N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-5511

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)

Eric D. Roiter, 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:

March 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Contrafund ® Portfolio

March 31, 2008

1.799865.104

VIPCON-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value

CONSUMER DISCRETIONARY - 8.2%

Auto Components - 0.4%

Gentex Corp.

2,316,000

$ 39,719,400

Johnson Controls, Inc.

1,743,900

58,943,820

98,663,220

Automobiles - 0.1%

Fiat SpA

468,800

10,832,818

Renault SA

92,700

10,258,169

21,090,987

Distributors - 0.4%

Li & Fung Ltd.

22,338,000

82,804,556

Diversified Consumer Services - 0.1%

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

440,700

28,583,802

Hotels, Restaurants & Leisure - 0.8%

Bally Technologies, Inc. (a)

264,300

9,076,062

Ctrip.com International Ltd. sponsored ADR

51,600

2,735,832

Life Time Fitness, Inc. (a)(d)

822,200

25,660,862

McDonald's Corp.

2,523,384

140,729,126

178,201,882

Household Durables - 0.2%

D.R. Horton, Inc.

1,307,200

20,588,400

Harman International Industries, Inc.

125,000

5,442,500

Sony Corp. sponsored ADR

195,000

7,813,650

Whirlpool Corp.

171,800

14,908,804

48,753,354

Internet & Catalog Retail - 0.1%

DeNA Co. Ltd.

1,100

6,963,244

Priceline.com, Inc. (a)

81,700

9,874,262

16,837,506

Media - 2.9%

Central European Media Enterprises Ltd. Class A (a)

787,500

67,118,625

Comcast Corp. Class A

2,018,800

39,043,592

Discovery Holding Co. Class A (a)

443,459

9,410,200

DreamWorks Animation SKG, Inc.
Class A (a)

580,200

14,957,556

Focus Media Holding Ltd. ADR (a)

83,700

2,942,055

Liberty Global, Inc. Class A (a)(d)

935,300

31,875,024

News Corp. Class A

4,940,200

92,628,750

Omnicom Group, Inc.

1,094,900

48,372,682

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

821,900

6,846,427

The Walt Disney Co.

1,823,443

57,219,641

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

11,499

11,499,000

Time Warner Cable, Inc. (a)

1,813,800

45,308,724

Time Warner, Inc.

15,802,500

221,551,050

648,773,326

Shares

Value

Multiline Retail - 0.4%

Kohl's Corp. (a)

681,000

$ 29,208,090

Target Corp.

1,120,400

56,781,872

85,989,962

Specialty Retail - 1.4%

Abercrombie & Fitch Co. Class A

193,800

14,174,532

Gamestop Corp. Class A (a)

1,306,100

67,538,431

Lowe's Companies, Inc.

3,893,000

89,305,420

OfficeMax, Inc.

519,600

9,945,144

PetSmart, Inc.

1,257,800

25,709,432

Staples, Inc.

218,500

4,831,035

Tiffany & Co., Inc.

502,600

21,028,784

TJX Companies, Inc.

2,379,852

78,701,706

Zumiez, Inc. (a)(d)

661,020

10,371,404

321,605,888

Textiles, Apparel & Luxury Goods - 1.4%

Carter's, Inc. (a)

1,015,700

16,403,555

Coach, Inc. (a)

329,500

9,934,425

LVMH Moet Hennessy - Louis Vuitton

725,000

80,686,192

NIKE, Inc. Class B

872,900

59,357,200

Polo Ralph Lauren Corp. Class A

909,574

53,019,068

Ports Design Ltd.

3,909,500

11,051,164

Under Armour, Inc. Class A (sub. vtg.) (a)(d)

1,568,415

57,403,989

VF Corp.

191,700

14,858,667

302,714,260

TOTAL CONSUMER DISCRETIONARY

1,834,018,743

CONSUMER STAPLES - 11.4%

Beverages - 4.1%

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

100,000

6,622,000

Carlsberg AS Series B (d)

96,300

12,313,092

Coca-Cola Femsa SA de CV sponsored ADR

794,200

44,737,286

Coca-Cola Hellenic Bottling Co. SA sponsored ADR

402,550

18,851,417

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

76,000

5,741,800

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

1,277,100

22,566,357

Cott Corp. (a)

1,075,000

3,822,083

Diageo PLC sponsored ADR

445,100

36,195,532

Embotelladora Andina SA sponsored ADR

299,600

6,291,600

Fomento Economico Mexicano SA de CV sponsored ADR

299,700

12,521,466

Heineken NV (Bearer)

625,700

36,338,587

InBev SA

413,817

36,412,239

Molson Coors Brewing Co. Class B

1,170,200

61,517,414

PepsiCo, Inc.

3,322,062

239,852,876

Pernod Ricard SA

547,000

56,265,282

Remy Cointreau SA

186,600

12,548,544

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

SABMiller plc

1,209,200

$ 26,488,880

The Coca-Cola Co.

4,715,309

287,020,859

926,107,314

Food & Staples Retailing - 2.2%

Costco Wholesale Corp.

630,700

40,976,579

CVS Caremark Corp.

5,481,300

222,047,463

Kroger Co.

2,665,000

67,691,000

Rite Aid Corp. (a)(d)

2,215,000

6,512,100

Safeway, Inc.

2,108,900

61,896,215

Sysco Corp.

914,200

26,530,084

Walgreen Co.

1,855,400

70,672,186

X5 Retail Group NV GDR (a)(f)

163,200

4,814,400

501,140,027

Food Products - 1.5%

Archer Daniels Midland Co.

1,227,800

50,536,248

Bunge Ltd.

132,500

11,511,600

Dean Foods Co.

366,200

7,356,958

Green Mountain Coffee Roasters, Inc. (a)

271,101

8,580,347

Groupe Danone

364,756

32,613,528

Kraft Foods, Inc. Class A

963,000

29,862,630

Lindt & Spruengli AG

210

7,439,813

Marine Harvest ASA (a)

12,889,000

7,541,867

Nestle SA (Reg.)

220,822

110,338,738

Unilever NV (NY Shares)

1,806,400

60,929,872

Wimm-Bill-Dann Foods OJSC sponsored ADR

65,500

6,712,440

333,424,041

Household Products - 2.6%

Colgate-Palmolive Co.

1,295,123

100,903,033

Kimberly-Clark Corp.

546,400

35,270,120

Procter & Gamble Co.

6,185,911

433,446,784

569,619,937

Personal Products - 0.5%

Avon Products, Inc.

2,349,200

92,887,368

Estee Lauder Companies, Inc. Class A

268,100

12,292,385

Herbalife Ltd.

