N-Q 1 vip2.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5511

Variable Insurance Products Fund II
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

December 31

 

 

Date of reporting period:

September 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Contrafund ® Portfolio

September 30, 2010 

1.808782.106

VIPCON-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

CONSUMER DISCRETIONARY - 10.1%

Auto Components - 0.4%

Johnson Controls, Inc.

1,575,100

$ 48,040,550

TRW Automotive Holdings Corp. (a)

429,275

17,840,669

 

65,881,219

Automobiles - 0.8%

BYD Co. Ltd. (H Shares) (c)

1,536,500

12,347,052

Daimler AG (United States) (a)

359,700

22,769,010

Ford Motor Co. (a)

4,125,798

50,499,768

Harley-Davidson, Inc.

920,500

26,179,020

Toyota Motor Corp. sponsored ADR (c)

175,200

12,540,816

 

124,335,666

Distributors - 0.1%

Li & Fung Ltd.

3,435,000

19,324,365

Hotels, Restaurants & Leisure - 1.7%

Darden Restaurants, Inc.

413,798

17,702,278

Las Vegas Sands Corp. (a)(c)

736,600

25,670,510

Marriott International, Inc. Class A

873,061

31,281,776

McDonald's Corp.

1,880,700

140,130,957

Royal Caribbean Cruises Ltd. (a)

528,400

16,660,452

Starwood Hotels & Resorts Worldwide, Inc.

785,400

41,272,770

Yum! Brands, Inc.

196,500

9,050,790

 

281,769,533

Household Durables - 0.3%

D.R. Horton, Inc.

1,479,200

16,448,704

M.D.C. Holdings, Inc.

525,750

15,262,523

Stanley Black & Decker, Inc.

403,361

24,717,962

 

56,429,189

Internet & Catalog Retail - 0.9%

Amazon.com, Inc. (a)

579,505

91,017,055

Expedia, Inc.

1,894,438

53,442,096

Rakuten, Inc.

12,567

9,211,989

 

153,671,140

Leisure Equipment & Products - 0.1%

Brunswick Corp.

687,687

10,466,596

Eastman Kodak Co. (a)(c)

1,677,700

7,046,340

 

17,512,936

Media - 3.0%

Comcast Corp. Class A

2,179,062

39,397,441

DIRECTV (a)

2,149,500

89,483,685

DreamWorks Animation SKG, Inc. Class A (a)

431,321

13,763,453

Lamar Advertising Co. Class A (a)

289,923

9,225,350

Legend Pictures Holdings LLC (h)

6,611

4,958,250

Liberty Global, Inc. Class A (a)(c)

639,500

19,702,995

Naspers Ltd. Class N

241,900

11,827,425

The Walt Disney Co.

3,849,942

127,471,580

The Weinstein Co. II Holdings, LLC Class A-1 (a)(h)

11,499

4,312,125

Time Warner Cable, Inc.

1,003,443

54,175,888

 

Shares

Value

Time Warner, Inc.

2,081,247

$ 63,790,221

Viacom, Inc. Class B (non-vtg.)

1,256,616

45,476,933

 

483,585,346

Multiline Retail - 0.6%

Nordstrom, Inc.

518,909

19,303,415

Target Corp.

1,432,100

76,531,424

 

95,834,839

Specialty Retail - 2.0%

Best Buy Co., Inc.

921,122

37,609,411

Hengdeli Holdings Ltd.

21,688,000

10,034,788

Home Depot, Inc.

3,307,400

104,778,432

Inditex SA

303,490

24,110,859

Lowe's Companies, Inc.

3,184,600

70,984,734

Sally Beauty Holdings, Inc. (a)

1,957,321

21,921,995

Tiffany & Co., Inc.

378,100

17,766,919

TJX Companies, Inc.

735,540

32,827,150

Urban Outfitters, Inc. (a)

422,600

13,286,544

 

333,320,832

Textiles, Apparel & Luxury Goods - 0.2%

LVMH Moet Hennessy - Louis Vuitton

117,678

17,263,579

Ports Design Ltd.

1,947,500

5,383,925

Trinity Ltd.

8,956,000

8,760,928

 

31,408,432

TOTAL CONSUMER DISCRETIONARY

1,663,073,497

CONSUMER STAPLES - 10.9%

Beverages - 3.8%

Anheuser-Busch InBev SA NV

821,660

48,338,841

Coca-Cola Bottling Co. Consolidated

186,760

9,885,207

Coca-Cola Enterprises, Inc.

80,700

2,501,700

Coca-Cola FEMSA SAB de CV sponsored ADR

117,747

9,210,170

Coca-Cola Icecek AS

420,903

5,150,351

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

77,362

9,575,868

Constellation Brands, Inc. Class A (sub. vtg.) (a)

3,121,069

55,211,711

Diageo PLC sponsored ADR

796,383

54,958,391

Embotelladora Andina SA sponsored ADR

328,236

9,403,961

Molson Coors Brewing Co. Class B

1,254,943

59,258,408

PepsiCo, Inc.

1,281,303

85,129,771

The Coca-Cola Co.

4,662,009

272,820,767

 

621,445,146

Food & Staples Retailing - 2.1%

BJ's Wholesale Club, Inc. (a)

360,560

14,963,240

CVS Caremark Corp.

2,752,262

86,613,685

Kroger Co.

2,415,724

52,324,582

Safeway, Inc.

1,169,981

24,756,798

Susser Holdings Corp. (a)

131,355

1,838,970

United Natural Foods, Inc. (a)

142,400

4,719,136

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

1,263,295

$ 67,611,548

Walgreen Co.

2,987,490

100,080,915

 

352,908,874

Food Products - 1.2%

Archer Daniels Midland Co.

1,040,041

33,198,109

Ausnutria Dairy Hunan Co. Ltd. (H Shares)

491,000

234,141

Bunge Ltd.

187,706

11,104,687

Dean Foods Co. (a)

1,958,742

19,998,756

Green Mountain Coffee Roasters, Inc. (a)(c)

814,822

25,414,298

Nestle SA

882,576

47,028,199

Unilever NV unit

1,584,318

47,339,422

Viterra, Inc. (a)

577,300

5,039,275

 

189,356,887

Household Products - 2.0%

Colgate-Palmolive Co.

947,132

72,796,566

Energizer Holdings, Inc. (a)

45,661

3,069,789

Procter & Gamble Co.

4,104,811

246,165,516

 

322,031,871

Personal Products - 0.4%

Avon Products, Inc.

2,170,681

69,700,567

Tobacco - 1.4%

Altria Group, Inc.

2,167,271

52,057,849

British American Tobacco PLC sponsored ADR

1,306,468

97,606,224

Philip Morris International, Inc.

1,263,158

70,762,111

Souza Cruz Industria Comerico

95,600

4,825,016

 

225,251,200

TOTAL CONSUMER STAPLES

1,780,694,545

ENERGY - 10.7%

Energy Equipment & Services - 3.1%

Baker Hughes, Inc.

3,016,691

128,511,037

Cameron International Corp. (a)

537,894

23,107,926

Ensco International Ltd. ADR

554,301

24,793,884

Halliburton Co.

4,647,132

153,680,655

National Oilwell Varco, Inc.

370,633

16,482,050

Noble Corp.

1,253,500

42,355,765

Oceaneering International, Inc. (a)

311,885

16,798,126

Pride International, Inc. (a)

807,089

23,752,629

Saipem SpA

420,791

16,855,495

Schlumberger Ltd.

305,300

18,809,533

Transocean, Inc. (a)

419,607

26,976,534

Vantage Drilling Co. (a)

1,931,700

3,090,720

Weatherford International Ltd. (a)

837,062

14,313,760

 

509,528,114

 

Shares

Value

Oil, Gas & Consumable Fuels - 7.6%

Alpha Natural Resources, Inc. (a)

703,100

$ 28,932,565

Anadarko Petroleum Corp.

741,033

42,275,933

Apache Corp.

876,662

85,702,477

BG Group PLC

1,214,310

21,336,733

BP PLC

1,116,400

7,638,732

BP PLC sponsored ADR

1,335,733

54,992,128

Chevron Corp.

2,000,229

162,118,560

Cimarex Energy Co.

126,100

8,345,298

Concho Resources, Inc. (a)

291,561

19,292,591

Concho Resources, Inc. (a)(e)(h)

160,382

9,551,229

Denbury Resources, Inc. (a)

2,892,387

45,960,029

Exxon Mobil Corp.

2,758,871

170,470,639

Falkland Oil & Gas Ltd. (a)

1,325,400

2,706,778

Frontier Oil Corp.

619,878

8,306,365

Imperial Oil Ltd.

167,900

6,363,471

InterOil Corp. (a)(c)

158,300

10,834,052

Marathon Oil Corp.

2,114,749

69,998,192

Mariner Energy, Inc. (a)

189,800

4,598,854

Massey Energy Co.

469,900

14,576,298

Murphy Oil Corp.

485,100

30,037,392

Niko Resources Ltd.

42,900

4,222,653

Occidental Petroleum Corp.

1,132,094

88,642,960

OPTI Canada, Inc. (a)

1,065,800

859,892

Peabody Energy Corp.

150,100

7,356,401

PetroBakken Energy Ltd. Class A

91,600

2,054,155

Petrobank Energy & Resources Ltd. (a)

738,800

30,047,526

Petrohawk Energy Corp. (a)

1,174,376

18,954,429

Plains Exploration & Production Co. (a)

483,261

12,888,571

Rodinia Oil Corp.

603,000

480,642

Royal Dutch Shell PLC Class B ADR

1,850,200

108,773,258

Southwestern Energy Co. (a)

1,764,570

59,007,221

Suncor Energy, Inc.

523,544

17,048,577

Talisman Energy, Inc.

2,707,000

47,364,277

Whiting Petroleum Corp. (a)

467,550

44,655,701

 

1,246,394,579

TOTAL ENERGY

1,755,922,693

FINANCIALS - 15.2%

Capital Markets - 2.9%

Ameriprise Financial, Inc.

1,011,030

47,852,050

Charles Schwab Corp.

1,314,263

18,268,256

Credit Suisse Group (Reg.)

594,281

25,323,461

E*TRADE Financial Corp. (a)

1,760,840

25,602,614

Evercore Partners, Inc. Class A

254,300

7,275,523

Franklin Resources, Inc.

344,283

36,803,853

Invesco Ltd.

1,464,907

31,099,976

MF Global Holdings Ltd. (a)

1,948,700

14,030,640

Morgan Stanley

4,243,029

104,717,956

State Street Corp.

3,063,079

115,355,555

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

TD Ameritrade Holding Corp. (a)

1,447,100

$ 23,370,665

UBS AG (a)

1,803,890

30,718,806

 

480,419,355

Commercial Banks - 3.8%

Banco Do Brasil SA

1,103,400

20,776,091

Banco Macro SA sponsored ADR

181,934

8,103,340

BB&T Corp.

458,732

11,046,267

CIT Group, Inc. (a)

435,700

17,785,274

DnB NOR ASA

717,000

9,762,195

Fifth Third Bancorp

1,845,081

22,196,324

FirstMerit Corp.

1,138,026

20,848,636

HDFC Bank Ltd.

218,489

12,170,769

Huntington Bancshares, Inc.

5,252,737

29,783,019

Industrial & Commercial Bank of China Ltd. (H Shares)

24,214,000

18,038,010

KeyCorp

2,775,711

22,094,660

PNC Financial Services Group, Inc.

1,148,553

59,621,386

PT Bank Rakyat Indonesia Tbk

8,487,500

9,509,819

Regions Financial Corp.

