Management fee	$ 329,014
Transfer agent fees	74,479
Accounting and security lending fees	23,162
Custodian fees and expenses	31,986
Independent trustees' compensation	415
Audit	44,489
Legal	374
Miscellaneous	5,277
Total expenses before reductions	509,196
Expense reductions	(4,275)	504,921
Net investment income (loss)		153,545
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,213,854)
Foreign currency transactions	3,378
Total net realized gain (loss)		(1,210,476)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $796)	16,940,196
Assets and liabilities in foreign currencies	357
Total change in net unrealized appreciation (depreciation)		16,940,553
Net gain (loss)		15,730,077
Net increase (decrease) in net assets resulting from operations		$ 15,883,622

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 153,545	$ 231,435
Net realized gain (loss)	(1,210,476)	(8,428,451)
Change in net unrealized appreciation (depreciation)	16,940,553	(21,596,246)
Net increase (decrease) in net assets resulting from operations	15,883,622	(29,793,262)
Distributions to shareholders from net investment income	(167,209)	(250,509)
Distributions to shareholders from net realized gain	-	(9,280,105)
Total distributions	(167,209)	(9,530,614)
Share transactions - net increase (decrease)	(13,364,216)	16,530,814
Redemption fees	22,083	31,180
Total increase (decrease) in net assets	2,374,280	(22,761,882)

Net Assets
Beginning of period	59,861,495	82,623,377
End of period (including undistributed net investment income of $0 and distributions in excess of net investment income of $1,064, respectively)	$ 62,235,775	$ 59,861,495

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.15	$ 13.57	$ 13.17	$ 12.39	$ 10.61
Income from Investment Operations
Net investment income (loss) ^C	.03	.04	.03	.04	.01
Net realized and unrealized gain (loss)	2.64	(4.05)	1.25	.75	1.80
Total from investment operations	2.67	(4.01)	1.28	.79	1.81
Distributions from net investment income	(.03)	(.04)	(.07)	(.01)	(.03)
Distributions from net realized gain	-	(1.37)	(.81)	-	-
Total distributions	(.03)	(1.41)	(.88)	(.01)	(.03)
Redemption fees added to paid in capital ^C,G	-	-	-	-	-
Net asset value, end of period	$ 10.79	$ 8.15	$ 13.57	$ 13.17	$ 12.39
Total Return^A,B	32.80%	(32.31)%	10.21%	6.34%	17.05%
Ratios to Average Net Assets^D,F
Expenses before reductions	.83%	.84%	.81%	.77%	.75%
Expenses net of fee waivers, if any	.83%	.84%	.81%	.77%	.75%
Expenses net of all reductions	.82%	.84%	.80%	.76%	.70%
Net investment income (loss)	.30%	.36%	.23%	.33%	.06%
Supplemental Data
Net assets, end of period (000 omitted)	$ 37,787	$ 37,961	$ 55,676	$ 69,418	$ 118,928
Portfolio turnover rate ^E	132%	189%	128%	106%	122%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.13	$ 13.53	$ 13.14	$ 12.37	$ 11.64
Income from Investment Operations
Net investment income (loss) ^E	.02	.03	.01	.03	(.01)
Net realized and unrealized gain (loss)	2.62	(4.03)	1.24	.75	.74
Total from investment operations	2.64	(4.00)	1.25	.78	.73
Distributions from net investment income	(.02)	(.03)	(.05)	(.01)	-
Distributions from net realized gain	-	(1.37)	(.81)	-	-
Total distributions	(.02)	(1.40)	(.86)	(.01)	-
Redemption fees added to paid in capital ^E,J	-	-	-	-	-
Net asset value, end of period	$ 10.75	$ 8.13	$ 13.53	$ 13.14	$ 12.37
Total Return^B,C,D	32.53%	(32.31)%	10.01%	6.30%	6.27%
Ratios to Average Net Assets^F,I
Expenses before reductions	.94%	.94%	.93%	.90%	.93% ^A
Expenses net of fee waivers, if any	.94%	.94%	.93%	.90%	.93% ^A
Expenses net of all reductions	.93%	.93%	.92%	.89%	.89% ^A
Net investment income (loss)	.20%	.26%	.11%	.20%	(.25)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,448	$ 21,901	$ 26,948	$ 16,229	$ 7,360
Portfolio turnover rate ^G	132%	189%	128%	106%	122%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Health Care Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 10,227,518
Gross unrealized depreciation	(2,872,898)
Net unrealized appreciation (depreciation)	$ 7,354,620

Tax Cost	$ 59,680,339

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (8,943,455)
Net unrealized appreciation (depreciation)	$ 7,354,276

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 167,209	$ 2,756,815
Long-term Capital Gains	-	6,773,799
Total	$ 167,209	$ 9,530,614

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $76,219,268 and $88,361,238, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 31,986
Investor Class	42,493
	$ 74,479

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $309 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

7. Security Lending - continued

the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $15,166.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 113,510	$ 172,478
Investor Class	53,699	78,031
Total	$ 167,209	$ 250,509
From net realized gain
Initial Class	$ -	$ 5,962,891
Investor Class	-	3,317,214
Total	$ -	$ 9,280,105

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	415,891	1,463,398	$ 3,763,009	$ 16,106,016
Reinvestment of distributions	10,708	552,267	113,510	6,135,369
Shares redeemed	(1,578,813)	(1,462,500)	(13,902,294)	(14,698,975)
Net increase (decrease)	(1,152,214)	553,165	$ (10,025,775)	$ 7,542,410
Investor Class
Shares sold	787,867	1,451,367	$ 7,051,378	$ 16,188,341
Reinvestment of distributions	5,085	306,096	53,699	3,395,245
Shares redeemed	(1,213,276)	(1,053,962)	(10,443,518)	(10,595,182)
Net increase (decrease)	(420,324)	703,501	$ (3,338,441)	$ 8,988,404

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Health Care Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Health Care Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Health Care Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed in December 2009, as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Health Care Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Health Care Portfolio

fid469

The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class.

Annual Report

VIP Health Care Portfolio

fid471

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VHCIC-ANN-0210
1.817373.104

Fidelity® Variable Insurance Products:
Industrials Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Industrials - Initial Class ^C	40.22%	5.43%	7.26%
VIP Industrials - Investor Class ^B,C	39.97%	5.32%	7.19%

^A From July 18, 2001.

^B The initial offering of Investor Class shares took place on July 21, 2005. Returns prior to July 21, 2005, are those of Initial Class. Had Investor Class's transfer agent fee been reflected, returns prior to July 21, 2005 would have been lower.

^C Prior to October 1, 2006, VIP Industrials Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class on July 18, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

fid484

Annual Report

Management's Discussion of Fund Performance

Comments from Tobias Welo, Portfolio Manager of VIP Industrials Portfolio: During the past year, the fund soundly beat the S&P 500® and almost doubled the 22.54% return of the MSCI U.S. Investable Market Industrials Index. (For specific portfolio results, please refer to the performance section of this report.) Versus our sector benchmark, a significant underweighting and favorable stock picking in industrial conglomerates added the most to our relative performance. Stock selection in tires and rubber, specialty chemicals, aerospace and defense, and industrial machinery also bolstered our results, as did underweighting construction/engineering and overweighting construction and farm machinery/heavy trucks. The top contributor was industrial conglomerate General Electric, which helped fund performance on a relative basis because the stock was a laggard and we carried a significant underweighting in it. Also boosting performance were Goodyear Tire & Rubber, Cummins and Navistar International, which are involved in the production of heavy trucks or truck engines, and specialty chemicals maker W.R. Grace & Co. Goodyear and W.R. Grace were out-of-index positions. Negative factors, which had a very limited impact on performance, included weak stock selection in heavy electrical equipment and in security and alarm services. At the stock level, not owning industrial conglomerate and major index component 3M worked against us when the market was falling. Another detractor, Manitowoc, builds cranes and provides refrigeration equipment. My growing concern over potential further deterioration in the company's earnings if it was forced to do a secondary equity offering led me to sell the stock at a loss. I also missed most of the substantial gains in mining equipment makers and index components Joy Global and Bucyrus International.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.80%
Actual		$ 1,000.00	$ 1,327.70	$ 4.69
Hypothetical ^A		$ 1,000.00	$ 1,021.17	$ 4.08
Investor Class	.89%
Actual		$ 1,000.00	$ 1,326.60	$ 5.22
Hypothetical ^A		$ 1,000.00	$ 1,020.72	$ 4.53

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
United Technologies Corp.	6.8	5.8
3M Co.	4.6	3.4
Union Pacific Corp.	4.3	5.3
Honeywell International, Inc.	3.5	4.6
Danaher Corp.	3.3	3.6
Ingersoll-Rand Co. Ltd.	3.3	1.7
Cummins, Inc.	3.3	4.0
General Electric Co.	2.8	4.3
Deere & Co.	2.5	2.1
Raytheon Co.	2.4	2.0
	36.8

Top Industries (% of fund's net assets)
As of December 31, 2009
	Machinery	21.6%
	Aerospace & Defense	19.8%
	Road & Rail	13.2%
	Industrial Conglomerates	10.4%
	Electrical Equipment	5.3%
	All Others*	29.7%

fid492

As of June 30, 2009
	Machinery	19.4%
	Aerospace & Defense	18.6%
	Road & Rail	13.8%
	Industrial Conglomerates	10.6%
	Electrical Equipment	10.5%
	All Others*	27.1%

fid500

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AEROSPACE & DEFENSE - 19.8%
Aerospace & Defense - 19.8%
BE Aerospace, Inc. (a)	20,781		$ 488,354
Honeywell International, Inc.	52,000		2,038,400
Lockheed Martin Corp.	18,200		1,371,370
Precision Castparts Corp.	11,700		1,291,095
Raytheon Co.	27,025		1,392,328
Spirit AeroSystems Holdings, Inc. Class A (a)	20,900		415,074
The Boeing Co.	10,600		573,778
United Technologies Corp.	56,499		3,921,593
			11,491,992
AIR FREIGHT & LOGISTICS - 2.2%
Air Freight & Logistics - 2.2%
United Parcel Service, Inc. Class B	21,700		1,244,929
AUTO COMPONENTS - 3.6%
Auto Parts & Equipment - 2.6%
BorgWarner, Inc.	13,600		451,792
Exide Technologies (a)	13,405		95,310
Johnson Controls, Inc.	31,800		866,232
Stoneridge, Inc. (a)	13,340		120,193
			1,533,527
Tires & Rubber - 1.0%
The Goodyear Tire & Rubber Co. (a)	39,880		562,308
TOTAL AUTO COMPONENTS			2,095,835
BEVERAGES - 0.3%
Soft Drinks - 0.3%
Heckmann Corp. (a)	36,700		183,133
BUILDING PRODUCTS - 4.3%
Building Products - 4.3%
AAON, Inc.	10,400		202,696
Armstrong World Industries, Inc. (a)	7,300		284,189
Lennox International, Inc.	5,000		195,200
Masco Corp.	90,820		1,254,224
Owens Corning (a)	22,000		564,080
			2,500,389
CHEMICALS - 0.5%
Specialty Chemicals - 0.5%
W.R. Grace & Co. (a)	11,879		301,133
COMMERCIAL SERVICES & SUPPLIES - 4.9%
Commercial Printing - 0.8%
R.R. Donnelley & Sons Co.	22,500		501,075
Diversified Support Services - 0.7%
Cintas Corp.	15,100		393,355
Environmental & Facility Services - 2.2%
Casella Waste Systems, Inc. Class A (a)	59,411		238,832
Clean Harbors, Inc. (a)	5,800		345,738

	Shares		Value
Republic Services, Inc.	18,644		$ 527,812
RINO International Corp. (a)(c)	5,300		146,545
			1,258,927
Office Services & Supplies - 0.6%
United Stationers, Inc. (a)	6,268		356,336
Security & Alarm Services - 0.6%
The Brink's Co.	13,700		333,458
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,843,151
CONSTRUCTION & ENGINEERING - 3.1%
Construction & Engineering - 3.1%
AECOM Technology Corp. (a)	6,300		173,250
Fluor Corp.	17,257		777,255
Jacobs Engineering Group, Inc. (a)	17,200		646,892
MasTec, Inc. (a)	17,400		217,500
			1,814,897
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Brinks Home Security Holdings, Inc. (a)	7,625		248,880
ELECTRICAL EQUIPMENT - 5.3%
Electrical Components & Equipment - 5.3%
Acuity Brands, Inc. (c)	15,458		550,923
AMETEK, Inc.	19,050		728,472
Cooper Industries PLC Class A	19,300		822,952
General Cable Corp. (a)	11,600		341,272
Regal-Beloit Corp.	11,966		621,514
			3,065,133
ELECTRONIC EQUIPMENT & COMPONENTS - 1.3%
Electronic Equipment & Instruments - 0.8%
FLIR Systems, Inc. (a)	14,598		477,647
Technology Distributors - 0.5%
Anixter International, Inc. (a)	6,400		301,440
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			779,087
HOUSEHOLD DURABLES - 2.2%
Homebuilding - 0.7%
PDG Realty S.A. Empreendimentos e Participacoes	26,800		266,924
Pulte Homes, Inc.	12,090		120,900
			387,824
Household Appliances - 1.5%
Black & Decker Corp.	13,700		888,171
TOTAL HOUSEHOLD DURABLES			1,275,995
INDUSTRIAL CONGLOMERATES - 10.4%
Industrial Conglomerates - 10.4%
3M Co.	32,600		2,695,042
Carlisle Companies, Inc.	10,900		373,434
General Electric Co.	106,034		1,604,294
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - CONTINUED
Industrial Conglomerates - continued
Koninklijke Philips Electronics NV	10,800		$ 318,818
Textron, Inc.	40,000		752,400
Tyco International Ltd.	7,481		266,922
			6,010,910
MACHINERY - 21.6%
Construction & Farm Machinery & Heavy Trucks - 10.5%
Bucyrus International, Inc. Class A	3,500		197,295
Cummins, Inc.	41,080		1,883,929
Deere & Co.	27,000		1,460,430
Joy Global, Inc.	5,000		257,950
Navistar International Corp. (a)	23,886		923,194
Oshkosh Co.	6,700		248,101
PACCAR, Inc.	28,800		1,044,576
Sany Heavy Equipment International Holdings Co. Ltd.	48,000		60,062
			6,075,537
Industrial Machinery - 11.1%
Actuant Corp. Class A	12,000		222,360
Altra Holdings, Inc. (a)	20,989		259,214
Barnes Group, Inc.	8,075		136,468
Blount International, Inc. (a)	14,499		146,440
Danaher Corp.	25,600		1,925,120
Ingersoll-Rand Co. Ltd.	53,300		1,904,942
Kennametal, Inc.	17,100		443,232
Parker Hannifin Corp.	9,800		528,024
Timken Co.	15,600		369,876
TriMas Corp. (a)	37,829		256,102
Weg SA	26,500		278,987
			6,470,765
TOTAL MACHINERY			12,546,302
MARINE - 0.3%
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	29,902		142,334
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Peabody Energy Corp.	6,800		307,428
PROFESSIONAL SERVICES - 2.0%
Human Resource & Employment Services - 0.8%
Manpower, Inc.	8,620		470,480
Research & Consulting Services - 1.2%
Equifax, Inc.	15,900		491,151
ICF International, Inc. (a)	7,500		201,000
			692,151
TOTAL PROFESSIONAL SERVICES			1,162,631

	Shares		Value
ROAD & RAIL - 13.2%
Railroads - 9.7%
America Latina Logistica SA unit	29,500		$ 272,490
CSX Corp.	23,061		1,118,228
Genesee & Wyoming, Inc. Class A (a)	8,000		261,120
Kansas City Southern (a)	10,700		356,203
Norfolk Southern Corp.	21,490		1,126,506
Union Pacific Corp.	39,300		2,511,270
			5,645,817
Trucking - 3.5%
Arkansas Best Corp.	10,000		294,300
Avis Budget Group, Inc. (a)	68,184		894,574
Con-way, Inc.	5,200		181,532
Hertz Global Holdings, Inc. (a)(c)	36,800		438,656
Saia, Inc. (a)	15,600		231,192
			2,040,254
TOTAL ROAD & RAIL			7,686,071
SOFTWARE - 0.2%
Application Software - 0.2%
Solera Holdings, Inc.	3,901		140,475
TRADING COMPANIES & DISTRIBUTORS - 3.1%
Trading Companies & Distributors - 3.1%
Interline Brands, Inc. (a)	33,100		571,637
Rush Enterprises, Inc. Class A (a)	84,149		1,000,532
United Rentals, Inc. (a)	20,200		198,162
			1,770,331
TOTAL COMMON STOCKS (Cost $51,297,391)		57,611,036
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.16% (d)	654,203		654,203
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	1,163,600		1,163,600
TOTAL MONEY MARKET FUNDS (Cost $1,817,803)		1,817,803
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $53,115,194)			59,428,839
NET OTHER ASSETS - (2.4)%			(1,366,025)
NET ASSETS - 100%		$ 58,062,814

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,913
Fidelity Securities Lending Cash Central Fund	21,392
Total	$ 26,305

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 57,611,036	$ 57,232,156	$ 378,880	$ -
Money Market Funds	1,817,803	1,817,803	-	-
Total Investments in Securities:	$ 59,428,839	$ 59,049,959	$ 378,880	$ -

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $14,293,917 of which $5,257,797 and $9,036,120 will expire on December 31, 2016 and 2017, respectively.

The fund intends to elect to defer to its fiscal year ending December 31, 2010 approximately $5,984 of currency losses recognized during the period November 1, 2009 to December 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including securities loaned of $1,115,083) - See accompanying schedule: Unaffiliated issuers (cost $51,297,391)	$ 57,611,036
Fidelity Central Funds (cost $1,817,803)	1,817,803
Total Investments (cost $53,115,194)		$ 59,428,839
Receivable for investments sold		197,120
Receivable for fund shares sold		17,275
Dividends receivable		57,945
Distributions receivable from Fidelity Central Funds		1,275
Prepaid expenses		252
Other receivables		1,263
Total assets		59,703,969

Liabilities
Payable for investments purchased	$ 406,383
Payable for fund shares redeemed	1,243
Accrued management fee	26,957
Other affiliated payables	6,861
Other payables and accrued expenses	36,111
Collateral on securities loaned, at value	1,163,600
Total liabilities		1,641,155

Net Assets		$ 58,062,814
Net Assets consist of:
Paid in capital		$ 66,780,876
Distributions in excess of net investment income		(5,985)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,025,655)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		6,313,578
Net Assets		$ 58,062,814

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($32,183,376 ÷ 2,767,817 shares)		$ 11.63

Investor Class: Net Asset Value, offering price and redemption price per share ($25,879,438 ÷ 2,233,810 shares)		$ 11.59

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 864,735
Interest		4
Income from Fidelity Central Funds		26,305
Total income		891,044

Expenses
Management fee	$ 262,965
Transfer agent fees	62,668
Accounting and security lending fees	18,430
Custodian fees and expenses	11,226
Independent trustees' compensation	316
Audit	38,867
Legal	252
Miscellaneous	4,160
Total expenses before reductions	398,884
Expense reductions	(2,017)	396,867
Net investment income (loss)		494,177
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,156,400)
Foreign currency transactions	(13,637)
Total net realized gain (loss)		(3,170,037)
Change in net unrealized appreciation (depreciation) on: Investment securities	18,874,662
Assets and liabilities in foreign currencies	319
Total change in net unrealized appreciation (depreciation)		18,874,981
Net gain (loss)		15,704,944
Net increase (decrease) in net assets resulting from operations		$ 16,199,121

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 494,177	$ 628,154
Net realized gain (loss)	(3,170,037)	(11,758,944)
Change in net unrealized appreciation (depreciation)	18,874,981	(20,071,036)
Net increase (decrease) in net assets resulting from operations	16,199,121	(31,201,826)
Distributions to shareholders from net investment income	(506,005)	(647,391)
Distributions to shareholders from net realized gain	-	(1,349,574)
Total distributions	(506,005)	(1,996,965)
Share transactions - net increase (decrease)	1,252,954	(2,375,514)
Redemption fees	11,631	30,102
Total increase (decrease) in net assets	16,957,701	(35,544,203)

Net Assets
Beginning of period	41,105,113	76,649,316
End of period (including distributions in excess of net investment income of $5,985 and undistributed net investment income of $0, respectively)	$ 58,062,814	$ 41,105,113

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.37	$ 14.43	$ 13.90	$ 14.20	$ 13.81
Income from Investment Operations
Net investment income (loss) ^C	.10	.12	.10	.14	.08
Net realized and unrealized gain (loss)	3.27	(5.79)	2.43	2.02	1.70
Total from investment operations	3.37	(5.67)	2.53	2.16	1.78
Distributions from net investment income	(.11)	(.14)	(.09)	(.15)	(.10)
Distributions from net realized gain	-	(.26)	(1.91)	(2.33)	(1.30)
Total distributions	(.11)	(.40)	(2.00)	(2.47) ^H	(1.40)
Redemption fees added to paid in capital ^C	- ^G	.01	- ^G	.01	.01
Net asset value, end of period	$ 11.63	$ 8.37	$ 14.43	$ 13.90	$ 14.20
Total Return ^A,B	40.22%	(39.84)%	18.21%	15.71%	12.88%
Ratios to Average Net Assets ^D,F
Expenses before reductions	.81%	.78%	.78%	.79%	.81%
Expenses net of fee waivers, if any	.81%	.78%	.78%	.79%	.81%
Expenses net of all reductions	.80%	.78%	.78%	.78%	.76%
Net investment income (loss)	1.10%	1.02%	.64%	.95%	.53%
Supplemental Data
Net assets, end of period (000 omitted)	$ 32,183	$ 23,747	$ 50,586	$ 51,332	$ 50,332
Portfolio turnover rate ^E	117%	138%	122%	137%	160%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G Amount represents less than $.01 per share. ^H Total distributions of $2.47 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $2.325 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.35	$ 14.38	$ 13.86	$ 14.19	$ 14.55
Income from Investment Operations
Net investment income (loss) ^E	.09	.11	.08	.12	.02
Net realized and unrealized gain (loss)	3.25	(5.76)	2.43	2.00	.96
Total from investment operations	3.34	(5.65)	2.51	2.12	.98
Distributions from net investment income	(.10)	(.13)	(.08)	(.14)	(.09)
Distributions from net realized gain	-	(.26)	(1.91)	(2.33)	(1.25)
Total distributions	(.10)	(.39)	(1.99)	(2.46) ^K	(1.34)
Redemption fees added to paid in capital ^E	- ^J	.01	- ^J	.01	- ^J
Net asset value, end of period	$ 11.59	$ 8.35	$ 14.38	$ 13.86	$ 14.19
Total Return ^B,C,D	39.97%	(39.84)%	18.12%	15.43%	6.65%
Ratios to Average Net Assets ^F,I
Expenses before reductions	.91%	.88%	.90%	.92%	1.08% ^A
Expenses net of fee waivers, if any	.91%	.88%	.90%	.92%	1.08% ^A
Expenses net of all reductions	.90%	.87%	.90%	.92%	1.03% ^A
Net investment income (loss)	1.00%	.92%	.52%	.81%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 25,879	$ 17,359	$ 26,063	$ 12,758	$ 1,936
Portfolio turnover rate ^G	117%	138%	122%	137%	160%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $2.46 per share is comprised of distributions from net investment income of $.138 and distributions from net realized gain of $2.325 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Industrials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 9,548,518
Gross unrealized depreciation	(3,983,191)
Net unrealized appreciation (depreciation)	$ 5,565,327

Tax Cost	$ 53,863,512

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (14,293,917)
Net unrealized appreciation (depreciation)	$ 5,565,260

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 506,005	$ 1,374,085
Long-term Capital Gains	-	622,880
Total	$ 506,005	$ 1,996,965

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $55,019,140 and $52,979,446, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 23,564
Investor Class	39,104
	$ 62,668

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $224 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

7. Security Lending - continued

close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $21,392.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 290,831	$ 385,462
Investor Class	215,174	261,929
Total	$ 506,005	$ 647,391
From net realized gain
Initial Class	$ -	$ 885,620
Investor Class	-	463,954
Total	$ -	$ 1,349,574

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	744,452	842,161	$ 6,739,371	$ 10,739,604
Reinvestment of distributions	25,158	115,154	290,831	1,271,082
Shares redeemed	(837,301)	(1,628,549)	(7,230,622)	(19,451,472)
Net increase (decrease)	(67,691)	(671,234)	$ (200,420)	$ (7,440,786)
Investor Class
Shares sold	812,669	1,277,670	$ 7,438,900	$ 16,291,692
Reinvestment of distributions	18,678	67,934	215,174	725,883
Shares redeemed	(677,276)	(1,078,868)	(6,200,700)	(11,952,303)
Net increase (decrease)	154,071	266,736	$ 1,453,374	$ 5,065,272

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Industrials Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Industrials Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Industrials Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Industrials Portfolio

Annual Report

VIP Industrials Portfolio

fid502

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Industrials Portfolio

fid504

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VCYLIC-ANN-0210
1.817361.104

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 Year	Past 5 Years	Life of fund^A
VIP International Capital Appreciation - Initial Class	56.04%	0.81%	1.28%
VIP International Capital Appreciation - Service Class	55.52%	0.69%	1.16%
VIP International Capital Appreciation - Service Class 2	55.44%	0.55%	1.03%
VIP International Capital Appreciation - Initial Class R	55.76%	0.81%	1.28%
VIP International Capital Appreciation - Service Class R	55.52%	0.69%	1.16%
VIP International Capital Appreciation - Service Class 2R	55.36%	0.55%	1.02%
VIP International Capital Appreciation - Investor Class R ^B	55.61%	0.70%	1.18%

^AFrom December 22, 2004.

^BThe initial offering of Investor Class R shares took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class R. Had Investor Class R's transfer agent fee had been reflected, returns prior to July 21, 2005 would have been lower.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP International Capital Appreciation Portfolio - Initial Class on December 22, 2004, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI (All Country World Index) ex USA Index performed over the same period.

fid515

Annual Report

Management's Discussion of Fund Performance

Comments from Sammy Simnegar, Portfolio Manager of VIP International Capital Appreciation Portfolio: During the past year, the fund handily beat the 41.60% return of its benchmark, the MSCI ACWI (All Country World Index) ex USA Index. (For specific portfolio results, please refer to the performance section of this report.) Stock selection in materials - where I focused on producers of industrial and precious metals such as copper, steel and platinum - accounted for more than a third of the fund's edge over its benchmark. The fund also benefited from favorable stock picks in energy, information technology, consumer discretionary and financials, among other sectors. In fact, nine out of 10 market sectors contributed to performance. Our top relative contributor was Germany-based Aixtron, a manufacturer of machines that make LED (light-emitting diode) lights, a rapidly growing market. Three notable contributors from the diversified financials segment of the financials sector were American firms Morgan Stanley, Goldman Sachs and Bank of America. To varying degrees, all three were pressured by balance sheet concerns until assistance from the federal government calmed investors nerves and triggered a rebound in the financial markets that lasted from March through the end of the year. Three other contributors were from the metals and mining industry: Canada's Consolidated Thompson Iron Mines, Russian steel producer Evraz Group and Swiss copper and coal miner Xstrata, all of which benefited from rising prices for their respective commodities. All the contributors I mentioned, except for Xstrata, were out-of-index positions. The fund did not hold Goldman Sachs or Evraz Group at period end. Conversely, the industrials sector detracted modestly because of lackluster stock picking. Additionally, within financials, which had a positive overall impact on our relative results, stock selection in the insurance group dampened the fund's gains. A small cash position also was counterproductive in a strongly rising market. Among individual holdings, French insurer AXA, Swiss diversified financial services provider UBS and U.S. commercial bank Citigroup detracted - mostly due to poor timing. First Uranium, a Canadian developer of uranium- and gold-mining projects in South Africa, was hurt by an inability to secure funding and other operational problems. Neither First Uranium nor Citigroup was a component of the index.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,254.10	$ 6.25
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class	1.20%
Actual		$ 1,000.00	$ 1,251.80	$ 6.81
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2	1.35%
Actual		$ 1,000.00	$ 1,252.40	$ 7.66
Hypothetical^A		$ 1,000.00	$ 1,018.40	$ 6.87
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,254.10	$ 6.25
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class R	1.20%
Actual		$ 1,000.00	$ 1,251.80	$ 6.81
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,251.80	$ 7.66
Hypothetical^A		$ 1,000.00	$ 1,018.40	$ 6.87
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,253.80	$ 6.70
Hypothetical^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of December 31, 2009
	Japan	14.9%
	United Kingdom	11.8%
	United States of America	8.0%
	France	7.9%
	Canada	7.0%
	Australia	4.9%
	Russia	4.2%
	India	3.6%
	Korea (South)	3.5%
	Other	34.2%

cjc492

Percentages are adjusted for the effect of futures contracts, if applicable.