164,800

7,828,000

113,007,753

Tobacco - 0.5%

British American Tobacco PLC sponsored ADR

1,271,367

96,306,050

Souza Cruz Industria Comerico

692,400

17,874,242

114,180,292

TOTAL CONSUMER STAPLES

2,557,479,364

ENERGY - 12.6%

Energy Equipment & Services - 3.4%

Atwood Oceanics, Inc. (a)

76,000

6,970,720

Cameron International Corp. (a)

74,900

3,118,836

Shares

Value

Expro International Group PLC

2,905,242

$ 67,447,300

Exterran Holdings, Inc. (a)

357,823

23,093,896

Global Industries Ltd. (a)

1,157,600

18,625,784

Nabors Industries Ltd. (a)

4,607,800

155,605,406

National Oilwell Varco, Inc. (a)

3,465,654

202,324,881

Parker Drilling Co. (a)

2,023,000

13,068,580

Petroleum Geo-Services ASA

2,147,800

53,138,313

Pride International, Inc. (a)

88,000

3,075,600

Subsea 7, Inc. (a)(d)

1,672,100

37,757,520

Superior Energy Services, Inc. (a)

189,900

7,523,838

Transocean, Inc. (a)

1,227,661

165,979,767

W-H Energy Services, Inc. (a)

117,500

8,089,875

765,820,316

Oil, Gas & Consumable Fuels - 9.2%

Cameco Corp.

968,478

31,924,114

Canadian Natural Resources Ltd.

2,064,094

141,285,686

Chesapeake Energy Corp.

3,724,405

171,881,291

ConocoPhillips

3,324,400

253,352,524

CONSOL Energy, Inc.

2,087,275

144,418,557

EOG Resources, Inc.

84,800

10,176,000

Forest Oil Corp. (a)

958,345

46,920,571

Frontier Oil Corp.

393,100

10,715,906

Hess Corp.

526,000

46,382,680

Holly Corp.

247,000

10,722,270

International Coal Group, Inc. (a)

5,657,770

35,926,840

OPTI Canada, Inc. (a)

1,715,800

28,914,222

Peabody Energy Corp.

2,750,887

140,295,237

Petrohawk Energy Corp. (a)

7,939,600

160,141,732

Petroplus Holdings AG (a)

1,608,150

98,935,674

Range Resources Corp.

296,585

18,818,318

Southwestern Energy Co. (a)

3,464,000

116,702,160

Tesoro Corp.

2,178,293

65,348,790

Ultra Petroleum Corp. (a)

21,400

1,658,500

Valero Energy Corp.

4,765,567

234,036,995

Western Refining, Inc.

1,350,639

18,193,107

Williams Companies, Inc.

3,816,900

125,881,362

XTO Energy, Inc.

2,382,000

147,350,520

2,059,983,056

TOTAL ENERGY

2,825,803,372

FINANCIALS - 16.0%

Capital Markets - 2.4%

Bank of New York Mellon Corp.

5,019,682

209,471,330

Charles Schwab Corp.

5,067,222

95,415,790

Janus Capital Group, Inc.

3,940,227

91,689,082

Lehman Brothers Holdings, Inc.

3,951,852

148,747,709

545,323,911

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 1.3%

KeyCorp

2,705,120

$ 59,377,384

Sumitomo Mitsui Financial Group, Inc.

34,873

231,643,293

291,020,677

Consumer Finance - 0.4%

Credit Saison Co. Ltd.

724,200

20,320,551

Discover Financial Services

2,318,693

37,957,004

Promise Co. Ltd.

1,273,850

36,841,820

95,119,375

Diversified Financial Services - 2.8%

CIT Group, Inc.

4,307,200

51,040,320

Citigroup, Inc.

16,701,500

357,746,130

JPMorgan Chase & Co.

5,035,500

216,274,725

625,061,175

Insurance - 7.1%

ACE Ltd.

1,547,600

85,210,856

AFLAC, Inc.

1,524,300

99,003,285

American International Group, Inc.

11,293,414

488,440,156

Berkshire Hathaway, Inc. Class A (a)

2,511

334,967,400

Catlin Group Ltd.

3,946,440

34,631,375

MetLife, Inc. (d)

2,063,243

124,331,023

National Financial Partners Corp. (d)

677,400

15,221,178

PartnerRe Ltd.

811,200

61,894,560

Principal Financial Group, Inc.

979,781

54,593,397

Prudential Financial, Inc.

1,818,537

142,300,520

Sony Financial Holdings, Inc.

35,482

144,004,323

1,584,598,073

Real Estate Management & Development - 0.0%

Forestar Real Estate Group, Inc. (a)

280,766

6,993,881

Thrifts & Mortgage Finance - 2.0%

Fannie Mae (d)

14,497,890

381,584,465

New York Community Bancorp, Inc. (d)

4,161,500

75,822,530

457,406,995

TOTAL FINANCIALS

3,605,524,087

HEALTH CARE - 11.2%

Biotechnology - 1.6%

Amgen, Inc. (a)

800,000

33,424,000

Biogen Idec, Inc. (a)

531,200

32,769,728

BioMarin Pharmaceutical, Inc. (a)

475,000

16,800,750

Celgene Corp. (a)

454,346

27,846,866

Cephalon, Inc. (a)

250,800

16,151,520

CSL Ltd.

1,591,878

53,706,120

Genentech, Inc. (a)

552,469

44,849,433

Genzyme Corp. (a)

350,000

26,089,000

Gilead Sciences, Inc. (a)

1,776,906

91,563,966

Shares

Value

ONYX Pharmaceuticals, Inc. (a)

350,000

$ 10,160,500

United Therapeutics Corp. (a)

125,000

10,837,500

364,199,383

Health Care Equipment & Supplies - 3.2%

Alcon, Inc.

830,983

118,207,332

Baxter International, Inc.

1,558,700

90,124,034

Becton, Dickinson & Co.

1,187,420

101,940,007

C.R. Bard, Inc.

742,092

71,537,669

Covidien Ltd.

2,462,616

108,970,758

Gen-Probe, Inc. (a)

167,075

8,053,015

Hillenbrand Industries, Inc.

500,000

23,900,000

Mako Surgical Corp.

538,756

4,838,029

Medtronic, Inc.

1,913,100

92,536,647

NuVasive, Inc. (a)

330,637

11,410,283

Sonova Holding AG

273,985

25,132,189

St. Jude Medical, Inc. (a)

564,052

24,361,406

Stryker Corp.

780,100

50,745,505

731,756,874

Health Care Providers & Services - 1.8%

Express Scripts, Inc. (a)

775,000

49,848,000

Henry Schein, Inc. (a)

504,149

28,938,153

Humana, Inc. (a)

782,726

35,113,088

McKesson Corp.