3,433,108

24,958,695

Shinhan Financial Group Co. Ltd.

215,150

8,242,649

Standard Chartered PLC (United Kingdom)

557,030

15,978,710

SunTrust Banks, Inc.

1,544,519

39,894,926

Synovus Financial Corp.

1,606,800

3,952,728

Turkiye Garanti Bankasi AS

5,093,000

29,575,665

U.S. Bancorp, Delaware

3,950,500

85,409,810

Wells Fargo & Co.

6,202,020

155,856,763

 

625,605,736

Consumer Finance - 1.1%

American Express Co.

1,215,725

51,096,922

Capital One Financial Corp.

1,884,065

74,514,771

Discover Financial Services

2,625,549

43,794,157

Promise Co. Ltd.

1,661,250

12,477,615

 

181,883,465

Diversified Financial Services - 4.2%

African Bank Investments Ltd.

4,373,741

22,495,569

Citigroup, Inc. (a)

72,195,888

281,563,963

ING Groep NV (Certificaten Van Aandelen) unit (a)

1,266,400

13,134,808

JPMorgan Chase & Co.

9,404,483

358,028,668

NBH Holdings Corp. Class A (a)(d)

813,800

15,869,100

 

691,092,108

Insurance - 1.8%

CNO Financial Group, Inc. (a)

3,692,200

20,454,788

Fairfax Financial Holdings Ltd. (sub. vtg.)

42,100

17,146,926

Genworth Financial, Inc. Class A (a)

1,213,800

14,832,636

Marsh & McLennan Companies, Inc.

2,252,149

54,321,834

MetLife, Inc.

3,802,761

146,216,160

 

Shares

Value

Protective Life Corp.

776,100

$ 16,887,936

Unum Group

1,180,900

26,156,935

 

296,017,215

Real Estate Investment Trusts - 0.9%

AvalonBay Communities, Inc.

104,800

10,891,864

Boston Properties, Inc.

86,742

7,209,995

ProLogis Trust

4,177,514

49,211,115

Public Storage

378,661

36,745,263

The Macerich Co.

726,299

31,194,542

U-Store-It Trust

1,430,576

11,945,310

 

147,198,089

Real Estate Management & Development - 0.3%

BR Malls Participacoes SA

2,728,200

22,503,442

Indiabulls Real Estate Ltd. (a)

5,071,751

19,464,281

 

41,967,723

Thrifts & Mortgage Finance - 0.2%

Housing Development Finance Corp. Ltd.

731,223

12,013,099

Ocwen Financial Corp. (a)

1,935,200

19,622,928

 

31,636,027

TOTAL FINANCIALS

2,495,819,718

HEALTH CARE - 10.7%

Biotechnology - 1.8%

Acorda Therapeutics, Inc. (a)

253,500

8,370,570

AMAG Pharmaceuticals, Inc. (a)

228,600

3,934,206

Amgen, Inc. (a)

781,049

43,043,610

AVEO Pharmaceuticals, Inc.

518,044

5,771,010

Biogen Idec, Inc. (a)

957,638

53,742,645

BioMarin Pharmaceutical, Inc. (a)

1,076,917

24,069,095

Genzyme Corp. (a)

798,084

56,496,366

Gilead Sciences, Inc. (a)

2,471,795

88,020,620

Human Genome Sciences, Inc. (a)

393,727

11,729,127

 

295,177,249

Health Care Equipment & Supplies - 1.5%

American Medical Systems Holdings, Inc. (a)

654,900

12,822,942

C. R. Bard, Inc.

366,620

29,853,867

Cooper Companies, Inc.

383,300

17,716,126

Covidien PLC

1,378,034

55,383,186

Edwards Lifesciences Corp. (a)

831,072

55,723,378

Mako Surgical Corp. (a)

1,154,193

11,057,169

Microport Scientific Corp.

2,492,000

2,778,167

Quidel Corp. (a)

1,322,504

14,534,319

Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)

3,516,000

10,014,641

Stryker Corp.

311,863

15,608,743

William Demant Holding AS (a)

320,174

23,628,083

 

249,120,621

Health Care Providers & Services - 2.5%

CIGNA Corp.

1,222,539

43,742,445

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Diagnosticos da America SA

1,003,000

$ 11,885,697

Express Scripts, Inc. (a)

1,258,554

61,291,580

Fresenius Medical Care AG & Co. KGaA

245,200

15,145,719

Henry Schein, Inc. (a)

1,092,500

63,998,650

McKesson Corp.

878,910

54,299,060

Medco Health Solutions, Inc. (a)

1,049,398

54,631,660

UnitedHealth Group, Inc.

2,787,951

97,884,960

 

402,879,771

Health Care Technology - 0.0%

Allscripts-Misys Healthcare Solutions, Inc. (a)

470,323

8,686,866

Life Sciences Tools & Services - 0.5%

Charles River Laboratories International, Inc. (a)

373,156

12,370,121

Covance, Inc. (a)

141,200

6,606,748

Fluidigm Corp. warrants 8/25/19 (a)

8,933

567

Illumina, Inc. (a)

690,454

33,970,337

Lonza Group AG

224,117

19,150,717

QIAGEN NV (a)

336,346

5,966,778

 

78,065,268

Pharmaceuticals - 4.4%

Abbott Laboratories

1,162,760

60,742,582

Allergan, Inc.

755,339

50,252,704

Johnson & Johnson

906,433

56,162,589

Lupin Ltd.

643,025

5,599,237

Merck & Co., Inc.

5,962,820

219,491,404

Novo Nordisk AS Series B

445,409

44,080,799

Perrigo Co.

139,083

8,931,910

Pfizer, Inc.

10,072,403

172,943,160

Shire PLC sponsored ADR

750,900

50,520,552

Valeant Pharmaceuticals International, Inc.

1,877,921

47,370,158

 

716,095,095

TOTAL HEALTH CARE

1,750,024,870

INDUSTRIALS - 10.6%

Aerospace & Defense - 2.1%

Goodrich Corp.

817,156

60,248,912

Precision Castparts Corp.

220,600

28,093,410

Raytheon Co.

879,112

40,184,210

The Boeing Co.

1,399,129

93,098,044

United Technologies Corp.

1,737,929

123,792,683

 

345,417,259

Air Freight & Logistics - 0.4%

C.H. Robinson Worldwide, Inc.

365,358

25,545,831

United Parcel Service, Inc. Class B

640,450

42,711,611

 

68,257,442

 

Shares

Value

Airlines - 0.2%

Southwest Airlines Co.

2,614,916

$ 34,176,952

Building Products - 0.2%

Armstrong World Industries, Inc. (a)

361,073

14,988,140

Owens Corning (a)

616,901

15,811,173

 

30,799,313

Commercial Services & Supplies - 0.4%

Cintas Corp.

241,900

6,664,345

Republic Services, Inc.

713,495

21,754,463

Stericycle, Inc. (a)

564,516

39,222,572

 

67,641,380

Construction & Engineering - 0.2%

Fluor Corp.

692,950

34,321,814

Electrical Equipment - 0.9%

Cooper Industries PLC Class A

896,275

43,854,736

Emerson Electric Co.

988,481

52,053,409

Regal-Beloit Corp.

738,026

43,314,746

Saft Groupe SA

372,654

14,530,987

 

153,753,878

Industrial Conglomerates - 2.0%

General Electric Co.

17,890,945

290,727,856

Textron, Inc.

765,011

15,728,626

Tyco International Ltd.

417,988

15,352,699

 

321,809,181

Machinery - 3.0%

Caterpillar, Inc.

1,746,623

137,424,298

Cummins, Inc.

1,088,486

98,595,062

Danaher Corp.

2,006,242

81,473,488

Deere & Co.

826,686

57,686,149

Dover Corp.

323,300

16,879,493

Ingersoll-Rand Co. Ltd.

968,600

34,588,706

Navistar International Corp. (a)

830,623

36,248,388

NSK Ltd.

718,000

4,871,440

Vallourec SA

180,298

17,912,779

 

485,679,803

Road & Rail - 1.2%

CSX Corp.

1,520,930

84,137,848

Union Pacific Corp.

1,446,304

118,307,667

 

202,445,515

TOTAL INDUSTRIALS

1,744,302,537

INFORMATION TECHNOLOGY - 19.3%

Communications Equipment - 2.3%

Aruba Networks, Inc. (a)(c)

2,447,471

52,229,031

Ciena Corp. (a)(c)

1,968,429

30,648,440

Meru Networks, Inc. (a)(c)

574,625

9,906,535

QUALCOMM, Inc.

6,205,771

280,004,388

ViaSat, Inc. (a)

250,254

10,287,942

 

383,076,336

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 4.7%

A-DATA Technology Co. Ltd.

1,126,000

$ 1,847,795

Apple, Inc. (a)

1,986,316

563,617,161

EMC Corp. (a)

2,371,227

48,159,620

SanDisk Corp. (a)

3,802,064

139,345,646

Seagate Technology (a)

2,113,827

24,900,882

 

777,871,104

Electronic Equipment & Components - 0.6%

Agilent Technologies, Inc. (a)

1,454,361

48,532,027

Jabil Circuit, Inc.

1,644,893

23,702,908

Wintek Corp. (a)

13,719,000

21,523,880

 

93,758,815

Internet Software & Services - 0.7%

eBay, Inc. (a)

923,700

22,538,280

WebMD Health Corp. (a)

1,829,799

91,252,076

 

113,790,356

IT Services - 0.1%

CoreLogic, Inc. (a)

462,053

8,852,935

Heartland Payment Systems, Inc.

282,701

4,302,709

 

13,155,644

Semiconductors & Semiconductor Equipment - 9.4%

Advanced Semiconductor Engineering, Inc.

2,909,000

2,375,003

Amkor Technology, Inc. (a)

1,183,019

7,772,435

Analog Devices, Inc.

3,328,460

104,447,075

Applied Materials, Inc.

11,207,563

130,904,336

Applied Micro Circuits Corp. (a)

693,707

6,937,070

ASML Holding NV

6,425,599

191,033,058

ATMI, Inc. (a)

1,464,873

21,768,013

Broadcom Corp. Class A

3,037,314

107,490,542

Cymer, Inc. (a)

399,446

14,811,458

First Solar, Inc. (a)(c)

918,151

135,289,550

Inotera Memories, Inc. (a)

80,451,698

45,125,151

Intersil Corp. Class A

2,046,523

23,923,854

JA Solar Holdings Co. Ltd. ADR (a)(c)

5,942,785

55,446,184

KLA-Tencor Corp.

1,623,349

57,190,585

Lam Research Corp. (a)

3,242,145

135,683,768

Marvell Technology Group Ltd. (a)

3,091,566

54,133,321

Micron Technology, Inc. (a)

22,817,702

164,515,631

Nanya Technology Corp. (a)

31,714,000

21,498,433

Photronics, Inc. (a)

1,852,538

9,799,926

Powertech Technology, Inc.

3,879,000

12,494,856

Samsung Electronics Co. Ltd.

169,148

115,262,484

Skyworks Solutions, Inc. (a)

439,788

9,094,816

Solarfun Power Holdings Co. Ltd. ADR (a)(c)

2,994,510

39,377,807

 

Shares

Value

Teradyne, Inc. (a)

547,595

$ 6,100,208

Varian Semiconductor Equipment Associates, Inc. (a)

2,054,442

59,126,841

 

1,531,602,405

Software - 1.5%

Citrix Systems, Inc. (a)

463,174

31,606,994

Microsoft Corp.