As of June 30, 2009
	Japan	17.1%
	United Kingdom	13.2%
	United States of America	11.9%
	France	8.7%
	Canada	7.6%
	Germany	3.1%
	Spain	3.0%
	India	3.0%
	Russia	2.9%
	Other	29.5%

cjc500

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.5	98.1
Bonds	0.5	0.0
Short-Term Investments and Net Other Assets	0.0	1.9
Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.8	0.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	1.8
Barclays PLC Sponsored ADR (United Kingdom, Commercial Banks)	1.3	1.2
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services)	1.2	0.0
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.1	0.8
UBS AG (NY Shares) (Switzerland, Capital Markets)	1.1	0.0
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)	1.1	0.0
Centrais Electricas Brasileiras SA (Electrobras) ADR (Brazil, Electric Utilities)	1.1	0.0
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	1.0	1.0
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (Japan, Commercial Banks)	1.0	1.1
	12.4
Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.0	24.4
Materials	14.2	10.2
Consumer Discretionary	10.4	12.2
Energy	10.4	10.0
Information Technology	9.8	8.8
Industrials	8.3	10.0
Consumer Staples	6.5	5.3
Utilities	4.8	4.1
Health Care	4.7	5.3
Telecommunication Services	3.9	7.8

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
Australia - 4.9%
Fortescue Metals Group Ltd. (a)	62,588		$ 249,615
JB Hi-Fi Ltd.	11,156		226,472
MacArthur Coal Ltd.	26,983		272,672
Macquarie Group Ltd.	6,688		290,763
Origin Energy Ltd.	18,185		274,749
Wesfarmers Ltd.	11,786		331,048
Westfield Group unit	27,118		305,459
Woolworths Ltd.	12,463		313,457
TOTAL AUSTRALIA			2,264,235
Bailiwick of Guernsey - 0.6%
Raven Russia Ltd.	305,500		222,180
Tetragon Financial Group Ltd.	12,200		47,702
TOTAL BAILIWICK OF GUERNSEY			269,882
Belgium - 1.6%
Anheuser-Busch InBev SA NV	6,956		362,442
Fortis (a)	100,775		378,432
TOTAL BELGIUM			740,874
Bermuda - 2.0%
Aquarius Platinum Ltd. (United Kingdom) (a)	37,700		247,980
Dufry South America Ltd. unit	10,003		204,881
Huabao International Holdings Ltd.	223,000		239,785
Northern Offshore Ltd. (a)(c)	136,000		222,914
TOTAL BERMUDA			915,560
Brazil - 3.3%
Banco Santander (Brasil) SA ADR	19,500		271,830
Centrais Eletricas Brasileiras SA (Electrobras) sponsored ADR	23,000		485,070
MRV Engenharia e Participacoes SA	31,800		252,685
OGX Petroleo e Gas Participacoes SA	26,200		254,785
PDG Realty S.A. Empreendimentos e Participacoes	25,100		249,992
TOTAL BRAZIL			1,514,362
Canada - 7.0%
Canadian Imperial Bank of Commerce	4,700		304,864
Consolidated Thompson Iron Mines Ltd. (a)	40,700		261,868
First Quantum Minerals Ltd.	3,700		282,646
First Uranium Corp. (a)	112,000		245,182
Grande Cache Coal Corp. (a)	43,700		222,940
InterOil Corp. (a)	3,100		238,111
Niko Resources Ltd.	2,600		243,506
OPTI Canada, Inc. (a)(c)	143,400		277,068
Petrobank Energy & Resources Ltd. (a)	5,200		253,455
Quadra Mining Ltd. (a)	17,100		236,160
Suncor Energy, Inc.	11,000		389,578
Teck Resources Ltd. Class B (sub. vtg.) (a)	8,200		287,369
TOTAL CANADA			3,242,747

	Shares		Value
Cayman Islands - 1.9%
Hengdeli Holdings Ltd.	612,000		$ 231,076
JA Solar Holdings Co. Ltd. ADR (a)	36,300		206,910
Peak Sport Products Co. Ltd.	442,000		242,425
Trina Solar Ltd. ADR (a)(c)	4,000		215,880
TOTAL CAYMAN ISLANDS			896,291
China - 1.6%
China Construction Bank Corp. (H Shares)	423,000		361,290
China Life Insurance Co. Ltd. ADR (c)	4,700		344,745
Digital China Holdings Ltd. (H Shares)	44,000		58,574
TOTAL CHINA			764,609
Cyprus - 0.5%
Mirland Development Corp. PLC (a)	81,800		211,522
Denmark - 0.5%
Carlsberg AS Series B	3,200		236,396
Finland - 0.6%
Fortum Corp.	9,700		263,436
France - 7.9%
Accor SA	4,652		254,746
Atos Origin SA (a)	5,160		237,022
AXA SA sponsored ADR	15,100		357,568
BNP Paribas SA	5,881		470,652
Carrefour SA	6,637		318,882
Credit Agricole SA	19,300		341,517
Iliad Group SA	1,833		219,174
Saft Groupe SA	4,716		227,936
Sanofi-Aventis sponsored ADR	12,500		490,875
Schneider Electric SA	2,708		317,054
Societe Generale Series A	5,824		408,142
TOTAL FRANCE			3,643,568
Germany - 3.2%
Aixtron AG	7,706		259,259
Daimler AG (Reg.)	7,148		380,988
Deutsche Bank AG (NY Shares)	5,100		361,641
HeidelbergCement AG	3,619		249,886
Metro AG	3,700		225,498
TOTAL GERMANY			1,477,272
Greece - 1.2%
Hellenic Telecommunications Organization SA	17,523		258,143
National Bank of Greece SA sponsored ADR	53,900		280,819
TOTAL GREECE			538,962
Hong Kong - 0.5%
China Resources Power Holdings Co. Ltd.	124,000		245,638
India - 3.6%
Bank of Baroda	20,020		221,704
Common Stocks - continued
	Shares		Value
India - continued
BGR Energy Systems Ltd.	22,052		$ 233,278
Financial Technologies India Ltd.	8,292		240,211
ICSA (India) Ltd.	63,316		245,297
Jaiprakash Associates Ltd.	75,192		237,922
MIC Electronics Ltd.	253,509		247,173
Rural Electrification Corp. Ltd. (a)	3,032		15,862
Sintex Industries Ltd.	36,134		213,721
TOTAL INDIA			1,655,168
Indonesia - 0.5%
PT Semen Gresik Tbk	297,500		238,316
Ireland - 0.5%
Covidien PLC	4,700		225,083
Israel - 0.9%
Teva Pharmaceutical Industries Ltd. sponsored ADR	7,100		398,878
Italy - 1.3%
Intesa Sanpaolo SpA	74,354		335,314
Mediaset SpA	31,700		260,273
TOTAL ITALY			595,587
Japan - 14.9%
eAccess Ltd. (c)	444		261,090
Elpida Memory, Inc. (a)	15,000		244,588
Fujifilm Holdings Corp.	9,600		290,067
Gulliver International Co. Ltd.	3,310		231,688
Itochu Corp.	36,000		266,052
Japan Tobacco, Inc.	76		256,738
JTEKT Corp.	18,100		232,910
Kenedix, Inc. (a)	671		217,227
Kimoto Co. Ltd.	23,700		280,028
Kirin Holdings Co. Ltd.	17,000		272,761
Kyocera Corp.	3,200		281,962
Mazda Motor Corp. (a)	105,000		241,557
Mitsubishi Corp.	13,100		326,460
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	96,300		473,796
Mitsui & Co. Ltd.	21,700		307,987
Nitori Co. Ltd.	3,150		234,575
ORIX Corp.	5,590		380,775
Sapporo Breweries Ltd.	41,000		226,029
SOFTBANK CORP.	11,300		265,031
Sony Corp. sponsored ADR	11,100		321,900
Sumitomo Metal Industries Ltd.	97,000		260,866
Sumitomo Realty & Development Co. Ltd.	13,000		245,526
Tokyo Ohka Kogyo Co. Ltd.	12,500		232,616
Toshiba Corp.	56,000		310,889
Uni-Charm Corp.	2,600		243,858
TOTAL JAPAN			6,906,976
Korea (South) - 3.5%
Duksan Hi-Metal Co. Ltd. (a)	19,414		217,270

	Shares		Value
Hanjin Heavy Industries & Consolidated Co. Ltd.	11,955		$ 232,216
Hyundai Mipo Dockyard Co. Ltd.	2,643		233,458
Kia Motors Corp. (a)	14,530		249,835
Lumens Co. Ltd. (a)	28,872		221,107
Samsung Electronics Co. Ltd.	704		482,384
TOTAL KOREA (SOUTH)			1,636,270
Luxembourg - 0.5%
Millicom International Cellular SA	3,300		243,441
Mexico - 0.6%
Cemex SA de CV sponsored ADR	22,200		262,404
Netherlands - 2.4%
ASM International NV (Netherlands) (a)(c)	9,400		238,938
ING Groep NV sponsored ADR (a)(c)	55,184		541,355
Koninklijke Philips Electronics NV	10,663		314,774
TOTAL NETHERLANDS			1,095,067
Norway - 1.6%
Pronova BioPharma ASA (a)	154,000		467,637
Sevan Marine ASA (a)(c)	145,000		254,177
TOTAL NORWAY			721,814
Qatar - 0.7%
Commercial Bank of Qatar GDR (Reg. S)	97,450		330,779
Russia - 4.2%
LSR Group OJSC GDR (Reg. S) (a)	31,900		290,290
Mechel Steel Group OAO sponsored ADR	12,100		227,722
Mosenergo AO sponsored ADR (a)	23,800		249,900
OAO Gazprom sponsored ADR	17,700		443,385
RusHydro JSC sponsored ADR (a)	61,300		234,779
Uralkali JSC GDR (Reg. S) (a)	12,300		258,300
VTB Bank JSC unit	52,700		248,744
TOTAL RUSSIA			1,953,120
South Africa - 1.9%
MTN Group Ltd.	19,900		316,628
Naspers Ltd. Class N	6,800		275,304
Raubex Group Ltd.	82,900		268,390
TOTAL SOUTH AFRICA			860,322
Spain - 0.5%
NH Hoteles SA (a)	41,737		222,280
Sweden - 0.9%
EnergyO Solutions AB (a)	80,410		440,313
Switzerland - 2.3%
Actelion Ltd. (Reg.) (a)	5,965		317,995
Clariant AG (Reg.) (a)	20,534		242,335
UBS AG (NY Shares) (a)	33,600		521,136
TOTAL SWITZERLAND			1,081,466
Common Stocks - continued
	Shares		Value
Taiwan - 0.5%
Prime View International Co. Ltd. (a)	93,000		$ 244,783
Turkey - 0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS	155,000		239,306
United Kingdom - 11.8%
Anglo American PLC (United Kingdom) (a)	9,500		416,231
Barclays PLC Sponsored ADR (c)	33,700		593,120
BG Group PLC	23,059		418,134
BT Group PLC	119,500		260,404
Cairn Energy PLC (a)	46,540		250,167
Carphone Warehouse Group PLC	78,997		239,766
Centrica PLC	68,711		312,154
Ferrexpo PLC	68,570		219,977
HSBC Holdings PLC sponsored ADR	14,800		844,927
Rio Tinto PLC (Reg.)	9,800		529,480
Royal Dutch Shell PLC Class B	26,687		777,669
Vedanta Resources PLC	6,200		261,626
Xstrata PLC (a)	19,900		360,529
TOTAL UNITED KINGDOM			5,484,184
United States of America - 8.0%
Bank of America Corp.	29,900		450,294
Citigroup, Inc.	70,000		231,700
CVS Caremark Corp.	7,100		228,691
Ener1, Inc. (a)(c)	31,620		200,471
JPMorgan Chase & Co.	10,890		453,786
Morgan Stanley	15,516		459,274
Pfizer, Inc.	13,100		238,289
PNC Financial Services Group, Inc.	4,700		248,113
Rubicon Technology, Inc. (a)(c)	13,331		270,753
Sprint Nextel Corp. (a)	62,802		229,855
Veeco Instruments, Inc. (a)	7,726		255,267
Wells Fargo & Co.	17,014		459,208
TOTAL UNITED STATES OF AMERICA			3,725,701
TOTAL COMMON STOCKS (Cost $41,520,688)		45,786,612
Nonconvertible Preferred Stocks - 0.6%
	Shares		Value
Italy - 0.6%
Fiat SpA (Risparmio Shares) (Cost $161,564)	28,300		$ 255,046

Nonconvertible Bonds - 0.5%
	Principal Amount
Venezuela - 0.5%
Petroleos de Venezuela SA 5.375% 4/12/27 (Cost $244,363)	$ 540,000	238,950

Money Market Funds - 5.5%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d) (Cost $2,568,752)	2,568,752		2,568,752
TOTAL INVESTMENT PORTFOLIO - 105.5% (Cost $44,495,367)			48,849,360
NET OTHER ASSETS - (5.5)%			(2,547,162)
NET ASSETS - 100%		$ 46,302,198

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,820
Fidelity Securities Lending Cash Central Fund	48,608
Total	$ 51,428

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 6,906,976	$ 795,696	$ 6,111,280	$ -
United Kingdom	5,484,184	3,916,631	1,567,553	-
United States of America	3,725,701	3,725,701	-	-
France	3,643,568	3,643,568	-	-
Canada	3,242,747	3,242,747	-	-
Australia	2,264,235	2,264,235	-	-
Russia	1,953,120	1,703,220	-	249,900
India	1,655,168	1,655,168	-	-
Korea (South)	1,636,270	1,636,270	-	-
Other	15,529,689	13,455,139	2,074,550	-
Corporate Bonds	238,950	-	238,950	-
Money Market Funds	2,568,752	2,568,752	-	-
Total Investments in Securities:	$ 48,849,360	$ 38,607,127	$ 9,992,333	$ 249,900

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

Investments in Securities:
Beginning Balance	$ 561,490
Total Realized Gain (Loss)	(334,263)
Total Unrealized Gain (Loss)	197,849
Cost of Purchases	1,261,798
Proceeds of Sales	(1,436,974)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 249,900
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009	$ 3,668

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $24,891,544 of which $20,462,362 and $4,429,182 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $2,458,778) - See accompanying schedule: Unaffiliated issuers (cost $41,926,615)	$ 46,280,608
Fidelity Central Funds (cost $2,568,752)	2,568,752
Total Investments (cost $44,495,367)		$ 48,849,360
Foreign currency held at value (cost $199,573)		199,573
Receivable for investments sold		1,295,846
Receivable for fund shares sold		33,791
Dividends receivable		61,270
Interest receivable		6,369
Distributions receivable from Fidelity Central Funds		5,198
Prepaid expenses		174
Receivable from investment adviser for expense reductions		26,218
Other receivables		77,913
Total assets		50,555,712

Liabilities
Payable to custodian bank	$ 482,477
Payable for investments purchased	966,468
Payable for fund shares redeemed	99,825
Accrued management fee	27,194
Distribution fees payable	140
Other affiliated payables	6,438
Other payables and accrued expenses	102,220
Collateral on securities loaned, at value	2,568,752
Total liabilities		4,253,514

Net Assets		$ 46,302,198
Net Assets consist of:
Paid in capital		$ 67,952,331
Undistributed net investment income		277
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(25,989,565)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,339,155
Net Assets		$ 46,302,198

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($644,549 ÷ 74,965 shares)		$ 8.60

Service Class: Net Asset Value, offering price and redemption price per share ($117,060 ÷ 13,637 shares)		$ 8.58

Service Class 2: Net Asset Value, offering price and redemption price per share ($423,680 ÷ 49,456 shares)		$ 8.57

Initial Class R: Net Asset Value, offering price and redemption price per share ($17,150,356 ÷ 1,994,433 shares)		$ 8.60

Service Class R: Net Asset Value, offering price and redemption price per share ($117,060 ÷ 13,637 shares)		$ 8.58

Service Class 2R: Net Asset Value, offering price and redemption price per share ($154,866 ÷ 18,071 shares)		$ 8.57

Investor Class R: Net Asset Value, offering price and redemption price per share ($27,694,627 ÷ 3,234,722 shares)		$ 8.56

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 607,663
Interest		14,760
Income from Fidelity Central Funds (including $48,608 from security lending)		51,428
		673,851
Less foreign taxes withheld		(46,252)
Total income		627,599

Expenses
Management fee	$ 227,680
Transfer agent fees	50,577
Distribution fees	1,557
Accounting and security lending fees	16,901
Custodian fees and expenses	173,315
Independent trustees' compensation	206
Audit	60,404
Legal	174
Miscellaneous	2,758
Total expenses before reductions	533,572
Expense reductions	(217,955)	315,617
Net investment income (loss)		311,982
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $47,039)	3,341,158
Foreign currency transactions	(39,859)
Total net realized gain (loss)		3,301,299
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $29,237)	9,544,911
Assets and liabilities in foreign currencies	5,608
Total change in net unrealized appreciation (depreciation)		9,550,519
Net gain (loss)		12,851,818
Net increase (decrease) in net assets resulting from operations		$ 13,163,800

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 311,982	$ 754,623
Net realized gain (loss)	3,301,299	(24,913,119)
Change in net unrealized appreciation (depreciation)	9,550,519	(5,460,953)
Net increase (decrease) in net assets resulting from operations	13,163,800	(29,619,449)
Distributions to shareholders from net investment income	(317,347)	-
Distributions to shareholders from net realized gain	(478,375)	(328,342)
Total distributions	(795,722)	(328,342)
Share transactions - net increase (decrease)	10,098,658	(20,630,488)
Redemption fees	6,920	5,532
Total increase (decrease) in net assets	22,473,656	(50,572,747)

Net Assets
Beginning of period	23,828,542	74,401,289
End of period (including undistributed net investment income of $277 and undistributed net investment income of $5,642, respectively)	$ 46,302,198	$ 23,828,542

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.44	$ 12.68	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.07	.15	.11 ^F	.11	.06
Net realized and unrealized gain (loss)	3.07	(5.92)	.53	1.54	1.21
Total from investment operations	3.14	(5.77)	.64	1.65	1.27
Distributions from net investment income	(.06)	-	(.09)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.15)	(.06)	(1.88)	(.43) ^J	(.05) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.60	$ 5.61	$ 11.44	$ 12.68	$ 11.46
Total Return ^{A, B}	56.04%	(50.69)%	5.17%	14.49%	12.37%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.81%	1.54%	1.20%	1.80%	3.55%
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	.93%	.91%	1.07%	1.00%	.91%
Net investment income (loss)	1.03%	1.65%	.82% ^F	.95%	.53%
Supplemental Data
Net assets, end of period (000 omitted)	$ 645	$ 388	$ 1,409	$ 1,357	$ 9,367
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.05 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.06	.14	.10 ^F	.10	.10
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.16
Total from investment operations	3.11	(5.76)	.63	1.63	1.26
Distributions from net investment income	(.05)	-	(.08)	(.08)	(.01)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.14)	(.06)	(1.87)	(.42) ^J	(.04) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.52%	(50.64)%	5.06%	14.30%	12.27%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.73%	1.51%	1.20%	1.62%	4.35%
Expenses net of fee waivers, if any	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.04%	1.01%	1.16%	1.10%	1.01%
Net investment income (loss)	.92%	1.55%	.72% ^F	.85%	.98%
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 135	$ 414	$ 394	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.04 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.05	.12	.08 ^F	.08	.09
Net realized and unrealized gain (loss)	3.05	(5.89)	.53	1.53	1.15
Total from investment operations	3.10	(5.77)	.61	1.61	1.24
Distributions from net investment income	(.04)	-	(.06)	(.07)	-
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.13)	(.06)	(1.85)	(.40) ^J	(.02) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.44%	(50.73)%	4.89%	14.14%	12.12%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	2.02%	1.79%	1.41%	1.77%	4.50%
Expenses net of fee waivers, if any	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.19%	1.16%	1.32%	1.25%	1.16%
Net investment income (loss)	.77%	1.40%	.57% ^F	.70%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$ 424	$ 302	$ 550	$ 524	$ 459
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.02 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.020 per share. ^J Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

Financial Highlights - Initial Class R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.62	$ 11.44	$ 12.68	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.07	.15	.11 ^F	.11	.11
Net realized and unrealized gain (loss)	3.06	(5.91)	.53	1.54	1.16
Total from investment operations	3.13	(5.76)	.64	1.65	1.27
Distributions from net investment income	(.06)	-	(.09)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.15)	(.06)	(1.88)	(.43) ^J	(.05) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.60	$ 5.62	$ 11.44	$ 12.68	$ 11.46
Total Return ^{A, B}	55.76%	(50.60)%	5.17%	14.50%	12.37%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.60%	1.44%	1.11%	1.46%	4.25%
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	.93%	.91%	1.06%	1.00%	.91%
Net investment income (loss)	1.02%	1.65%	.82% ^F	.95%	1.08%
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,150	$ 8,483	$ 32,345	$ 17,219	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.05 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.43 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.06	.14	.10 ^F	.10	.10
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.16
Total from investment operations	3.11	(5.76)	.63	1.63	1.26
Distributions from net investment income	(.05)	-	(.08)	(.08)	(.01)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.14)	(.06)	(1.87)	(.42) ^J	(.04) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.52%	(50.64)%	5.06%	14.30%	12.27%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.73%	1.51%	1.20%	1.62%	4.35%
Expenses net of fee waivers, if any	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.04%	1.01%	1.16%	1.10%	1.01%
Net investment income (loss)	.92%	1.55%	.72% ^F	.85%	.98%
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 135	$ 414	$ 394	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.04 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class 2R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.05	.13	.08 ^F	.08	.09
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.15
Total from investment operations	3.10	(5.77)	.61	1.61	1.24
Distributions from net investment income	(.04)	-	(.06)	(.07)	-
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.13)	(.06)	(1.85)	(.40) ^J	(.02) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.36%	(50.73)%	4.90%	14.14%	12.12%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.87%	1.66%	1.35%	1.77%	4.50%
Expenses net of fee waivers, if any	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.19%	1.16%	1.31%	1.25%	1.16%
Net investment income (loss)	.77%	1.40%	.57% ^F	.70%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$ 155	$ 179	$ 550	$ 524	$ 459
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.02 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.020 per share. ^J Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Investor Class R

Years ended December 31,	2009	2008	2007	2006	2005 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.41	$ 12.65	$ 11.46	$ 10.32
Income from Investment Operations
Net investment income (loss) ^E	.07	.14	.09 ^H	.09	.01
Net realized and unrealized gain (loss)	3.04	(5.89)	.54	1.53	1.16
Total from investment operations	3.11	(5.75)	.63	1.62	1.17
Distributions from net investment income	(.06)	-	(.08)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.01)
Total distributions	(.15)	(.06)	(1.87)	(.43) ^M	(.03) ^L
Redemption fees added to paid in capital ^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 8.56	$ 5.60	$ 11.41	$ 12.65	$ 11.46
Total Return ^{B, C, D}	55.61%	(50.65)%	5.07%	14.23%	11.39%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	1.68%	1.51%	1.22%	1.61%	2.19% ^A
Expenses net of fee waivers, if any	1.18%	1.17%	1.22%	1.25%	1.25% ^A
Expenses net of all reductions	1.01%	.97%	1.18%	1.15%	1.06% ^A
Net investment income (loss)	.94%	1.59%	.71% ^H	.80%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 27,695	$ 14,208	$ 38,719	$ 24,505	$ 9,810
Portfolio turnover rate ^G	416%	350%	224%	185%	176%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .57%. ^I For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K Amount represents less than $.01 per share. ^L Total distributions of $.03 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.013 per share. ^M Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP International Capital Appreciation Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares, Initial Class R shares, Service Class R shares, Service Class 2R shares, and Investor Class R shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as level 3 in the hierarchy.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,712,993
Gross unrealized depreciation	(1,558,899)
Net unrealized appreciation (depreciation)	$ 3,154,094

Tax Cost	$ 45,695,266

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 156,557
Capital loss carryforward	$ (24,891,544)
Net unrealized appreciation (depreciation)	$ 3,151,694

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 795,722	$ 298,493
Long-term Capital Gains	-	29,849
Total	$ 795,722	$ 328,342

Trading (Redemption) Fees. Initial Class R shares, Service Class R shares, Service Class 2 R shares and Investor Class R shares held less than 60 days are subject to a redemption fee equal to 1% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $140,336,573 and $130,418,389, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' and Service Class R's average net assets and .25% of Service Class 2's and Service Class 2R's average net assets.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 122
Service Class 2	903
Service Class R	122
Service Class 2 R	410
	$ 1,557

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. The total transfer agent fees paid by each class to FIIOC, including out of pocket expenses, were as follows:

Initial Class	$ 1,453
Service Class	173
Service Class 2	990
Initial Class R	12,248
Service Class R	173
Service Class 2R	202
Investor Class R	35,338
	$ 50,577

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $136 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 3,335
Service Class	1.20%	653
Service Class 2	1.35%	2,404
Initial Class R	1.10%	60,024
Service Class R	1.20%	653
Service Class 2R	1.35%	840
Investor Class R	1.18%	95,877
		$ 163,786

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $54,039 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $130.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 4,242	$ -
Service Class	684	-
Service Class 2	1,982	-
Initial Class R	119,072	-
Service Class R	684	-
Service Class 2R	659	-
Investor Class R	190,024	-
Total	$ 317,347	$ -
From net realized gain
Initial Class	$ 6,363	$ 6,626
Service Class	1,207	1,993
Service Class 2	4,350	2,646
Initial Class R	178,610	134,858
Service Class R	1,207	1,993
Service Class 2R	1,602	2,646
Investor Class R	285,036	177,580
Total	$ 478,375	$ 328,342