1,298,200

67,986,734

Medco Health Solutions, Inc. (a)

2,282,092

99,932,809

Tenet Healthcare Corp. (a)

9,028,570

51,101,706

UnitedHealth Group, Inc.

1,216,111

41,785,574

Universal Health Services, Inc. Class B

500,000

26,845,000

401,551,064

Health Care Technology - 0.2%

HLTH Corp. (a)

3,459,902

33,007,465

MedAssets, Inc.

421,051

6,239,976

39,247,441

Life Sciences Tools & Services - 0.5%

Applera Corp. - Applied Biosystems Group

1,003,900

32,988,154

Invitrogen Corp. (a)

200,000

17,094,000

Pharmaceutical Product Development, Inc.

450,000

18,855,000

QIAGEN NV (a)

2,370,001

49,296,021

118,233,175

Pharmaceuticals - 3.9%

Abbott Laboratories

3,046,317

168,004,383

Allergan, Inc.

1,525,606

86,028,922

Johnson & Johnson

1,503,400

97,525,558

Merck & Co., Inc.

4,452,250

168,962,888

Novo Nordisk AS Series B

569,000

38,906,189

Pfizer, Inc.

4,300,300

90,005,279

Schering-Plough Corp.

3,664,838

52,810,316

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Wyeth

3,815,600

$ 159,339,456

XenoPort, Inc. (a)

136,202

5,512,095

867,095,086

TOTAL HEALTH CARE

2,522,083,023

INDUSTRIALS - 12.4%

Aerospace & Defense - 4.3%

General Dynamics Corp.

1,802,246

150,253,249

Honeywell International, Inc.

3,181,500

179,500,230

Lockheed Martin Corp.

2,054,787

204,040,349

Northrop Grumman Corp.

667,800

51,961,518

Raytheon Co.

2,734,000

176,643,740

The Boeing Co.

1,618,626

120,377,216

United Technologies Corp.

1,041,500

71,676,030

954,452,332

Air Freight & Logistics - 1.8%

C.H. Robinson Worldwide, Inc. (d)

2,423,301

131,827,574

FedEx Corp.

562,100

52,089,807

United Parcel Service, Inc. Class B

2,915,300

212,875,206

396,792,587

Commercial Services & Supplies - 0.5%

Stericycle, Inc. (a)

2,301,000

118,501,500

Construction & Engineering - 0.9%

Fluor Corp.

691,700

97,640,372

Jacobs Engineering Group, Inc. (a)

1,474,438

108,503,892

206,144,264

Electrical Equipment - 1.7%

ABB Ltd. sponsored ADR

2,273,200

61,194,544

Alstom SA

610,500

132,340,131

Renewable Energy Corp. AS (a)

281,700

7,854,500

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

2,518,900

102,166,584

Vestas Wind Systems AS (a)

677,400

73,994,390

377,550,149

Industrial Conglomerates - 1.6%

3M Co.

334,500

26,475,675

General Electric Co.

6,778,567

250,874,765

Siemens AG sponsored ADR

724,100

78,883,454

356,233,894

Machinery - 1.6%

AGCO Corp. (a)

465,400

27,868,152

Danaher Corp.

2,376,050

180,651,082

Shares

Value

Eaton Corp.

893,200

$ 71,161,244

Sulzer AG (Reg.)

67,246

88,902,983

368,583,461

TOTAL INDUSTRIALS

2,778,258,187

INFORMATION TECHNOLOGY - 14.9%

Communications Equipment - 3.7%

Alcatel-Lucent SA sponsored ADR

6,595,000

37,987,200

Ciena Corp. (a)(e)

4,565,921

140,767,344

Cisco Systems, Inc. (a)

10,676,100

257,187,249

Juniper Networks, Inc. (a)

10,829,100

270,727,500

Opnext, Inc.

2,240,896

12,212,883

Powerwave Technologies, Inc. (a)

555,613

1,416,813

Sycamore Networks, Inc. (a)(e)

18,993,656

69,516,781

Tellabs, Inc. (a)

7,795,959

42,487,977

832,303,747

Computers & Peripherals - 0.8%

Apple, Inc. (a)

240,000

34,440,000

Hewlett-Packard Co.

3,390,364

154,804,020

189,244,020

Electronic Equipment & Instruments - 0.7%

Avnet, Inc. (a)

3,795,600

124,229,988

SMART Modular Technologies (WWH), Inc. (a)

2,046,132

12,706,480

Tyco Electronics Ltd.

470,000

16,130,400

153,066,868

Internet Software & Services - 0.5%

eBay, Inc. (a)

2,345,000

69,974,800

VistaPrint Ltd. (a)

1,119,340

39,120,933

109,095,733

IT Services - 0.2%

Visa, Inc.

805,400

50,224,744

Semiconductors & Semiconductor Equipment - 3.0%

Altera Corp.

3,955,000

72,890,650

Analog Devices, Inc.

5,140,000

151,732,800

Broadcom Corp. Class A (a)

7,609,559

146,636,202

Brooks Automation, Inc. (a)

1,501,101

14,590,702

Cirrus Logic, Inc. (a)(e)

6,732,845

45,244,718

Himax Technologies, Inc. sponsored ADR

1,120,500

5,434,425

Intel Corp.

2,845,000

60,257,100

Intersil Corp. Class A

1,149,000

29,494,830

KLA-Tencor Corp.

550,000

20,405,000

Linear Technology Corp. (d)

650,000

19,948,500

MediaTek, Inc.

3,640,050

47,915,886

PixArt Imaging, Inc.

3,600,000

26,419,193

Teradyne, Inc. (a)

3,021,214

37,523,478

678,493,484

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - 6.0%

Activision, Inc. (a)

3,806,449

$ 103,954,122

BEA Systems, Inc. (a)

700,000

13,405,000

Citrix Systems, Inc. (a)

200,000

5,866,000

Electronic Arts, Inc. (a)

4,476,700

223,476,864

Gameloft (a)

1,808,953

7,824,380

Microsoft Corp.

28,329,200

803,982,696

Nintendo Co. Ltd.

206,900

108,245,609

Nuance Communications, Inc. (a)

600,000

10,446,000

Perfect World Co. Ltd. sponsored ADR Class B

563,700

12,801,627

THQ, Inc. (a)

2,458,571

53,596,848

1,343,599,146

TOTAL INFORMATION TECHNOLOGY

3,356,027,742

MATERIALS - 3.5%

Chemicals - 1.9%

Albemarle Corp.

1,074,300

39,233,436

Ecolab, Inc.

1,218,861

52,935,133

Monsanto Co.

1,778,835

198,340,103

Potash Corp. of Saskatchewan, Inc.

256,700

39,842,408

Praxair, Inc.