8,160,126

199,841,486

Nuance Communications, Inc. (a)

844,833

13,213,188

 

244,661,668

TOTAL INFORMATION TECHNOLOGY

3,157,916,328

MATERIALS - 3.5%

Chemicals - 1.9%

Air Products & Chemicals, Inc.

233,604

19,347,083

Albemarle Corp.

463,391

21,691,333

CF Industries Holdings, Inc.

83,229

7,948,370

Clariant AG (Reg.) (a)

707,375

10,346,561

Dow Chemical Co.

1,495,768

41,073,789

E.I. du Pont de Nemours & Co.

786,654

35,100,501

Ecolab, Inc.

313,525

15,908,259

LyondellBasell Industries NV:

Class A (a)

542,178

12,958,054

Class B (a)

154,983

3,696,345

Monsanto Co.

775,038

37,147,571

Praxair, Inc.

534,132

48,210,754

Solutia, Inc. (a)

1,257,600

20,146,752

The Mosaic Co.

292,600

17,193,176

Wacker Chemie AG

86,782

16,014,420

 

306,782,968

Construction Materials - 0.0%

HeidelbergCement AG

126,134

6,079,178

Containers & Packaging - 0.3%

Ball Corp.

480,683

28,288,195

Owens-Illinois, Inc. (a)

513,306

14,403,366

 

42,691,561

Metals & Mining - 1.2%

Alcoa, Inc.

641,095

7,763,660

AngloGold Ashanti Ltd. sponsored ADR

1,192,327

55,133,200

Carpenter Technology Corp.

319,080

10,756,187

Freeport-McMoRan Copper & Gold, Inc.

732,700

62,565,253

Globe Specialty Metals, Inc. (a)

718,996

10,094,704

Ivanhoe Mines Ltd. (a)

302,500

7,098,275

Pan American Silver Corp.

113,600

3,361,425

POSCO

18,080

8,218,666

Reliance Steel & Aluminum Co.

328,200

13,630,146

Walter Energy, Inc.

140,200

11,396,858

 

190,018,374

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - 0.1%

Weyerhaeuser Co.

1,453,809

$ 22,912,030

TOTAL MATERIALS

568,484,111

TELECOMMUNICATION SERVICES - 3.5%

Diversified Telecommunication Services - 2.0%

Qwest Communications International, Inc.

30,064,652

188,505,368

Verizon Communications, Inc.

4,082,463

133,047,469

 

321,552,837

Wireless Telecommunication Services - 1.5%

American Tower Corp. Class A (a)

2,641,563

135,406,519

Clearwire Corp. Class A (a)(c)

5,717,958

46,258,280

NII Holdings, Inc. (a)

465,209

19,120,090

Sprint Nextel Corp. (a)

7,052,390

32,652,566

Vodafone Group PLC

6,373,200

15,725,460

 

249,162,915

TOTAL TELECOMMUNICATION SERVICES

570,715,752

UTILITIES - 3.6%

Electric Utilities - 1.7%

American Electric Power Co., Inc.

1,223,400

44,323,782

Edison International

522,368

17,964,236

NextEra Energy, Inc.

2,439,014

132,657,971

PPL Corp.

2,830,770

77,081,867

 

272,027,856

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

1,213,744

13,775,994

Multi-Utilities - 1.8%

CMS Energy Corp.

1,244,150

22,419,583

National Grid PLC

2,854,600

24,214,199

NiSource, Inc.

1,286,800

22,390,320

PG&E Corp.

1,814,200

82,400,964

Public Service Enterprise Group, Inc.

2,148,996

71,088,788

Sempra Energy

1,507,916

81,125,881

 

303,639,735

TOTAL UTILITIES

589,443,585

TOTAL COMMON STOCKS

(Cost $14,719,649,102)

16,076,397,636

Preferred Stocks - 0.2%

 

 

 

 

Convertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

Fluidigm Corp. (a)

412,471

2,887,297

 

Shares

Value

Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Porsche Automobil Holding SE

177,700

$ 8,800,682

Volkswagen AG

145,986

17,620,773

 

26,421,455

TOTAL PREFERRED STOCKS

(Cost $30,733,058)

29,308,752

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.13% to 0.15% 10/14/10 to 11/26/10 (f)
(Cost $11,948,542)

$ 11,950,000

11,948,692

Money Market Funds - 2.7%

Shares

 

Fidelity Cash Central Fund, 0.25% (g)

146,766,912

146,766,912

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(g)

297,182,612

297,182,612

TOTAL MONEY MARKET FUNDS

(Cost $443,949,524)

443,949,524

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $15,206,280,226)

16,561,604,604

NET OTHER ASSETS (LIABILITIES) - (1.1)%

(183,349,435)

NET ASSETS - 100%

$16,378,255,169

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

2,552 CME E-mini S&P 500 Index Contracts

Dec. 2010

$ 145,042,920

$ (143,053)

 

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

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

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

(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 $15,869,100 or 0.1% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $11,948,692.

(g) 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.

(h) 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 $18,821,604 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Concho Resources, Inc.

7/20/10

$ 7,265,305

Legend Pictures Holdings LLC

9/23/10

$ 4,958,250

The Weinstein Co. II Holdings, LLC Class A-1

10/19/05

$ 11,499,000

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

$ 445,906

Fidelity Securities Lending Cash Central Fund

1,576,921

Total

$ 2,022,827

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

ATMI, Inc.

$ 31,994,169

$ 4,437,195

$ 7,378,957

$ -

$ -

Brooks Automation, Inc.

29,493,235

-

26,169,946

-

-

Sycamore Networks, Inc.

31,844,550

-

28,017,008

-

-

Total

$ 93,331,954

$ 4,437,195

$ 61,565,911

$ -

$ -

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,689,494,952

$ 1,671,012,588

$ 9,211,989

$ 9,270,375

Consumer Staples

1,780,694,545

1,780,694,545

-

-

Energy

1,755,922,693

1,738,732,732

17,189,961

-

Financials

2,495,819,718

2,365,869,411

114,081,207

15,869,100

Health Care

1,752,912,167

1,705,943,504

44,080,799

2,887,864

Industrials

1,744,302,537

1,739,431,097

4,871,440

-

Information Technology

3,157,916,328

3,155,541,325

2,375,003

-

Materials

568,484,111

560,265,445

8,218,666

-

Telecommunication Services

570,715,752

554,990,292

15,725,460

-

Utilities

589,443,585

565,229,386

24,214,199

-

U.S. Government and Government Agency Obligations

11,948,692

-

11,948,692

-

Money Market Funds

443,949,524

443,949,524

-

-

Total Investments in Securities:

$ 16,561,604,604

$ 16,281,659,849

$ 251,917,416

$ 28,027,339

Derivative Instruments:

Liabilities

Futures Contracts

$ (143,053)

$ (143,053)

$ -

$ -

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

Investments in Securities:

Beginning Balance

$ 23,678,872

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(609,783)

Cost of Purchases

4,958,250

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 28,027,339

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2010

$ (609,783)

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

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $15,435,901,842. Net unrealized appreciation aggregated $1,125,702,762, of which $2,261,648,178 related to appreciated investment securities and $1,135,945,416 related to depreciated investment securities.

Investment Valuation

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, 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.

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

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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Disciplined Small Cap Portfolio

September 30, 2010 

1.837324.104

VDSC-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 13.1%

Auto Components - 1.4%

Amerigon, Inc. (a)

2,477

$ 25,513

Cooper Tire & Rubber Co.

12,543

246,219

Dana Holding Corp. (a)

10,240

126,157

Fuel Systems Solutions, Inc. (a)(c)

7,548

295,202

Superior Industries International, Inc.

1,528

26,404

 

719,495

Hotels, Restaurants & Leisure - 1.6%

AFC Enterprises, Inc. (a)

5,500

68,200

Cracker Barrel Old Country Store, Inc.

5,982

303,646

Domino's Pizza, Inc. (a)

8,863

117,169

Papa John's International, Inc. (a)

6,319

166,695

Ruth's Hospitality Group, Inc. (a)

14,661

58,791

Shuffle Master, Inc. (a)

10,388

87,363

 

801,864

Household Durables - 2.6%

American Greetings Corp. Class A

9,562

177,758

Beazer Homes USA, Inc. (a)(c)

17,920

74,010

Blyth, Inc.

4,748

195,808

iRobot Corp. (a)

10,221

189,804

Libbey, Inc. (a)

9,736

128,223

Ryland Group, Inc.

4,277

76,644

Standard Pacific Corp. (a)

43,304

171,917

Tempur-Pedic International, Inc. (a)(c)

4,322

133,982

Tupperware Brands Corp.

2,959

135,404

 

1,283,550

Internet & Catalog Retail - 0.2%

Shutterfly, Inc. (a)

4,049

105,234

Leisure Equipment & Products - 0.6%

Polaris Industries, Inc.

4,394

286,049

Media - 1.6%

Cinemark Holdings, Inc.

4,158

66,944

Global Sources Ltd. (a)

32,706

246,930

Journal Communications, Inc. Class A (a)

8,663

39,070

National CineMedia, Inc.

10,302

184,406

Valassis Communications, Inc. (a)

7,530

255,192

 

792,542

Specialty Retail - 2.4%

Finish Line, Inc. Class A

15,085

209,832

Jo-Ann Stores, Inc. (a)

7,149

318,488

Rent-A-Center, Inc.

12,669

283,532

The Cato Corp. Class A (sub. vtg.)

8,535

228,397

Tractor Supply Co.

3,455

137,025

 

1,177,274

Textiles, Apparel & Luxury Goods - 2.7%

Crocs, Inc. (a)

8,260

107,463

Fossil, Inc. (a)

6,535

351,518

Jones Apparel Group, Inc.

5,229

102,698

 

Shares

Value

Liz Claiborne, Inc. (a)

20,381

$ 123,916

Maidenform Brands, Inc. (a)

6,990

201,662

Oxford Industries, Inc.

10,338

245,838

Warnaco Group, Inc. (a)

2,148

109,827

Wolverine World Wide, Inc.

3,596

104,320

 

1,347,242

TOTAL CONSUMER DISCRETIONARY

6,513,250

CONSUMER STAPLES - 4.4%

Food & Staples Retailing - 2.0%

Andersons, Inc.

7,498

284,174

Casey's General Stores, Inc.

5,141

214,637

Nash-Finch Co.

6,689

284,550

PriceSmart, Inc.

7,739

225,437

 

1,008,798

Food Products - 0.6%

Sanderson Farms, Inc.

399

17,273

TreeHouse Foods, Inc. (a)(c)

5,644

260,188

 

277,461

Personal Products - 1.5%

Elizabeth Arden, Inc. (a)

5,103

102,009

Inter Parfums, Inc.

2,477

43,570

Nu Skin Enterprises, Inc. Class A

11,378

327,686

Prestige Brands Holdings, Inc. (a)

23,478

232,197

USANA Health Sciences, Inc. (a)

1,579

63,728

 

769,190

Tobacco - 0.3%

Alliance One International, Inc. (a)

7,414

30,768

Universal Corp.

2,945

118,065

 

148,833

TOTAL CONSUMER STAPLES

2,204,282

ENERGY - 6.5%

Energy Equipment & Services - 3.4%

Cal Dive International, Inc. (a)

20,654

112,977

Carbo Ceramics, Inc.

393

31,833

Complete Production Services, Inc. (a)

17,394

355,707

ION Geophysical Corp. (a)(c)

40,426

207,790

Lufkin Industries, Inc.