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	23,291	30,908	$ 165,986	$ 260,134
Reinvestment of distributions	1,265	672	10,605	6,626
Shares redeemed	(18,636)	(85,732)	(107,450)	(731,294)
Net increase (decrease)	5,920	(54,152)	$ 69,141	$ (464,534)
Service Class
Reinvestment of distributions	226	202	1,891	1,993
Shares redeemed	(10,639)	(12,389)	(71,691)	(90,726)
Net increase (decrease)	(10,413)	(12,187)	$ (69,800)	$ (88,733)

10. Share Transactions - continued

Annual Report

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Service Class 2
Shares sold	19,605	29,552	$ 124,280	$ 262,678
Reinvestment of distributions	758	269	6,332	2,646
Shares redeemed	(24,845)	(23,991)	(158,018)	(171,548)
Net increase (decrease)	(4,482)	5,830	$ (27,406)	$ 93,776
Initial Class R
Shares sold	897,081	148,524	$ 6,785,884	$ 1,413,988
Reinvestment of distributions	35,523	13,677	297,682	134,858
Shares redeemed	(448,753)	(1,478,974)	(2,964,977)	(13,970,732)
Net increase (decrease)	483,851	(1,316,773)	$ 4,118,589	$ (12,421,886)
Service Class R
Reinvestment of distributions	226	202	1,891	1,993
Shares redeemed	(10,639)	(12,389)	(71,691)	(90,726)
Net increase (decrease)	(10,413)	(12,187)	$ (69,800)	$ (88,733)
Service Class 2R
Reinvestment of distributions	271	269	2,261	2,646
Shares redeemed	(14,127)	(16,453)	(94,930)	(120,308)
Net increase (decrease)	(13,856)	(16,184)	$ (92,669)	$ (117,662)
Investor Class R
Shares sold	1,164,413	176,104	$ 9,035,456	$ 1,598,648
Reinvestment of distributions	56,962	18,065	475,060	177,580
Shares redeemed	(525,663)	(1,048,997)	(3,339,913)	(9,318,944)
Net increase (decrease)	695,712	(854,828)	$ 6,170,603	$ (7,542,716)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 98% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP International Capital Appreciation Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP International Capital Appreciation Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP International Capital Appreciation Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions

The Board of Trustees of VIP International Capital Appreciation Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Initial Class	02/05/10	02/05/10	$-	$0.03
Service Class	02/05/10	02/05/10	$-	$0.03
Service Class 2	02/05/10	02/05/10	$-	$0.03

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Initial Class	12/18/09	$0.124	$0.015
Service Class	12/18/09	$0.117	$0.015
Service Class 2	12/18/09	$0.110	$0.015

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP International Capital Appreciation Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by the Board over multiple periods. Because the fund had been in existence less than five calendar years, the following charts considered by the Board show, over the one- and three-year periods ended December 31, 2008, the cumulative total returns of Initial Class R and Service Class 2 of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The returns of Initial Class R and Service Class 2 show the performance of the highest and lowest performing classes, respectively (based on three-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

VIP International Capital Appreciation Portfolio

fid539

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Initial Class R of the fund was in the fourth quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board noted that this fund had underperformed in the previous year and discussed with FMR its disappointment with the continued underperformance of the fund. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 18% means that 82% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

VIP International Capital Appreciation Portfolio

fid541

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each of Initial Class and Initial Class R ranked equal to its competitive median for 2008 and the total expenses of each of Investor Class R, Service Class, Service Class 2, Service Class R, and Service Class 2 R ranked above its competitive median for 2008. The Board considered that the total expenses of Investor Class R were above the median primarily due to its higher transfer agent fee. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VIPCAP-ANN-0210
1.811843.105

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio - Class R

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of a class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would be lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund^A
VIP International Capital Appreciation - Initial Class	56.04%	0.81%	1.28%
VIP International Capital Appreciation - Service Class	55.52%	0.69%	1.16%
VIP International Capital Appreciation - Service Class 2	55.44%	0.55%	1.03%
VIP International Capital Appreciation - Initial Class R	55.76%	0.81%	1.28%
VIP International Capital Appreciation - Service Class R	55.52%	0.69%	1.16%
VIP International Capital Appreciation - Service Class 2R	55.36%	0.55%	1.02%
VIP International Capital Appreciation - Investor Class R^B	55.61%	0.70%	1.18%

^AFrom December 22, 2004.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP International Capital Appreciation Portfolio - Initial Class R on December 22, 2004, when the fund started. The chart shows how the value of your investment would have changed, and also shows the MSCI® ACWI (All Country World Index) ex USA Index performed over the same period.

fid552

Annual Report

Management's Discussion of Fund Performance

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,254.10	$ 6.25
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class	1.20%
Actual		$ 1,000.00	$ 1,251.80	$ 6.81
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2	1.35%
Actual		$ 1,000.00	$ 1,252.40	$ 7.66
Hypothetical^A		$ 1,000.00	$ 1,018.40	$ 6.87
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,254.10	$ 6.25
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Service Class R	1.20%
Actual		$ 1,000.00	$ 1,251.80	$ 6.81
Hypothetical^A		$ 1,000.00	$ 1,019.16	$ 6.11
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,251.80	$ 7.66
Hypothetical^A		$ 1,000.00	$ 1,018.40	$ 6.87
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,253.80	$ 6.70
Hypothetical^A		$ 1,000.00	$ 1,019.26	$ 6.01

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of December 31, 2009
	Japan	14.9%
	United Kingdom	11.8%
	United States of America	8.0%
	France	7.9%
	Canada	7.0%
	Australia	4.9%
	Russia	4.2%
	India	3.6%
	Korea (South)	3.5%
	Other	34.2%

cjc493

Percentages are adjusted for the effect of futures contracts, if applicable.

As of June 30, 2009
	Japan	17.1%
	United Kingdom	13.2%
	United States of America	11.9%
	France	8.7%
	Canada	7.6%
	Germany	3.1%
	Spain	3.0%
	India	3.0%
	Russia	2.9%
	Other	29.5%

cjc501

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.5	98.1
Bonds	0.5	0.0
Short-Term Investments and Net Other Assets	0.0	1.9
Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.8	0.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.7	1.8
Barclays PLC Sponsored ADR (United Kingdom, Commercial Banks)	1.3	1.2
ING Groep NV sponsored ADR (Netherlands, Diversified Financial Services)	1.2	0.0
Rio Tinto PLC (Reg.) (United Kingdom, Metals & Mining)	1.1	0.8
UBS AG (NY Shares) (Switzerland, Capital Markets)	1.1	0.0
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)	1.1	0.0
Centrais Electricas Brasileiras SA (Electrobras) ADR (Brazil, Electric Utilities)	1.1	0.0
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	1.0	1.0
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (Japan, Commercial Banks)	1.0	1.1
	12.4
Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.0	24.4
Materials	14.2	10.2
Consumer Discretionary	10.4	12.2
Energy	10.4	10.0
Information Technology	9.8	8.8
Industrials	8.3	10.0
Consumer Staples	6.5	5.3
Utilities	4.8	4.1
Health Care	4.7	5.3
Telecommunication Services	3.9	7.8

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
Australia - 4.9%
Fortescue Metals Group Ltd. (a)	62,588		$ 249,615
JB Hi-Fi Ltd.	11,156		226,472
MacArthur Coal Ltd.	26,983		272,672
Macquarie Group Ltd.	6,688		290,763
Origin Energy Ltd.	18,185		274,749
Wesfarmers Ltd.	11,786		331,048
Westfield Group unit	27,118		305,459
Woolworths Ltd.	12,463		313,457
TOTAL AUSTRALIA			2,264,235
Bailiwick of Guernsey - 0.6%
Raven Russia Ltd.	305,500		222,180
Tetragon Financial Group Ltd.	12,200		47,702
TOTAL BAILIWICK OF GUERNSEY			269,882
Belgium - 1.6%
Anheuser-Busch InBev SA NV	6,956		362,442
Fortis (a)	100,775		378,432
TOTAL BELGIUM			740,874
Bermuda - 2.0%
Aquarius Platinum Ltd. (United Kingdom) (a)	37,700		247,980
Dufry South America Ltd. unit	10,003		204,881
Huabao International Holdings Ltd.	223,000		239,785
Northern Offshore Ltd. (a)(c)	136,000		222,914
TOTAL BERMUDA			915,560
Brazil - 3.3%
Banco Santander (Brasil) SA ADR	19,500		271,830
Centrais Eletricas Brasileiras SA (Electrobras) sponsored ADR	23,000		485,070
MRV Engenharia e Participacoes SA	31,800		252,685
OGX Petroleo e Gas Participacoes SA	26,200		254,785
PDG Realty S.A. Empreendimentos e Participacoes	25,100		249,992
TOTAL BRAZIL			1,514,362
Canada - 7.0%
Canadian Imperial Bank of Commerce	4,700		304,864
Consolidated Thompson Iron Mines Ltd. (a)	40,700		261,868
First Quantum Minerals Ltd.	3,700		282,646
First Uranium Corp. (a)	112,000		245,182
Grande Cache Coal Corp. (a)	43,700		222,940
InterOil Corp. (a)	3,100		238,111
Niko Resources Ltd.	2,600		243,506
OPTI Canada, Inc. (a)(c)	143,400		277,068
Petrobank Energy & Resources Ltd. (a)	5,200		253,455
Quadra Mining Ltd. (a)	17,100		236,160
Suncor Energy, Inc.	11,000		389,578
Teck Resources Ltd. Class B (sub. vtg.) (a)	8,200		287,369
TOTAL CANADA			3,242,747

	Shares		Value
Cayman Islands - 1.9%
Hengdeli Holdings Ltd.	612,000		$ 231,076
JA Solar Holdings Co. Ltd. ADR (a)	36,300		206,910
Peak Sport Products Co. Ltd.	442,000		242,425
Trina Solar Ltd. ADR (a)(c)	4,000		215,880
TOTAL CAYMAN ISLANDS			896,291
China - 1.6%
China Construction Bank Corp. (H Shares)	423,000		361,290
China Life Insurance Co. Ltd. ADR (c)	4,700		344,745
Digital China Holdings Ltd. (H Shares)	44,000		58,574
TOTAL CHINA			764,609
Cyprus - 0.5%
Mirland Development Corp. PLC (a)	81,800		211,522
Denmark - 0.5%
Carlsberg AS Series B	3,200		236,396
Finland - 0.6%
Fortum Corp.	9,700		263,436
France - 7.9%
Accor SA	4,652		254,746
Atos Origin SA (a)	5,160		237,022
AXA SA sponsored ADR	15,100		357,568
BNP Paribas SA	5,881		470,652
Carrefour SA	6,637		318,882
Credit Agricole SA	19,300		341,517
Iliad Group SA	1,833		219,174
Saft Groupe SA	4,716		227,936
Sanofi-Aventis sponsored ADR	12,500		490,875
Schneider Electric SA	2,708		317,054
Societe Generale Series A	5,824		408,142
TOTAL FRANCE			3,643,568
Germany - 3.2%
Aixtron AG	7,706		259,259
Daimler AG (Reg.)	7,148		380,988
Deutsche Bank AG (NY Shares)	5,100		361,641
HeidelbergCement AG	3,619		249,886
Metro AG	3,700		225,498
TOTAL GERMANY			1,477,272
Greece - 1.2%
Hellenic Telecommunications Organization SA	17,523		258,143
National Bank of Greece SA sponsored ADR	53,900		280,819
TOTAL GREECE			538,962
Hong Kong - 0.5%
China Resources Power Holdings Co. Ltd.	124,000		245,638
India - 3.6%
Bank of Baroda	20,020		221,704
Common Stocks - continued
	Shares		Value
India - continued
BGR Energy Systems Ltd.	22,052		$ 233,278
Financial Technologies India Ltd.	8,292		240,211
ICSA (India) Ltd.	63,316		245,297
Jaiprakash Associates Ltd.	75,192		237,922
MIC Electronics Ltd.	253,509		247,173
Rural Electrification Corp. Ltd. (a)	3,032		15,862
Sintex Industries Ltd.	36,134		213,721
TOTAL INDIA			1,655,168
Indonesia - 0.5%
PT Semen Gresik Tbk	297,500		238,316
Ireland - 0.5%
Covidien PLC	4,700		225,083
Israel - 0.9%
Teva Pharmaceutical Industries Ltd. sponsored ADR	7,100		398,878
Italy - 1.3%
Intesa Sanpaolo SpA	74,354		335,314
Mediaset SpA	31,700		260,273
TOTAL ITALY			595,587
Japan - 14.9%
eAccess Ltd. (c)	444		261,090
Elpida Memory, Inc. (a)	15,000		244,588
Fujifilm Holdings Corp.	9,600		290,067
Gulliver International Co. Ltd.	3,310		231,688
Itochu Corp.	36,000		266,052
Japan Tobacco, Inc.	76		256,738
JTEKT Corp.	18,100		232,910
Kenedix, Inc. (a)	671		217,227
Kimoto Co. Ltd.	23,700		280,028
Kirin Holdings Co. Ltd.	17,000		272,761
Kyocera Corp.	3,200		281,962
Mazda Motor Corp. (a)	105,000		241,557
Mitsubishi Corp.	13,100		326,460
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	96,300		473,796
Mitsui & Co. Ltd.	21,700		307,987
Nitori Co. Ltd.	3,150		234,575
ORIX Corp.	5,590		380,775
Sapporo Breweries Ltd.	41,000		226,029
SOFTBANK CORP.	11,300		265,031
Sony Corp. sponsored ADR	11,100		321,900
Sumitomo Metal Industries Ltd.	97,000		260,866
Sumitomo Realty & Development Co. Ltd.	13,000		245,526
Tokyo Ohka Kogyo Co. Ltd.	12,500		232,616
Toshiba Corp.	56,000		310,889
Uni-Charm Corp.	2,600		243,858
TOTAL JAPAN			6,906,976
Korea (South) - 3.5%
Duksan Hi-Metal Co. Ltd. (a)	19,414		217,270

	Shares		Value
Hanjin Heavy Industries & Consolidated Co. Ltd.	11,955		$ 232,216
Hyundai Mipo Dockyard Co. Ltd.	2,643		233,458
Kia Motors Corp. (a)	14,530		249,835
Lumens Co. Ltd. (a)	28,872		221,107
Samsung Electronics Co. Ltd.	704		482,384
TOTAL KOREA (SOUTH)			1,636,270
Luxembourg - 0.5%
Millicom International Cellular SA	3,300		243,441
Mexico - 0.6%
Cemex SA de CV sponsored ADR	22,200		262,404
Netherlands - 2.4%
ASM International NV (Netherlands) (a)(c)	9,400		238,938
ING Groep NV sponsored ADR (a)(c)	55,184		541,355
Koninklijke Philips Electronics NV	10,663		314,774
TOTAL NETHERLANDS			1,095,067
Norway - 1.6%
Pronova BioPharma ASA (a)	154,000		467,637
Sevan Marine ASA (a)(c)	145,000		254,177
TOTAL NORWAY			721,814
Qatar - 0.7%
Commercial Bank of Qatar GDR (Reg. S)	97,450		330,779
Russia - 4.2%
LSR Group OJSC GDR (Reg. S) (a)	31,900		290,290
Mechel Steel Group OAO sponsored ADR	12,100		227,722
Mosenergo AO sponsored ADR (a)	23,800		249,900
OAO Gazprom sponsored ADR	17,700		443,385
RusHydro JSC sponsored ADR (a)	61,300		234,779
Uralkali JSC GDR (Reg. S) (a)	12,300		258,300
VTB Bank JSC unit	52,700		248,744
TOTAL RUSSIA			1,953,120
South Africa - 1.9%
MTN Group Ltd.	19,900		316,628
Naspers Ltd. Class N	6,800		275,304
Raubex Group Ltd.	82,900		268,390
TOTAL SOUTH AFRICA			860,322
Spain - 0.5%
NH Hoteles SA (a)	41,737		222,280
Sweden - 0.9%
EnergyO Solutions AB (a)	80,410		440,313
Switzerland - 2.3%
Actelion Ltd. (Reg.) (a)	5,965		317,995
Clariant AG (Reg.) (a)	20,534		242,335
UBS AG (NY Shares) (a)	33,600		521,136
TOTAL SWITZERLAND			1,081,466
Common Stocks - continued
	Shares		Value
Taiwan - 0.5%
Prime View International Co. Ltd. (a)	93,000		$ 244,783
Turkey - 0.5%
Sinpas Gayrimenkul Yatirim Ortakligi AS	155,000		239,306
United Kingdom - 11.8%
Anglo American PLC (United Kingdom) (a)	9,500		416,231
Barclays PLC Sponsored ADR (c)	33,700		593,120
BG Group PLC	23,059		418,134
BT Group PLC	119,500		260,404
Cairn Energy PLC (a)	46,540		250,167
Carphone Warehouse Group PLC	78,997		239,766
Centrica PLC	68,711		312,154
Ferrexpo PLC	68,570		219,977
HSBC Holdings PLC sponsored ADR	14,800		844,927
Rio Tinto PLC (Reg.)	9,800		529,480
Royal Dutch Shell PLC Class B	26,687		777,669
Vedanta Resources PLC	6,200		261,626
Xstrata PLC (a)	19,900		360,529
TOTAL UNITED KINGDOM			5,484,184
United States of America - 8.0%
Bank of America Corp.	29,900		450,294
Citigroup, Inc.	70,000		231,700
CVS Caremark Corp.	7,100		228,691
Ener1, Inc. (a)(c)	31,620		200,471
JPMorgan Chase & Co.	10,890		453,786
Morgan Stanley	15,516		459,274
Pfizer, Inc.	13,100		238,289
PNC Financial Services Group, Inc.	4,700		248,113
Rubicon Technology, Inc. (a)(c)	13,331		270,753
Sprint Nextel Corp. (a)	62,802		229,855
Veeco Instruments, Inc. (a)	7,726		255,267
Wells Fargo & Co.	17,014		459,208
TOTAL UNITED STATES OF AMERICA			3,725,701
TOTAL COMMON STOCKS (Cost $41,520,688)		45,786,612
Nonconvertible Preferred Stocks - 0.6%
	Shares		Value
Italy - 0.6%
Fiat SpA (Risparmio Shares) (Cost $161,564)	28,300		$ 255,046

Nonconvertible Bonds - 0.5%
	Principal Amount
Venezuela - 0.5%
Petroleos de Venezuela SA 5.375% 4/12/27 (Cost $244,363)	$ 540,000	238,950

Money Market Funds - 5.5%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d) (Cost $2,568,752)	2,568,752		2,568,752
TOTAL INVESTMENT PORTFOLIO - 105.5% (Cost $44,495,367)			48,849,360
NET OTHER ASSETS - (5.5)%			(2,547,162)
NET ASSETS - 100%		$ 46,302,198

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,820
Fidelity Securities Lending Cash Central Fund	48,608
Total	$ 51,428

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 6,906,976	$ 795,696	$ 6,111,280	$ -
United Kingdom	5,484,184	3,916,631	1,567,553	-
United States of America	3,725,701	3,725,701	-	-
France	3,643,568	3,643,568	-	-
Canada	3,242,747	3,242,747	-	-
Australia	2,264,235	2,264,235	-	-
Russia	1,953,120	1,703,220	-	249,900
India	1,655,168	1,655,168	-	-
Korea (South)	1,636,270	1,636,270	-	-
Other	15,529,689	13,455,139	2,074,550	-
Corporate Bonds	238,950	-	238,950	-
Money Market Funds	2,568,752	2,568,752	-	-
Total Investments in Securities:	$ 48,849,360	$ 38,607,127	$ 9,992,333	$ 249,900

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

Investments in Securities:
Beginning Balance	$ 561,490
Total Realized Gain (Loss)	(334,263)
Total Unrealized Gain (Loss)	197,849
Cost of Purchases	1,261,798
Proceeds of Sales	(1,436,974)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 249,900
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009	$ 3,668

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $24,891,544 of which $20,462,362 and $4,429,182 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $2,458,778) - See accompanying schedule: Unaffiliated issuers (cost $41,926,615)	$ 46,280,608
Fidelity Central Funds (cost $2,568,752)	2,568,752
Total Investments (cost $44,495,367)		$ 48,849,360
Foreign currency held at value (cost $199,573)		199,573
Receivable for investments sold		1,295,846
Receivable for fund shares sold		33,791
Dividends receivable		61,270
Interest receivable		6,369
Distributions receivable from Fidelity Central Funds		5,198
Prepaid expenses		174
Receivable from investment adviser for expense reductions		26,218
Other receivables		77,913
Total assets		50,555,712

Liabilities
Payable to custodian bank	$ 482,477
Payable for investments purchased	966,468
Payable for fund shares redeemed	99,825
Accrued management fee	27,194
Distribution fees payable	140
Other affiliated payables	6,438
Other payables and accrued expenses	102,220
Collateral on securities loaned, at value	2,568,752
Total liabilities		4,253,514

Net Assets		$ 46,302,198
Net Assets consist of:
Paid in capital		$ 67,952,331
Undistributed net investment income		277
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(25,989,565)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,339,155
Net Assets		$ 46,302,198

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($644,549 ÷ 74,965 shares)		$ 8.60

Service Class: Net Asset Value, offering price and redemption price per share ($117,060 ÷ 13,637 shares)		$ 8.58

Service Class 2: Net Asset Value, offering price and redemption price per share ($423,680 ÷ 49,456 shares)		$ 8.57

Initial Class R: Net Asset Value, offering price and redemption price per share ($17,150,356 ÷ 1,994,433 shares)		$ 8.60

Service Class R: Net Asset Value, offering price and redemption price per share ($117,060 ÷ 13,637 shares)		$ 8.58

Service Class 2R: Net Asset Value, offering price and redemption price per share ($154,866 ÷ 18,071 shares)		$ 8.57

Investor Class R: Net Asset Value, offering price and redemption price per share ($27,694,627 ÷ 3,234,722 shares)		$ 8.56

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 607,663
Interest		14,760
Income from Fidelity Central Funds (including $48,608 from security lending)		51,428
		673,851
Less foreign taxes withheld		(46,252)
Total income		627,599

Expenses
Management fee	$ 227,680
Transfer agent fees	50,577
Distribution fees	1,557
Accounting and security lending fees	16,901
Custodian fees and expenses	173,315
Independent trustees' compensation	206
Audit	60,404
Legal	174
Miscellaneous	2,758
Total expenses before reductions	533,572
Expense reductions	(217,955)	315,617
Net investment income (loss)		311,982
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $47,039)	3,341,158
Foreign currency transactions	(39,859)
Total net realized gain (loss)		3,301,299
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $29,237)	9,544,911
Assets and liabilities in foreign currencies	5,608
Total change in net unrealized appreciation (depreciation)		9,550,519
Net gain (loss)		12,851,818
Net increase (decrease) in net assets resulting from operations		$ 13,163,800

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 311,982	$ 754,623
Net realized gain (loss)	3,301,299	(24,913,119)
Change in net unrealized appreciation (depreciation)	9,550,519	(5,460,953)
Net increase (decrease) in net assets resulting from operations	13,163,800	(29,619,449)
Distributions to shareholders from net investment income	(317,347)	-
Distributions to shareholders from net realized gain	(478,375)	(328,342)
Total distributions	(795,722)	(328,342)
Share transactions - net increase (decrease)	10,098,658	(20,630,488)
Redemption fees	6,920	5,532
Total increase (decrease) in net assets	22,473,656	(50,572,747)

Net Assets
Beginning of period	23,828,542	74,401,289
End of period (including undistributed net investment income of $277 and undistributed net investment income of $5,642, respectively)	$ 46,302,198	$ 23,828,542

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.44	$ 12.68	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.07	.15	.11 ^F	.11	.06
Net realized and unrealized gain (loss)	3.07	(5.92)	.53	1.54	1.21
Total from investment operations	3.14	(5.77)	.64	1.65	1.27
Distributions from net investment income	(.06)	-	(.09)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.15)	(.06)	(1.88)	(.43) ^J	(.05) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.60	$ 5.61	$ 11.44	$ 12.68	$ 11.46
Total Return ^{A, B}	56.04%	(50.69)%	5.17%	14.49%	12.37%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.81%	1.54%	1.20%	1.80%	3.55%
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	.93%	.91%	1.07%	1.00%	.91%
Net investment income (loss)	1.03%	1.65%	.82% ^F	.95%	.53%
Supplemental Data
Net assets, end of period (000 omitted)	$ 645	$ 388	$ 1,409	$ 1,357	$ 9,367
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.05 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.06	.14	.10 ^F	.10	.10
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.16
Total from investment operations	3.11	(5.76)	.63	1.63	1.26
Distributions from net investment income	(.05)	-	(.08)	(.08)	(.01)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.14)	(.06)	(1.87)	(.42) ^J	(.04) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.52%	(50.64)%	5.06%	14.30%	12.27%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.73%	1.51%	1.20%	1.62%	4.35%
Expenses net of fee waivers, if any	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.04%	1.01%	1.16%	1.10%	1.01%
Net investment income (loss)	.92%	1.55%	.72% ^F	.85%	.98%
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 135	$ 414	$ 394	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.04 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.05	.12	.08 ^F	.08	.09
Net realized and unrealized gain (loss)	3.05	(5.89)	.53	1.53	1.15
Total from investment operations	3.10	(5.77)	.61	1.61	1.24
Distributions from net investment income	(.04)	-	(.06)	(.07)	-
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.13)	(.06)	(1.85)	(.40) ^J	(.02) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.44%	(50.73)%	4.89%	14.14%	12.12%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	2.02%	1.79%	1.41%	1.77%	4.50%
Expenses net of fee waivers, if any	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.19%	1.16%	1.32%	1.25%	1.16%
Net investment income (loss)	.77%	1.40%	.57% ^F	.70%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$ 424	$ 302	$ 550	$ 524	$ 459
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.02 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.020 per share. ^J Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

Financial Highlights - Initial Class R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.62	$ 11.44	$ 12.68	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.07	.15	.11 ^F	.11	.11
Net realized and unrealized gain (loss)	3.06	(5.91)	.53	1.54	1.16
Total from investment operations	3.13	(5.76)	.64	1.65	1.27
Distributions from net investment income	(.06)	-	(.09)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.15)	(.06)	(1.88)	(.43) ^J	(.05) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.60	$ 5.62	$ 11.44	$ 12.68	$ 11.46
Total Return ^{A, B}	55.76%	(50.60)%	5.17%	14.50%	12.37%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.60%	1.44%	1.11%	1.46%	4.25%
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	.93%	.91%	1.06%	1.00%	.91%
Net investment income (loss)	1.02%	1.65%	.82% ^F	.95%	1.08%
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,150	$ 8,483	$ 32,345	$ 17,219	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.05 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.43 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.61	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.06	.14	.10 ^F	.10	.10
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.16
Total from investment operations	3.11	(5.76)	.63	1.63	1.26
Distributions from net investment income	(.05)	-	(.08)	(.08)	(.01)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.14)	(.06)	(1.87)	(.42) ^J	(.04) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.52%	(50.64)%	5.06%	14.30%	12.27%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.73%	1.51%	1.20%	1.62%	4.35%
Expenses net of fee waivers, if any	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.04%	1.01%	1.16%	1.10%	1.01%
Net investment income (loss)	.92%	1.55%	.72% ^F	.85%	.98%
Supplemental Data
Net assets, end of period (000 omitted)	$ 117	$ 135	$ 414	$ 394	$ 345
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.04 per share is comprised of distributions from net investment income of $.012 and distributions from net realized gain of $.023 per share. ^J Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class 2R