462,932

38,992,762

The Mosaic Co. (a)

464,200

47,626,920

416,970,762

Containers & Packaging - 0.2%

Crown Holdings, Inc. (a)

718,900

18,087,524

Temple-Inland, Inc.

1,525,000

19,398,000

37,485,524

Metals & Mining - 1.4%

AK Steel Holding Corp.

837,300

45,565,865

Alcoa, Inc.

1,931,800

69,660,708

Allegheny Technologies, Inc. (d)

712,981

50,878,324

Freeport-McMoRan Copper & Gold, Inc. Class B

144,500

13,903,790

Goldcorp, Inc.

39,000

1,515,400

Ivanhoe Mines Ltd. (a)

884,700

9,221,011

Kinross Gold Corp.

213,715

4,767,264

Lihir Gold Ltd. (a)

2,000,000

6,562,879

Lihir Gold Ltd. sponsored ADR

462,100

14,704,022

Newcrest Mining Ltd.

750,089

22,879,101

Nucor Corp.

313,500

21,236,490

Schnitzer Steel Industries, Inc. Class A

42,100

2,989,942

Steel Dynamics, Inc.

1,139,200

37,639,168

Titanium Metals Corp. (d)

1,227,677

18,476,539

320,000,503

TOTAL MATERIALS

774,456,789

Shares

Value

TELECOMMUNICATION SERVICES - 3.5%

Diversified Telecommunication Services - 2.9%

AT&T, Inc.

11,991,016

$ 459,255,913

CenturyTel, Inc.

216,200

7,186,488

Citizens Communications Co.

691,700

7,255,933

Embarq Corp.

288,600

11,572,860

Qwest Communications International, Inc.

3,119,100

14,129,523

Verizon Communications, Inc.

4,262,300

155,360,835

654,761,552

Wireless Telecommunication Services - 0.6%

American Tower Corp. Class A (a)

945,100

37,057,371

Clearwire Corp. (d)

3,498,712

51,815,925

Vodafone Group PLC sponsored ADR

1,731,100

51,084,761

139,958,057

TOTAL TELECOMMUNICATION SERVICES

794,719,609

UTILITIES - 4.0%

Electric Utilities - 2.3%

Allegheny Energy, Inc.

1,541,500

77,845,750

American Electric Power Co., Inc.

980,100

40,801,563

Entergy Corp.

816,100

89,020,188

Exelon Corp.

1,264,000

102,725,280

FPL Group, Inc.

1,692,100

106,162,354

PPL Corp.

2,008,200

92,216,544

508,771,679

Independent Power Producers & Energy Traders - 1.1%

AES Corp. (a)

1,148,700

19,148,829

Clipper Windpower PLC (a)

925,263

9,372,541

Constellation Energy Group, Inc.

1,428,115

126,059,711

NRG Energy, Inc. (a)

2,542,000

99,112,580

253,693,661

Multi-Utilities - 0.6%

Public Service Enterprise Group, Inc.

1,266,900

50,916,711

Sempra Energy

1,521,700

81,076,176

131,992,887

TOTAL UTILITIES

894,458,227

TOTAL COMMON STOCKS

(Cost $22,194,955,368)

21,942,829,143

Convertible Preferred Stocks - 0.0%

HEALTH CARE - 0.0%

Biotechnology - 0.0%

Fluidigm Corp. (h)

1,378,965

5,515,860

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $5,515,860)

5,515,860

U.S. Treasury Obligations - 0.0%

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.25% to 2.14% 4/17/08 to 6/26/08 (g)
(Cost $9,358,014)

$ 9,381,000

$ 9,364,928

Money Market Funds - 2.8%

Shares

Fidelity Cash Central Fund, 2.69% (b)

506,319,149

506,319,149

Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)

132,323,873

132,323,873

TOTAL MONEY MARKET FUNDS

(Cost $638,643,022)

638,643,022

Cash Equivalents - 0.1%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 1.44%, dated 3/31/08 due 4/1/08 (Collateralized by U.S. Treasury Obligations) #
(Cost $11,660,000)

$ 11,660,467

11,660,000

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $22,860,132,264)

22,608,012,953

NET OTHER ASSETS - (0.6)%

(136,896,247)

NET ASSETS - 100%

$ 22,471,116,706

Futures Contracts

Expiration Date

Underlying
Face Amount
at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

2,465 S&P 500 E-Mini Index Contracts

June 2008

$ 163,183,000

$ 2,121,955

The face value of futures purchased as a percentage of net assets - 0.7%

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) 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 $ 4,814,400 or 0.0% of net assets.

(g) 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 $6,492,843.

(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 $17,014,860 or 0.1% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Fluidigm Corp.

10/9/07

$ 5,515,860

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

10/19/05

$ 11,499,000

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

Repurchase Agreement / Counterparty

Value

$11,660,000 due 4/01/08 at 1.44%

Banc of America Securities LLC

$ 2,100,675

Barclays Capital, Inc.

3,850,284

Lehman Brothers, Inc.

5,709,041

$ 11,660,000

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

$ 5,801,325

Fidelity Securities Lending Cash Central Fund

1,845,522

Total

$ 7,646,847

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:

Affiliates

Value,
beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Ciena Corp.

$ 80,149,836

$ 61,919,366

$ -

$ -

$ 140,767,344

Cirrus Logic, Inc.

22,700,679

20,755,803

9,590,914

-

45,244,718

Sycamore Networks, Inc.

21,666,920

46,740,285

-

-

69,516,781

Total

$ 124,517,435

$ 129,415,454

$ 9,590,914

$ -

$ 255,528,843

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 22,608,012,953

$ 22,130,199,934

$ 460,798,159

$ 17,014,860

Other Financial Instruments*

$ 2,121,955

$ 2,121,955

$ -

$ -

*Other financial instruments include futures.

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

Investments in Securities

Beginning Balance

$ 17,014,860

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfer in/out of Level 3

-

Ending Balance

$ 17,014,860

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities or Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $23,181,859,182. Net unrealized depreciation aggregated $573,846,229, of which $1,874,736,691 related to appreciated investment securities and $2,448,582,920 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Disciplined Small Cap Portfolio

March 31, 2008

1.830301.102

VDSC-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

CONSUMER DISCRETIONARY - 14.2%

Auto Components - 1.4%

Aftermarket Technology Corp. (a)

4,958

$ 96,384

Cooper Tire & Rubber Co.

9,461

141,631

Drew Industries, Inc. (a)

3,944

96,470

Lear Corp. (a)

1,900

49,229

Stoneridge, Inc. (a)

8,400

112,980

496,694

Automobiles - 0.2%

Monaco Coach Corp.