4,107

180,297

Newpark Resources, Inc. (a)

40,932

343,829

OYO Geospace Corp. (a)

5,033

291,310

Pioneer Drilling Co. (a)

5,531

35,288

Tesco Corp. (a)

10,239

123,175

 

1,682,206

Oil, Gas & Consumable Fuels - 3.1%

Bill Barrett Corp. (a)

6,692

240,912

Cloud Peak Energy, Inc.

15,461

282,163

Petroquest Energy, Inc. (a)(c)

39,833

242,583

Ship Finance International Ltd. (NY Shares) (c)

6,455

125,421

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Stone Energy Corp. (a)(c)

8,143

$ 119,946

Teekay Tankers Ltd. (c)

5,246

68,250

Vaalco Energy, Inc. (a)

37,890

217,489

World Fuel Services Corp.

10,961

285,096

 

1,581,860

TOTAL ENERGY

3,264,066

FINANCIALS - 18.5%

Capital Markets - 0.9%

Gleacher & Co., Inc. (a)

51,407

82,765

PennantPark Investment Corp.

3,548

37,644

Prospect Capital Corp.

5,500

53,405

TICC Capital Corp.

25,895

268,013

 

441,827

Commercial Banks - 6.2%

Alliance Financial Corp.

2,002

60,520

Banco Latin Americano de Exporaciones SA (BLADEX) Series E

7,920

114,444

Bank of the Ozarks, Inc.

7,405

274,651

Cardinal Financial Corp.

1,609

15,462

Community Bank System, Inc.

11,771

270,851

Financial Institutions, Inc.

3,041

53,704

First Financial Bancorp, Ohio

14,752

246,063

First Financial Bankshares, Inc.

655

30,778

IBERIABANK Corp.

3,200

159,936

International Bancshares Corp.

12,609

212,966

Merchants Bancshares, Inc.

10,306

257,032

NBT Bancorp, Inc.

1,400

30,898

Prosperity Bancshares, Inc.

8,655

281,028

Renasant Corp.

4,604

70,027

Republic Bancorp, Inc., Kentucky Class A

7,994

168,913

S&T Bancorp, Inc. (c)

4,680

81,526

Signature Bank, New York (a)

2,870

111,471

Tompkins Financial Corp.

1,699

67,382

Trustmark Corp.

2,146

46,654

UMB Financial Corp.

3,657

129,860

Washington Trust Bancorp, Inc.

4,788

91,547

WesBanco, Inc.

7,299

119,266

Westamerica Bancorp.

3,424

186,574

 

3,081,553

Consumer Finance - 1.3%

EZCORP, Inc. (non-vtg.) Class A (a)

3,247

65,070

Nelnet, Inc. Class A

13,459

307,942

World Acceptance Corp. (a)

6,142

271,231

 

644,243

Diversified Financial Services - 0.8%

Encore Capital Group, Inc. (a)

7,815

140,826

 

Shares

Value

MarketAxess Holdings, Inc.

4,108

$ 69,754

NewStar Financial, Inc. (a)(c)

23,410

173,468

 

384,048

Insurance - 1.7%

Amtrust Financial Services, Inc.

10,501

152,475

Aspen Insurance Holdings Ltd.

6,285

190,310

FBL Financial Group, Inc. Class A

8,377

217,634

First Mercury Financial Corp.

6,639

66,921

Flagstone Reinsurance Holdings Ltd.

8,307

88,137

Platinum Underwriters Holdings Ltd.

2,501

108,844

 

824,321

Real Estate Investment Trusts - 6.9%

Anworth Mortgage Asset Corp.

5,850

41,711

Ashford Hospitality Trust, Inc. (a)(c)

6,845

61,947

BioMed Realty Trust, Inc.

8,668

155,331

CapLease, Inc.

6,720

37,565

Chesapeake Lodging Trust

13,441

219,895

Colonial Properties Trust (SBI)

5,291

85,661

Crexus Investment Corp.

4,995

60,090

Extra Space Storage, Inc.

8,161

130,902

First Industrial Realty Trust, Inc. (a)(c)

30,763

155,968

Highwoods Properties, Inc. (SBI)

3,190

103,579

Home Properties, Inc.

653

34,544

LaSalle Hotel Properties (SBI)

2,754

64,416

MFA Financial, Inc.

4,846

36,975

Mid-America Apartment Communities, Inc.

3,812

222,163

Mission West Properties, Inc.

6,854

46,470

National Health Investors, Inc.

4,126

181,792

National Retail Properties, Inc.

9,081

228,024

Nationwide Health Properties, Inc.

3,353

129,661

Newcastle Investment Corp. (a)

36,602

113,466

Omega Healthcare Investors, Inc.

14,921

334,976

One Liberty Properties, Inc.

9,005

143,270

Parkway Properties, Inc.

1,780

26,344

Pennymac Mortgage Investment Trust

4,186

74,888

PS Business Parks, Inc.

4,781

270,461

RAIT Financial Trust (SBI) (a)(c)

80,045

132,074

Redwood Trust, Inc.

5,021

72,604

Saul Centers, Inc.

5,369

225,230

Washington (REIT) (SBI)

1,972

62,572

 

3,452,579

Thrifts & Mortgage Finance - 0.7%

Dime Community Bancshares, Inc.

6,677

92,476

Flushing Financial Corp.

9,872

114,120

Meridian Interstate Bancorp, Inc. (a)

3,204

33,770

NASB Financial, Inc.

816

13,505

Provident New York Bancorp

8,523

71,508

United Financial Bancorp, Inc.

3,467

46,839

 

372,218

TOTAL FINANCIALS

9,200,789

Common Stocks - continued

Shares

Value

HEALTH CARE - 10.9%

Biotechnology - 2.6%

Acorda Therapeutics, Inc. (a)

1,016

$ 33,548

Alkermes, Inc. (a)

2,440

35,746

Alnylam Pharmaceuticals, Inc. (a)

367

4,507

ArQule, Inc. (a)

7,424

38,234

Array Biopharma, Inc. (a)

25,114

81,118

Celldex Therapeutics, Inc. (a)(c)

8,511

34,044

Cepheid, Inc. (a)(c)

1,358

25,408

Cubist Pharmaceuticals, Inc. (a)(c)

5,811

135,919

Exelixis, Inc. (a)

34,852

136,620

Incyte Corp. (a)

2,066

33,035

InterMune, Inc. (a)

994

13,538

Martek Biosciences (a)(c)

1,688

38,199

Medivation, Inc. (a)

4,086

53,118

Nabi Biopharmaceuticals (a)

16,819

80,731

ONYX Pharmaceuticals, Inc. (a)

272

7,175

Osiris Therapeutics, Inc. (a)(c)

14,905

108,508

PDL BioPharma, Inc.

2,142

11,267

Regeneron Pharmaceuticals, Inc. (a)

2,055

56,307

SciClone Pharmaceuticals, Inc. (a)

29,931

79,018

Seattle Genetics, Inc. (a)

4,374

67,928

Theravance, Inc. (a)(c)

606

12,181

Vanda Pharmaceuticals, Inc. (a)(c)

11,621

77,628

Zymogenetics, Inc. (a)(c)

13,353

130,192

 

1,293,969

Health Care Equipment & Supplies - 4.2%

American Medical Systems Holdings, Inc. (a)(c)

14,550

284,889

Cantel Medical Corp.

7,435

120,447

Haemonetics Corp. (a)

1,340

78,430

Invacare Corp.

10,944

290,125

Kensey Nash Corp. (a)(c)

8,876

256,428

Orthofix International NV (a)

3,565

112,012

Quidel Corp. (a)(c)

8,122

89,261

Sirona Dental Systems, Inc. (a)(c)

8,473

305,367

Steris Corp.

7,443

247,256

Symmetry Medical, Inc. (a)

5,284

50,938

Thoratec Corp. (a)(c)

2,618

96,814

Young Innovations, Inc.

5,227

149,544

 

2,081,511

Health Care Providers & Services - 3.0%

Amedisys, Inc. (a)

4,758

113,240

American Dental Partners, Inc. (a)

4,359

52,570

AMN Healthcare Services, Inc. (a)

7,044

36,206

AmSurg Corp. (a)

5,763

100,737

Chemed Corp.

1,207

68,763

Chindex International, Inc. (a)(c)

6,708

101,358

Continucare Corp. (a)

16,628

69,838

Cross Country Healthcare, Inc. (a)

4,301

30,924

Emergency Medical Services Corp. Class A (a)

2,929

155,969

Genoptix, Inc. (a)(c)

4,402

62,508

 

Shares

Value

Hanger Orthopedic Group, Inc. (a)

6,015

$ 87,458

Healthspring, Inc. (a)

6,440

166,410

Magellan Health Services, Inc. (a)

1,718

81,158

Owens & Minor, Inc.

6,002

170,817

PharMerica Corp. (a)

8,415

80,195

Providence Service Corp. (a)

6,997

114,681

 

1,492,832

Life Sciences Tools & Services - 0.1%

Affymetrix, Inc. (a)

5,763

26,279

Dionex Corp. (a)(c)

307

26,537

 

52,816

Pharmaceuticals - 1.0%

Medicis Pharmaceutical Corp. Class A

6,617

196,194

Nektar Therapeutics (a)(c)

4,898

72,343

Par Pharmaceutical Companies, Inc. (a)

2,562

74,503

Salix Pharmaceuticals Ltd. (a)

994

39,482

Santarus, Inc. (a)

7,500

22,575

SuperGen, Inc. (a)

39,419

82,386

ViroPharma, Inc. (a)

2,008

29,939

 

517,422

TOTAL HEALTH CARE

5,438,550

INDUSTRIALS - 14.1%

Aerospace & Defense - 1.3%

AAR Corp. (a)

8,791

164,040

American Science & Engineering, Inc.

743

54,722

Ceradyne, Inc. (a)

10,792

251,993

Cubic Corp.

4,814

196,411

 

667,166

Air Freight & Logistics - 1.0%

Atlas Air Worldwide Holdings, Inc. (a)

6,218

312,765

Hub Group, Inc. Class A (a)

5,611

164,178

 

476,943

Airlines - 0.0%

Allegiant Travel Co. (c)

107

4,528

Building Products - 0.6%

A.O. Smith Corp.

3,409

197,347

Ameron International Corp.

495

33,640

Gibraltar Industries, Inc. (a)

8,699

78,117

 

309,104

Commercial Services & Supplies - 2.0%

American Reprographics Co. (a)

2,939

23,071

ATC Technology Corp. (a)

3,241

80,182

Cenveo, Inc. (a)

11,404

57,362

Consolidated Graphics, Inc. (a)

5,320

220,514

HNI Corp.

3,563

102,472

M&F Worldwide Corp. (a)

4,238

103,195

Schawk, Inc. Class A

7,991

147,514

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Tetra Tech, Inc. (a)

7,926

$ 166,208

The Brink's Co.

4,135

95,105

 

995,623

Construction & Engineering - 0.3%

EMCOR Group, Inc. (a)

6,596

162,196

Electrical Equipment - 2.9%

AZZ, Inc.

5,161

221,097

Belden, Inc.

5,795

152,872

Brady Corp. Class A

8,269

241,207

Franklin Electric Co., Inc.

8,305

275,394

GrafTech International Ltd. (a)

6,409

100,173

Lihua International, Inc. (c)

5,437

47,084

Polypore International, Inc. (a)

3,599

108,546

Regal-Beloit Corp.

4,674

274,317

 

1,420,690

Industrial Conglomerates - 0.2%

Raven Industries, Inc.