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.43	$ 12.67	$ 11.46	$ 10.24
Income from Investment Operations
Net investment income (loss) ^C	.05	.13	.08 ^F	.08	.09
Net realized and unrealized gain (loss)	3.05	(5.90)	.53	1.53	1.15
Total from investment operations	3.10	(5.77)	.61	1.61	1.24
Distributions from net investment income	(.04)	-	(.06)	(.07)	-
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.02)
Total distributions	(.13)	(.06)	(1.85)	(.40) ^J	(.02) ^I
Redemption fees added to paid in capital ^{C, H}	-	-	-	-	-
Net asset value, end of period	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Total Return ^{A, B}	55.36%	(50.73)%	4.90%	14.14%	12.12%
Ratios to Average Net Assets ^{D, G}
Expenses before reductions	1.87%	1.66%	1.35%	1.77%	4.50%
Expenses net of fee waivers, if any	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.19%	1.16%	1.31%	1.25%	1.16%
Net investment income (loss)	.77%	1.40%	.57% ^F	.70%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$ 155	$ 179	$ 550	$ 524	$ 459
Portfolio turnover rate ^E	416%	350%	224%	185%	176%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $.02 per share is comprised of distributions from net investment income of $.000 and distributions from net realized gain of $.020 per share. ^J Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Investor Class R

Years ended December 31,	2009	2008	2007	2006	2005 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 5.60	$ 11.41	$ 12.65	$ 11.46	$ 10.32
Income from Investment Operations
Net investment income (loss) ^E	.07	.14	.09 ^H	.09	.01
Net realized and unrealized gain (loss)	3.04	(5.89)	.54	1.53	1.16
Total from investment operations	3.11	(5.75)	.63	1.62	1.17
Distributions from net investment income	(.06)	-	(.08)	(.10)	(.02)
Distributions from net realized gain	(.09)	(.06)	(1.79)	(.34)	(.01)
Total distributions	(.15)	(.06)	(1.87)	(.43) ^M	(.03) ^L
Redemption fees added to paid in capital ^{E, K}	-	-	-	-	-
Net asset value, end of period	$ 8.56	$ 5.60	$ 11.41	$ 12.65	$ 11.46
Total Return ^{B, C, D}	55.61%	(50.65)%	5.07%	14.23%	11.39%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	1.68%	1.51%	1.22%	1.61%	2.19% ^A
Expenses net of fee waivers, if any	1.18%	1.17%	1.22%	1.25%	1.25% ^A
Expenses net of all reductions	1.01%	.97%	1.18%	1.15%	1.06% ^A
Net investment income (loss)	.94%	1.59%	.71% ^H	.80%	.31% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 27,695	$ 14,208	$ 38,719	$ 24,505	$ 9,810
Portfolio turnover rate ^G	416%	350%	224%	185%	176%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .57%. ^I For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K Amount represents less than $.01 per share. ^L Total distributions of $.03 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.013 per share. ^M Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as level 3 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,712,993
Gross unrealized depreciation	(1,558,899)
Net unrealized appreciation (depreciation)	$ 3,154,094

Tax Cost	$ 45,695,266

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 156,557
Capital loss carryforward	$ (24,891,544)
Net unrealized appreciation (depreciation)	$ 3,151,694

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 795,722	$ 298,493
Long-term Capital Gains	-	29,849
Total	$ 795,722	$ 328,342

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $140,336,573 and $130,418,389, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' and Service Class R's average net assets and .25% of Service Class 2's and Service Class 2R's average net assets.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 122
Service Class 2	903
Service Class R	122
Service Class 2 R	410
	$ 1,557

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. The total transfer agent fees paid by each class to FIIOC, including out of pocket expenses, were as follows:

Initial Class	$ 1,453
Service Class	173
Service Class 2	990
Initial Class R	12,248
Service Class R	173
Service Class 2R	202
Investor Class R	35,338
	$ 50,577

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $136 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 3,335
Service Class	1.20%	653
Service Class 2	1.35%	2,404
Initial Class R	1.10%	60,024
Service Class R	1.20%	653
Service Class 2R	1.35%	840
Investor Class R	1.18%	95,877
		$ 163,786

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 4,242	$ -
Service Class	684	-
Service Class 2	1,982	-
Initial Class R	119,072	-
Service Class R	684	-
Service Class 2R	659	-
Investor Class R	190,024	-
Total	$ 317,347	$ -
From net realized gain
Initial Class	$ 6,363	$ 6,626
Service Class	1,207	1,993
Service Class 2	4,350	2,646
Initial Class R	178,610	134,858
Service Class R	1,207	1,993
Service Class 2R	1,602	2,646
Investor Class R	285,036	177,580
Total	$ 478,375	$ 328,342

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	23,291	30,908	$ 165,986	$ 260,134
Reinvestment of distributions	1,265	672	10,605	6,626
Shares redeemed	(18,636)	(85,732)	(107,450)	(731,294)
Net increase (decrease)	5,920	(54,152)	$ 69,141	$ (464,534)
Service Class
Reinvestment of distributions	226	202	1,891	1,993
Shares redeemed	(10,639)	(12,389)	(71,691)	(90,726)
Net increase (decrease)	(10,413)	(12,187)	$ (69,800)	$ (88,733)

10. Share Transactions - continued

Annual Report

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Service Class 2
Shares sold	19,605	29,552	$ 124,280	$ 262,678
Reinvestment of distributions	758	269	6,332	2,646
Shares redeemed	(24,845)	(23,991)	(158,018)	(171,548)
Net increase (decrease)	(4,482)	5,830	$ (27,406)	$ 93,776
Initial Class R
Shares sold	897,081	148,524	$ 6,785,884	$ 1,413,988
Reinvestment of distributions	35,523	13,677	297,682	134,858
Shares redeemed	(448,753)	(1,478,974)	(2,964,977)	(13,970,732)
Net increase (decrease)	483,851	(1,316,773)	$ 4,118,589	$ (12,421,886)
Service Class R
Reinvestment of distributions	226	202	1,891	1,993
Shares redeemed	(10,639)	(12,389)	(71,691)	(90,726)
Net increase (decrease)	(10,413)	(12,187)	$ (69,800)	$ (88,733)
Service Class 2R
Reinvestment of distributions	271	269	2,261	2,646
Shares redeemed	(14,127)	(16,453)	(94,930)	(120,308)
Net increase (decrease)	(13,856)	(16,184)	$ (92,669)	$ (117,662)
Investor Class R
Shares sold	1,164,413	176,104	$ 9,035,456	$ 1,598,648
Reinvestment of distributions	56,962	18,065	475,060	177,580
Shares redeemed	(525,663)	(1,048,997)	(3,339,913)	(9,318,944)
Net increase (decrease)	695,712	(854,828)	$ 6,170,603	$ (7,542,716)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 98% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP International Capital Appreciation Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP International Capital Appreciation Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP International Capital Appreciation Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions

	Pay Date	Record Date	Dividends	Capital Gains
Initial Class R	02/05/10	02/05/10	$-	$0.03
Service Class R	02/05/10	02/05/10	$-	$0.03
Service Class 2 R	02/05/10	02/05/10	$-	$0.03
Investor Class R	02/05/10	02/05/10	$-	$0.03

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Initial Class R	12/18/09	$0.124	$0.015
Service Class R	12/18/09	$0.117	$0.015
Service Class 2 R	12/18/09	$0.107	$0.015
Investor Class R	12/18/09	$0.124	$0.015

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP International Capital Appreciation Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by the Board over multiple periods. Because the fund had been in existence less than five calendar years, the following charts considered by the Board show, over the one- and three-year periods ended December 31, 2008, the cumulative total returns of Initial Class R and Service Class 2 of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The returns of Initial Class R and Service Class 2 show the performance of the highest and lowest performing classes, respectively (based on three-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

VIP International Capital Appreciation Portfolio

fid576

Annual Report

The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 18% means that 82% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

VIP International Capital Appreciation Portfolio

fid578

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VIPCAR-ANN-0210
1.805787.105

Fidelity® Variable Insurance Products:
Materials Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Life of fund ^A
VIP Materials - Initial Class	78.09%	2.55%
VIP Materials - Investor Class	78.02%	2.44%

^A From April 24, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Materials Portfolio - Initial Class on April 24, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

fid591

Annual Report

Management's Discussion of Fund Performance

Comments from Tobias Welo, Portfolio Manager of VIP Materials Portfolio: For the one-year period ending December 31, 2009, the fund significantly outperformed the 51.80% return for the MSCI® U.S. Investable Market Materials Index as well as the S&P 500®. (For specific portfolio results, please refer to the performance section of this report.) Strong security selection played the key role in the fund's performance versus the MSCI index. Specifically, stock picks within the specialty, diversified and commodities chemicals groups, as well as the paper packaging and fertilizers/agricultural chemicals areas, aided results. Performance also was helped by an underweighting in construction materials in the first half of the period, along with underweightings in fertilizers/agricultural chemicals and steel, and overweightings in the commodity chemicals and diversified metals/mining areas. Conversely, an underweighting in the solidly performing paper products group detracted, as did a modest cash allocation, which hurt amid the run-up in stock prices. Among individual holdings, specialty chemicals company W.R. Grace & Co. rose sharply on better-than-expected earnings and the firm's win of a key environmental lawsuit. Commodity chemicals firm Celanese advanced on improved earnings and an uptick in demand. The fund's position in diversified chemicals giant Dow Chemical and an underweighting in agrochemicals company Monsanto also helped. Notable detractors included underweightings in fertilizer/agricultural chemicals firms Mosaic and CF Industries, which rallied ahead of a hoped-for global economic recovery through much of the year. Some holdings mentioned in this update were sold by period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.80%
Actual		$ 1,000.00	$ 1,379.00	$ 4.80
Hypothetical^A		$ 1,000.00	$ 1,021.17	$ 4.08
Investor Class	.90%
Actual		$ 1,000.00	$ 1,378.50	$ 5.40
Hypothetical^A		$ 1,000.00	$ 1,020.67	$ 4.58

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Dow Chemical Co.	9.3	6.7
Monsanto Co.	8.5	6.3
E.I. du Pont de Nemours & Co.	6.8	7.1
Praxair, Inc.	5.8	3.5
Freeport-McMoRan Copper & Gold, Inc.	5.7	7.3
Air Products & Chemicals, Inc.	4.1	5.0
Celanese Corp. Class A	4.0	5.0
Weyerhaeuser Co.	3.7	2.6
Nucor Corp.	3.5	4.0
Newmont Mining Corp.	2.8	2.0
	54.2

Top Industries (% of fund's net assets)
As of December 31, 2009
	Chemicals	54.6%
	Metals & Mining	24.6%
	Paper & Forest Products	7.7%
	Containers & Packaging	4.1%
	Construction Materials	3.7%
	All Others*	5.3%

fid599

As of June 30, 2009
	Chemicals	51.6%
	Metals & Mining	25.0%
	Containers & Packaging	10.5%
	Construction Materials	4.4%
	Paper & Forest Products	2.6%
	All Others*	5.9%

fid607

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
BUILDING PRODUCTS - 2.1%
Building Products - 2.1%
Masco Corp.	94,410		$ 1,303,802
USG Corp. (a)(c)	13,700		192,485
			1,496,287
CHEMICALS - 54.6%
Commodity Chemicals - 4.0%
Celanese Corp. Class A	89,700		2,879,370
Diversified Chemicals - 20.2%
Ashland, Inc.	38,200		1,513,484
Cabot Corp.	23,000		603,290
Dow Chemical Co.	245,200		6,774,875
E.I. du Pont de Nemours & Co.	145,751		4,907,436
Huntsman Corp.	52,000		587,080
Solutia, Inc. (a)	23,300		295,910
			14,682,075
Fertilizers & Agricultural Chemicals - 12.6%
Fertilizantes Fosfatados SA (PN) (a)	32,500		305,235
Monsanto Co.	75,924		6,206,787
Potash Corp. of Saskatchewan, Inc.	1,800		195,976
Terra Industries, Inc.	16,300		524,697
The Mosaic Co.	33,100		1,977,063
			9,209,758
Industrial Gases - 11.1%
Air Products & Chemicals, Inc.	36,600		2,966,796
Airgas, Inc.	19,300		918,680
Praxair, Inc.	52,500		4,216,275
			8,101,751
Specialty Chemicals - 6.7%
Albemarle Corp.	39,235		1,426,977
Ferro Corp.	91,866		756,976
Innophos Holdings, Inc.	17,300		397,727
Johnson Matthey PLC	14,909		368,897
Kraton Performance Polymers, Inc.	12,300		166,788
W.R. Grace & Co. (a)	68,800		1,744,080
			4,861,445
TOTAL CHEMICALS			39,734,399
CONSTRUCTION MATERIALS - 3.7%
Construction Materials - 3.7%
Cemex SA de CV sponsored ADR	49,600		586,272
HeidelbergCement AG	9,120		629,722
Vulcan Materials Co. (c)	27,900		1,469,493
			2,685,487
CONTAINERS & PACKAGING - 4.1%
Metal & Glass Containers - 2.7%
Owens-Illinois, Inc. (a)	58,900		1,936,043

	Shares		Value
Paper Packaging - 1.4%
Packaging Corp. of America	44,900		$ 1,033,149
TOTAL CONTAINERS & PACKAGING			2,969,192
FOOD PRODUCTS - 1.4%
Agricultural Products - 1.4%
Bunge Ltd.	10,100		644,683
Corn Products International, Inc.	14,000		409,220
			1,053,903
HOUSEHOLD DURABLES - 0.1%
Homebuilding - 0.1%
Pulte Homes, Inc.	9,750		97,500
MARINE - 0.2%
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	35,000		166,600
METALS & MINING - 24.6%
Diversified Metals & Mining - 9.0%
Anglo American PLC (United Kingdom) (a)	9,069		397,348
Freeport-McMoRan Copper & Gold, Inc.	51,330		4,121,286
RTI International Metals, Inc. (a)	26,400		664,488
Teck Resources Ltd. Class B (sub. vtg.) (a)	18,600		651,836
Vale SA sponsored ADR	24,700		717,041
			6,551,999
Gold - 6.1%
Agnico-Eagle Mines Ltd. (Canada)	11,800		639,277
AngloGold Ashanti Ltd. sponsored ADR	15,353		616,884
Harmony Gold Mining Co. Ltd.	36,700		371,047
Newcrest Mining Ltd.	10,411		330,395
Newmont Mining Corp.	43,300		2,048,523
Randgold Resources Ltd. sponsored ADR	5,585		441,885
			4,448,011
Precious Metals & Minerals - 0.8%
Aquarius Platinum Ltd. (United Kingdom) (a)	36,153		237,805
Impala Platinum Holdings Ltd.	12,713		348,261
			586,066
Steel - 8.7%
Allegheny Technologies, Inc.	22,700		1,016,279
Commercial Metals Co.	18,900		295,785
Nucor Corp.	54,700		2,551,755
Reliance Steel & Aluminum Co.	27,900		1,205,838
Steel Dynamics, Inc.	70,000		1,240,400
			6,310,057
TOTAL METALS & MINING			17,896,133
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 0.7%
Coal & Consumable Fuels - 0.7%
Massey Energy Co.	8,500		$ 357,085
SouthGobi Energy Resources Ltd. (a)	7,300		118,812
			475,897
PAPER & FOREST PRODUCTS - 7.7%
Forest Products - 4.2%
Louisiana-Pacific Corp. (a)	53,800		375,524
Weyerhaeuser Co.	62,600		2,700,564
			3,076,088
Paper Products - 3.5%
International Paper Co.	69,500		1,861,210
Schweitzer-Mauduit International, Inc.	9,700		682,395
			2,543,605
TOTAL PAPER & FOREST PRODUCTS			5,619,693
TOTAL COMMON STOCKS (Cost $64,282,939)		72,195,091
Money Market Funds - 6.4%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (d)	3,178,487		$ 3,178,487
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	1,468,650		1,468,650
TOTAL MONEY MARKET FUNDS (Cost $4,647,137)		4,647,137

TOTAL INVESTMENT PORTFOLIO - 105.6%

(Cost $68,930,076)

76,842,228

NET OTHER ASSETS - (5.6)%			(4,051,762)
NET ASSETS - 100%		$ 72,790,466

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,766
Fidelity Securities Lending Cash Central Fund	871
Total	$ 6,637

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 72,195,091	$ 71,824,044	$ 371,047	$ -
Money Market Funds	4,647,137	4,647,137	-	-
Total Investments in Securities:	$ 76,842,228	$ 76,471,181	$ 371,047	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	89.3%
Canada	2.3%
South Africa	1.8%
Brazil	1.4%
Bermuda	1.2%
United Kingdom	1.0%
Others (individually less than 1%)	3.0%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $8,047,800 all of which will expire on December 31, 2016.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $1,411,598) - See accompanying schedule: Unaffiliated issuers (cost $64,282,939)	$ 72,195,091
Fidelity Central Funds (cost $4,647,137)	4,647,137
Total Investments (cost $68,930,076)		$ 76,842,228
Receivable for fund shares sold		73,333
Dividends receivable		93,844
Distributions receivable from Fidelity Central Funds		619
Prepaid expenses		231
Other receivables		1,422
Total assets		77,011,677

Liabilities
Payable for investments purchased	$ 2,594,418
Payable for fund shares redeemed	81,869
Accrued management fee	32,354
Other affiliated payables	8,645
Other payables and accrued expenses	35,275
Collateral on securities loaned, at value	1,468,650
Total liabilities		4,221,211

Net Assets		$ 72,790,466
Net Assets consist of:
Paid in capital		$ 74,018,175
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,139,847)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,912,138
Net Assets		$ 72,790,466

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($34,217,995 ÷ 3,337,556 shares)		$ 10.25

Investor Class: Net Asset Value, offering price and redemption price per share ($38,572,471 ÷ 3,762,755 shares)		$ 10.25

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 731,932
Special dividends		96,900
Interest		3,493
Income from Fidelity Central Funds		6,637
Total income		838,962

Expenses
Management fee	$ 224,614
Transfer agent fees	54,748
Accounting and security lending fees	15,653
Custodian fees and expenses	17,310
Independent trustees' compensation	238
Audit	32,041
Legal	176
Miscellaneous	4,293
Total expenses before reductions	349,073
Expense reductions	(3,911)	345,162
Net investment income (loss)		493,800
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,858,540
Foreign currency transactions	692
Total net realized gain (loss)		1,859,232
Change in net unrealized appreciation (depreciation) on: Investment securities	18,289,731
Assets and liabilities in foreign currencies	(6)
Total change in net unrealized appreciation (depreciation)		18,289,725
Net gain (loss)		20,148,957
Net increase (decrease) in net assets resulting from operations		$ 20,642,757

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 493,800	$ 222,041
Net realized gain (loss)	1,859,232	(10,931,824)
Change in net unrealized appreciation (depreciation)	18,289,725	(11,526,116)
Net increase (decrease) in net assets resulting from operations	20,642,757	(22,235,899)
Distributions to shareholders from net investment income	(512,074)	(219,419)
Distributions to shareholders from net realized gain	-	(132,142)
Total distributions	(512,074)	(351,561)
Share transactions - net increase (decrease)	34,825,755	15,709,835
Redemption fees	26,955	161,568
Total increase (decrease) in net assets	54,983,393	(6,716,057)

Net Assets
Beginning of period	17,807,073	24,523,130
End of period (including undistributed net investment income of $0 and undistributed net investment income of $280, respectively)	$ 72,790,466	$ 17,807,073

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007^J
Selected Per-Share Data
Net asset value, beginning of period	$ 5.80	$ 11.13	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.10^H	.07	.10^I
Net realized and unrealized gain (loss)	4.42	(5.31)	1.20
Total from investment operations	4.52	(5.24)	1.30
Distributions from net investment income	(.08)	(.08)	(.07)
Distributions from net realized gain	-	(.06)	(.11)
Total distributions	(.08)	(.14)	(.18)
Redemption fees added to paid in capital^E	.01	.05	.01
Net asset value, end of period	$ 10.25	$ 5.80	$ 11.13
Total Return^B,C,D	78.09%	(46.88)%	13.12%
Ratios to Average Net Assets^F,K
Expenses before reductions	.82%	.88%	1.08%^A
Expenses net of fee waivers, if any	.82%	.88%	1.00%^A
Expenses net of all reductions	.81%	.88%	1.00%^A
Net investment income (loss)	1.27%^H	.74%	1.31%^A,I
Supplemental Data
Net assets, end of period (000 omitted)	$ 34,218	$ 9,963	$ 13,730
Portfolio turnover rate ^G	105%	171%	35%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

^I Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

^J For the period April 24, 2007 (commencement of operations) to December 31, 2007.

^K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007 ^J
Selected Per-Share Data
Net asset value, beginning of period	$ 5.80	$ 11.13	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.10 ^H	.06	.09 ^I
Net realized and unrealized gain (loss)	4.41	(5.31)	1.21
Total from investment operations	4.51	(5.25)	1.30
Distributions from net investment income	(.07)	(.07)	(.07)
Distributions from net realized gain	-	(.06)	(.11)
Total distributions	(.07)	(.13)	(.18)
Redemption fees added to paid in capital ^E	.01	.05	.01
Net asset value, end of period	$ 10.25	$ 5.80	$ 11.13
Total Return ^B,C,D	78.02%	(46.98)%	13.05%
Ratios to Average Net Assets ^F,K
Expenses before reductions	.91%	.97%	1.20% ^A
Expenses net of fee waivers, if any	.91%	.97%	1.15% ^A
Expenses net of all reductions	.90%	.96%	1.15% ^A
Net investment income (loss)	1.18% ^H	.65%	1.16% ^A,I
Supplemental Data
Net assets, end of period (000 omitted)	$ 38,572	$ 7,844	$ 10,793
Portfolio turnover rate ^G	105%	171%	35% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J For the period April 24, 2007 (commencement of operations) to December31, 2007.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Materials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 11,319,288
Gross unrealized depreciation	(4,513,518)
Net unrealized appreciation (depreciation)	$ 6,805,770

Tax Cost	$ 70,036,458

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 14,335
Capital loss carryforward	$ (8,047,800)
Net unrealized appreciation (depreciation)	$ 6,805,756

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 512,074	$ 351,561

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $75,764,703 and $40,952,205, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 18,560
Investor Class	36,188
	$ 54,748

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $140 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

7. Security Lending.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 246,700	$ 130,583
Investor Class	265,374	88,836
Total	$ 512,074	$ 219,419
From net realized gain
Initial Class	-	69,513
Investor Class	-	62,629
Total	$ -	$ 132,142

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	2,411,066	2,413,136	$ 19,464,964	$ 26,368,625
Reinvestment of distributions	24,695	29,762	246,700	200,096
Shares redeemed	(816,551)	(1,958,182)	(5,916,524)	(18,118,552)
Net increase (decrease)	1,619,210	484,716	$ 13,795,140	$ 8,450,169
Investor Class
Shares sold	2,970,858	2,230,231	$ 25,184,648	$ 25,342,249
Reinvestment of distributions	26,564	21,729	265,374	151,465
Shares redeemed	(586,859)	(1,869,798)	(4,419,407)	(18,234,048)
Net increase (decrease)	2,410,563	382,162	$ 21,030,615	$ 7,259,666

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Materials Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Materials Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Materials Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of VIP Materials Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Initial Class	02/05/10	02/05/10	$0.003
Investors Class	02/05/10	02/05/10	$0.003

Initial Class, Investors Class each designates 100% of the dividend distributed in December 2009 during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Materials Portfolio

Annual Report

VIP Materials Portfolio

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Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Materials Portfolio

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VMATP-ANN-0210
1.850999.102

Fidelity® Variable Insurance Products:
Real Estate Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Real Estate - Initial Class	37.69%	1.40%	9.91%
VIP Real Estate - Service Class ^B	37.62%	1.31%	9.80%
VIP Real Estate - Service Class 2 ^C	37.40%	1.15%	9.63%
VIP Real Estate - Investor Class ^D	37.57%	1.31%	9.83%

^A From November 6, 2002.

^B Performance for Service Class shares reflects an asset-based service fee (12b-1 fee).

^C Performance for Service Class 2 shares reflects an asset-based service fee (12b-1 fee).