6,365

60,340

Diversified Consumer Services - 1.8%

Bright Horizons Family Solutions, Inc. (a)

966

41,577

DeVry, Inc.

5,011

209,660

Jackson Hewitt Tax Service, Inc.

2,289

26,255

Sotheby's Class A (ltd. vtg.)

3,819

110,407

Stewart Enterprises, Inc. Class A

1,813

11,639

Strayer Education, Inc.

1,353

206,333

605,871

Hotels, Restaurants & Leisure - 2.8%

Bally Technologies, Inc. (a)

3,900

133,926

Bob Evans Farms, Inc.

4,993

137,757

Buffalo Wild Wings, Inc. (a)

3,589

87,931

CBRL Group, Inc.

2,509

89,747

Chipotle Mexican Grill, Inc. Class A (a)(d)

1,054

119,555

Denny's Corp. (a)

40,715

121,331

Jack in the Box, Inc. (a)

1,900

51,053

Papa John's International, Inc. (a)

6,015

145,623

Sonic Corp. (a)

2,902

63,960

Speedway Motorsports, Inc.

1,302

32,641

983,524

Household Durables - 0.8%

American Greetings Corp. Class A

3,558

66,001

Tempur-Pedic International, Inc. (d)

3,439

37,829

Tupperware Brands Corp.

1,900

73,492

Universal Electronics, Inc. (a)

3,613

87,471

264,793

Internet & Catalog Retail - 1.8%

Blue Nile, Inc. (a)(d)

1,269

68,716

FTD Group, Inc.

3,424

45,950

Netflix, Inc. (a)(d)

8,086

280,166

Orbitz Worldwide, Inc.

16,615

114,477

Priceline.com, Inc. (a)(d)

1,056

127,628

636,937

Leisure Equipment & Products - 0.1%

Polaris Industries, Inc. (d)

1,100

45,111

Media - 2.5%

Belo Corp. Series A

9,287

98,164

Cox Radio, Inc. Class A (a)

5,593

66,445

Gemstar-TV Guide International, Inc. (a)

18,671

87,754

Interactive Data Corp.

5,406

153,909

Shares

Value

Lee Enterprises, Inc. (d)

4,699

$ 47,037

LIN TV Corp. Class A (a)

14,744

141,690

Marvel Entertainment, Inc. (a)

2,003

53,660

Sinclair Broadcast Group, Inc. Class A

11,591

103,276

Westwood One, Inc.

38,083

79,974

World Wrestling Entertainment, Inc. Class A

2,885

53,690

885,599

Specialty Retail - 1.9%

Aeropostale, Inc. (a)

8,264

224,037

Christopher & Banks Corp.

4,446

44,416

Dress Barn, Inc. (a)

3,906

50,544

Gymboree Corp. (a)

2,911

116,091

J. Crew Group, Inc. (a)

2,564

113,252

Midas, Inc. (a)

3,917

67,333

The Buckle, Inc.

573

25,630

The Men's Wearhouse, Inc.

715

16,638

657,941

Textiles, Apparel & Luxury Goods - 0.9%

Deckers Outdoor Corp. (a)

400

43,128

Fossil, Inc. (a)

3,231

98,675

Lululemon Athletica, Inc. (d)

3,640

103,485

Maidenform Brands, Inc. (a)

4,601

74,858

320,146

TOTAL CONSUMER DISCRETIONARY

4,956,956

CONSUMER STAPLES - 3.5%

Food & Staples Retailing - 1.3%

Casey's General Stores, Inc.

4,980

112,548

Longs Drug Stores Corp.

4,126

175,190

Nash-Finch Co.

4,479

152,196

439,934

Food Products - 1.2%

Chiquita Brands International, Inc. (a)

6,503

150,284

Flowers Foods, Inc.

2,300

56,925

Ralcorp Holdings, Inc. (a)

3,148

183,056

TreeHouse Foods, Inc. (a)

1,600

36,576

426,841

Personal Products - 1.0%

Chattem, Inc. (a)

2,037

135,135

Elizabeth Arden, Inc. (a)

7,318

145,994

Prestige Brands Holdings, Inc. (a)

7,377

60,344

341,473

TOTAL CONSUMER STAPLES

1,208,248

ENERGY - 7.0%

Energy Equipment & Services - 3.2%

Dril-Quip, Inc. (a)

3,533

164,179

Exterran Holdings, Inc. (a)

1,187

76,609

Grey Wolf, Inc. (a)

29,500

200,010

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Gulfmark Offshore, Inc. (a)

2,361

$ 129,194

Hornbeck Offshore Services, Inc. (a)

2,846

129,977

Oil States International, Inc. (a)

1,200

53,772

T-3 Energy Services, Inc. (a)

1,886

80,268

Trico Marine Services, Inc. (a)

5,163

201,202

Willbros Group, Inc. (a)

3,000

91,800

1,127,011

Oil, Gas & Consumable Fuels - 3.8%

Alpha Natural Resources, Inc. (a)

5,088

221,023

Bois d'Arc Energy LLC (a)

8,381

180,108

Double Hull Tankers, Inc. (d)

6,700

71,087

Mariner Energy, Inc. (a)

9,364

252,922

Penn Virginia Corp.

1,172

51,673

Petrohawk Energy Corp. (a)

2,500

50,425

Stone Energy Corp. (a)

4,988

260,922

Swift Energy Co. (a)

3,708

166,823

Whiting Petroleum Corp. (a)

1,301

84,110

1,339,093

TOTAL ENERGY

2,466,104

FINANCIALS - 19.0%

Capital Markets - 2.5%

Apollo Investment Corp.

1,442

22,827

BlackRock Kelso Capital Corp.

6,449

77,001

GFI Group, Inc.

2,052

117,580

Hercules Technology Growth Capital, Inc.

5,524

59,991

Knight Capital Group, Inc. Class A (a)

13,332

216,512

MCG Capital Corp.

2,761

25,097

MCG Capital Corp. rights 4/18/08 (a)

395

423

optionsXpress Holdings, Inc.

4,934

102,183

Prospect Capital Corp. (d)

11,200

170,464

Waddell & Reed Financial, Inc. Class A

2,211

71,039

863,117

Commercial Banks - 5.2%

City Bank Lynnwood, Washington

1,438

32,024

Community Bancorp (a)

4,080

55,325

Community Bank System, Inc.

6,000

147,360

Community Trust Bancorp, Inc.

1,009

29,564

First Financial Bankshares, Inc.

2,600

106,548

Frontier Financial Corp., Washington (d)

1,727

30,533

Green Bankshares, Inc.

2,225

39,360

Home Bancshares, Inc. (d)

5,462

113,992

Horizon Financial Corp.

2,172

29,995

National Penn Bancshares, Inc.