2,876

108,972

Machinery - 3.9%

Actuant Corp. Class A

4,621

106,098

ArvinMeritor, Inc. (a)

7,692

119,534

Barnes Group, Inc.

2,472

43,482

Briggs & Stratton Corp.

13,416

255,038

Graham Corp.

1,486

23,063

Kadant, Inc. (a)

5,156

97,500

Lindsay Corp. (c)

6,890

298,475

NACCO Industries, Inc. Class A

322

28,140

Nordson Corp.

3,801

280,096

Robbins & Myers, Inc.

7,659

205,108

Tennant Co.

6,087

188,088

Thermadyne Holdings Corp. (a)

7,714

108,999

Watts Water Technologies, Inc. Class A

4,810

163,781

 

1,917,402

Professional Services - 0.4%

CBIZ, Inc. (a)(c)

16,254

96,386

Kelly Services, Inc. Class A (non-vtg.) (a)

9,843

115,458

SFN Group, Inc. (a)

581

3,492

 

215,336

Road & Rail - 0.9%

AMERCO (a)

2,810

223,339

Dollar Thrifty Automotive Group, Inc. (a)

1,892

94,865

Werner Enterprises, Inc.

6,882

141,012

 

459,216

Trading Companies & Distributors - 0.6%

Aircastle Ltd.

2,296

19,470

TAL International Group, Inc.

11,324

274,267

 

293,737

TOTAL INDUSTRIALS

7,030,913

 

Shares

Value

INFORMATION TECHNOLOGY - 21.3%

Communications Equipment - 3.5%

Arris Group, Inc. (a)

15,638

$ 152,783

Aviat Networks, Inc. (a)

30,128

123,224

Bel Fuse, Inc. Class B (non-vtg.)

2,471

51,446

Blue Coat Systems, Inc. (a)

7,371

177,346

InterDigital, Inc. (a)

11,017

326,213

Oplink Communications, Inc. (a)

15,538

308,274

Plantronics, Inc.

6,011

203,052

Powerwave Technologies, Inc. (a)(c)

137,741

250,689

Riverbed Technology, Inc. (a)

405

18,460

Tekelec (a)

11,021

142,832

 

1,754,319

Computers & Peripherals - 1.2%

Cray, Inc. (a)

10,084

66,554

Hutchinson Technology, Inc. (a)(c)

45,599

158,229

Rimage Corp. (a)

3,723

61,206

Synaptics, Inc. (a)(c)

10,505

295,611

 

581,600

Electronic Equipment & Components - 3.5%

Anixter International, Inc.

3,679

198,629

Benchmark Electronics, Inc. (a)

13,887

227,747

Checkpoint Systems, Inc. (a)(c)

5,442

110,745

CPI International, Inc. (a)

2,827

39,578

CTS Corp.

5,020

48,292

Insight Enterprises, Inc. (a)

5,310

83,048

Measurement Specialties, Inc. (a)

11,092

204,980

Multi-Fineline Electronix, Inc. (a)

11,110

244,309

OSI Systems, Inc. (a)

5,190

188,501

Rofin-Sinar Technologies, Inc. (a)

836

21,218

Technitrol, Inc.

61,711

272,146

TTM Technologies, Inc. (a)(c)

4,022

39,375

Viasystems Group, Inc. (a)

1,729

26,281

Zygo Corp. (a)

4,874

47,765

 

1,752,614

Internet Software & Services - 1.8%

DivX, Inc. (a)

21,890

208,612

EarthLink, Inc.

20,399

185,427

j2 Global Communications, Inc. (a)(c)

6,359

151,281

Mercadolibre, Inc. (a)

2,044

147,536

ValueClick, Inc. (a)

16,311

213,348

 

906,204

IT Services - 2.7%

Acxiom Corp. (a)

14,967

237,377

CACI International, Inc. Class A (a)

3,375

152,753

CSG Systems International, Inc. (a)

6,513

118,732

Diamond Management & Technology Consultants, Inc.

10,859

135,738

Maximus, Inc.

1,154

71,063

Teletech Holdings, Inc. (a)

8,382

124,389

Unisys Corp. (a)

1,780

49,662

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

VeriFone Holdings, Inc. (a)

12,487

$ 387,971

Wright Express Corp. (a)(c)

1,135

40,531

 

1,318,216

Semiconductors & Semiconductor Equipment - 5.9%

Amkor Technology, Inc. (a)

7,460

49,012

Atheros Communications, Inc. (a)

9,165

241,498

Diodes, Inc. (a)

4,921

84,100

DSP Group, Inc. (a)

20,939

146,573

GT Solar International, Inc. (a)(c)

35,770

299,395

Lattice Semiconductor Corp. (a)

65,103

309,239

Omnivision Technologies, Inc. (a)

5,130

118,195

Photronics, Inc. (a)

35,551

188,065

PMC-Sierra, Inc. (a)

28,998

213,425

RF Micro Devices, Inc. (a)

63,632

390,700

Semtech Corp. (a)(c)

3,032

61,216

Sigma Designs, Inc. (a)

15,381

176,728

Skyworks Solutions, Inc. (a)

17,408

359,997

Tessera Technologies, Inc. (a)

1,972

36,482

Veeco Instruments, Inc. (a)(c)

7,948

277,147

 

2,951,772

Software - 2.7%

AsiaInfo Holdings, Inc. (a)(c)

1,977

39,006

Jack Henry & Associates, Inc.

7,735

197,243

Lawson Software, Inc. (a)

13,472

114,108

Manhattan Associates, Inc. (a)

5,231

153,530

Monotype Imaging Holdings, Inc. (a)(c)

18,639

170,547

Net 1 UEPS Technologies, Inc. (a)

10,732

124,062

NetScout Systems, Inc. (a)

3,249

66,637

Quest Software, Inc. (a)

13,246

325,719

Renaissance Learning, Inc.

4,457

45,417

TIBCO Software, Inc. (a)

6,049

107,309

 

1,343,578

TOTAL INFORMATION TECHNOLOGY

10,608,303

MATERIALS - 6.9%

Chemicals - 2.6%

Innophos Holdings, Inc.

9,943

329,113

OM Group, Inc. (a)

5,711

172,015

OMNOVA Solutions, Inc. (a)

32,644

234,710

PolyOne Corp. (a)

10,062

121,650

Senomyx, Inc. (a)

13,011

51,784

Sensient Technologies Corp.

2,821

86,012

ShengdaTech, Inc. (a)

13,224

69,823

Solutia, Inc. (a)

991

15,876

W.R. Grace & Co. (a)

3,395

94,856

Westlake Chemical Corp.

3,556

106,431

 

1,282,270

 

Shares

Value

Containers & Packaging - 1.2%

Boise, Inc. (a)

17,989

$ 116,749

Rock-Tenn Co. Class A

5,077

252,885

Silgan Holdings, Inc.

7,344

232,805

 

602,439

Metals & Mining - 1.2%

Golden Star Resources Ltd. Cda (a)

67,352

331,932

Hecla Mining Co. (a)(c)

15,482

97,846

Noranda Aluminium Holding Corp. (a)

4,650

38,223

Worthington Industries, Inc.

8,629

129,694

 

597,695

Paper & Forest Products - 1.9%

Buckeye Technologies, Inc.

14,157

208,249

Clearwater Paper Corp. (a)

3,321

252,662

Domtar Corp.

5,237

338,205

Glatfelter

12,176

148,060

 

947,176

TOTAL MATERIALS

3,429,580

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.9%

Consolidated Communications Holdings, Inc.

8,334

155,596

Vonage Holdings Corp. (a)

106,306

271,080

 

426,676

Wireless Telecommunication Services - 0.5%

USA Mobility, Inc.

16,509

264,639

TOTAL TELECOMMUNICATION SERVICES

691,315

UTILITIES - 2.3%

Electric Utilities - 0.9%

El Paso Electric Co. (a)

8,924

212,213

IDACORP, Inc.

761

27,335

Portland General Electric Co.

3,271

66,336

UIL Holdings Corp.

4,833

136,097

 

441,981

Gas Utilities - 0.9%

Chesapeake Utilities Corp.

2,245

81,314

New Jersey Resources Corp.

1,928

75,616

Nicor, Inc.

1,103

50,539

Northwest Natural Gas Co.

1,105

52,432

Piedmont Natural Gas Co., Inc.

3,161

91,669

Southwest Gas Corp.

3,425

115,046

 

466,616

Independent Power Producers & Energy Traders - 0.3%

Black Hills Corp.

4,701

146,671

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.2%

Avista Corp.

3,670

$ 76,630

TOTAL UTILITIES

1,131,898

TOTAL COMMON STOCKS

(Cost $44,894,179)

49,512,946

U.S. Treasury Obligations - 0.9%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.22% to 0.26% 12/16/10 (d)
(Cost $439,775)

$ 440,000

439,884

Money Market Funds - 10.3%

Shares

 

Fidelity Cash Central Fund, 0.25% (e)

126,626

126,626

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)

5,014,010

5,014,010

TOTAL MONEY MARKET FUNDS

(Cost $5,140,636)

5,140,636

TOTAL INVESTMENT PORTFOLIO - 110.6%

(Cost $50,474,590)

55,093,466

NET OTHER ASSETS (LIABILITIES) - (10.6)%

(5,276,127)

NET ASSETS - 100%

$ 49,817,339

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

8 NYFE Russell Mini Index Contracts

Dec. 2010

$ 539,600

$ 34,311

 

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

Legend

(a) Non-income producing

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

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $439,884.

(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

$ 4,451

Fidelity Securities Lending Cash Central Fund

38,543

Total

$ 42,994

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 6,513,250

$ 6,513,250

$ -

$ -

Consumer Staples

2,204,282

2,204,282

-

-

Energy

3,264,066

3,264,066

-

-

Financials

9,200,789

9,200,789

-

-

Health Care

5,438,550

5,438,550

-

-

Industrials

7,030,913

7,030,913

-

-

Information Technology

10,608,303

10,608,303

-

-

Materials

3,429,580

3,429,580

-

-

Telecommunication Services

691,315

691,315

-

-

Utilities

1,131,898

1,131,898

-

-

U.S. Government and Government Agency Obligations

439,884

-

439,884

-

Money Market Funds

5,140,636

5,140,636

-

-

Total Investments in Securities:

$ 55,093,466

$ 54,653,582

$ 439,884

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 34,311

$ 34,311

$ -

$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $50,485,748. Net unrealized appreciation aggregated $4,607,718, of which $7,630,427 related to appreciated investment securities and $3,022,709 related to depreciated investment securities.

Investment Valuation

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, 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.

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

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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Index 500 Portfolio

September 30, 2010 

1.808790.106

VIPIDX-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

CONSUMER DISCRETIONARY - 10.2%

Auto Components - 0.2%

Johnson Controls, Inc.

128,007

$ 3,904,214

The Goodyear Tire & Rubber Co. (a)

46,185

496,489

 

4,400,703

Automobiles - 0.5%

Ford Motor Co. (a)(c)

653,870

8,003,369

Harley-Davidson, Inc.

44,772

1,273,316

 

9,276,685

Distributors - 0.1%

Genuine Parts Co.

29,965

1,336,139

Diversified Consumer Services - 0.1%

Apollo Group, Inc. Class A (non-vtg.) (a)

24,121

1,238,613

DeVry, Inc.

11,969

588,994

H&R Block, Inc. (c)

58,653

759,556

 

2,587,163

Hotels, Restaurants & Leisure - 1.7%

Carnival Corp. unit

82,639

3,157,636

Darden Restaurants, Inc.