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class on November 6, 2002, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Samuel Wald, Portfolio Manager of VIP Real Estate Portfolio: For the year ending December 31, 2009, the fund significantly outperformed its benchmark, the Dow Jones U.S. Select Real Estate Securities Index^SM, which rose 29.01%. The fund also beat the broad equity market, as measured by the S&P 500®. (For specific portfolio results, please refer to the performance section of this report.) The fund benefited from being more aggressively positioned as the market bounced back. Early in the year, my Fidelity colleagues and I felt that the U.S. Treasury and the Federal Reserve Board were prepared to do everything necessary to keep the economy and the financial markets afloat. This made me increasingly comfortable owning certain riskier assets that I believed had fallen much too far, given their underlying business fundamentals. Many of the stocks displaying such traits ended up doing very well in the rebound. The fund's top individual performer during the past year was Macerich, a mall operator whose shares rose more than sixfold off their March low once it became clear the company would have access to the financing it needed. Real estate services company CB Richard Ellis Group, an out-of-benchmark holding; office REIT SL Green Realty; and hotel REIT Sunstone Hotel all benefited similarly. In all three cases, I felt the stocks were priced far too low, and my willingness to invest based on this conviction worked out very well. Also contributing was an underweighting in Kimco Realty, a shopping center REIT and benchmark component. Kimco was one of the relatively few property companies to lose value last year. Another shopping center REIT, Inland Real Estate, underperformed as well, and being overweighted in this position hampered the fund's results. In addition to being somewhat overleveraged, investors had ongoing concerns about the sluggish economy, which hurt Inland and other shopping center operators needing to fill retail space. Also detracting were LaSalle Hotel Properties and Host Hotels & Resorts. Both were strong performers that I underweighted in favor of Sunstone and other hotel REITs offering what I felt were better opportunities. Neither Inland or LaSalle were owned at period end. Of final note, a modest cash position in a rising market also hurt.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.79%
Actual		$ 1,000.00	$ 1,515.30	$ 5.01
Hypothetical^A		$ 1,000.00	$ 1,021.22	$ 4.02
Service Class	.87%
Actual		$ 1,000.00	$ 1,514.90	$ 5.51
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Service Class 2	1.06%
Actual		$ 1,000.00	$ 1,513.20	$ 6.71
Hypothetical^A		$ 1,000.00	$ 1,019.86	$ 5.40
Investor Class	.89%
Actual		$ 1,000.00	$ 1,514.40	$ 5.64
Hypothetical^A		$ 1,000.00	$ 1,020.72	$ 4.53

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Simon Property Group, Inc.	11.2	9.0
Ventas, Inc.	6.2	5.9
ProLogis Trust	5.5	4.8
SL Green Realty Corp.	4.4	3.5
Vornado Realty Trust	4.3	3.4
Digital Realty Trust, Inc.	3.9	3.8
Public Storage	3.7	4.9
Equity Residential (SBI)	3.6	2.5
HCP, Inc.	3.1	2.9
Sunstone Hotel Investors, Inc.	3.0	2.6
	48.9
Top Five REIT Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
REITs - Office Buildings	15.8	16.7
REITs - Malls	15.3	13.2
REITs - Industrial Buildings	13.9	13.1
REITs - Apartments	13.4	14.5
REITs - Health Care Facilities	10.7	11.5

Asset Allocation (% of fund's net assets)
As of December 31, 2009*			As of June 30, 2009**
	Stocks 97.1%			Stocks 97.1%
	Convertible Securities 0.3%			Convertible Securities 0.0%
	Short-Term Investments and Net Other Assets 2.6%			Short-Term Investments and Net Other Assets 2.9%
* Foreign investments		1.0%	** Foreign investments		1.5%

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Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Health Care Facilities - 1.7%
Brookdale Senior Living, Inc. (a)	6,800		$ 123,692
Emeritus Corp. (a)(c)	66,736		1,251,300
Sunrise Senior Living, Inc. (a)	25,400		81,788
TOTAL HEALTH CARE FACILITIES			1,456,780
HOTELS, RESTAURANTS & LEISURE - 0.2%
Casinos & Gaming - 0.2%
MGM Mirage, Inc. (a)(c)	19,900		181,488
HOUSEHOLD DURABLES - 0.6%
Homebuilding - 0.6%
D.R. Horton, Inc.	5,000		54,350
Lennar Corp. Class A	7,700		98,329
M/I Homes, Inc. (a)	4,400		45,716
Pulte Homes, Inc.	24,480		244,800
Toll Brothers, Inc. (a)	5,600		105,336
TOTAL HOMEBUILDING			548,531
REAL ESTATE INVESTMENT TRUSTS - 90.2%
REITs - Apartments - 13.4%
Apartment Investment & Management Co. Class A	132,934		2,116,309
AvalonBay Communities, Inc.	14,524		1,192,566
Camden Property Trust (SBI)	30,200		1,279,574
Equity Residential (SBI)	93,372		3,154,106
Essex Property Trust, Inc.	31,229		2,612,306
Home Properties, Inc.	20,500		978,055
Mid-America Apartment Communities, Inc.	4,900		236,572
TOTAL REITS - APARTMENTS			11,569,488
REITs - Factory Outlets - 0.6%
Tanger Factory Outlet Centers, Inc.	13,039		508,391
REITs - Health Care Facilities - 10.7%
HCP, Inc.	88,536		2,703,889
Healthcare Realty Trust, Inc.	45,800		982,868
National Health Investors, Inc.	7,200		266,328
Ventas, Inc.	121,800		5,327,532
TOTAL REITS - HEALTH CARE FACILITIES			9,280,617
REITs - Hotels - 6.5%
DiamondRock Hospitality Co.	221,617		1,877,096

	Shares		Value
Host Hotels & Resorts, Inc.	98,005		$ 1,143,718
Sunstone Hotel Investors, Inc.	294,581		2,615,879
TOTAL REITS - HOTELS			5,636,693
REITs - Industrial Buildings - 13.9%
Duke Realty LP	170,000		2,068,900
First Industrial Realty Trust, Inc. (c)	68,200		356,686
ProLogis Trust	349,716		4,787,612
Public Storage	39,540		3,220,533
U-Store-It Trust	217,983		1,595,636
TOTAL REITS - INDUSTRIAL BUILDINGS			12,029,367
REITs - Malls - 15.3%
CBL & Associates Properties, Inc. (c)	142,788		1,380,760
Simon Property Group, Inc.	121,662		9,708,627
The Macerich Co. (c)	59,984		2,156,425
TOTAL REITS - MALLS			13,245,812
REITs - Management/Investment - 3.9%
Digital Realty Trust, Inc. (c)	67,200		3,378,816
REITs - Office Buildings - 15.8%
Alexandria Real Estate Equities, Inc. (c)	30,933		1,988,683
Boston Properties, Inc.	36,000		2,414,520
Brandywine Realty Trust (SBI)	128,600		1,466,040
Corporate Office Properties Trust (SBI)	54,100		1,981,683
Highwoods Properties, Inc. (SBI)	60,100		2,004,335
SL Green Realty Corp.	76,400		3,838,336
TOTAL REITS - OFFICE BUILDINGS			13,693,597
REITs - Shopping Centers - 10.1%
Acadia Realty Trust (SBI)	89,800		1,514,926
Developers Diversified Realty Corp.	141,675		1,311,911
Kimco Realty Corp.	121,025		1,637,468
Kite Realty Group Trust	125,900		512,413
Vornado Realty Trust	53,051		3,710,387
TOTAL REITS - SHOPPING CENTERS			8,687,105
TOTAL REAL ESTATE INVESTMENT TRUSTS			78,029,886
REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.4%
Real Estate Operating Companies - 2.1%
Brookfield Properties Corp.	68,350		832,704
Forest City Enterprises, Inc. Class A	83,400		982,452
TOTAL REAL ESTATE OPERATING COMPANIES			1,815,156
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - CONTINUED
Real Estate Services - 2.3%
CB Richard Ellis Group, Inc. Class A (a)	147,567		$ 2,002,484
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			3,817,640
TOTAL COMMON STOCKS (Cost $77,356,472)		84,034,325
Convertible Preferred Stocks - 0.3%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%
Real Estate Services - 0.3%
Grubb & Ellis Co.:
12.00% (d)	2,000		195,000
12.00% (a)(d)	700		68,250
TOTAL REAL ESTATE SERVICES (Cost $270,000)			263,250
Money Market Funds - 12.1%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (e)	2,275,798		$ 2,275,798
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	8,185,106		8,185,106
TOTAL MONEY MARKET FUNDS (Cost $10,460,904)		10,460,904

TOTAL INVESTMENT PORTFOLIO - 109.5%

(Cost $88,087,376)

94,758,479

NET OTHER ASSETS - (9.5)%			(8,189,243)
NET ASSETS - 100%		$ 86,569,236

Legend

(a) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $263,250 or 0.3% of net assets.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,446
Fidelity Securities Lending Cash Central Fund	7,529
Total	$ 14,975

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 84,034,325	$ 84,034,325	$ -	$ -
Convertible Preferred Stocks	263,250	-	263,250	-
Money Market Funds	10,460,904	10,460,904	-	-
Total Investments in Securities:	$ 94,758,479	$ 94,495,229	$ 263,250	$ -

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $16,458,534 all of which will expire on December 31, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including securities loaned of $7,963,384) - See accompanying schedule: Unaffiliated issuers (cost $77,626,472)	$ 84,297,575
Fidelity Central Funds (cost $10,460,904)	10,460,904
Total Investments (cost $88,087,376)		$ 94,758,479
Cash		6,408
Foreign currency held at value (cost $249)		249
Receivable for investments sold		385,787
Receivable for fund shares sold		92,207
Dividends receivable		320,173
Distributions receivable from Fidelity Central Funds		2,128
Prepaid expenses		326
Other receivables		1,318
Total assets		95,567,075

Liabilities
Payable for investments purchased	$ 627,865
Payable for fund shares redeemed	90,448
Accrued management fee	39,110
Distribution fees payable	2,045
Other affiliated payables	9,625
Other payables and accrued expenses	43,640
Collateral on securities loaned, at value	8,185,106
Total liabilities		8,997,839

Net Assets		$ 86,569,236
Net Assets consist of:
Paid in capital		$ 103,511,091
Undistributed net investment income		154,144
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(23,767,087)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		6,671,088
Net Assets		$ 86,569,236

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($41,714,138 ÷ 3,814,764 shares)		$ 10.93

Service Class: Net Asset Value, offering price and redemption price per share ($1,051,424 ÷ 96,344 shares)		$ 10.91

Service Class 2: Net Asset Value, offering price and redemption price per share ($9,877,883 ÷ 911,056 shares)		$ 10.84

Investor Class: Net Asset Value, offering price and redemption price per share ($33,925,791 ÷ 3,112,258 shares)		$ 10.90

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 2,324,027
Income from Fidelity Central Funds		14,975
Total income		2,339,002

Expenses
Management fee	$ 344,758
Transfer agent fees	78,490
Distribution fees	15,720
Accounting and security lending fees	24,347
Custodian fees and expenses	25,285
Independent trustees' compensation	409
Audit	38,286
Legal	331
Miscellaneous	5,634
Total expenses before reductions	533,260
Expense reductions	(4,565)	528,695
Net investment income (loss)		1,810,307
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(12,994,710)
Foreign currency transactions	(6,302)
Total net realized gain (loss)		(13,001,012)
Change in net unrealized appreciation (depreciation) on: Investment securities	34,416,361
Assets and liabilities in foreign currencies	(34)
Total change in net unrealized appreciation (depreciation)		34,416,327
Net gain (loss)		21,415,315
Net increase (decrease) in net assets resulting from operations		$ 23,225,622

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,810,307	$ 2,354,248
Net realized gain (loss)	(13,001,012)	(9,263,145)
Change in net unrealized appreciation (depreciation)	34,416,327	(36,927,350)
Net increase (decrease) in net assets resulting from operations	23,225,622	(43,836,247)
Distributions to shareholders from net investment income	(1,808,445)	(2,499,867)
Distributions to shareholders from net realized gain	-	(1,117,046)
Total distributions	(1,808,445)	(3,616,913)
Share transactions - net increase (decrease)	5,274,720	196,182
Total increase (decrease) in net assets	26,691,897	(47,256,978)

Net Assets
Beginning of period	59,877,339	107,134,317
End of period (including undistributed net investment income of $154,144 and undistributed net investment income of $151,507, respectively)	$ 86,569,236	$ 59,877,339

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.13	$ 14.38	$ 22.74	$ 18.48	$ 17.46
Income from Investment Operations
Net investment income (loss)^C	.24	.33	.27	.38	.38
Net realized and unrealized gain (loss)	2.80	(6.06)	(4.15)	6.23	2.25
Total from investment operations	3.04	(5.73)	(3.88)	6.61	2.63
Distributions from net investment income	(.24)	(.36)	(.36)	(.33)	(.41)
Distributions from net realized gain	-	(.16)	(4.12)	(2.02)	(1.20)
Total distributions	(.24)	(.52)	(4.48)	(2.35)	(1.61)^G
Net asset value, end of period	$ 10.93	$ 8.13	$ 14.38	$ 22.74	$ 18.48
Total Return^{A, B}	37.69%	(39.87)%	(17.72)%	36.71%	15.12%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.80%	.76%	.74%	.72%	.74%
Expenses net of fee waivers, if any	.80%	.76%	.74%	.72%	.74%
Expenses net of all reductions	.80%	.76%	.74%	.71%	.71%
Net investment income (loss)	3.01%	2.51%	1.21%	1.76%	2.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 41,714	$ 32,918	$ 68,401	$ 205,802	$ 145,065
Portfolio turnover rate^E	94%	87%	102%	70%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G Total distributions of $1.61 per share is comprised of distributions from net investment income of $.413 and distributions from net realized gain of $1.195 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.11	$ 14.33	$ 22.69	$ 18.44	$ 17.43
Income from Investment Operations
Net investment income (loss)^C	.23	.32	.24	.35	.37
Net realized and unrealized gain (loss)	2.80	(6.04)	(4.13)	6.22	2.23
Total from investment operations	3.03	(5.72)	(3.89)	6.57	2.60
Distributions from net investment income	(.23)	(.34)	(.35)	(.30)	(.40)
Distributions from net realized gain	-	(.16)	(4.12)	(2.02)	(1.20)
Total distributions	(.23)	(.50)	(4.47)	(2.32)	(1.59)^G
Net asset value, end of period	$ 10.91	$ 8.11	$ 14.33	$ 22.69	$ 18.44
Total Return^{A, B}	37.62%	(39.95)%	(17.80)%	36.61%	15.00%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	.90%	.86%	.83%	.82%	.84%
Expenses net of fee waivers, if any	.90%	.86%	.83%	.82%	.84%
Expenses net of all reductions	.89%	.85%	.83%	.81%	.81%
Net investment income (loss)	2.91%	2.41%	1.12%	1.66%	2.03%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,051	$ 1,385	$ 3,543	$ 4,311	$ 3,156
Portfolio turnover rate^E	94%	87%	102%	70%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G Total distributions of $1.59 per share is comprised of distributions from net investment income of $.397 and distributions from net realized gain of $1.195 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.07	$ 14.28	$ 22.62	$ 18.40	$ 17.39
Income from Investment Operations
Net investment income (loss)^C	.23	.28	.21	.32	.34
Net realized and unrealized gain (loss)	2.76	(5.99)	(4.11)	6.19	2.24
Total from investment operations	2.99	(5.71)	(3.90)	6.51	2.58
Distributions from net investment income	(.22)	(.34)	(.32)	(.27)	(.37)
Distributions from net realized gain	-	(.16)	(4.12)	(2.02)	(1.20)
Total distributions	(.22)	(.50)	(4.44)	(2.29)	(1.57)^G
Net asset value, end of period	$ 10.84	$ 8.07	$ 14.28	$ 22.62	$ 18.40
Total Return^{A, B}	37.40%	(40.06)%	(17.91)%	36.35%	14.88%
Ratios to Average Net Assets^{D, F}
Expenses before reductions	1.07%	1.03%	.98%	.97%	.99%
Expenses net of fee waivers, if any	1.07%	1.03%	.98%	.97%	.99%
Expenses net of all reductions	1.06%	1.03%	.98%	.96%	.96%
Net investment income (loss)	2.74%	2.24%	.97%	1.51%	1.88%
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,878	$ 2,864	$ 3,558	$ 4,284	$ 3,141
Portfolio turnover rate^E	94%	87%	102%	70%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G Total distributions of $1.57 per share is comprised of distributions from net investment income of $.37 and distributions from net realized gain of $1.195 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.11	$ 14.34	$ 22.69	$ 18.46	$ 19.25
Income from Investment Operations
Net investment income (loss)^E	.24	.31	.24	.35	.17
Net realized and unrealized gain (loss)	2.78	(6.03)	(4.13)	6.22	.52
Total from investment operations	3.02	(5.72)	(3.89)	6.57	.69
Distributions from net investment income	(.23)	(.35)	(.34)	(.32)	(.42)
Distributions from net realized gain	-	(.16)	(4.12)	(2.02)	(1.06)
Total distributions	(.23)	(.51)	(4.46)	(2.34)	(1.48)^J
Net asset value, end of period	$ 10.90	$ 8.11	$ 14.34	$ 22.69	$ 18.46
Total Return^{B, C, D}	37.57%	(39.91)%	(17.83)%	36.53%	3.52%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.90%	.85%	.85%	.85%	.99%^A
Expenses net of fee waivers, if any	.90%	.85%	.85%	.85%	.99%^A
Expenses net of all reductions	.89%	.85%	.85%	.85%	.96%^A
Net investment income (loss)	2.91%	2.42%	1.10%	1.62%	1.98%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 33,926	$ 22,711	$ 31,632	$ 50,198	$ 7,134
Portfolio turnover rate^G	94%	87%	102%	70%	75%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $1.48 per share is comprised of distributions from net investment income of $.419 and distributions from net realized gain of $1.06 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Real Estate Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 16,926,398
Gross unrealized depreciation	(16,845,365)
Net unrealized appreciation (depreciation)	$ 81,033

Tax Cost	$ 94,677,446

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 154,144
Capital loss carryforward	$ (16,458,534)
Net unrealized appreciation (depreciation)	$ 81,018

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 1,808,445	$ 2,499,867
Long-term Capital Gains	-	1,117,046
Total	$ 1,808,445	$ 3,616,913

4. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $62,355,057 and $56,542,730, respectively.

6. Fees and Other Transactions with Affiliates.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 1,011
Service Class 2	14,709
	$ 15,720

Initial Class	$ 28,406
Service Class	880
Service Class 2	6,314
Investor Class	42,890
	$ 78,490

Annual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $294 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $4,556 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $9.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 903,193	$ 1,416,267
Service Class	22,932	58,561
Service Class 2	186,016	104,945
Investor Class	696,304	920,094
Total	$ 1,808,445	$ 2,499,867
From net realized gain
Initial Class	$ -	$ 631,633
Service Class	-	28,427
Service Class 2	-	48,687
Investor Class	-	408,299
Total	$ -	$ 1,117,046

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	949,053	1,072,807	$ 7,760,404	$ 15,243,890
Reinvestment of distributions	91,070	245,583	903,194	2,047,900
Shares redeemed	(1,274,438)	(2,026,672)	(10,025,868)	(26,391,337)
Net increase (decrease)	(234,315)	(708,282)	$ (1,362,270)	$ (9,099,547)
Service Class
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	2,420	10,234	22,932	86,988
Shares redeemed	(76,755)	(86,835)	(593,994)	(942,259)
Net increase (decrease)	(74,335)	(76,601)	$ (571,062)	$ (855,271)
Service Class 2
Shares sold	1,276,261	230,882	$ 9,920,540	$ 2,490,148
Reinvestment of distributions	18,182	18,848	186,016	153,632
Shares redeemed	(738,205)	(144,174)	(6,212,786)	(1,475,124)
Net increase (decrease)	556,238	105,556	$ 3,893,770	$ 1,168,656
Investor Class
Shares sold	1,144,876	1,443,530	$ 9,684,422	$ 20,545,410
Reinvestment of distributions	69,851	162,246	696,304	1,328,392
Shares redeemed	(903,755)	(1,010,483)	(7,066,444)	(12,891,458)
Net increase (decrease)	310,972	595,293	$ 3,314,282	$ 8,982,344

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 87% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Real Estate Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Real Estate Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Real Estate Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Real Estate Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Real Estate Portfolio

fid634

The Board stated that the investment performance of Initial Class of the fund compared favorably to its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return was lower than its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

Annual Report

VIP Real Estate Portfolio

fid636

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

The Bank of New York Mellon
New York, NY

VIPRE-ANN-0210
1.781992.107

Fidelity® Variable Insurance Products:
Technology Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Technology - Initial Class	96.02%	5.96%	2.69%
VIP Technology - Investor Class^B	95.49%	5.82%	2.61%

^A From July 19, 2001.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Technology Portfolio - Initial Class on July 19, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

fid649

Annual Report

Management's Discussion of Fund Performance

Comments from Charlie Chai, Portfolio Manager of VIP Technology Portfolio: During the past year, the fund far outdistanced the S&P 500® and the robust 62.18% return of the MSCI U.S. Investable Market Information Technology Index. (For specific portfolio results, please refer to the performance section of this report.) Versus our sector benchmark, semiconductors provided by far the largest performance boost, almost entirely due to favorable stock selection. Stock picking also was rewarding in communications equipment, semiconductor equipment, application software, computer storage and peripherals, Internet software and services, and systems software. Our top contributor, German chip maker Infineon Technologies, was a company that investors feared might declare bankruptcy back in March. However, Fidelity's research indicated that bankruptcy was an unlikely outcome for the company, and that view was subsequently proven correct. Also bolstering our results was Starent Networks, which provides mobile data infrastructure products. Starent was acquired by Cisco Systems in mid-December. Underweighting major index component Intel, the worldwide leader in personal computer chips, further aided our results, as did chip equipment maker Aixtron. Infineon Technologies and Aixtron were out-of-index positions. Conversely, my stock picks in home entertainment software detracted, as did a large underweighting in computer hardware. At the stock level, modest underweightings in personal computer and consumer electronics maker Apple and paid-search provider Google held back our gains, as both stocks more than doubled during the period. Additionally, our out-of-index position in Japanese video-game maker Nintendo fared poorly, and I liquidated the position.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.76%
Actual		$ 1,000.00	$ 1,353.80	$ 4.51
Hypothetical ^A		$ 1,000.00	$ 1,021.37	$ 3.87
Investor Class	.85%
Actual		$ 1,000.00	$ 1,353.40	$ 5.04
Hypothetical ^A		$ 1,000.00	$ 1,020.92	$ 4.33

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	9.0	9.6
Apple, Inc.	8.2	7.1
Google, Inc. Class A	6.4	4.0
Oracle Corp.	3.7	3.3
Hewlett-Packard Co.	3.7	2.9
Cisco Systems, Inc.	3.5	0.2
QUALCOMM, Inc.	2.5	2.6
BMC Software, Inc.	1.9	2.1
Salesforce.com, Inc.	1.7	1.3
SanDisk Corp.	1.5	0.8
	42.1

Top Industries (% of fund's net assets)
As of December 31, 2009
	Software	26.6%
	Computers & Peripherals	16.3%
	Semiconductors & Semiconductor Equipment	15.1%
	Internet Software & Services	14.1%
	Communications Equipment	9.8%
	All Others*	18.1%

cjc494

As of June 30, 2009
	Software	31.2%
	Semiconductors & Semiconductor Equipment	24.3%
	Computers & Peripherals	13.0%
	Communications Equipment	9.8%
	Internet Software & Services	9.5%
	All Others*	12.2%

cjc502

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Commercial Printing - 0.1%
Nissha Printing Co. Ltd. (c)	3,600		$ 177,434
COMMUNICATIONS EQUIPMENT - 9.7%
Communications Equipment - 9.7%
Adtran, Inc.	12,700		286,385
Aruba Networks, Inc. (a)	900		9,594
Brocade Communications Systems, Inc. (a)	50,200		383,026
BYD Electronic International Co. Ltd. (a)	130,500		106,287
Ciena Corp. (a)	5,200		56,368
Cisco Systems, Inc. (a)	221,537		5,303,596
Comverse Technology, Inc. (a)	12,970		122,567
EMCORE Corp. (a)	20,000		21,400
Emulex Corp. (a)	12,800		139,520
F5 Networks, Inc. (a)	15,018		795,654
Infinera Corp. (a)	13,800		122,406
Juniper Networks, Inc. (a)	43,800		1,168,146
Motorola, Inc.	13,500		104,760
Netronix, Inc. (a)	24,000		98,281
Palm, Inc. (a)	15,300		153,612
Polycom, Inc. (a)	28,900		721,633
QUALCOMM, Inc.	82,334		3,808,771
Research In Motion Ltd. (a)	3,100		209,374
Riverbed Technology, Inc. (a)	18,900		434,133
Sandvine Corp. (a)	185,700		228,005
Sandvine Corp. (U.K.) (a)	100,288		126,423
Sonus Networks, Inc. (a)	5,300		11,183
Tekelec (a)	22,400		342,272
			14,753,396
COMPUTERS & PERIPHERALS - 16.3%
Computer Hardware - 12.4%
3PAR, Inc. (a)	18,000		213,300
Apple, Inc. (a)	59,545		12,555,659
Hewlett-Packard Co.	108,517		5,589,711
Stratasys, Inc. (a)	13,110		226,541
Toshiba Corp.	53,000		294,234
			18,879,445
Computer Storage & Peripherals - 3.9%
Chicony Electronics Co. Ltd.	35,267		85,549
Compellent Technologies, Inc. (a)	7,300		165,564
EMC Corp. (a)	20,000		349,400
NetApp, Inc. (a)	11,200		385,168
Netezza Corp. (a)	11,500		111,550
Qisda Corp. (a)	172,000		107,802
QLogic Corp. (a)	11,000		207,570
SanDisk Corp. (a)	80,287		2,327,520
Seagate Technology	58,900		1,071,391
SIMPLO Technology Co. Ltd.	12,100		71,866

	Shares		Value
Synaptics, Inc. (a)	17,900		$ 548,635
Western Digital Corp. (a)	12,000		529,800
			5,961,815
TOTAL COMPUTERS & PERIPHERALS			24,841,260
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	2,700		204,147
ELECTRICAL EQUIPMENT - 1.7%
Electrical Components & Equipment - 1.7%
A123 Systems, Inc.	500		11,220
Canadian Solar, Inc. (a)	3,200		92,224
centrotherm photovoltaics AG (a)	4,300		259,787
Energy Conversion Devices, Inc. (a)	8,300		87,731
First Solar, Inc. (a)	86		11,644
GT Solar International, Inc. (a)(c)	101,400		563,784
JA Solar Holdings Co. Ltd. ADR (a)	3,100		17,670
Q-Cells SE (a)	200		3,264
Roth & Rau AG (a)(c)	3,600		155,752
SunPower Corp.:
Class A (a)(c)	8,900		210,752
Class B (a)	15,242		319,320
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	600		9,978
Trina Solar Ltd. ADR (a)(c)	8,500		458,745
Yingli Green Energy Holding Co. Ltd. ADR (a)(c)	22,200		350,982
			2,552,853
ELECTRONIC EQUIPMENT & COMPONENTS - 5.4%
Electronic Components - 2.1%
Amphenol Corp. Class A	300		13,854
BYD Co. Ltd. (H Shares) (a)	35,500		311,173
Corning, Inc.	16,400		316,684
DTS, Inc. (a)	4,400		150,524
Everlight Electronics Co. Ltd.	42,957		161,139
Prime View International Co. Ltd. (a)	568,000		1,495,017
Prime View International Co. Ltd. sponsored GDR (a)(d)	1,000		26,325
Universal Display Corp. (a)(c)	30,000		370,800
Vishay Intertechnology, Inc. (a)	9,200		76,820
Wintek Corp. (a)	252,000		224,508
			3,146,844
Electronic Equipment & Instruments - 0.6%
Agilent Technologies, Inc. (a)	500		15,535
China Security & Surveillance Technology, Inc. warrants 8/25/10 (a)(f)	8,400		9,384
Chroma ATE, Inc.	218,132		495,724
Comverge, Inc. (a)	1,211		13,612
Coretronic Corp.	23,000		33,360
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Equipment & Instruments - continued
Itron, Inc. (a)	200		$ 13,514
National Instruments Corp.	11,537		339,765
			920,894
Electronic Manufacturing Services - 1.6%
Benchmark Electronics, Inc. (a)	6,500		122,915
Flextronics International Ltd. (a)	40,500		296,055
Ju Teng International Holdings Ltd.	104,000		103,040
Multi-Fineline Electronix, Inc. (a)	411		11,660
Trimble Navigation Ltd. (a)	72,985		1,839,222
			2,372,892
Technology Distributors - 1.1%
Digital China Holdings Ltd. (H Shares)	711,000		946,496
Inspur International Ltd.	411,000		58,427
Supreme Electronics Co. Ltd. (a)	177,000		168,756
Synnex Technology International Corp.	59,800		129,919
WPG Holding Co. Ltd.	252,000		438,775
			1,742,373
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			8,183,003
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Health Care Equipment - 0.2%
China Medical Technologies, Inc. sponsored ADR	300		4,215
Golden Meditech Co. Ltd. (a)	262,000		63,236
Mingyuan Medicare Development Co. Ltd. (a)	1,080,000		184,266
			251,717
Health Care Supplies - 0.2%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	92,000		306,598
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			558,315
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	100		4,524
HOTELS, RESTAURANTS & LEISURE - 0.5%
Hotels, Resorts & Cruise Lines - 0.5%
Ctrip.com International Ltd. sponsored ADR (a)	10,400		747,344
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.0%
Independent Power Producers & Energy Traders - 0.0%
GCL-Poly Energy Holdings Ltd.	129,000		38,262