11,340

206,275

Old Second Bancorp, Inc.

5,467

145,204

Oriental Financial Group, Inc.

10,393

204,846

Pacific Capital Bancorp

2,200

47,300

S&T Bancorp, Inc.

5,893

189,578

Shares

Value

Sandy Spring Bancorp, Inc.

2,300

$ 63,296

Sterling Financial Corp., Washington

1,900

29,659

Suffolk Bancorp

3,015

95,515

SVB Financial Group (a)

1,026

44,775

Tompkins Financial Corp.

1,800

88,560

WesBanco, Inc.

5,000

123,550

1,823,259

Consumer Finance - 0.3%

Advance America Cash Advance Centers, Inc.

3,084

23,284

Dollar Financial Corp. (a)

3,600

82,800

106,084

Insurance - 3.3%

Amerisafe, Inc. (a)

4,140

52,330

Aspen Insurance Holdings Ltd.

2,700

71,226

Assured Guaranty Ltd.

5,410

128,433

Darwin Professional Underwriters, Inc. (a)

3,200

71,968

FBL Financial Group, Inc. Class A

2,826

80,513

Hallmark Financial Services, Inc. (a)

4,583

51,146

Harleysville Group, Inc.

2,459

88,745

IPC Holdings Ltd.

1,910

53,480

Max Capital Group Ltd.

1,850

48,452

Navigators Group, Inc. (a)

2,150

116,960

Platinum Underwriters Holdings Ltd.

1,316

42,717

ProAssurance Corp. (a)

1,959

105,453

RLI Corp.

2,815

139,540

SeaBright Insurance Holdings, Inc. (a)

8,000

117,840

1,168,803

Real Estate Investment Trusts - 7.1%

Acadia Realty Trust (SBI)

3,997

96,528

Alexandria Real Estate Equities, Inc.

729

67,593

Digital Realty Trust, Inc.

1,708

60,634

Entertainment Properties Trust (SBI)

2,316

114,248

Extra Space Storage, Inc.

7,468

120,907

First Industrial Realty Trust, Inc.

2,290

70,738

Home Properties, Inc.

995

47,750

LaSalle Hotel Properties (SBI)

1,726

49,588

Lexington Corporate Properties Trust

9,900

142,659

MFA Mortgage Investments, Inc.

14,405

90,752

National Retail Properties, Inc.

6,279

138,452

Nationwide Health Properties, Inc.

7,504

253,260

NorthStar Realty Finance Corp.

9,617

78,571

Omega Healthcare Investors, Inc.

11,572

200,890

Pennsylvania Real Estate Investment Trust (SBI)

4,335

105,731

PS Business Parks, Inc.

1,714

88,957

Realty Income Corp.

5,439

139,347

Saul Centers, Inc.

3,140

157,754

Senior Housing Properties Trust (SBI)

2,369

56,145

Sovran Self Storage, Inc.

4,251

181,560

Sunstone Hotel Investors, Inc.

545

8,725

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Tanger Factory Outlet Centers, Inc.

3,562

$ 137,030

Urstadt Biddle Properties, Inc. Class A

4,330

68,111

2,475,930

Thrifts & Mortgage Finance - 0.6%

Anchor BanCorp Wisconsin, Inc.

6,836

129,679

FirstFed Financial Corp. (a)

400

10,860

Provident New York Bancorp

5,939

80,177

220,716

TOTAL FINANCIALS

6,657,909

HEALTH CARE - 12.6%

Biotechnology - 2.2%

Alexion Pharmaceuticals, Inc. (a)

850

50,405

Alnylam Pharmaceuticals, Inc. (a)

1,650

40,260

ARIAD Pharmaceuticals, Inc. (a)

11,913

40,147

BioMarin Pharmaceutical, Inc. (a)

3,000

106,110

Cubist Pharmaceuticals, Inc. (a)

3,436

63,291

GTx, Inc. (a)(d)

4,100

65,928

Martek Biosciences (a)

1,800

55,026

ONYX Pharmaceuticals, Inc. (a)

1,225

35,562

OSI Pharmaceuticals, Inc. (a)

3,372

126,079

Regeneron Pharmaceuticals, Inc. (a)

3,500

67,165

Seattle Genetics, Inc. (a)

6,968

63,409

United Therapeutics Corp. (a)

650

56,355

769,737

Health Care Equipment & Supplies - 3.9%

CONMED Corp. (a)

2,524

64,715

Cutera, Inc. (a)

6,755

90,990

Cynosure, Inc. Class A (a)

2,671

56,892

Hologic, Inc. (a)

3,488

193,933

Invacare Corp.

7,011

156,205

Inverness Medical Innovations, Inc. (a)

1,000

30,100

Masimo Corp.

5,082

132,132

Meridian Bioscience, Inc.

6,589

220,270

Merit Medical Systems, Inc. (a)

10,814

171,186

Quidel Corp. (a)

9,214

147,977

Steris Corp.

3,471

93,127

1,357,527

Health Care Providers & Services - 3.4%

AMERIGROUP Corp. (a)

1,600

43,728

AMN Healthcare Services, Inc. (a)

8,079

124,578

AmSurg Corp. (a)

2,727

64,575

Animal Health International, Inc. (a)

13,190

144,299

Apria Healthcare Group, Inc. (a)

2,834

55,972

Centene Corp. (a)

2,900

40,426

Chemed Corp.

3,110

131,242

HealthSouth Corp. (a)

7,300

129,867

Healthspring, Inc. (a)

10,426

146,798

LCA-Vision, Inc.

3,606

45,075

Shares

Value

Magellan Health Services, Inc. (a)

1,200

$ 47,628

Medcath Corp. (a)

2,975

54,145

Molina Healthcare, Inc. (a)(d)

5,484

133,919

RehabCare Group, Inc. (a)

2,800

42,000

1,204,252

Life Sciences Tools & Services - 1.5%

Bio-Rad Laboratories, Inc. Class A (a)

576

51,235

Dionex Corp. (a)

1,348

103,783

eResearchTechnology, Inc. (a)

6,147

76,346

Illumina, Inc. (a)

1,700

129,030

PharmaNet Development Group, Inc. (a)

1,992

50,258

Varian, Inc. (a)

1,652

95,684

506,336

Pharmaceuticals - 1.6%

Medicis Pharmaceutical Corp. Class A

3,865

76,102

Noven Pharmaceuticals, Inc. (a)

1,536

13,793

Obagi Medical Products, Inc. (a)

4,513

39,173

Pain Therapeutics, Inc. (a)

7,000

59,150

Perrigo Co.