26,323

1,126,098

International Game Technology

56,674

818,939

Marriott International, Inc. Class A (c)

54,491

1,952,413

McDonald's Corp.

202,348

15,076,949

Starbucks Corp.

140,705

3,599,234

Starwood Hotels & Resorts Worldwide, Inc. (c)

36,146

1,899,472

Wyndham Worldwide Corp.

33,961

932,909

Wynn Resorts Ltd. (c)

14,323

1,242,807

Yum! Brands, Inc.

88,784

4,089,391

 

33,895,848

Household Durables - 0.4%

D.R. Horton, Inc. (c)

53,255

592,196

Fortune Brands, Inc.

28,966

1,425,996

Harman International Industries, Inc. (a)

13,222

441,747

Leggett & Platt, Inc.

27,841

633,661

Lennar Corp. Class A (c)

30,238

465,060

Newell Rubbermaid, Inc. (c)

52,909

942,309

PulteGroup, Inc. (a)(c)

64,028

560,885

Stanley Black & Decker, Inc.

31,496

1,930,075

Whirlpool Corp.

14,449

1,169,791

 

8,161,720

Internet & Catalog Retail - 0.7%

Amazon.com, Inc. (a)

67,260

10,563,856

Expedia, Inc.

39,483

1,113,815

Priceline.com, Inc. (a)

9,199

3,204,380

 

14,882,051

Leisure Equipment & Products - 0.2%

Eastman Kodak Co. (a)(c)

51,075

214,515

Hasbro, Inc.

26,583

1,183,209

Mattel, Inc.

68,389

1,604,406

 

3,002,130

 

Shares

Value

Media - 3.0%

CBS Corp. Class B

129,419

$ 2,052,585

Comcast Corp. Class A

533,575

9,647,036

DIRECTV (a)

164,790

6,860,208

Discovery Communications, Inc. (a)(c)

54,112

2,356,578

Gannett Co., Inc.

45,356

554,704

Interpublic Group of Companies, Inc. (a)(c)

92,933

932,118

McGraw-Hill Companies, Inc. (c)

58,765

1,942,771

Meredith Corp. (c)

6,909

230,139

News Corp. Class A

433,547

5,662,124

Omnicom Group, Inc.

57,293

2,261,928

Scripps Networks Interactive, Inc. Class A

17,072

812,286

The New York Times Co. Class A (a)

22,466

173,887

The Walt Disney Co.

363,617

12,039,359

Time Warner Cable, Inc.

67,548

3,646,917

Time Warner, Inc.

213,789

6,552,633

Viacom, Inc. Class B (non-vtg.)

115,620

4,184,288

Washington Post Co. Class B (c)

1,133

452,532

 

60,362,093

Multiline Retail - 0.8%

Big Lots, Inc. (a)

14,364

477,603

Family Dollar Stores, Inc.

25,217

1,113,583

JCPenney Co., Inc.

44,952

1,221,795

Kohl's Corp. (a)

58,554

3,084,625

Macy's, Inc.

80,357

1,855,443

Nordstrom, Inc.

32,085

1,193,562

Sears Holdings Corp. (a)(c)

8,418

607,275

Target Corp.

137,159

7,329,777

 

16,883,663

Specialty Retail - 2.0%

Abercrombie & Fitch Co. Class A (c)

16,783

659,908

AutoNation, Inc. (a)(c)

11,967

278,233

AutoZone, Inc. (a)(c)

5,452

1,248,017

Bed Bath & Beyond, Inc. (a)

50,169

2,177,836

Best Buy Co., Inc.

65,790

2,686,206

CarMax, Inc. (a)(c)

42,534

1,184,997

GameStop Corp. Class A (a)(c)

28,584

563,391

Gap, Inc.

83,538

1,557,148

Home Depot, Inc. (c)

316,601

10,029,920

Limited Brands, Inc.

50,320

1,347,570

Lowe's Companies, Inc.

266,785

5,946,638

O'Reilly Automotive, Inc. (a)(c)

26,381

1,403,469

Office Depot, Inc. (a)

52,464

241,334

RadioShack Corp. (c)

23,838

508,465

Ross Stores, Inc.

22,901

1,250,853

Staples, Inc. (c)

138,806

2,903,822

Tiffany & Co., Inc. (c)

24,005

1,127,995

TJX Companies, Inc.

76,172

3,399,556

Urban Outfitters, Inc. (a)(c)

24,480

769,651

 

39,285,009

Textiles, Apparel & Luxury Goods - 0.5%

Coach, Inc.

56,542

2,429,044

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

NIKE, Inc. Class B

73,464

$ 5,887,405

Polo Ralph Lauren Corp. Class A

12,393

1,113,635

VF Corp.

16,428

1,330,997

 

10,761,081

TOTAL CONSUMER DISCRETIONARY

204,834,285

CONSUMER STAPLES - 11.1%

Beverages - 2.6%

Brown-Forman Corp. Class B (non-vtg.) (c)

19,731

1,216,219

Coca-Cola Enterprises, Inc.

63,064

1,954,984

Constellation Brands, Inc. Class A (sub. vtg.) (a)

33,686

595,905

Dr Pepper Snapple Group, Inc.

45,411

1,612,999

Molson Coors Brewing Co. Class B

30,045

1,418,725

PepsiCo, Inc.

302,462

20,095,575

The Coca-Cola Co.

439,066

25,694,142

 

52,588,549

Food & Staples Retailing - 2.5%

Costco Wholesale Corp. (c)

83,486

5,384,012

CVS Caremark Corp.

258,219

8,126,152

Kroger Co.

122,068

2,643,993

Safeway, Inc.

72,548

1,535,116

SUPERVALU, Inc. (c)

40,333

465,039

Sysco Corp.

111,861

3,190,276

Wal-Mart Stores, Inc.

380,251

20,351,034

Walgreen Co.

185,017

6,198,070

Whole Foods Market, Inc. (a)(c)

27,779

1,030,879

 

48,924,571

Food Products - 1.8%

Archer Daniels Midland Co.

121,546

3,879,748

Campbell Soup Co.

36,794

1,315,386

ConAgra Foods, Inc.

83,588

1,833,921

Dean Foods Co. (a)

34,621

353,480

General Mills, Inc.

122,096

4,461,388

H.J. Heinz Co.

60,521

2,866,880

Hershey Co.

29,362

1,397,338

Hormel Foods Corp. (c)

13,167

587,248

Kellogg Co. (c)

49,555

2,503,023

Kraft Foods, Inc. Class A

331,574

10,232,374

McCormick & Co., Inc. (non-vtg.)

25,331

1,064,915

Mead Johnson Nutrition Co. Class A

38,888

2,213,116

Sara Lee Corp. (c)

125,899

1,690,824

The J.M. Smucker Co.

22,720

1,375,242

Tyson Foods, Inc. Class A (c)

56,690

908,174

 

36,683,057

Household Products - 2.3%

Clorox Co.

26,413

1,763,332

Colgate-Palmolive Co.

92,396

7,101,557

 

Shares

Value

Kimberly-Clark Corp.

77,817

$ 5,061,996

Procter & Gamble Co.

539,640

32,362,211

 

46,289,096

Personal Products - 0.2%

Avon Products, Inc.

81,550

2,618,571

Estee Lauder Companies, Inc. Class A (c)

21,704

1,372,344

 

3,990,915

Tobacco - 1.7%

Altria Group, Inc.

396,195

9,516,604

Lorillard, Inc.

28,844

2,316,462

Philip Morris International, Inc.

348,458

19,520,617

Reynolds American, Inc.

32,146

1,909,151

 

33,262,834

TOTAL CONSUMER STAPLES

221,739,022

ENERGY - 10.7%

Energy Equipment & Services - 1.8%

Baker Hughes, Inc.

81,957

3,491,368

Cameron International Corp. (a)

46,047

1,978,179

Diamond Offshore Drilling, Inc. (c)

13,216

895,648

FMC Technologies, Inc. (a)

22,815

1,558,036

Halliburton Co.

173,168

5,726,666

Helmerich & Payne, Inc. (c)

20,117

813,934

Nabors Industries Ltd. (a)

54,234

979,466

National Oilwell Varco, Inc.

79,674

3,543,103

Rowan Companies, Inc. (a)(c)

21,794

661,666

Schlumberger Ltd.

259,766

16,004,183

 

35,652,249

Oil, Gas & Consumable Fuels - 8.9%

Anadarko Petroleum Corp.

94,094

5,368,063

Apache Corp.

69,255

6,770,369

Cabot Oil & Gas Corp. (c)

19,798

596,118

Chesapeake Energy Corp.

124,399

2,817,637

Chevron Corp.

382,246

30,981,038

ConocoPhillips

282,011

16,195,892

CONSOL Energy, Inc.

42,927

1,586,582

Denbury Resources, Inc. (a)

75,908

1,206,178

Devon Energy Corp.

82,701

5,354,063

El Paso Corp.

133,843

1,656,976

EOG Resources, Inc.

48,188

4,480,038

EQT Corp. (c)

28,352

1,022,373

Exxon Mobil Corp.

968,034

59,814,811

Hess Corp.

55,570

3,285,298

Marathon Oil Corp.

134,920

4,465,852

Massey Energy Co.

19,411

602,129

Murphy Oil Corp.

36,463

2,257,789

Noble Energy, Inc.

33,232

2,495,391

Occidental Petroleum Corp.

154,421

12,091,164

Peabody Energy Corp.

51,174

2,508,038

Pioneer Natural Resources Co.

22,052

1,434,042

QEP Resources, Inc.

33,297

1,003,572

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Range Resources Corp.

30,424

$ 1,160,067

Southwestern Energy Co. (a)

65,797

2,200,252

Spectra Energy Corp.

123,199

2,778,137

Sunoco, Inc. (c)

22,923

836,690

Tesoro Corp. (c)

27,131

362,470

Valero Energy Corp.

107,655

1,885,039

Williams Companies, Inc.

111,155

2,124,172

 

179,340,240

TOTAL ENERGY

214,992,489

FINANCIALS - 15.2%

Capital Markets - 2.3%

Ameriprise Financial, Inc.

47,728

2,258,966

Bank of New York Mellon Corp.

230,809

6,031,039

Charles Schwab Corp.

188,388

2,618,593

E*TRADE Financial Corp. (a)

37,767

549,132

Federated Investors, Inc. Class B (non-vtg.) (c)

17,438

396,889

Franklin Resources, Inc.

27,854

2,977,593

Goldman Sachs Group, Inc.

98,027

14,172,744

Invesco Ltd.

88,999

1,889,449

Janus Capital Group, Inc.

34,915

382,319

Legg Mason, Inc.

29,367

890,114

Morgan Stanley

265,586

6,554,662

Northern Trust Corp.

46,025

2,220,246

State Street Corp.

95,412

3,593,216

T. Rowe Price Group, Inc. (c)

48,736

2,439,968

 

46,974,930

Commercial Banks - 2.7%

BB&T Corp.

131,742

3,172,347

Comerica, Inc.

33,521

1,245,305

Fifth Third Bancorp

151,393

1,821,258

First Horizon National Corp. (c)

44,226

504,619

Huntington Bancshares, Inc.

136,287

772,747

KeyCorp

167,356

1,332,154

M&T Bank Corp. (c)

16,305

1,333,912

Marshall & Ilsley Corp.

100,309

706,175

PNC Financial Services Group, Inc.

99,887

5,185,134

Regions Financial Corp.

238,775

1,735,894

SunTrust Banks, Inc.

95,046

2,455,038

U.S. Bancorp, Delaware

364,483

7,880,122

Wells Fargo & Co.