	Shares		Value
INTERNET & CATALOG RETAIL - 1.3%
Internet Retail - 1.3%
Amazon.com, Inc. (a)	8,700		$ 1,170,324
Priceline.com, Inc. (a)	3,288		718,428
			1,888,752
INTERNET SOFTWARE & SERVICES - 14.1%
Internet Software & Services - 14.1%
Alibaba.com Ltd.	21,500		49,564
AOL, Inc. (a)	11,200		260,736
Art Technology Group, Inc. (a)	31,503		142,079
Baidu.com, Inc. sponsored ADR (a)	5,530		2,274,102
Daum Communications Corp. (a)	3,914		235,966
DealerTrack Holdings, Inc. (a)	1,500		28,185
eBay, Inc. (a)	62,400		1,468,896
Google, Inc. Class A (a)	15,600		9,671,688
GREE, Inc.	6,100		377,343
Internap Network Services Corp. (a)	16,500		77,550
LogMeIn, Inc.	800		15,960
Mercadolibre, Inc. (a)	7,000		363,090
ModusLink Global Solutions, Inc. (a)	30,000		282,300
NetEase.com, Inc. sponsored ADR (a)	11,000		413,710
NHN Corp. (a)	5,197		855,712
Open Text Corp. (a)	27,600		1,121,968
OpenTable, Inc.	100		2,546
Tencent Holdings Ltd.	103,300		2,234,057
VeriSign, Inc. (a)	33,800		819,312
VistaPrint Ltd. (a)	14,100		798,906
Vocus, Inc. (a)	1,300		23,400
			21,517,070
IT SERVICES - 1.8%
Data Processing & Outsourced Services - 0.7%
Visa, Inc. Class A	12,600		1,101,996
IT Consulting & Other Services - 1.1%
Atos Origin SA (a)	4,634		212,860
China Information Security Technology, Inc. (a)	83		511
Cognizant Technology Solutions Corp. Class A (a)	13,200		597,960
RightNow Technologies, Inc. (a)	35,700		620,109
Yucheng Technologies Ltd. (a)	29,800		254,194
			1,685,634
TOTAL IT SERVICES			2,787,630
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
Life Technologies Corp. (a)	4,000		208,920
Common Stocks - continued
	Shares		Value
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Meyer Burger Technology AG (a)	550		$ 140,229
Shin Zu Shing Co. Ltd.	44,302		220,887
			361,116
MEDIA - 1.0%
Advertising - 0.9%
AirMedia Group, Inc. ADR (a)(c)	66,700		500,917
Focus Media Holding Ltd. ADR (a)	16,800		266,280
VisionChina Media, Inc. ADR (a)	48,200		526,344
			1,293,541
Cable & Satellite - 0.1%
Virgin Media, Inc.	12,700		213,741
TOTAL MEDIA			1,507,282
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Globe Specialty Metals, Inc.	4,300		40,420
Timminco Ltd. (a)	700		866
			41,286
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 15.1%
Semiconductor Equipment - 3.9%
Aixtron AG	18,200		612,317
Amkor Technology, Inc. (a)	73,495		526,224
ASM International NV (NASDAQ) (a)	2,800		72,044
ASML Holding NV (NY Shares)	51,700		1,762,453
ATMI, Inc. (a)	15,000		279,300
Cymer, Inc. (a)	3,600		138,168
FormFactor, Inc. (a)	6,700		145,792
Lam Research Corp. (a)	15,400		603,834
LTX-Credence Corp. (a)	55,615		98,995
MEMC Electronic Materials, Inc. (a)	10,000		136,200
Photronics, Inc. (a)	9,700		43,165
Tessera Technologies, Inc. (a)	28,500		663,195
Varian Semiconductor Equipment Associates, Inc. (a)	20,100		721,188
Veeco Instruments, Inc. (a)	2,700		89,208
			5,892,083
Semiconductors - 11.2%
Atmel Corp. (a)	48,500		223,585
Avago Technologies Ltd.	109,300		1,999,097
Broadcom Corp. Class A (a)	23,400		735,930
Cavium Networks, Inc. (a)	63,991		1,524,906
Cree, Inc. (a)	19,760		1,113,871
CSR PLC (a)	52,144		344,759
Cypress Semiconductor Corp. (a)	33,100		349,536
Epistar Corp.	79,000		296,343
Fairchild Semiconductor International, Inc. (a)	16,200		161,838
Global Unichip Corp.	36,994		196,014

	Shares		Value
Hittite Microwave Corp. (a)	4,921		$ 200,531
Hynix Semiconductor, Inc. (a)	12,580		249,750
Infineon Technologies AG (a)	55,364		304,502
Inotera Memories, Inc. (a)	221,000		186,182
Integrated Device Technology, Inc. (a)	69,400		449,018
Intel Corp.	100,500		2,050,200
International Rectifier Corp. (a)	24,600		544,152
Intersil Corp. Class A	26,100		400,374
LSI Corp. (a)	1,800		10,818
Marvell Technology Group Ltd. (a)	77,995		1,618,396
MediaTek, Inc.	3,006		52,434
Microchip Technology, Inc.	4,400		127,864
Micron Technology, Inc. (a)	86,700		915,552
Microsemi Corp. (a)	900		15,975
Monolithic Power Systems, Inc. (a)	9,900		237,303
National Semiconductor Corp.	9,600		147,456
Netlogic Microsystems, Inc. (a)	4,500		208,170
NVIDIA Corp. (a)	61,800		1,154,424
Omnivision Technologies, Inc. (a)	12,801		185,999
PixArt Imaging, Inc.	23,800		200,875
Power Integrations, Inc.	2,714		98,681
Radiant Opto-Electronics Corp.	50,470		73,441
Silicon Laboratories, Inc. (a)	4,500		217,530
Standard Microsystems Corp. (a)	16,500		342,870
Volterra Semiconductor Corp. (a)	2,000		38,240
YoungTek Electronics Corp.	17,000		43,045
			17,019,661
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			22,911,744
SOFTWARE - 26.6%
Application Software - 8.7%
Adobe Systems, Inc. (a)	1,900		69,882
ANSYS, Inc. (a)	700		30,422
AsiaInfo Holdings, Inc. (a)	6,300		191,961
Blackboard, Inc. (a)	2,500		113,475
Citrix Systems, Inc. (a)	33,200		1,381,452
Concur Technologies, Inc. (a)	15,300		654,075
Epicor Software Corp. (a)	44,195		336,766
Gameloft (a)	32,800		165,762
i2 Technologies, Inc. (a)	1,300		24,856
Informatica Corp. (a)	43,400		1,122,324
JDA Software Group, Inc. (a)	12,000		305,640
Kingdee International Software Group Co. Ltd.	2,824,000		628,849
Longtop Financial Technologies Ltd. ADR (a)	10,200		377,604
Magma Design Automation, Inc. (a)(c)	54,000		124,740
Manhattan Associates, Inc. (a)	2,888		69,399
Mentor Graphics Corp. (a)	24,700		218,101
MicroStrategy, Inc. Class A (a)	2,401		225,742
Nuance Communications, Inc. (a)	44,000		683,760
Parametric Technology Corp. (a)	55,200		901,968
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Pegasystems, Inc.	8,800		$ 299,200
Salesforce.com, Inc. (a)	35,700		2,633,589
Smith Micro Software, Inc. (a)	42,700		390,278
SolarWinds, Inc.	500		11,505
SuccessFactors, Inc. (a)	28,100		465,898
Synchronoss Technologies, Inc. (a)	15,352		242,715
Taleo Corp. Class A (a)	20,900		491,568
TIBCO Software, Inc. (a)	64,500		621,135
Ulticom, Inc.	9,673		91,507
Verint Systems, Inc. (a)	21,400		411,950
			13,286,123
Home Entertainment Software - 0.3%
Activision Blizzard, Inc. (a)	23,700		263,307
Changyou.com Ltd. (A Shares) ADR	100		3,321
Giant Interactive Group, Inc. ADR (c)	17,189		120,667
NCsoft Corp.	610		78,207
Neowiz Games Corp.	717		24,934
Rosetta Stone, Inc.	1,100		19,745
			510,181
Systems Software - 17.6%
Ariba, Inc. (a)	54,192		678,484
BMC Software, Inc. (a)	69,900		2,802,990
Check Point Software Technologies Ltd. (a)	10,600		359,128
CommVault Systems, Inc. (a)	7,900		187,151
Fortinet, Inc.	2,400		42,168
Insyde Software Corp.	35,206		165,630
Microsoft Corp.	448,125		13,663,323
Oracle Corp.	231,400		5,678,556
Red Hat, Inc. (a)	67,000		2,070,300
Rovi Corp. (a)	6,819		217,322
TeleCommunication Systems, Inc. Class A (a)	20,600		199,408
VMware, Inc. Class A (a)	15,100		639,938
			26,704,398
TOTAL SOFTWARE			40,500,702
WIRELESS TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
SOFTBANK CORP.	17,800		417,482
Sprint Nextel Corp. (a)	88,200		322,812
Syniverse Holdings, Inc. (a)	17,743		310,148
			1,050,442
TOTAL COMMON STOCKS (Cost $113,001,172)		144,835,482

Convertible Bonds - 0.1%
	Principal Amount	Value
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13 (Cost $157,875)	$ 150,000	$ 113,400

Money Market Funds - 5.8%
	Shares
Fidelity Cash Central Fund, 0.16% (e)	6,772,471		6,772,471
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	2,006,365		2,006,365
TOTAL MONEY MARKET FUNDS (Cost $8,778,836)		8,778,836
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $121,937,883)			153,727,718
NET OTHER ASSETS - (1.0)%			(1,516,215)
NET ASSETS - 100%		$ 152,211,503

Legend

(a) Non-income producing

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

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

(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 $9,384 or 0.0% of net assets.

Additional information on each holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,457
Fidelity Securities Lending Cash Central Fund	49,326
Total	$ 56,783

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 144,835,482	$ 138,224,848	$ 6,610,634	$ -
Convertible Bonds	113,400	-	113,400	-
Money Market Funds	8,778,836	8,778,836	-	-
Total Investments in Securities:	$ 153,727,718	$ 147,003,684	$ 6,724,034	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	79.5%
China	4.5%
Cayman Islands	3.4%
Taiwan	3.3%
Bermuda	1.7%
Singapore	1.5%
Netherlands	1.2%
Canada	1.1%
Korea (South)	1.0%
Others (individually less than 1%)	2.8%
	100.0%

Income Tax Information

At December 31, 2009, the Fund had a capital loss carryforward of approximately $17,998,325, of which $15,064,221 and $2,934,104 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009

Assets
Investment in securities, at value (including securities loaned of $1,946,544) - See accompanying schedule: Unaffiliated issuers (cost $113,159,047)	$ 144,948,882
Fidelity Central Funds (cost $8,778,836)	8,778,836
Total Investments (cost $121,937,883)		$ 153,727,718
Foreign currency held at value (cost $5)		5
Receivable for investments sold		130,779
Receivable for fund shares sold		747,501
Dividends receivable		9,924
Interest receivable		62
Distributions receivable from Fidelity Central Funds		2,829
Prepaid expenses		488
Other receivables		7,093
Total assets		154,626,399

Liabilities
Payable for investments purchased	$ 280,238
Payable for fund shares redeemed	2,824
Accrued management fee	65,132
Other affiliated payables	16,246
Other payables and accrued expenses	44,091
Collateral on securities loaned, at value	2,006,365
Total liabilities		2,414,896

Net Assets		$ 152,211,503
Net Assets consist of:
Paid in capital		$ 139,051,134
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(18,629,467)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		31,789,836
Net Assets		$ 152,211,503

Statement of Assets and Liabilities - continued

	December 31, 2009

Initial Class: Net Asset Value, offering price and redemption price per share ($88,231,369 ÷ 9,990,168 shares)		$ 8.83

Investor Class: Net Asset Value, offering price and redemption price per share ($63,980,134 ÷ 7,276,473 shares)		$ 8.79

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 448,942
Special dividends		177,214
Interest		90,654
Income from Fidelity Central Funds (including $49,326 from security lending)		56,783
Total income		773,593

Expenses
Management fee	$ 486,098
Transfer agent fees	102,332
Accounting and security lending fees	34,177
Custodian fees and expenses	42,530
Independent trustees' compensation	524
Audit	40,606
Legal	450
Miscellaneous	7,261
Total expenses before reductions	713,978
Expense reductions	(19,261)	694,717
Net investment income (loss)		78,876
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,523,576
Foreign currency transactions	(4,108)
Total net realized gain (loss)		6,519,468
Change in net unrealized appreciation (depreciation) on: Investment securities	49,267,472
Assets and liabilities in foreign currencies	(312)
Total change in net unrealized appreciation (depreciation)		49,267,160
Net gain (loss)		55,786,628
Net increase (decrease) in net assets resulting from operations		$ 55,865,504

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 78,876	$ 111,168
Net realized gain (loss)	6,519,468	(24,802,819)
Change in net unrealized appreciation (depreciation)	49,267,160	(23,720,929)
Net increase (decrease) in net assets resulting from operations	55,865,504	(48,412,580)
Distributions to shareholders from net investment income	(143,352)	(77,871)
Distributions to shareholders from net realized gain	-	(12,421,709)
Total distributions	(143,352)	(12,499,580)
Share transactions - net increase (decrease)	58,132,204	(5,986,585)
Redemption fees	54,256	47,060
Total increase (decrease) in net assets	113,908,612	(66,851,685)

Net Assets
Beginning of period	38,302,891	105,154,576
End of period (including undistributed net investment income of $0 and $26,283, respectively)	$ 152,211,503	$ 38,302,891

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 4.51	$ 11.02	$ 10.37	$ 10.35	$ 9.37
Income from Investment Operations
Net investment income (loss) ^C	.01 ^F	.01	(.05)	(.04)	(.02)
Net realized and unrealized gain (loss)	4.32	(5.01)	1.52	.88	1.04
Total from investment operations	4.33	(5.00)	1.47	.84	1.02
Distributions from net investment income	(.01)	(.01)	-	-	(.04)
Distributions from net realized gain	-	(1.49)	(.83)	(.83)	-
Total distributions	(.01)	(1.51) ^I	(.83)	(.83)	(.04)
Redemption fees added to paid in capital ^C	- ^H	- ^H	.01	.01	- ^H
Net asset value, end of period	$ 8.83	$ 4.51	$ 11.02	$ 10.37	$ 10.35
Total Return ^A,B	96.02%	(50.77)%	15.36%	8.19%	10.88%
Ratios to Average Net Assets ^D,G
Expenses before reductions	.78%	.81%	.81%	.80%	.79%
Expenses net of fee waivers, if any	.78%	.81%	.81%	.80%	.79%
Expenses net of all reductions	.76%	.79%	.79%	.77%	.62%
Net investment income (loss)	.13% ^F	.19%	(.44)%	(.43)%	(.24)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 88,231	$ 25,400	$ 70,788	$ 64,689	$ 78,892
Portfolio turnover rate ^E	130%	237%	213%	269%	249%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.08)%. ^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^H Amount represents less than $.01 per share. ^I Total distributions of $1.51 per share is comprised of distributions from net investment income of $0.011 and distributions from net realized gain of $1.494 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 4.50	$ 10.97	$ 10.34	$ 10.33	$ 9.71
Income from Investment Operations
Net investment income (loss) ^E	- ^H,K	.01	(.06)	(.06)	(.02)
Net realized and unrealized gain (loss)	4.30	(4.99)	1.50	.89	.64
Total from investment operations	4.30	(4.98)	1.44	.83	.62
Distributions from net investment income	(.01)	(.01)	-	-	-
Distributions from net realized gain	-	(1.49)	(.82)	(.83)	-
Total distributions	(.01)	(1.49) ^L	(.82)	(.83)	-
Redemption fees added to paid in capital ^E	- ^K	- ^K	.01	.01	- ^K
Net asset value, end of period	$ 8.79	$ 4.50	$ 10.97	$ 10.34	$ 10.33
Total Return ^B,C,D	95.49%	(50.74)%	15.15%	8.10%	6.39%
Ratios to Average Net Assets ^F,J
Expenses before reductions	.88%	.90%	.93%	.93%	.97% ^A
Expenses net of fee waivers, if any	.88%	.90%	.93%	.93%	.97% ^A
Expenses net of all reductions	.85%	.89%	.91%	.90%	.80% ^A
Net investment income (loss)	.03% ^H	.10%	(.56)%	(.56)%	(.45)% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 63,980	$ 12,903	$ 34,367	$ 15,939	$ 5,809
Portfolio turnover rate ^G	130%	237%	213%	269%	249%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.17)%. ^I For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^K Amount represents less than $.01 per share. ^L Total distributions of $1.49 per share is comprised of distributions from net investment income of $0.005 and distributions from net realized gain of $1.485 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Technology Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as level 3 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 34,723,236
Gross unrealized depreciation	(3,261,271)
Net unrealized appreciation (depreciation)	$ 31,461,965

Tax Cost	$ 122,265,753

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (17,998,325)
Net unrealized appreciation (depreciation)	$ 31,461,966

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 143,352	$ 6,751,533
Long-term Capital Gains	-	5,748,047
Total	$ 143,352	$ 12,499,580

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $161,533,546 and $109,959,619, respectively.

6. Fees and Other Transactions with Affiliates.

Initial Class	$ 44,277
Investor Class	58,055
	$ 102,332

Annual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $316 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 95,944	$ 62,217
Investor Class	47,408	15,654
Total	$ 143,352	$ 77,871
From net realized gain
Initial Class	$ -	$ 8,440,333
Investor Class	-	3,981,376
Total	$ -	$ 12,421,709

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	5,685,392	1,178,491	$ 36,339,585	$ 8,240,629
Reinvestment of distributions	11,274	1,143,754	95,944	8,502,550
Shares redeemed	(1,334,192)	(3,119,510)	(8,872,724)	(22,814,157)
Net increase (decrease)	4,362,474	(797,265)	$ 27,562,805	$ (6,070,978)
Investor Class
Shares sold	5,536,402	1,576,768	$ 38,178,193	$ 12,608,557
Reinvestment of distributions	5,591	538,625	47,408	3,997,030
Shares redeemed	(1,135,168)	(2,379,042)	(7,656,202)	(16,521,194)
Net increase (decrease)	4,406,825	(263,649)	$ 30,569,399	$ 84,393

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Technology Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Technology Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Technology Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed in December 2009 as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Technology Portfolio

Annual Report

VIP Technology Portfolio

fid665

The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Technology Portfolio

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VTECIC-ANN-0210
1.817385.104

Fidelity® Variable Insurance Products:
Telecommunications Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Life of fund^A
VIP Telecommunications - Initial Class	48.00%	-9.30%
VIP Telecommunications - Investor Class	47.90%	-9.39%

^A From April 24, 2007.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Telecommunications Portfolio - Initial Class on April 24, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Kristina Salen, who became Portfolio Manager of VIP Telecommunications Portfolio on July 1, 2009: The fund performed very well for the year, beating the S&P 500® and the MSCI U.S. Investable Market Telecommunications Services Index, which returned 12.56%. (For specific portfolio results, please refer to the performance section of this report.) The fund benefited from being well-positioned in highly leveraged, smaller-cap telecommunication companies that performed strongly when the market rallied between March and June of 2009. Most notably, the fund was helped by overweighting telecom services company Sprint Nextel, by far the fund's top performer relative to the MSCI index. In addition, the fund got a boost from being significantly underweighted in the integrated telecom services group, specifically in AT&T and Verizon, which grew at a much lower rate than other telecom sub-sectors. AT&T and Verizon comprise roughly 75% of the MSCI index. An out-of-benchmark stake and strong stock selection in the cable and satellite group, notably U.K.-based Virgin Media, also helped. In addition, the fund benefited from holding another out-of-index position in communications equipment company Starent Networks. The fund sold this stock during the period. Conversely, the fund's performance was hampered by some weak stock picks. Specifically, it was hurt by holding underweighted positions in Embarq and CenturyTel, two rural, integrated telecom services providers that did well when CenturyTel acquired Embarq. British wireless telecom giant Vodafone, in which the fund held an out-of-network position, also disappointed during the rally when large, liquid stocks fell out of favor as people invested in smaller, more growth-oriented names.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	1.00%
Actual		$ 1,000.00	$ 1,169.00	$ 5.47
Hypothetical^A		$ 1,000.00	$ 1,020.16	$ 5.09
Investor Class	1.08%
Actual		$ 1,000.00	$ 1,167.60	$ 5.90
Hypothetical^A		$ 1,000.00	$ 1,019.76	$ 5.50

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	20.7	22.3
Verizon Communications, Inc.	15.0	16.8
American Tower Corp. Class A	5.7	4.7
Sprint Nextel Corp.	4.5	9.7
Virgin Media, Inc.	3.3	2.2
Crown Castle International Corp.	3.2	1.2
Qwest Communications International, Inc.	3.1	3.7
MTN Group Ltd.	2.6	3.8
tw telecom, inc.	2.5	1.3
DIRECTV	2.5	1.8
	63.1

Top Industries (% of fund's net assets)
As of December 31, 2009
	Diversified Telecommunication Services	56.1%
	Wireless Telecommunication Services	25.5%
	Media	11.1%
	Software	1.6%
	Communications Equipment	0.4%
	All Others*	5.3%

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As of June 30, 2009
	Diversified Telecommunication Services	55.2%
	Wireless Telecommunication Services	26.0%
	Media	7.4%
	Communications Equipment	2.5%
	Software	1.5%
	All Others*	7.4%

cjc503

* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 94.9%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.4%
Communications Equipment - 0.4%
Aruba Networks, Inc. (a)	5		$ 53
F5 Networks, Inc. (a)	40		2,119
Infinera Corp. (a)	2,300		20,401
Nortel Networks Corp. (a)	100		0
Polycom, Inc. (a)	40		999
Sandvine Corp. (a)	100		123
Sonus Networks, Inc. (a)	1,800		3,798
			27,493
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.1%
Apple, Inc. (a)	40		8,434
DIVERSIFIED TELECOMMUNICATION SERVICES - 56.1%
Alternative Carriers - 7.8%
Cable & Wireless PLC	309		706
Clearwire Corp.:
rights 6/21/10 (a)	23,529		9,412
Class A (a)	23,529		159,056
Cogent Communications Group, Inc. (a)	1,406		13,863
Global Crossing Ltd. (a)	8,919		127,096
Iliad Group SA	189		22,599
Level 3 Communications, Inc. (a)	27,192		41,604
PAETEC Holding Corp. (a)	1,700		7,055
tw telecom, inc. (a)	10,633		182,250
			563,641
Integrated Telecommunication Services - 48.3%
AT&T, Inc.	53,483		1,499,127
BT Group PLC	109		238
Cbeyond, Inc. (a)	5,350		84,263
CenturyTel, Inc.	585		21,183
China Telecom Corp. Ltd. sponsored ADR	2,500		103,550
China Unicom (Hong Kong) Ltd. sponsored ADR	10,800		141,588
Cincinnati Bell, Inc. (a)	4,900		16,905
Deutsche Telekom AG (Reg.)	4,206		61,828
FairPoint Communications, Inc.	522		17
Hellenic Telecommunications Organization SA	37		545
PT Telkomunikasi Indonesia Tbk Series B	7,500		7,520
Qwest Communications International, Inc.	54,155		227,993
Telecom Italia SpA sponsored ADR	2,700		41,661
Telefonica SA sponsored ADR	1,700		141,984
Telenor ASA (a)	100		1,398
Telenor ASA sponsored ADR (a)	830		34,694
Telkom SA Ltd.	100		505
Verizon Communications, Inc.	32,900		1,089,977

	Shares		Value
Vimpel Communications sponsored ADR	800		$ 14,872
Windstream Corp.	1,593		17,507
			3,507,355
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			4,070,996
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
SAVVIS, Inc.	601		8,444
MEDIA - 11.1%
Broadcasting - 0.6%
Ten Network Holdings Ltd.	27,660		40,498
Cable & Satellite - 10.5%
Cablevision Systems Corp. - NY Group Class A	4,000		103,280
Comcast Corp. Class A	8,800		148,368
DIRECTV (a)	5,371		179,123
Dish TV India Ltd. (a)	112		103
Liberty Global, Inc. Class A (a)	2,166		47,457
Net Servicos de Comunicacao SA sponsored ADR	3,100		41,943
Virgin Media, Inc.	14,400		242,352
			762,626
TOTAL MEDIA			803,124
SOFTWARE - 1.6%
Application Software - 1.5%
Gameloft (a)	21,214		107,210
Synchronoss Technologies, Inc. (a)	137		2,166
			109,376
Home Entertainment Software - 0.1%
Glu Mobile, Inc. (a)	2,589		2,951
TOTAL SOFTWARE			112,327
WIRELESS TELECOMMUNICATION SERVICES - 25.5%
Wireless Telecommunication Services - 25.5%
America Movil SAB de CV Series L sponsored ADR	300		14,094
American Tower Corp. Class A (a)	9,600		414,816
China Mobile (Hong Kong) Ltd. sponsored ADR	1,300		60,359
Crown Castle International Corp. (a)	5,917		231,000
Idea Cellular Ltd. (a)	63		79
Leap Wireless International, Inc. (a)	1,992		34,960
MetroPCS Communications, Inc. (a)	5,084		38,791
MTN Group Ltd.	11,875		188,942
NII Holdings, Inc. (a)	4,300		144,394
NTELOS Holdings Corp.	36		642
NTT DoCoMo, Inc.	21		29,319
Rogers Communications, Inc. Class B (non-vtg.)	60		1,867
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
SBA Communications Corp. Class A (a)	3,818		$ 130,423
Sprint Nextel Corp. (a)	88,568		324,159
Syniverse Holdings, Inc. (a)	732		12,795
Telephone & Data Systems, Inc.	330		11,194
Vivo Participacoes SA sponsored ADR	1,800		55,800
Vodafone Group PLC sponsored ADR	6,900		159,321
			1,852,955
TOTAL COMMON STOCKS (Cost $6,523,406)		6,883,773
Money Market Funds - 4.8%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (b) (Cost $351,739)	351,739		$ 351,739

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $6,875,145)

7,235,512

NET OTHER ASSETS - 0.3%			19,252
NET ASSETS - 100%		$ 7,254,764

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	$ 1,051

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 6,883,773	$ 6,792,388	$ 91,385	$ -
Money Market Funds	351,739	351,739	-	-
Total Investments in Securities:	$ 7,235,512	$ 7,144,127	$ 91,385	$ -

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(26)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	26
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2009	$ (26)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	80.6%
Hong Kong	2.7%
South Africa	2.6%
United Kingdom	2.2%
Spain	2.0%
France	1.8%
Bermuda	1.8%
China	1.4%
Brazil	1.4%
Others (individually less than 1%)	3.5%
	100.0%

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $2,357,837 of which $1,999,657 and $358,180 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $6,523,406)	$ 6,883,773
Fidelity Central Funds (cost $351,739)	351,739
Total Investments (cost $6,875,145)		$ 7,235,512
Cash		6,718
Foreign currency held at value (cost $18)		18
Receivable for fund shares sold		42,465
Dividends receivable		3,653
Distributions receivable from Fidelity Central Funds		35
Prepaid expenses		38
Receivable from investment adviser for expense reductions		2,858
Other receivables		975
Total assets		7,292,272

Liabilities
Payable for fund shares redeemed	$ 6
Accrued management fee	3,197
Other affiliated payables	839
Other payables and accrued expenses	33,466
Total liabilities		37,508

Net Assets		$ 7,254,764
Net Assets consist of:
Paid in capital		$ 9,458,513
Undistributed net investment income		16,827
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,580,782)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		360,206
Net Assets		$ 7,254,764

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($3,625,893 ÷ 517,523 shares)		$ 7.01

Investor Class: Net Asset Value, offering price and redemption price per share ($3,628,871 ÷ 519,409 shares)		$ 6.99