5,276

199,063

Sciele Pharma, Inc. (a)

5,009

97,676

ViroPharma, Inc. (a)

4,500

40,230

XenoPort, Inc. (a)

700

28,329

553,516

TOTAL HEALTH CARE

4,391,368

INDUSTRIALS - 14.5%

Aerospace & Defense - 2.1%

Ceradyne, Inc. (a)

537

17,163

Cubic Corp.

4,854

137,999

Curtiss-Wright Corp.

1,400

58,072

Hexcel Corp. (a)

8,960

171,226

Orbital Sciences Corp. (a)

8,278

199,500

Teledyne Technologies, Inc. (a)

3,063

143,961

727,921

Air Freight & Logistics - 1.0%

Atlas Air Worldwide Holdings, Inc. (a)

2,884

158,620

Hub Group, Inc. Class A (a)

4,022

132,284

Pacer International, Inc.

3,138

51,557

342,461

Airlines - 0.7%

Allegiant Travel Co. (a)

4,902

129,511

SkyWest, Inc.

6,368

134,492

264,003

Commercial Services & Supplies - 3.9%

Administaff, Inc.

1,976

46,653

Comfort Systems USA, Inc.

8,000

104,080

CoStar Group, Inc. (a)

2,607

112,101

Deluxe Corp.

5,792

111,264

GeoEye, Inc. (a)

987

25,652

Heidrick & Struggles International, Inc.

3,357

109,203

Herman Miller, Inc.

4,900

120,393

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

IHS, Inc. Class A (a)

2,250

$ 144,698

Interface, Inc. Class A

9,150

128,558

Knoll, Inc.

6,448

74,410

Korn/Ferry International (a)

3,339

56,429

Spherion Corp. (a)

21,146

129,414

Waste Connections, Inc. (a)

1,300

39,962

Watson Wyatt Worldwide, Inc. Class A

3,058

173,542

1,376,359

Construction & Engineering - 0.8%

EMCOR Group, Inc. (a)

5,424

120,467

Perini Corp. (a)

4,040

146,369

266,836

Electrical Equipment - 2.2%

Acuity Brands, Inc.

1,400

60,130

Belden, Inc.

3,251

114,825

GrafTech International Ltd. (a)

11,021

178,650

Polypore International, Inc.

9,751

201,748

Regal-Beloit Corp.

1,873

68,608

Woodward Governor Co.

5,812

155,297

779,258

Industrial Conglomerates - 0.3%

Walter Industries, Inc.

1,600

100,208

Machinery - 2.8%

Actuant Corp. Class A

4,121

124,495

Bucyrus International, Inc. Class A

1,100

111,815

Columbus McKinnon Corp. (NY Shares) (a)

5,100

157,998

Gorman-Rupp Co.

843

27,726

Middleby Corp. (a)(d)

2,025

126,340

Robbins & Myers, Inc.

5,786

188,913

Valmont Industries, Inc.

785

68,994

Wabtec Corp.

4,948

186,342

992,623

Trading Companies & Distributors - 0.7%

Applied Industrial Technologies, Inc.

3,386

101,208

NuCo2, Inc. (a)

4,984

138,406

239,614

TOTAL INDUSTRIALS

5,089,283

INFORMATION TECHNOLOGY - 17.5%

Communications Equipment - 3.3%

3Com Corp. (a)

11,657

26,695

Arris Group, Inc. (a)

4,741

27,593

Blue Coat Systems, Inc. (a)

6,721

148,131

Dycom Industries, Inc. (a)

5,382

64,638

Extreme Networks, Inc. (a)

27,000

83,700

Foundry Networks, Inc. (a)

8,239

95,408

MasTec, Inc. (a)

9,757

80,105

NETGEAR, Inc. (a)

3,634

72,498

Shares

Value

Oplink Communications, Inc. (a)

2,015

$ 17,873

Polycom, Inc. (a)

5,819

131,160

SeaChange International, Inc. (a)

10,786

75,826

Starent Networks Corp.

6,562

88,587

Sycamore Networks, Inc. (a)

19,042

69,694

Tekelec (a)

11,000

136,950

ViaSat, Inc. (a)

1,904

41,355

1,160,213

Computers & Peripherals - 1.0%

Emulex Corp. (a)

10,548

171,300

Intevac, Inc. (a)

5,048

65,372

Novatel Wireless, Inc. (a)

10,014

96,936

333,608

Electronic Equipment & Instruments - 2.1%

Checkpoint Systems, Inc. (a)

6,325

169,826

Cogent, Inc. (a)

2,718

25,631

CTS Corp.

6,663

71,294

FLIR Systems, Inc. (a)

2,922

87,923

Littelfuse, Inc. (a)

1,316

46,021

Park Electrochemical Corp.

5,869

151,714

Technitrol, Inc.

6,370

147,338

TTM Technologies, Inc. (a)

4,181

47,329

747,076

Internet Software & Services - 2.2%

EarthLink, Inc. (a)

15,525

117,214

Greenfield Online, Inc. (a)

11,501

136,402

Interwoven, Inc. (a)

8,893

94,977

j2 Global Communications, Inc. (a)

1,765

39,395

Mercadolibre, Inc.

2,051

81,548

SonicWALL, Inc. (a)

8,004

65,393

United Online, Inc.

3,390

35,798

ValueClick, Inc. (a)

3,153

54,389

Vignette Corp. (a)

10,990

145,178

770,294

IT Services - 1.4%

iGate Corp. (a)

7,200

51,264

Maximus, Inc.

2,863

105,101

MPS Group, Inc. (a)

15,001

177,312

SAIC, Inc. (a)

4,900

91,091

Sapient Corp. (a)

9,548

66,454

491,222

Semiconductors & Semiconductor Equipment - 2.6%

Advanced Energy Industries, Inc. (a)

4,573

60,638

Amkor Technology, Inc. (a)

14,703

157,322

Credence Systems Corp. (a)

28,851

49,047

Cymer, Inc. (a)

1,588

41,352

MKS Instruments, Inc. (a)

5,314

113,720

ON Semiconductor Corp. (a)

5,300

30,104

PMC-Sierra, Inc. (a)

4,662

26,573

Skyworks Solutions, Inc. (a)

17,900

130,312

Techwell, Inc. (a)

4,063

44,043

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

TriQuint Semiconductor, Inc. (a)

27,840

$ 140,870

Zoran Corp. (a)

8,849

120,877

914,858

Software - 4.9%

Ansoft Corp. (a)

3,000

91,560

Ansys, Inc. (a)

2,156

74,425

Aspen Technology, Inc. (a)

14,185

180,859

Bottomline Technologies, Inc. (a)

4,109

51,773

CommVault Systems, Inc. (a)

6,528

80,947

eSpeed, Inc. Class A (a)

8,786

102,445

Jack Henry & Associates, Inc.