994,959

25,003,320

Zions Bancorporation

32,955

703,919

 

53,851,944

Consumer Finance - 0.7%

American Express Co.

199,013

8,364,516

Capital One Financial Corp.

86,840

3,434,522

 

Shares

Value

Discover Financial Services

103,430

$ 1,725,212

SLM Corp. (a)

92,341

1,066,539

 

14,590,789

Diversified Financial Services - 4.0%

Bank of America Corp.

1,907,596

25,008,584

Citigroup, Inc. (a)

4,516,836

17,615,660

CME Group, Inc.

12,779

3,328,291

IntercontinentalExchange, Inc. (a)

14,077

1,474,143

JPMorgan Chase & Co.

753,842

28,698,765

Leucadia National Corp. (a)(c)

37,469

885,018

Moody's Corp. (c)

38,753

968,050

NYSE Euronext

49,540

1,415,358

The NASDAQ Stock Market, Inc. (a)

27,362

531,644

 

79,925,513

Insurance - 4.0%

ACE Ltd.

64,426

3,752,815

AFLAC, Inc.

89,510

4,628,562

Allstate Corp.

102,296

3,227,439

American International Group, Inc. (a)(c)

25,690

1,004,479

Aon Corp. (c)

51,275

2,005,365

Assurant, Inc.

20,255

824,379

Berkshire Hathaway, Inc. Class B (a)(c)

328,878

27,191,633

Cincinnati Financial Corp. (c)

30,927

892,244

Genworth Financial, Inc. Class A (a)(c)

93,030

1,136,827

Hartford Financial Services Group, Inc.

84,473

1,938,655

Lincoln National Corp.

60,217

1,440,391

Loews Corp.

60,433

2,290,411

Marsh & McLennan Companies, Inc.

103,133

2,487,568

MetLife, Inc.

172,376

6,627,857

Principal Financial Group, Inc. (c)

60,896

1,578,424

Progressive Corp.

126,927

2,648,966

Prudential Financial, Inc.

88,784

4,810,317

The Chubb Corp.

59,801

3,408,059

The Travelers Companies, Inc.

89,353

4,655,291

Torchmark Corp.

15,366

816,549

Unum Group

62,126

1,376,091

XL Capital Ltd. Class A

65,022

1,408,377

 

80,150,699

Real Estate Investment Trusts - 1.4%

Apartment Investment & Management Co. Class A (c)

22,251

475,726

AvalonBay Communities, Inc.

16,191

1,682,731

Boston Properties, Inc.

26,492

2,202,015

Equity Residential (SBI)

53,889

2,563,500

HCP, Inc. (c)

58,949

2,120,985

Health Care REIT, Inc.

25,214

1,193,631

Host Hotels & Resorts, Inc.

125,164

1,812,375

Kimco Realty Corp.

77,155

1,215,191

Plum Creek Timber Co., Inc. (c)

30,723

1,084,522

ProLogis Trust (c)

90,646

1,067,810

Public Storage

26,519

2,573,404

Simon Property Group, Inc.

55,670

5,162,836

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Ventas, Inc. (c)

29,864

$ 1,540,086

Vornado Realty Trust

30,844

2,638,087

 

27,332,899

Real Estate Management & Development - 0.0%

CB Richard Ellis Group, Inc. Class A (a)

55,057

1,006,442

Thrifts & Mortgage Finance - 0.1%

Hudson City Bancorp, Inc.

100,117

1,227,434

People's United Financial, Inc.

70,511

922,989

 

2,150,423

TOTAL FINANCIALS

305,983,639

HEALTH CARE - 11.4%

Biotechnology - 1.4%

Amgen, Inc. (a)

182,221

10,042,199

Biogen Idec, Inc. (a)

45,992

2,581,071

Celgene Corp. (a)

87,350

5,032,234

Cephalon, Inc. (a)(c)

14,296

892,642

Genzyme Corp. (a)

48,449

3,429,705

Gilead Sciences, Inc. (a)

159,438

5,677,587

 

27,655,438

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

111,098

5,300,486

Becton, Dickinson & Co.

44,135

3,270,404

Boston Scientific Corp. (a)

288,388

1,767,818

C. R. Bard, Inc. (c)

17,804

1,449,780

CareFusion Corp. (a)

42,273

1,050,061

DENTSPLY International, Inc.

27,153

868,081

Hospira, Inc. (a)

31,808

1,813,374

Intuitive Surgical, Inc. (a)(c)

7,481

2,122,659

Medtronic, Inc.

205,304

6,894,108

St. Jude Medical, Inc. (a)

62,245

2,448,718

Stryker Corp.

64,900

3,248,245

Varian Medical Systems, Inc. (a)(c)

23,123

1,398,942

Zimmer Holdings, Inc. (a)

38,206

1,999,320

 

33,631,996

Health Care Providers & Services - 2.0%

Aetna, Inc.

79,354

2,508,380

AmerisourceBergen Corp.

53,011

1,625,317

Cardinal Health, Inc.

66,762

2,205,816

CIGNA Corp.

51,747

1,851,508

Coventry Health Care, Inc. (a)

28,211

607,383

DaVita, Inc. (a)

19,506

1,346,499

Express Scripts, Inc. (a)

103,121

5,021,993

Humana, Inc. (a)

32,174

1,616,422

Laboratory Corp. of America Holdings (a)(c)

19,544

1,532,836

McKesson Corp.

49,706

3,070,837

Medco Health Solutions, Inc. (a)

82,444

4,292,035

Patterson Companies, Inc.

18,386

526,759

 

Shares

Value

Quest Diagnostics, Inc.

27,964

$ 1,411,343

Tenet Healthcare Corp. (a)

92,249

435,415

UnitedHealth Group, Inc.

213,742

7,504,482

WellPoint, Inc. (a)

75,997

4,304,470

 

39,861,495

Health Care Technology - 0.1%

Cerner Corp. (a)(c)

13,486

1,132,689

Life Sciences Tools & Services - 0.3%

Life Technologies Corp. (a)

34,852

1,627,240

PerkinElmer, Inc.

22,417

518,729

Thermo Fisher Scientific, Inc. (a)

77,459

3,708,737

Waters Corp. (a)(c)

17,498

1,238,508

 

7,093,214

Pharmaceuticals - 5.9%

Abbott Laboratories

293,545

15,334,791

Allergan, Inc.

58,463

3,889,543

Bristol-Myers Squibb Co.

326,019

8,838,375

Eli Lilly & Co.

192,923

7,047,477

Forest Laboratories, Inc. (a)(c)

54,287

1,679,097

Johnson & Johnson

523,665

32,446,283

King Pharmaceuticals, Inc. (a)

47,465

472,751

Merck & Co., Inc.

585,097

21,537,421

Mylan, Inc. (a)(c)

58,815

1,106,310

Pfizer, Inc.

1,528,207

26,239,314

Watson Pharmaceuticals, Inc. (a)

20,417

863,843

 

119,455,205

TOTAL HEALTH CARE

228,830,037

INDUSTRIALS - 10.6%

Aerospace & Defense - 2.7%

General Dynamics Corp.

72,315

4,542,105

Goodrich Corp.

23,818

1,756,101

Honeywell International, Inc.

146,810

6,450,831

ITT Corp.

34,867

1,632,822

L-3 Communications Holdings, Inc. (c)

21,763

1,572,812

Lockheed Martin Corp.

56,512

4,028,175

Northrop Grumman Corp.

55,936

3,391,400

Precision Castparts Corp. (c)

27,043

3,443,926

Raytheon Co.

71,125

3,251,124

Rockwell Collins, Inc.

29,886

1,740,860

The Boeing Co.

139,104

9,255,980

United Technologies Corp.

176,631

12,581,426

 

53,647,562

Air Freight & Logistics - 1.1%

C.H. Robinson Worldwide, Inc. (c)

31,533

2,204,787

Expeditors International of Washington, Inc. (c)

40,338

1,864,826

FedEx Corp.

59,799

5,112,815

United Parcel Service, Inc. Class B

188,347

12,560,861

 

21,743,289

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - 0.1%

Southwest Airlines Co.

141,816

$ 1,853,535

Building Products - 0.0%

Masco Corp.

68,157

750,409

Commercial Services & Supplies - 0.5%

Avery Dennison Corp.

20,896

775,660

Cintas Corp.

25,285

696,602

Iron Mountain, Inc.

38,310

855,845

Pitney Bowes, Inc. (c)

39,296

840,148

R.R. Donnelley & Sons Co. (c)

39,221

665,188

Republic Services, Inc.

58,252

1,776,103

Stericycle, Inc. (a)(c)

16,217

1,126,757

Waste Management, Inc. (c)

90,768

3,244,048

 

9,980,351

Construction & Engineering - 0.2%

Fluor Corp. (c)

33,986

1,683,327

Jacobs Engineering Group, Inc. (a)

23,903

925,046

Quanta Services, Inc. (a)(c)

40,110

765,299

 

3,373,672

Electrical Equipment - 0.5%

Emerson Electric Co.

143,045

7,532,750

Rockwell Automation, Inc.

26,969

1,664,796

Roper Industries, Inc.

17,905

1,167,048

 

10,364,594

Industrial Conglomerates - 2.5%

3M Co. (c)

135,578

11,755,968

General Electric Co.

2,032,574

33,029,328

Textron, Inc. (c)

52,132

1,071,834

Tyco International Ltd.

94,619

3,475,356

 

49,332,486

Machinery - 2.0%

Caterpillar, Inc.

119,863

9,430,821

Cummins, Inc.

37,793

3,423,290

Danaher Corp.

101,741

4,131,702

Deere & Co.

80,583

5,623,082

Dover Corp.

35,487

1,852,776

Eaton Corp.

31,901

2,631,513

Flowserve Corp.

10,635

1,163,682

Illinois Tool Works, Inc.

95,726

4,501,037

PACCAR, Inc. (c)

69,303

3,336,939

Pall Corp.

22,180

923,575

Parker Hannifin Corp.

30,642

2,146,779

Snap-On, Inc.

11,045

513,703

 

39,678,899

Professional Services - 0.1%

Dun & Bradstreet Corp.

9,516

705,516

Equifax, Inc.

23,768

741,562

Robert Half International, Inc. (c)

28,059

729,534

 

2,176,612

 

Shares

Value

Road & Rail - 0.8%

CSX Corp.

72,177

$ 3,992,832

Norfolk Southern Corp.

70,080

4,170,461

Ryder System, Inc.

9,965

426,203

Union Pacific Corp.

94,595

7,737,871

 

16,327,367

Trading Companies & Distributors - 0.1%

Fastenal Co. (c)

28,029

1,490,863

W.W. Grainger, Inc. (c)

11,332

1,349,755

 

2,840,618

TOTAL INDUSTRIALS

212,069,394

INFORMATION TECHNOLOGY - 18.4%

Communications Equipment - 2.3%

Cisco Systems, Inc. (a)

1,085,782

23,778,626

Harris Corp.

24,533

1,086,567

JDS Uniphase Corp. (a)

42,128

521,966

Juniper Networks, Inc. (a)

98,845

2,999,946

Motorola, Inc. (a)

443,710

3,784,846

QUALCOMM, Inc.

305,174

13,769,451

Tellabs, Inc. (c)

72,510

540,200

 

46,481,602

Computers & Peripherals - 4.3%

Apple, Inc. (a)

173,683

49,282,551

Dell, Inc. (a)

321,657

4,168,675

EMC Corp. (a)

390,407

7,929,166

Hewlett-Packard Co.