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 162,803
Interest		12
Income from Fidelity Central Funds		1,051
Total income		163,866

Expenses
Management fee	$ 36,129
Transfer agent fees	13,937
Accounting fees and expenses	2,500
Custodian fees and expenses	15,062
Independent trustees' compensation	43
Audit	43,774
Legal	34
Miscellaneous	856
Total expenses before reductions	112,335
Expense reductions	(46,118)	66,217
Net investment income (loss)		97,649
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(125,275)
Foreign currency transactions	(908)
Total net realized gain (loss)		(126,183)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,373,703
Assets and liabilities in foreign currencies	44
Total change in net unrealized appreciation (depreciation)		2,373,747
Net gain (loss)		2,247,564
Net increase (decrease) in net assets resulting from operations		$ 2,345,213

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 97,649	$ 66,311
Net realized gain (loss)	(126,183)	(2,213,104)
Change in net unrealized appreciation (depreciation)	2,373,747	(1,315,009)
Net increase (decrease) in net assets resulting from operations	2,345,213	(3,461,802)
Distributions to shareholders from net investment income	(105,936)	(68,515)
Share transactions - net increase (decrease)	1,824,836	(1,545,159)
Redemption fees	9,387	2,509
Total increase (decrease) in net assets	4,073,500	(5,072,967)

Net Assets
Beginning of period	3,181,264	8,254,231
End of period (including undistributed net investment income of $16,827 and $0, respectively)	$ 7,254,764	$ 3,181,264

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.81	$ 9.36	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.09	.05
Net realized and unrealized gain (loss)	2.21	(4.53)	(.17)
Total from investment operations	2.30	(4.44)	(.12)
Distributions from net investment income	(.11)	(.11)	(.05)
Distributions from net realized gain	-	-	(.48)
Total distributions	(.11)	(.11)	(.53)
Redemption fees added to paid in capital^E	.01	-^J	.01
Net asset value, end of period	$ 7.01	$ 4.81	$ 9.36
Total Return^{B, C, D}	48.00%	(47.41)%	(1.18)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.70%	2.07%	1.37%^A
Expenses net of fee waivers, if any	1.00%	1.00%	1.00%^A
Expenses net of all reductions	.98%	.99%	1.00%^A
Net investment income (loss)	1.55%	1.32%	.63%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,626	$ 1,549	$ 3,956
Portfolio turnover rate^G	167%	203%	160%^A

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period April 24, 2007 (commencement of operations) to December 31, 2007. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 4.80	$ 9.35	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.09	.09	.04
Net realized and unrealized gain (loss)	2.20	(4.53)	(.17)
Total from investment operations	2.29	(4.44)	(.13)
Distributions from net investment income	(.11)	(.11)	(.05)
Distributions from net realized gain	-	-	(.48)
Total distributions	(.11)	(.11)	(.53)
Redemption fees added to paid in capital^E	.01	-^J	.01
Net asset value, end of period	$ 6.99	$ 4.80	$ 9.35
Total Return^{B, C, D}	47.90%	(47.46)%	(1.28)%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.78%	2.15%	1.50%^A
Expenses net of fee waivers, if any	1.08%	1.09%	1.15%^A
Expenses net of all reductions	1.07%	1.08%	1.15%^A
Net investment income (loss)	1.47%	1.23%	.48%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,629	$ 1,632	$ 4,298
Portfolio turnover rate^G	167%	203%	160%^A

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^DTotal returns would have been lower had certain expenses not been reduced during the periods shown. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period April 24, 2007 (commencement of operations) to December 31, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JAmount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Telecommunications Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, as well as a roll forward of level 3 securities is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. As a result of a change in the estimate of the return of capital component of dividend income realized in the year ended December 31, 2008, dividend income has been reduced $26,022 with a corresponding increase to net unrealized appreciation (depreciation). The change in estimate has no impact on total net assets or total return of the Fund. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,094,414
Gross unrealized depreciation	(956,992)
Net unrealized appreciation (depreciation)	$ 137,422

Tax Cost	$ 7,098,090

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 16,827
Capital loss carryforward	$ (2,357,837)
Net unrealized appreciation (depreciation)	$ 137,262

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008

Ordinary Income	$ 105,936	$ 68,515

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $11,960,821 and $10,242,263, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 5,841
Investor Class	8,096
	$ 13,937

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $27 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Annual Report

Notes to Financial Statements - continued

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Initial Class	1.00%	$ 23,362
Investor Class	1.08%	21,788
		$ 45,150

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 52,826	$ 34,167
Investor Class	53,110	34,348
Total	$ 105,936	$ 68,515

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	793,797	166,405	$ 4,532,094	$ 1,029,476
Reinvestment of distributions	7,678	7,239	52,826	34,167
Shares redeemed	(605,766)	(274,366)	(3,645,605)	(1,833,477)
Net increase (decrease)	195,709	(100,722)	$ 939,315	$ (769,834)
Investor Class
Shares sold	754,251	149,553	$ 4,408,596	$ 986,673
Reinvestment of distributions	7,742	7,293	53,110	34,348
Shares redeemed	(582,365)	(276,604)	(3,576,185)	(1,796,346)
Net increase (decrease)	179,628	(119,758)	$ 885,521	$ (775,325)

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Telecommunications Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Telecommunications Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Telecommunications Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investors Class each designate 100% of each dividend distributed in December 2009, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Telecommunications Portfolio

Annual Report

VIP Telecommunications Portfolio

fid697

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Telecommunications Portfolio

fid699

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong)
Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VTELP-ANN-0210
1.851004.102

Fidelity® Variable Insurance Products:
Utilities Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP Utilities - Initial Class ^C	15.42%	5.30%	2.46%
VIP Utilities - Investor Class^B,C	15.24%	5.18%	2.39%

^A From July 19, 2001.

^C Prior to October 1, 2006, VIP Utilities Portfolio operated under certain different investment policies. The historical performance for the fund may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Utilities Portfolio - Initial Class on July 19, 2001, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM Index (S&P 500®) performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Douglas Simmons, Portfolio Manager of VIP Utilities Portfolio: For the year ending December 31, 2009, the fund solidly outperformed the 11.70% return of the MSCI®U.S. Investable Market Utilities Index but underperformed the S&P 500®. (For specific portfolio results, please refer to the performance section of this report.) Strong stock selection within multi-utilities and independent power/energy trade were the two main factors that helped the portfolio outperform the MSCI index. The fund also benefited from overweighting the latter group. On the downside, the fund was hurt by less-favorable security selection and an underweighting in the outperforming gas utilities industry. Contributions to relative performance came from investments in Maryland-based independent power producer Constellation Energy Group; TECO Energy, a multi-utility located in Florida; and CMS Energy and CenterPoint Energy, multi-utilities that operate in Mississippi and Houston, respectively. The fund also benefited from underweighting two electric utilities and index components that underperformed, Exelon in Chicago and Southern Company in Atlanta. Detractors included Allegheny Energy, an electric utility in Pennsylvania, Florida-based electric utility FPL Group and untimely ownership of three stocks: Virginia-headquartered multi-utility Dominion Resources; Duke Energy, an electric utility in North Carolina; and RRI Energy, an independent power producer located in Houston. Some stocks mentioned here were not held at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.80%
Actual		$ 1,000.00	$ 1,161.30	$ 4.36
Hypothetical^A		$ 1,000.00	$ 1,021.17	$ 4.08
Investor Class	.90%
Actual		$ 1,000.00	$ 1,160.90	$ 4.90
Hypothetical^A		$ 1,000.00	$ 1,020.67	$ 4.58

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
FPL Group, Inc.	9.3	4.8
FirstEnergy Corp.	8.7	9.7
PG&E Corp.	8.5	4.5
American Electric Power Co., Inc.	8.5	13.4
Entergy Corp.	5.8	6.0
CenterPoint Energy, Inc.	5.0	5.3
Wisconsin Energy Corp.	5.0	1.1
CMS Energy Corp.	4.9	2.3
Constellation Energy Group, Inc.	4.9	7.5
TECO Energy, Inc.	4.9	4.7
	65.5

Top Industries (% of fund's net assets)
As of December 31, 2009
	Electric Utilities	41.7%
	Multi-Utilities	40.0%
	Independent Power Producers & Energy Traders	14.0%
	Water Utilities	1.8%
	Electronic Equipment & Components	1.5%
	All Others*	1.0%

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As of June 30, 2009
	Electric Utilities	49.2%
	Multi-Utilities	25.2%
	Independent Power Producers & Energy Traders	18.6%
	Gas Utilities	2.1%
	All Others*	4.9%

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* Includes short-term investments and net other assets.

Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CHEMICALS - 0.5%
Commodity Chemicals - 0.5%
Calgon Carbon Corp. (a)	14,200		$ 197,380
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Support Services - 0.5%
EnerNOC, Inc. (a)	7,400		224,886
ELECTRIC UTILITIES - 41.7%
Electric Utilities - 41.7%
Allegheny Energy, Inc.	17,700		415,596
American Electric Power Co., Inc.	99,021		3,444,941
Entergy Corp.	28,849		2,361,002
FirstEnergy Corp.	76,445		3,550,870
FPL Group, Inc.	71,400		3,771,348
Hawaiian Electric Industries, Inc. (c)	26,976		563,798
ITC Holdings Corp.	26,621		1,386,688
Pepco Holdings, Inc.	22,800		384,180
Pinnacle West Capital Corp.	26,565		971,748
PNM Resources, Inc.	6,300		79,695
			16,929,866
ELECTRONIC EQUIPMENT & COMPONENTS - 1.5%
Electronic Equipment & Instruments - 1.5%
Itron, Inc. (a)	9,141		617,657
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 14.0%
Independent Power Producers & Energy Traders - 14.0%
Adani Power Ltd.	33,065		70,533
AES Corp.	87,045		1,158,569
Calpine Corp. (a)	118,700		1,305,700
Constellation Energy Group, Inc.	56,700		1,994,139
Dynegy, Inc. Class A (a)	116,300		210,503
NRG Energy, Inc. (a)	39,600		934,956
			5,674,400
MULTI-UTILITIES - 40.0%
Multi-Utilities - 40.0%
Alliant Energy Corp.	30,000		907,800

	Shares		Value
CenterPoint Energy, Inc.	138,400		$ 2,008,184
Centrica PLC	188,600		856,809
CMS Energy Corp. (c)	127,400		1,995,084
DTE Energy Co.	33,800		1,473,342
PG&E Corp.	77,245		3,448,989
Sempra Energy	27,700		1,550,646
TECO Energy, Inc.	122,800		1,991,816
Wisconsin Energy Corp.	40,300		2,008,149
			16,240,819
WATER UTILITIES - 1.8%
Water Utilities - 1.8%
American Water Works Co., Inc.	32,800		735,048
TOTAL COMMON STOCKS (Cost $37,170,984)		40,620,056
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 0.16% (d)	398,386		398,386
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	2,515,275		2,515,275
TOTAL MONEY MARKET FUNDS (Cost $2,913,661)		2,913,661
TOTAL INVESTMENT PORTFOLIO - 107.2% (Cost $40,084,645)			43,533,717
NET OTHER ASSETS - (7.2)%			(2,923,400)
NET ASSETS - 100%		$ 40,610,317

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,320
Fidelity Securities Lending Cash Central Fund	1,871
Total	$ 4,191

Other Information

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

Income Tax Information

At December 31, 2009, the Fund had a capital loss carryforward of approximately $13,093,363 of which $3,279,978 and $9,813,385 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $2,392,190) - See accompanying schedule: Unaffiliated issuers (cost $37,170,984)	$ 40,620,056
Fidelity Central Funds (cost $2,913,661)	2,913,661
Total Investments (cost $40,084,645)		$ 43,533,717
Receivable for investments sold		95,735
Receivable for fund shares sold		556
Dividends receivable		79,272
Distributions receivable from Fidelity Central Funds		415
Prepaid expenses		191
Other receivables		2,063
Total assets		43,711,949

Liabilities
Payable for investments purchased	$ 483,116
Payable for fund shares redeemed	47,402
Accrued management fee	18,596
Other affiliated payables	4,606
Other payables and accrued expenses	32,637
Collateral on securities loaned, at value	2,515,275
Total liabilities		3,101,632

Net Assets		$ 40,610,317
Net Assets consist of:
Paid in capital		$ 52,136,568
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(14,975,323)
Net unrealized appreciation (depreciation) on investments		3,449,072
Net Assets		$ 40,610,317

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($24,158,797 ÷ 2,655,101 shares)		$ 9.10

Investor Class: Net Asset Value, offering price and redemption price per share ($16,451,520 ÷ 1,814,180 shares)		$ 9.07

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009

Investment Income
Dividends		$ 1,584,248
Interest		1,694
Income from Fidelity Central Funds		4,191
Total income		1,590,133
Expenses
Management fee	$ 228,695
Transfer agent fees	54,509
Accounting and security lending fees	15,936
Custodian fees and expenses	5,906
Independent trustees' compensation	301
Audit	35,371
Legal	258
Miscellaneous	3,754
Total expenses before reductions	344,730
Expense reductions	(6,846)	337,884
Net investment income (loss)		1,252,249
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(6,870,222)
Foreign currency transactions	300
Total net realized gain (loss)		(6,869,922)
Change in net unrealized appreciation (depreciation) on investment securities		10,129,353
Net gain (loss)		3,259,431
Net increase (decrease) in net assets resulting from operations		$ 4,511,680

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,252,249	$ 1,515,249
Net realized gain (loss)	(6,869,922)	(7,922,274)
Change in net unrealized appreciation (depreciation)	10,129,353	(28,563,857)
Net increase (decrease) in net assets resulting from operations	4,511,680	(34,970,882)
Distributions to shareholders from net investment income	(1,275,840)	(1,542,657)
Distributions to shareholders from net realized gain	-	(278,438)
Total distributions	(1,275,840)	(1,821,095)
Share transactions - net increase (decrease)	(12,914,534)	(39,256,959)
Redemption fees	10,970	25,756
Total increase (decrease) in net assets	(9,667,724)	(76,023,180)

Net Assets
Beginning of period	50,278,041	126,301,221
End of period	$ 40,610,317	$ 50,278,041

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 8.14	$ 13.09	$ 11.29	$ 9.53	$ 9.14
Income from Investment Operations
Net investment income (loss) ^C	.25	.20	.21	.24	.17
Net realized and unrealized gain (loss)	1.01	(4.86)	2.12	2.76	.71
Total from investment operations	1.26	(4.66)	2.33	3.00	.88
Distributions from net investment income	(.30)	(.26)	(.25)	(.14)	(.19)
Distributions from net realized gain	-	(.03)	(.29)	(1.10)	(.30)
Total distributions	(.30)	(.29)	(.54)	(1.24) ^I	(.49) ^H
Redemption fees added to paid in capital ^C	- ^G	- ^G	.01	- ^G	- ^G
Net asset value, end of period	$ 9.10	$ 8.14	$ 13.09	$ 11.29	$ 9.53
Total Return ^{A, B}	15.42%	(35.61)%	20.67%	31.79%	9.54%
Ratios to Average Net Assets ^{D, F}
Expenses before reductions	.81%	.75%	.73%	.81%	.83%
Expenses net of fee waivers, if any	.81%	.75%	.73%	.81%	.83%
Expenses net of all reductions	.79%	.74%	.73%	.80%	.80%
Net investment income (loss)	3.13%	1.81%	1.65%	2.20%	1.81%
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,159	$ 31,760	$ 84,105	$ 77,153	$ 36,444
Portfolio turnover rate ^E	219%	112%	90%	139%	100%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^B Total returns would have been lower had certain expenses not been reduced during the periods shown. ^C Calculated based on average shares outstanding during the period. ^D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^G Amount represents less than $.01 per share. ^H Total distributions of $.49 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.295 per share. ^I Total distributions of $1.24 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.105 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.12	$ 13.05	$ 11.26	$ 9.52	$ 9.72
Income from Investment Operations
Net investment income (loss) ^E	.25	.19	.19	.23	.05
Net realized and unrealized gain (loss)	.99	(4.84)	2.12	2.75	.24
Total from investment operations	1.24	(4.65)	2.31	2.98	.29
Distributions from net investment income	(.29)	(.25)	(.24)	(.13)	(.20)
Distributions from net realized gain	-	(.03)	(.29)	(1.10)	(.30)
Total distributions	(.29)	(.28)	(.53)	(1.24) ^L	(.49) ^K
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	- ^J	- ^J
Net asset value, end of period	$ 9.07	$ 8.12	$ 13.05	$ 11.26	$ 9.52
Total Return ^{B, C, D}	15.24%	(35.65)%	20.53%	31.56%	2.94%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	.92%	.84%	.84%	.96%	1.16% ^A
Expenses net of fee waivers, if any	.92%	.84%	.84%	.96%	1.16% ^A
Expenses net of all reductions	.90%	.84%	.84%	.96%	1.12% ^A
Net investment income (loss)	3.02%	1.72%	1.53%	2.04%	1.09% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,452	$ 18,518	$ 42,196	$ 18,889	$ 1,150
Portfolio turnover rate ^G	219%	112%	90%	139%	100%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower had certain expenses not been reduced during the periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.49 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.295 per share. ^L Total distributions of $1.24 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $1.105 per share.

See accompanying notes which are an integral part of the financial statements.

Fund Name/Sector

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Utilities Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,414,655
Gross unrealized depreciation	(2,847,543)
Net unrealized appreciation (depreciation)	$ 1,567,112

Tax Cost	$ 41,966,605

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$ (13,093,363)
Net unrealized appreciation (depreciation)	$ 1,567,112

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 1,275,840	$ 1,635,469
Long-term Capital Gains	-	185,626
Total	$ 1,275,840	$ 1,821,095

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $87,870,161 and $98,406,948, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 23,784
Investor Class	30,725
	$ 54,509

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $234 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

7. Security Lending - continued

the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $1,871.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 770,027	$ 992,400
Investor Class	505,813	550,257
Total	$ 1,275,840	$ 1,542,657
From net realized gain
Initial Class	$ -	$ 185,094
Investor Class	-	93,344
Total	$ -	$ 278,438

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	189,678	534,178	$ 1,639,700	$ 5,586,449
Reinvestment of distributions	84,064	140,658	770,027	1,177,495
Shares redeemed	(1,518,047)	(3,198,980)	(12,048,930)	(35,570,008)
Net increase (decrease)	(1,244,305)	(2,524,144)	$ (9,639,203)	$ (28,806,064)
Investor Class
Shares sold	430,537	603,317	$ 3,722,045	$ 6,888,002
Reinvestment of distributions	55,401	77,430	505,813	643,601
Shares redeemed	(952,381)	(1,633,572)	(7,503,189)	(17,982,498)
Net increase (decrease)	(466,443)	(952,825)	$ (3,275,331)	$ (10,450,895)

11. Other.

At the end of the period, FMR or its affiliates were owners of record of 100% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Utilities Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Utilities Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Utilities Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Christopher S. Bartel (38)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Sector and Real Estate Equity Funds. Mr. Bartel also serves as Senior Vice President of Equity Research (2009-present). Previously, Mr. Bartel served as Managing Director of Research (2006-2009) and an analyst and portfolio manager (2000-2006).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class and Investor Class designate 100% of the dividends distributed in December 2009 as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Utilities Portfolio

Annual Report

VIP Utilities Portfolio

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The Board stated that the investment performance of the fund was lower than its benchmark for the one- and three-year periods, although the five-year cumulative total return of Initial Class compared favorably to its benchmark. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

VIP Utilities Portfolio

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expenses of each class ranked below its competitive median for 2008.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VTELIC-ANN-0210
1.817391.104

Fidelity® Variable Insurance Products:
Value Leaders Portfolio

Annual Report

December 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2009	Past 1 year	Past 5 years	Life of fund ^A
VIP® Value Leaders - Initial Class	27.91%	-1.22%	3.06%
VIP Value Leaders - Service Class ^B	27.80%	-1.33%	2.96%
VIP Value Leaders - Service Class 2^C	27.70%	-1.47%	2.80%
VIP Value Leaders - Investor Class^D	27.72%	-1.33%	2.98%

^A From June 17, 2003.

^B Performance of Service Class shares reflects an asset-based service fee (12b-1 fee).

^C Performance of Service Class 2 shares reflects an asset-based service fee (12b-1 fee).

^D The initial offering of Investor Class shares took place on July 21, 2005. Returns prior to July 21, 2005 are those of Initial Class. Had Investor Class's transfer agent fee been reflected, returns prior to July 21, 2005, would have been lower.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Value Leaders Portfolio - Initial Class on June 17, 2003, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Comments from Charles Hebard, Portfolio Manager of VIP Value Leaders Portfolio: For the year ending December 31, 2009, the fund's shares solidly outperformed the Russell 1000® Value Index, which returned 19.69%. (For specific portfolio results, please refer to the performance section of this report.) Stock picking in the energy sector was a key to performance, including underweighting integrated oil giant Exxon Mobil, which lagged when the markets rebounded, and good returns from land-driller Nabors Industries and exploration and production company Occidental Petroleum. In the financials sector, underweighting Citigroup in diversified financials paid off when the stock was pummeled by significant credit losses, while a stake in commercial real estate broker CB Richard Ellis Group rallied strongly on investors' expectations of a more favorable commercial real estate environment. Overweighting in investment banks JPMorgan Chase and Goldman Sachs further contributed. Underweighting major index component General Electric, which was battered by slowdowns in its industrial businesses and its financing arm, aided results in the industrials space. Elsewhere, an out-of-index position in Belgian brewer Anheuser-Busch InBev boosted returns. On the negative side, several diversified financials stocks detracted, including Bank of America and State Street, which performed poorly early in the period. Not owning automaker and index component Ford was a mistake, as the company was better capitalized than its Detroit brethren and was the only one of the "Big Three" domestic automakers to forgo government assistance, increasing the likelihood of its survival. Within telecommunication services, our holdings in wireless provider Sprint Nextel were pressured by concerns about a potential price war in the industry, while homebuilders KB Home and Pulte Homes failed to participate in the market rally. Citigroup and GE were no longer held at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2009 to December 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value July 1, 2009	Ending Account Value December 31, 2009	Expenses Paid During Period* July 1, 2009 to December 31, 2009
Initial Class	.85%
Actual		$ 1,000.00	$ 1,240.80	$ 4.80
Hypothetical^A		$ 1,000.00	$ 1,020.92	$ 4.33
Service Class	.95%
Actual		$ 1,000.00	$ 1,239.60	$ 5.36
Hypothetical^A		$ 1,000.00	$ 1,020.42	$ 4.84
Service Class 2	1.10%
Actual		$ 1,000.00	$ 1,238.60	$ 6.21
Hypothetical^A		$ 1,000.00	$ 1,019.66	$ 5.60
Investor Class	.93%
Actual		$ 1,000.00	$ 1,238.90	$ 5.25
Hypothetical^A		$ 1,000.00	$ 1,020.52	$ 4.74

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
JPMorgan Chase & Co.	4.8	4.8
Wells Fargo & Co.	4.4	3.5
Pfizer, Inc.	3.9	2.9
Chevron Corp.	3.7	3.6
Bank of America Corp.	3.6	3.6
Verizon Communications, Inc.	3.3	2.3
Occidental Petroleum Corp.	3.2	3.2
Merck & Co., Inc.	1.8	1.7
Hewlett-Packard Co.	1.8	1.7
Morgan Stanley	1.6	1.7
	32.1
Top Five Market Sectors as of December 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.3	24.6
Energy	18.5	18.7
Health Care	10.8	9.9
Industrials	9.8	10.0
Consumer Discretionary	8.8	9.2

Asset Allocation (% of fund's net assets)
As of December 31, 2009*			As of June 30, 2009**
	Stocks 99.7%			Stocks 99.6%
	Bonds 0.0%			Bonds 0.1%
	Short-Term Investments and Net Other Assets 0.3%			Short-Term Investments and Net Other Assets 0.3%
* Foreign investments		9.7%	** Foreign investments		10.5%

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Annual Report

Investments December 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 8.8%
Auto Components - 0.8%
Johnson Controls, Inc.	7,300		$ 198,852
The Goodyear Tire & Rubber Co. (a)	5,500		77,550
			276,402
Automobiles - 0.2%
Renault SA (a)	1,400		72,556
Hotels, Restaurants & Leisure - 0.2%
Wyndham Worldwide Corp.	3,700		74,629
Household Durables - 2.4%
Black & Decker Corp.	2,300		149,109
KB Home (c)	31,900		436,392
Pulte Homes, Inc.	18,330		183,300
Whirlpool Corp.	866		69,852
			838,653
Media - 2.7%
Cablevision Systems Corp. - NY Group Class A	5,100		131,682
DIRECTV (a)	3,100		103,385
DISH Network Corp. Class A	5,600		116,312
Time Warner Cable, Inc.	7,062		292,296
Time Warner, Inc.	9,400		273,916
			917,591
Specialty Retail - 2.5%
Advance Auto Parts, Inc.	2,000		80,960
Home Depot, Inc.	4,250		122,953
Lowe's Companies, Inc.	11,400		266,646
Ross Stores, Inc.	1,500		64,065
Staples, Inc.	13,000		319,670
			854,294
TOTAL CONSUMER DISCRETIONARY			3,034,125
CONSUMER STAPLES - 4.8%
Beverages - 0.9%
Anheuser-Busch InBev SA NV	2,383		124,166
Constellation Brands, Inc. Class A (sub. vtg.) (a)	3,400		54,162
The Coca-Cola Co.	2,400		136,800
			315,128
Food & Staples Retailing - 1.4%
CVS Caremark Corp.	9,400		302,774
Kroger Co.	4,600		94,438
Winn-Dixie Stores, Inc. (a)	7,500		75,300
			472,512
Food Products - 1.2%
Bunge Ltd.	1,300		82,979
Nestle SA (Reg.)	4,949		239,934
Ralcorp Holdings, Inc. (a)	1,900		113,449
			436,362

	Shares		Value
Household Products - 1.0%
Energizer Holdings, Inc. (a)	1,400		$ 85,792
Procter & Gamble Co.	4,100		248,583
			334,375
Tobacco - 0.3%
British American Tobacco PLC sponsored ADR	1,800		116,388
TOTAL CONSUMER STAPLES			1,674,765
ENERGY - 18.5%
Energy Equipment & Services - 5.2%
Baker Hughes, Inc.	3,800		153,824
Ensco International Ltd. ADR	2,250		89,865
Halliburton Co.	9,500		285,855
Helmerich & Payne, Inc.	1,200		47,856
Nabors Industries Ltd. (a)	15,600		341,484
National Oilwell Varco, Inc.	4,726		208,369
Noble Corp.	1,900		77,330
Pride International, Inc. (a)	3,200		102,112
Transocean Ltd. (a)	2,500		207,000
Weatherford International Ltd. (a)	15,200		272,232
			1,785,927
Oil, Gas & Consumable Fuels - 13.3%
Arch Coal, Inc.	4,600		102,350
Chesapeake Energy Corp.	7,100		183,748
Chevron Corp.	16,400		1,262,636
EOG Resources, Inc.	1,200		116,760
EXCO Resources, Inc.	2,800		59,444
Exxon Mobil Corp.	5,700		388,683
Marathon Oil Corp.	12,800		399,616
Occidental Petroleum Corp.	13,700		1,114,495
Petrohawk Energy Corp. (a)	7,300		175,127
Plains Exploration & Production Co. (a)	5,200		143,832
Range Resources Corp.	3,700		184,445
Royal Dutch Shell PLC Class B ADR	4,000		232,520
Southwestern Energy Co. (a)	3,300		159,060
Suncor Energy, Inc.	1,720		60,916
			4,583,632
TOTAL ENERGY			6,369,559
FINANCIALS - 26.8%
Capital Markets - 4.9%
Bank of New York Mellon Corp.	3,200		89,504
Charles Schwab Corp.	3,968		74,678
Franklin Resources, Inc.	1,500		158,025
Goldman Sachs Group, Inc.	3,100		523,404
Morgan Stanley	18,600		550,560
Northern Trust Corp.	1,800		94,320
State Street Corp.	4,300		187,222
			1,677,713
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 6.3%
Huntington Bancshares, Inc.	5,800		$ 21,170
Mitsubishi UFJ Financial Group, Inc.	10,600		52,239
PNC Financial Services Group, Inc.	7,600		401,204
SVB Financial Group (a)	1,800		75,042
U.S. Bancorp, Delaware	5,100		114,801
Wells Fargo & Co.	55,776		1,505,394
			2,169,850
Consumer Finance - 0.9%
Capital One Financial Corp.	4,500		172,530
Discover Financial Services	8,400		123,564
			296,094
Diversified Financial Services - 9.5%
Bank of America Corp.	82,832		1,247,450
CME Group, Inc.	600		201,570
JPMorgan Chase & Co.	39,996		1,666,630
KKR Financial Holdings LLC	14,100		81,780
Moody's Corp.	3,100		83,080
			3,280,510
Insurance - 3.5%
ACE Ltd.	6,320		318,528
Allstate Corp.	3,500		105,140
Genworth Financial, Inc. Class A (a)	18,173		206,264
Lincoln National Corp.	6,100		151,768
Loews Corp.	1,600		58,160
MetLife, Inc.	4,600		162,610
Unum Group	5,400		105,408
XL Capital Ltd. Class A	5,900		108,147
			1,216,025
Real Estate Investment Trusts - 0.9%
Alexandria Real Estate Equities, Inc.	1,600		102,864
Duke Realty LP	3,000		36,510
ProLogis Trust	4,300		58,867
SL Green Realty Corp.	2,100		105,504
			303,745
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	21,600		293,112
TOTAL FINANCIALS			9,237,049
HEALTH CARE - 10.8%
Biotechnology - 0.6%
Amgen, Inc. (a)	1,400		79,198
Biogen Idec, Inc. (a)	2,500		133,750
			212,948
Health Care Equipment & Supplies - 1.9%
Boston Scientific Corp. (a)	7,100		63,900
C. R. Bard, Inc.	600		46,740

	Shares		Value
Covidien PLC	9,582		$ 458,882
Stryker Corp.	1,500		75,555
			645,077
Health Care Providers & Services - 2.0%
Aetna, Inc.	5,800		183,860
Brookdale Senior Living, Inc. (a)	6,700		121,873
CIGNA Corp.	6,600		232,782
UnitedHealth Group, Inc.	4,700		143,256
			681,771
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. (a)	1,200		57,228
Pharmaceuticals - 6.1%
King Pharmaceuticals, Inc. (a)	4,300		52,761
Merck & Co., Inc.	17,300		632,142
Pfizer, Inc.	73,920		1,344,605
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,700		95,506
			2,125,014
TOTAL HEALTH CARE			3,722,038
INDUSTRIALS - 9.8%
Aerospace & Defense - 2.0%
Honeywell International, Inc.	7,500		294,000
Precision Castparts Corp.	800		88,280
United Technologies Corp.	4,400		305,404
			687,684
Building Products - 1.1%
Armstrong World Industries, Inc. (a)	500		19,465
Masco Corp.	19,800		273,438
Owens Corning (a)	3,500		89,740
			382,643
Commercial Services & Supplies - 0.4%
Republic Services, Inc.	4,245		120,176
Construction & Engineering - 0.3%
Fluor Corp.	2,500		112,600
Electrical Equipment - 0.4%
Acuity Brands, Inc.	1,500		53,460
Regal-Beloit Corp.	1,800		93,492
			146,952
Industrial Conglomerates - 0.5%
Textron, Inc.	8,600		161,766
Machinery - 2.6%
Caterpillar, Inc.	2,100		119,679
Cummins, Inc.	6,000		275,160
Deere & Co.	2,400		129,816
Ingersoll-Rand Co. Ltd.	8,800		314,512
Navistar International Corp. (a)	1,420		54,883
			894,050
Road & Rail - 2.5%
Avis Budget Group, Inc. (a)	5,700		74,784
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - continued
CSX Corp.	7,800		$ 378,222
Union Pacific Corp.	6,600		421,740
			874,746
TOTAL INDUSTRIALS			3,380,617
INFORMATION TECHNOLOGY - 7.8%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	10,900		260,946
Juniper Networks, Inc. (a)	3,200		85,344
			346,290
Computers & Peripherals - 2.0%
Hewlett-Packard Co.	12,200		628,422
NCR Corp. (a)	6,900		76,797
			705,219
Electronic Equipment & Components - 2.2%
Agilent Technologies, Inc. (a)	3,350		104,085
Amphenol Corp. Class A	900		41,562
Arrow Electronics, Inc. (a)	4,500		133,245
Avnet, Inc. (a)	7,654		230,845
Flextronics International Ltd. (a)	14,300		104,533
Tyco Electronics Ltd.	5,782		141,948
			756,218
Internet Software & Services - 0.5%
eBay, Inc. (a)	7,000		164,780
Semiconductors & Semiconductor Equipment - 1.8%
Applied Materials, Inc.	18,400		256,496
Atmel Corp. (a)	13,900		64,079
KLA-Tencor Corp.	2,100		75,936
Lam Research Corp. (a)	4,600		180,366
MEMC Electronic Materials, Inc. (a)	2,400		32,688
			609,565
Software - 0.3%
Microsoft Corp.	4,100		125,009
TOTAL INFORMATION TECHNOLOGY			2,707,081
MATERIALS - 3.4%
Chemicals - 1.5%
Albemarle Corp.	3,610		131,296
Celanese Corp. Class A	3,300		105,930
Dow Chemical Co.	10,100		279,063
			516,289
Construction Materials - 0.5%
HeidelbergCement AG	1,725		119,109
Vulcan Materials Co.	900		47,403
			166,512

	Shares		Value
Containers & Packaging - 0.3%
Owens-Illinois, Inc. (a)	3,300		$ 108,471
Metals & Mining - 0.8%
ArcelorMittal SA (NY Shares) Class A	2,800		128,100
Newcrest Mining Ltd.	2,003		63,566
Steel Dynamics, Inc.	5,400		95,688
			287,354
Paper & Forest Products - 0.3%
Weyerhaeuser Co.	2,395		103,320
TOTAL MATERIALS			1,181,946
TELECOMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 3.6%
Qwest Communications International, Inc.	25,200		106,092
Verizon Communications, Inc.	33,900		1,123,107
			1,229,199
Wireless Telecommunication Services - 0.6%
Sprint Nextel Corp. (a)	61,200		223,992
TOTAL TELECOMMUNICATION SERVICES			1,453,191
UTILITIES - 4.3%
Electric Utilities - 2.2%
Allegheny Energy, Inc.	2,300		54,004
American Electric Power Co., Inc.	6,600		229,614
Entergy Corp.	2,500		204,600
FirstEnergy Corp.	5,700		264,765
			752,983
Independent Power Producers & Energy Traders - 0.8%
AES Corp.	3,700		49,247
Constellation Energy Group, Inc.	3,300		116,061
NRG Energy, Inc. (a)	5,000		118,050
			283,358
Multi-Utilities - 1.3%
CMS Energy Corp.	9,100		142,506
PG&E Corp.	3,900		174,135
Sempra Energy	2,200		123,156
			439,797
TOTAL UTILITIES			1,476,138
TOTAL COMMON STOCKS (Cost $36,443,561)		34,236,509
Convertible Preferred Stocks - 0.5%

FINANCIALS - 0.5%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	100		84,000
Convertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.3%
Bank of America Corp.	5,900		$ 88,028
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $157,800)		172,028
Money Market Funds - 1.9%
Fidelity Cash Central Fund, 0.16% (d)	197,635		197,635
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	440,325		440,325
TOTAL MONEY MARKET FUNDS (Cost $637,960)		637,960
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $37,239,321)			35,046,497
NET OTHER ASSETS - (1.6)%			(538,134)
NET ASSETS - 100%		$ 34,508,363

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 757
Fidelity Securities Lending Cash Central Fund	1,255
Total	$ 2,012

Other Information

The following is a summary of the inputs used, as of December 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,034,125	$ 3,034,125	$ -	$ -
Consumer Staples	1,674,765	1,674,765	-	-
Energy	6,369,559	6,369,559	-	-
Financials	9,409,077	9,272,838	136,239	-
Health Care	3,722,038	3,722,038	-	-
Industrials	3,380,617	3,380,617	-	-
Information Technology	2,707,081	2,707,081	-	-
Materials	1,181,946	1,181,946	-	-
Telecommunication Services	1,453,191	1,453,191	-	-
Utilities	1,476,138	1,476,138	-	-
Money Market Funds	637,960	637,960	-	-
Total Investments in Securities:	$ 35,046,497	$ 34,910,258	$ 136,239	$ -

Income Tax Information

At December 31, 2009, the fund had a capital loss carryforward of approximately $23,281,217 of which $11,835,995 and $11,445,222 will expire on December 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	December 31, 2009
Assets
Investment in securities, at value (including securities loaned of $422,712) - See accompanying schedule: Unaffiliated issuers (cost $36,601,361)	$ 34,408,537
Fidelity Central Funds (cost $637,960)	637,960
Total Investments (cost $37,239,321)		$ 35,046,497
Receivable for investments sold		59,759
Receivable for fund shares sold		9,587
Dividends receivable		32,575
Distributions receivable from Fidelity Central Funds		59
Prepaid expenses		174
Other receivables		321
Total assets		35,148,972

Liabilities
Payable for investments purchased	$ 36,291
Payable for fund shares redeemed	81,695
Accrued management fee	16,570
Distribution fees payable	420
Other affiliated payables	4,387
Other payables and accrued expenses	60,921
Collateral on securities loaned, at value	440,325
Total liabilities		640,609

Net Assets		$ 34,508,363
Net Assets consist of:
Paid in capital		$ 61,478,019
Undistributed net investment income		8,181
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(24,764,957)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(2,212,880)
Net Assets		$ 34,508,363

Statement of Assets and Liabilities - continued

	December 31, 2009
Initial Class: Net Asset Value, offering price and redemption price per share ($12,825,654 ÷ 1,362,080 shares)		$ 9.42

Service Class: Net Asset Value, offering price and redemption price per share ($677,131 ÷ 71,946 shares)		$ 9.41

Service Class 2: Net Asset Value, offering price and redemption price per share ($1,756,358 ÷ 187,099 shares)		$ 9.39

Investor Class: Net Asset Value, offering price and redemption price per share ($19,249,220 ÷ 2,046,731 shares)		$ 9.40

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended December 31, 2009
Investment Income
Dividends		$ 856,026
Interest		350
Income from Fidelity Central Funds		2,012
Total income		858,388

Expenses
Management fee	$ 208,164
Transfer agent fees	55,223
Distribution fees	5,219
Accounting and security lending fees	14,483
Custodian fees and expenses	21,642
Independent trustees' compensation	274
Audit	40,663
Legal	237
Miscellaneous	3,458
Total expenses before reductions	349,363
Expense reductions	(15,334)	334,029
Net investment income (loss)		524,359
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(8,605,676)
Foreign currency transactions	(773)
Total net realized gain (loss)		(8,606,449)
Change in net unrealized appreciation (depreciation) on: Investment securities	16,401,566
Assets and liabilities in foreign currencies	(61)
Total change in net unrealized appreciation (depreciation)		16,401,505
Net gain (loss)		7,795,056
Net increase (decrease) in net assets resulting from operations		$ 8,319,415

Statement of Changes in Net Assets

	Year ended December 31, 2009	Year ended December 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 524,359	$ 1,146,095
Net realized gain (loss)	(8,606,449)	(15,570,917)
Change in net unrealized appreciation (depreciation)	16,401,505	(23,671,296)
Net increase (decrease) in net assets resulting from operations	8,319,415	(38,096,118)
Distributions to shareholders from net investment income	(567,198)	(1,069,463)
Distributions to shareholders from net realized gain	-	(105,299)
Total distributions	(567,198)	(1,174,762)
Share transactions - net increase (decrease)	(18,654,274)	6,466,333
Total increase (decrease) in net assets	(10,902,057)	(32,804,547)

Net Assets
Beginning of period	45,410,420	78,214,967
End of period (including undistributed net investment income of $8,181 and undistributed net investment income of $43,927, respectively)	$ 34,508,363	$ 45,410,420

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Initial Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.49	$ 13.89	$ 14.82	$ 13.30	$ 12.28
Income from Investment Operations
Net investment income (loss) ^C	.12	.20	.20	.15	.13
Net realized and unrealized gain (loss)	1.97	(6.39)	.48	1.86	1.11
Total from investment operations	2.09	(6.19)	.68	2.01	1.24
Distributions from net investment income	(.16)	(.19)	(.21)	(.13)	(.07)
Distributions from net realized gain	-	(.02)	(1.40)	(.37)	(.16)
Total distributions	(.16)	(.21)	(1.61)	(.49) ^H	(.22) ^G
Net asset value, end of period	$ 9.42	$ 7.49	$ 13.89	$ 14.82	$ 13.30
Total Return ^A,B	27.91%	(44.61)%	4.56%	15.18%	10.18%
Ratios to Average Net Assets ^D,F
Expenses before reductions	.89%	.81%	.80%	.84%	.98%
Expenses net of fee waivers, if any	.85%	.81%	.80%	.84%	.85%
Expenses net of all reductions	.85%	.81%	.80%	.83%	.81%
Net investment income (loss)	1.48%	1.79%	1.27%	1.09%	1.00%
Supplemental Data
Net assets, end of period (000 omitted)	$ 12,826	$ 18,847	$ 30,300	$ 42,725	$ 37,465
Portfolio turnover rate ^E	58%	95%	98%	94%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Total distributions of $.22 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.155 per share.

^H Total distributions of $.49 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.365 per share.

Financial Highlights - Service Class

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.48	$ 13.86	$ 14.80	$ 13.28	$ 12.26
Income from Investment Operations
Net investment income (loss) ^C	.11	.19	.18	.14	.10
Net realized and unrealized gain (loss)	1.96	(6.38)	.48	1.86	1.13
Total from investment operations	2.07	(6.19)	.66	2.00	1.23
Distributions from net investment income	(.14)	(.17)	(.20)	(.12)	(.05)
Distributions from net realized gain	-	(.02)	(1.40)	(.37)	(.16)
Total distributions	(.14)	(.19)	(1.60)	(.48) ^H	(.21) ^G
Net asset value, end of period	$ 9.41	$ 7.48	$ 13.86	$ 14.80	$ 13.28
Total Return ^A,B	27.80%	(44.69)%	4.43%	15.11%	10.10%
Ratios to Average Net Assets ^D,F
Expenses before reductions	.97%	.90%	.89%	.93%	1.42%
Expenses net of fee waivers, if any	.95%	.90%	.89%	.93%	.97%
Expenses net of all reductions	.95%	.90%	.89%	.93%	.93%
Net investment income (loss)	1.38%	1.70%	1.18%	1.00%	.78%
Supplemental Data
Net assets, end of period (000 omitted)	$ 677	$ 956	$ 2,577	$ 2,458	$ 2,137
Portfolio turnover rate ^E	58%	95%	98%	94%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Total distributions of $.21 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.155 per share.

^H Total distributions of $.48 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.365 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Service Class 2

Years ended December 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.46	$ 13.80	$ 14.75	$ 13.25	$ 12.23
Income from Investment Operations
Net investment income (loss) ^C	.10	.18	.15	.12	.08
Net realized and unrealized gain (loss)	1.96	(6.35)	.48	1.84	1.13
Total from investment operations	2.06	(6.17)	.63	1.96	1.21
Distributions from net investment income	(.13)	(.15)	(.18)	(.10)	(.04)
Distributions from net realized gain	-	(.02)	(1.40)	(.37)	(.16)
Total distributions	(.13)	(.17)	(1.58)	(.46) ^H	(.19) ^G
Net asset value, end of period	$ 9.39	$ 7.46	$ 13.80	$ 14.75	$ 13.25
Total Return ^A,B	27.70%	(44.77)%	4.22%	14.86%	9.98%
Ratios to Average Net Assets ^D,F
Expenses before reductions	1.12%	1.05%	1.07%	1.14%	1.60%
Expenses net of fee waivers, if any	1.10%	1.05%	1.07%	1.10%	1.12%
Expenses net of all reductions	1.10%	1.05%	1.06%	1.09%	1.08%
Net investment income (loss)	1.23%	1.55%	1.01%	.83%	.63%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,756	$ 2,001	$ 5,724	$ 4,467	$ 2,957
Portfolio turnover rate ^E	58%	95%	98%	94%	75%

^A Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^B Total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Calculated based on average shares outstanding during the period.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Total distributions of $.19 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $.155 per share.

^H Total distributions of $.46 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.365 per share.

Financial Highlights - Investor Class

Years ended December 31,	2009	2008	2007	2006	2005 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 7.48	$ 13.87	$ 14.81	$ 13.30	$ 12.72
Income from Investment Operations
Net investment income (loss) ^E	.11	.19	.18	.14	.05
Net realized and unrealized gain (loss)	1.96	(6.38)	.48	1.86	.61
Total from investment operations	2.07	(6.19)	.66	2.00	.66
Distributions from net investment income	(.15)	(.18)	(.20)	(.12)	(.05)
Distributions from net realized gain	-	(.02)	(1.40)	(.37)	(.03)
Total distributions	(.15)	(.20)	(1.60)	(.49) ^K	(.08) ^J
Net asset value, end of period	$ 9.40	$ 7.48	$ 13.87	$ 14.81	$ 13.30
Total Return ^B,C,D	27.72%	(44.67)%	4.41%	15.06%	5.20%
Ratios to Average Net Assets ^F,I
Expenses before reductions	.97%	.90%	.91%	.97%	1.15% ^A
Expenses net of fee waivers, if any	.93%	.90%	.91%	.97%	1.00% ^A
Expenses net of all reductions	.93%	.90%	.91%	.96%	.96% ^A
Net investment income (loss)	1.40%	1.71%	1.16%	.96%	.87% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,249	$ 23,606	$ 39,614	$ 28,274	$ 4,279
Portfolio turnover rate ^G	58%	95%	98%	94%	75%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period July 21, 2005 (commencement of sale of shares) to December 31, 2005.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.053 and distributions from net realized gain of $.030 per share.

^K Total distributions of $.49 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.365 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended December 31, 2009

1. Organization.

VIP Value Leaders Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, February 16, 2010, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2009, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,389,385
Gross unrealized depreciation	(7,940,159)
Net unrealized appreciation (depreciation)	$ (3,550,774)

Tax Cost	$ 38,597,271

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 8,181
Capital loss carryforward	$ (23,281,217)
Net unrealized appreciation (depreciation)	$ (3,570,830)

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	December 31, 2009	December 31, 2008
Ordinary Income	$ 567,198	$ 1,174,762

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $21,314,310 and $39,897,914, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services:

Service Class	$ 761
Service Class 2	4,458
	$ 5,219

Initial Class	$ 14,903
Service Class	682
Service Class 2	1,489
Investor Class	38,149
	$ 55,223

Annual Report

Notes to Financial Statements - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $215 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	.85%	$ 5,036
Service Class	.95%	167
Service Class 2	1.10%	292
Investor Class	.93%	8,476
		$ 13,971

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended December 31,	2009	2008
From net investment income
Initial Class	$ 219,670	$ 460,521
Service Class	10,712	21,104
Service Class 2	24,668	38,328
Investor Class	312,148	549,510
Total	$ 567,198	$ 1,069,463
From net realized gain
Initial Class	$ -	$ 38,367
Service Class	-	3,720
Service Class 2	-	8,161
Investor Class	-	55,051
Total	$ -	$ 105,299

Annual Report

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended December 31,	2009	2008	2009	2008
Initial Class
Shares sold	239,960	1,249,574	$ 1,819,515	$ 15,002,246
Reinvestment of distributions	24,543	66,157	219,670	498,888
Shares redeemed	(1,420,346)	(979,932)	(10,917,966)	(10,972,093)
Net increase (decrease)	(1,155,843)	335,799	$ (8,878,781)	$ 4,529,041
Service Class
Reinvestment of distributions	1,203	3,185	10,712	24,823
Shares redeemed	(57,024)	(61,406)	(445,124)	(584,123)
Net increase (decrease)	(55,821)	(58,221)	$ (434,412)	$ (559,300)
Service Class 2
Shares sold	85,657	45,542	$ 640,879	$ 514,841
Reinvestment of distributions	2,768	5,912	24,668	46,489
Shares redeemed	(169,508)	(198,033)	(1,319,098)	(2,015,823)
Net increase (decrease)	(81,083)	(146,579)	$ (653,551)	$ (1,454,493)
Investor Class
Shares sold	494,371	1,143,976	$ 3,783,197	$ 13,354,389
Reinvestment of distributions	34,870	79,773	312,148	604,561
Shares redeemed	(1,639,748)	(923,568)	(12,782,875)	(10,007,865)
Net increase (decrease)	(1,110,507)	300,181	$ (8,687,530)	$ 3,951,085

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 95% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund IV and the Shareholders of VIP Value Leaders Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of VIP Value Leaders Portfolio (a fund of Variable Insurance Products Fund IV) at December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the VIP Value Leaders Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2010

Annual Report

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1983 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Initial Class, Service Class, Service Class 2, and Investor Class designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

VIP Value Leaders Portfolio

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Initial Class and Service Class 2 of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Initial Class and Service Class 2 show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

VIP Value Leaders Portfolio

fid756

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Initial Class of the fund was in the fourth quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 9% means that 91% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

VIP Value Leaders Portfolio

fid758

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each of Initial Class, Investor Class, and Service Class ranked below its competitive median for 2008 and the total expenses of Service Class 2 ranked above its competitive median for 2008. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VVL-ANN-0210
1.796594.106

Item 2. Code of Ethics

As of the end of the period, December 31, 2009, Variable Insurance Products Fund IV (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Emerging Markets Portfolio (the "Fund"):

Services Billed by Deloitte Entities

December 31, 2009 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Emerging Markets Portfolio	$47,000	$-	$5,600	$-

December 31, 2008 Fees^A,B

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Emerging Markets Portfolio	$40,000	$-	$5,700	$-

^AAmounts may reflect rounding.

^BEmerging Markets Portfolio commenced operations on January 23, 2008.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Consumer Discretionary Portfolio, Consumer Staples Portfolio, Energy Portfolio, Financial Services Portfolio, Growth Stock Portfolio, Health Care Portfolio, Industrials Portfolio, International Capital Appreciation Portfolio, Materials Portfolio, Real Estate Portfolio, Technology Portfolio, Telecommunications Portfolio, Utilities Portfolio, and Value Leaders Portfolio (the "Funds"):

Services Billed by PwC

December 31, 2009 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Consumer Discretionary Portfolio	$36,000	$-	$2,400	$1,400
Consumer Staples Portfolio	$36,000	$-	$2,400	$1,500
Energy Portfolio	$36,000	$-	$2,400	$1,700
Financial Services Portfolio	$37,000	$-	$3,400	$1,500
Growth Stock Portfolio	$43,000	$-	$3,000	$1,500
Health Care Portfolio	$38,000	$-	$2,400	$1,500
Industrials Portfolio	$36,000	$-	$2,400	$1,500
International Capital Appreciation Portfolio	$45,000	$-	$4,900	$1,500
Materials Portfolio	$36,000	$-	$2,400	$1,500
Real Estate Portfolio	$43,000	$-	$3,400	$1,500
Technology Portfolio	$35,000	$-	$2,400	$1,500
Telecommunications Portfolio	$36,000	$-	$2,400	$1,400
Utilities Portfolio	$35,000	$-	$2,400	$1,500
Value Leaders Portfolio	$42,000	$-	$4,000	$1,500

December 31, 2008 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Consumer Discretionary Portfolio	$35,000	$-	$4,500	$1,500
Consumer Staples Portfolio	$29,000	$-	$3,100	$1,500
Energy Portfolio	$35,000	$-	$4,500	$2,000
Financial Services Portfolio	$35,000	$-	$5,900	$1,500
Growth Stock Portfolio	$41,000	$-	$4,700	$1,500
Health Care Portfolio	$37,000	$-	$4,500	$1,500
Industrials Portfolio	$33,000	$-	$4,500	$1,500
International Capital Appreciation Portfolio	$43,000	$-	$5,100	$1,500
Materials Portfolio	$29,000	$-	$3,100	$1,500
Real Estate Portfolio	$42,000	$-	$5,500	$1,500
Technology Portfolio	$34,000	$-	$4,500	$1,500
Telecommunications Portfolio	$29,000	$-	$3,100	$1,500
Utilities Portfolio	$34,000	$-	$4,500	$1,500
Value Leaders Portfolio	$39,000	$-	$6,100	$1,500

^AAmounts may reflect rounding.

The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):

Services Billed by Deloitte Entities

	December 31, 2009^A	December 31, 2008^A,C
Audit-Related Fees	$725,000	$815,000
Tax Fees	$-	$2,000
All Other Fees	$515,000	$225,000^B

^A Amounts may reflect rounding.

^B Reflects current period presentation.

^C May include amounts billed prior to Emerging Market Portfolio's commencement of operations.

Services Billed by PwC

	December 31, 2009^A	December 31, 2008^A
Audit-Related Fees	$2,655,000	$2,530,000^B
Tax Fees	$-	$2,000
All Other Fees	$-	$-^B

^A Amounts may reflect rounding.

^B Reflects current period presentation.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC and Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	December 31, 2009^A	December 31, 2008^A,B
PwC	$4,600,000	$3,170,000
Deloitte Entities	$1,245,000	$1,260,000^C

^A Amounts may reflect rounding.

^B Reflects current period presentation.

^C May include amounts billed prior to Emerging Market Portfolio's commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	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.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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:	February 26, 2010

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

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

Date:	February 26, 2010

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

Date:	February 26, 2010

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments December 31, 2009

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Years ended December 31,

2009

2008

2007

2006

2005

Financial Highlights - Investor Class

Years ended December 31,

2009

2008

2007

2006

2005 I

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Investment Changes (Unaudited)

Investments December 31, 2009

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Years ended December 31,

2009

2008

2007 H

Financial Highlights - Investor Class

Years ended December 31,

2009

2008

2007 H

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments December 31, 2009

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Years ended December 31,

2009

2008 H

Financial Highlights - Service Class

Years ended December 31,

2009

2008 H

Financial Highlights - Service Class 2

Years ended December 31,

2009

2008 H

Financial Highlights - Initial Class R

Years ended December 31,

2009

2008 H

Financial Highlights - Service Class 2R

Years ended December 31,

2009

2005 ^I

2007 ^H

2007 ^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H

2008^H