431,135

18,137,849

Lexmark International, Inc. Class A (a)(c)

14,929

666,132

NetApp, Inc. (a)

67,887

3,380,094

QLogic Corp. (a)(c)

20,771

366,400

SanDisk Corp. (a)

44,311

1,623,998

Western Digital Corp. (a)

43,598

1,237,747

 

86,792,612

Electronic Equipment & Components - 0.6%

Agilent Technologies, Inc. (a)

65,851

2,197,448

Amphenol Corp. Class A

33,028

1,617,711

Corning, Inc.

296,891

5,427,167

FLIR Systems, Inc. (a)(c)

30,060

772,542

Jabil Circuit, Inc. (c)

37,209

536,182

Molex, Inc.

26,172

547,780

 

11,098,830

Internet Software & Services - 1.8%

Akamai Technologies, Inc. (a)(c)

34,526

1,732,515

eBay, Inc. (a)(c)

219,526

5,356,434

Google, Inc. Class A (a)

47,261

24,849,361

Monster Worldwide, Inc. (a)(c)

24,680

319,853

VeriSign, Inc. (a)

33,105

1,050,753

Yahoo!, Inc. (a)

256,329

3,632,182

 

36,941,098

IT Services - 3.1%

Automatic Data Processing, Inc.

93,542

3,931,570

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Cognizant Technology Solutions Corp. Class A (a)

57,204

$ 3,687,942

Computer Sciences Corp.

29,351

1,350,146

Fidelity National Information Services, Inc.

50,127

1,359,946

Fiserv, Inc. (a)

28,537

1,535,861

International Business Machines Corp.

239,789

32,165,296

MasterCard, Inc. Class A

18,410

4,123,840

Paychex, Inc.

61,161

1,681,316

SAIC, Inc. (a)

55,824

892,068

Teradata Corp. (a)

31,806

1,226,439

The Western Union Co.

125,499

2,217,567

Total System Services, Inc.

31,526

480,456

Visa, Inc. Class A

94,481

7,016,159

 

61,668,606

Office Electronics - 0.1%

Xerox Corp.

262,940

2,721,429

Semiconductors & Semiconductor Equipment - 2.4%

Advanced Micro Devices, Inc. (a)(c)

107,727

765,939

Altera Corp. (c)

58,408

1,761,585

Analog Devices, Inc.

56,672

1,778,367

Applied Materials, Inc.

254,008

2,966,813

Broadcom Corp. Class A

85,194

3,015,016

First Solar, Inc. (a)(c)

10,247

1,509,895

Intel Corp.

1,058,567

20,356,243

KLA-Tencor Corp. (c)

31,907

1,124,084

Linear Technology Corp.

42,671

1,311,280

LSI Corp. (a)

122,025

556,434

MEMC Electronic Materials, Inc. (a)(c)

43,235

515,361

Microchip Technology, Inc. (c)

35,349

1,111,726

Micron Technology, Inc. (a)(c)

162,547

1,171,964

National Semiconductor Corp.

45,543

581,584

Novellus Systems, Inc. (a)

17,474

464,459

NVIDIA Corp. (a)(c)

109,127

1,274,603

Teradyne, Inc. (a)(c)

34,477

384,074

Texas Instruments, Inc. (c)

227,226

6,166,914

Xilinx, Inc. (c)

49,208

1,309,425

 

48,125,766

Software - 3.8%

Adobe Systems, Inc. (a)(c)

99,854

2,611,182

Autodesk, Inc. (a)(c)

43,210

1,381,424

BMC Software, Inc. (a)

33,960

1,374,701

CA, Inc. (c)

73,573

1,553,862

Citrix Systems, Inc. (a)

35,540

2,425,250

Compuware Corp. (a)(c)

42,444

362,047

Electronic Arts, Inc. (a)

62,795

1,031,722

Intuit, Inc. (a)

53,747

2,354,656

McAfee, Inc. (a)

28,912

1,366,381

Microsoft Corp.

1,447,761

35,455,667

 

Shares

Value

Novell, Inc. (a)

66,788

$ 398,724

Oracle Corp.

735,789

19,755,935

Red Hat, Inc. (a)

35,920

1,472,720

Salesforce.com, Inc. (a)(c)

22,226

2,484,867

Symantec Corp. (a)

150,067

2,276,516

 

76,305,654

TOTAL INFORMATION TECHNOLOGY

370,135,597

MATERIALS - 3.5%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

40,407

3,346,508

Airgas, Inc.

14,157

961,968

CF Industries Holdings, Inc.

13,514

1,290,587

Dow Chemical Co.

220,507

6,055,122

E.I. du Pont de Nemours & Co.

172,343

7,689,945

Eastman Chemical Co.

13,734

1,016,316

Ecolab, Inc.

44,355

2,250,573

FMC Corp.

13,780

942,690

International Flavors & Fragrances, Inc.

15,182

736,631

Monsanto Co.

102,748

4,924,712

PPG Industries, Inc. (c)

31,398

2,285,774

Praxair, Inc.

58,188

5,252,049

Sherwin-Williams Co.

17,167

1,289,928

Sigma Aldrich Corp. (c)

23,066

1,392,725

 

39,435,528

Construction Materials - 0.0%

Vulcan Materials Co. (c)

24,386

900,331

Containers & Packaging - 0.2%

Ball Corp.

17,410

1,024,579

Bemis Co., Inc.

20,748

658,749

Owens-Illinois, Inc. (a)(c)

31,094

872,498

Pactiv Corp. (a)

25,893

853,951

Sealed Air Corp.

30,343

682,111

 

4,091,888

Metals & Mining - 1.1%

AK Steel Holding Corp. (c)

20,910

288,767

Alcoa, Inc. (c)

194,149

2,351,144

Allegheny Technologies, Inc. (c)

18,741

870,519

Cliffs Natural Resources, Inc.

25,750

1,645,940

Freeport-McMoRan Copper & Gold, Inc.

89,438

7,637,111

Newmont Mining Corp.

93,609

5,879,581

Nucor Corp.

59,993

2,291,733

Titanium Metals Corp. (a)(c)

17,127

341,855

United States Steel Corp. (c)

27,294

1,196,569

 

22,503,219

Paper & Forest Products - 0.2%

International Paper Co.

83,086

1,807,121

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - continued

MeadWestvaco Corp.

32,472

$ 791,667

Weyerhaeuser Co. (c)

101,829

1,604,825

 

4,203,613

TOTAL MATERIALS

71,134,579

TELECOMMUNICATION SERVICES - 3.2%

Diversified Telecommunication Services - 2.8%

AT&T, Inc.

1,123,396

32,129,126

CenturyTel, Inc. (c)

57,310

2,261,453

Frontier Communications Corp. (c)

188,599

1,540,854

Qwest Communications International, Inc.

330,662

2,073,251

Verizon Communications, Inc.

537,409

17,514,159

Windstream Corp.

91,858

1,128,935

 

56,647,778

Wireless Telecommunication Services - 0.4%

American Tower Corp. Class A (a)

76,264

3,909,293

MetroPCS Communications, Inc. (a)(c)

49,787

520,772

Sprint Nextel Corp. (a)

567,406

2,627,090

 

7,057,155

TOTAL TELECOMMUNICATION SERVICES

63,704,933

UTILITIES - 3.6%

Electric Utilities - 1.9%

Allegheny Energy, Inc.

32,247

790,696

American Electric Power Co., Inc.

91,149

3,302,328

Duke Energy Corp. (c)

250,706

4,440,003

Edison International

61,942

2,130,185

Entergy Corp.

35,517

2,718,116

Exelon Corp.

125,666

5,350,858

FirstEnergy Corp. (c)

57,954

2,233,547

NextEra Energy, Inc.

79,058

4,299,965

Northeast Utilities

33,489

990,270

Pepco Holdings, Inc.

42,565

791,709

Pinnacle West Capital Corp.

20,655

852,432

PPL Corp.

91,773

2,498,979

Progress Energy, Inc.

55,624

2,470,818

Southern Co.

157,931

5,881,350

 

38,751,256

Gas Utilities - 0.1%

Nicor, Inc.

8,651

396,389

ONEOK, Inc.

20,232

911,249

 

1,307,638

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (a)

126,802

1,439,203

 

Shares

Value

Constellation Energy Group, Inc.

38,396

$ 1,237,887

NRG Energy, Inc. (a)(c)

48,135

1,002,171

 

3,679,261

Multi-Utilities - 1.4%

Ameren Corp.

45,480

1,291,632

CenterPoint Energy, Inc.

80,175

1,260,351

CMS Energy Corp. (c)

43,761

788,573

Consolidated Edison, Inc. (c)

53,733

2,591,005

Dominion Resources, Inc.

112,003

4,890,051

DTE Energy Co.

32,090

1,473,894

Integrys Energy Group, Inc. (c)

14,683

764,397

NiSource, Inc.

52,848

919,555

PG&E Corp.

74,288

3,374,161

Public Service Enterprise Group, Inc.

96,192

3,182,031

SCANA Corp.

21,425

863,856

Sempra Energy

47,121

2,535,110

TECO Energy, Inc. (c)

40,797

706,604

Wisconsin Energy Corp.

22,224

1,284,547

Xcel Energy, Inc.

87,385

2,007,233

 

27,933,000

TOTAL UTILITIES

71,671,155

TOTAL COMMON STOCKS

(Cost $1,350,083,521)

1,965,095,130

U.S. Treasury Obligations - 0.2%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.25% to 0.38% 11/18/10 to 6/30/11 (d)
(Cost $3,896,983)

$ 3,900,000

3,898,176

Money Market Funds - 11.0%

Shares

 

Fidelity Cash Central Fund, 0.25% (e)

35,703,884

35,703,884

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)

183,985,017

183,985,017

TOTAL MONEY MARKET FUNDS

(Cost $219,688,901)

219,688,901

TOTAL INVESTMENT PORTFOLIO - 109.1%

(Cost $1,573,669,405)

2,188,682,207

NET OTHER ASSETS (LIABILITIES) - (9.1)%

(182,445,129)

NET ASSETS - 100%

$ 2,006,237,078

Futures Contracts

Expiration Date

Underlying
Face Amount
at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

146 CME S&P 500 Index Contracts

Dec. 2010

$ 41,489,550

$ 820,457

 

The face value of futures purchased as a percentage of net assets is 2.1%

Legend

(a) Non-income producing

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

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,898,176.

(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

$ 29,943

Fidelity Securities Lending Cash Central Fund

299,597

Total

$ 329,540

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 204,834,285

$ 204,834,285

$ -

$ -

Consumer Staples

221,739,022

221,739,022

-

-

Energy

214,992,489

214,992,489

-

-

Financials

305,983,639

305,983,639

-

-

Health Care

228,830,037

228,830,037

-

-

Industrials

212,069,394

212,069,394

-

-

Information Technology

370,135,597

370,135,597

-

-

Materials

71,134,579

71,134,579

-

-

Telecommunication Services

63,704,933

63,704,933

-

-

Utilities

71,671,155

71,671,155

-

-

U.S. Government and Government Agency Obligations

3,898,176

-

3,898,176

-

Money Market Funds

219,688,901

219,688,901

-

-

Total Investments in Securities:

$ 2,188,682,207

$ 2,184,784,031

$ 3,898,176

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 820,457

$ 820,457

$ -

$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $1,579,446,763. Net unrealized appreciation aggregated $609,235,444, of which $869,260,930 related to appreciated investment securities and $260,025,486 related to depreciated investment securities.

Investment Valuation

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, 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.

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

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.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund II

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2010

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 29, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2010