8,825

217,713

Macrovision Corp. (a)

3,000

40,500

Manhattan Associates, Inc. (a)

2,937

67,345

MICROS Systems, Inc. (a)

2,400

80,784

MicroStrategy, Inc. Class A (a)

813

60,154

Monotype Imaging Holdings, Inc.

2,630

39,739

Net 1 UEPS Technologies, Inc. (a)

1,200

27,060

Nuance Communications, Inc. (a)

4,000

69,640

Quest Software, Inc. (a)

3,372

44,072

Secure Computing Corp. (a)

17,197

110,921

SPSS, Inc. (a)

3,894

151,009

Sybase, Inc. (a)

2,769

72,825

TIBCO Software, Inc. (a)

20,536

146,627

1,710,398

TOTAL INFORMATION TECHNOLOGY

6,127,669

MATERIALS - 6.6%

Chemicals - 2.9%

CF Industries Holdings, Inc.

2,225

230,555

H.B. Fuller Co.

7,831

159,831

Hercules, Inc.

6,256

114,422

Innophos Holdings, Inc.

8,500

136,765

OM Group, Inc. (a)

2,250

122,715

Terra Industries, Inc. (a)

7,074

251,339

1,015,627

Construction Materials - 0.4%

Headwaters, Inc. (a)

9,115

120,227

Containers & Packaging - 1.4%

Aptargroup, Inc.

2,000

77,860

Greif, Inc. Class A

1,006

68,338

Rock-Tenn Co. Class A

6,327

189,620

Silgan Holdings, Inc.

3,305

164,027

499,845

Shares

Value

Metals & Mining - 1.0%

Quanex Corp.

3,636

$ 188,127

Worthington Industries, Inc.

9,344

157,633

345,760

Paper & Forest Products - 0.9%

Buckeye Technologies, Inc. (a)

13,641

152,234

Glatfelter

11,046

166,905

319,139

TOTAL MATERIALS

2,300,598

TELECOMMUNICATION SERVICES - 2.3%

Diversified Telecommunication Services - 2.0%

Alaska Communication Systems Group, Inc.

12,608

154,322

Cincinnati Bell, Inc. (a)

40,558

172,777

Cogent Communications Group, Inc. (a)

6,254

114,511

Consolidated Communications Holdings, Inc.

5,201

78,691

NTELOS Holdings Corp.

5,705

138,061

PAETEC Holding Corp. (a)

5,000

33,300

691,662

Wireless Telecommunication Services - 0.3%

Syniverse Holdings, Inc. (a)

7,250

120,785

TOTAL TELECOMMUNICATION SERVICES

812,447

UTILITIES - 2.0%

Electric Utilities - 0.8%

Cleco Corp.

1,900

42,142

El Paso Electric Co. (a)

2,031

43,402

Portland General Electric Co.

7,162

161,503

Westar Energy, Inc.

1,345

30,626

277,673

Gas Utilities - 1.0%

New Jersey Resources Corp.

1,818

56,449

Nicor, Inc.

4,270

143,088

Northwest Natural Gas Co.

3,022

131,276

WGL Holdings, Inc.

824

26,417

357,230

Independent Power Producers & Energy Traders - 0.2%

Black Hills Corp.

2,206

78,931

TOTAL UTILITIES

713,834

TOTAL COMMON STOCKS

(Cost $37,041,865)

34,724,416

U.S. Treasury Obligations - 0.1%

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 1.25% to 1.31% 6/26/08 (e)
(Cost $29,906)

$ 30,000

$ 29,909

Money Market Funds - 4.4%

Shares

Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)
(Cost $1,546,318)

1,546,318

1,546,318

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $38,618,089)

36,300,643

NET OTHER ASSETS - (3.7)%

(1,296,710)

NET ASSETS - 100%

$ 35,003,933

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

2 Mini-Russell 2000 Index Contracts

June 2008

$ 138,000

$ (1,824)

The face value of futures purchased as a percentage of net assets - 0.4%

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $9,970.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 7,235

Fidelity Securities Lending Cash Central Fund

18,661

Total

$ 25,896

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 36,300,643

$ 36,270,734

$ 29,909

$ -

Other Financial Instruments*

$ (1,824)

$ (1,824)

$ -

$ -

*Other financial instruments include futures.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $38,631,918. Net unrealized depreciation aggregated $2,331,275, of which $3,115,483 related to appreciated investment securities and $5,446,758 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Index 500 Portfolio

March 31, 2008

1.799879.104

VIPIDX-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 8.5%

Auto Components - 0.2%

Johnson Controls, Inc.

131,583

$ 4,447,505

The Goodyear Tire & Rubber Co. (a)

53,226

1,373,231

5,820,736

Automobiles - 0.3%

Ford Motor Co. (a)(d)

489,084

2,797,560

General Motors Corp. (d)

125,442

2,389,670

Harley-Davidson, Inc.

52,853

1,981,988

7,169,218

Distributors - 0.1%

Genuine Parts Co.

36,633

1,473,379

Diversified Consumer Services - 0.1%

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

30,440

1,315,008

H&R Block, Inc.

72,104

1,496,879

2,811,887

Hotels, Restaurants & Leisure - 1.3%

Carnival Corp. unit

96,739

3,915,995

Darden Restaurants, Inc.

31,752

1,033,528

International Game Technology

69,318

2,787,277

Marriott International, Inc. Class A

66,689

2,291,434

McDonald's Corp.

255,211

14,233,117

Starbucks Corp. (a)

161,861

2,832,568

Starwood Hotels & Resorts Worldwide, Inc.

41,725

2,159,269

Wendy's International, Inc.

19,369

446,649

Wyndham Worldwide Corp.

39,229

811,256

Yum! Brands, Inc.

105,372

3,920,892

34,431,985

Household Durables - 0.5%

Black & Decker Corp.

13,501

892,416

Centex Corp.

27,122

656,624

D.R. Horton, Inc.

60,722

956,372

Fortune Brands, Inc.

34,137

2,372,522

Harman International Industries, Inc.

13,402

583,523

KB Home (d)

17,062

421,943

Leggett & Platt, Inc. (d)

37,142

566,416

Lennar Corp. Class A

30,825

579,818

Newell Rubbermaid, Inc.

61,318

1,402,343

Pulte Homes, Inc.

47,367

689,190

Snap-On, Inc.

12,785

650,117

The Stanley Works

17,346

826,017

Whirlpool Corp.

16,758

1,454,259

12,051,560

Internet & Catalog Retail - 0.3%

Amazon.com, Inc. (a)(d)

68,353

4,873,569

Expedia, Inc. (a)

46,202

1,011,362

IAC/InterActiveCorp (a)

40,043

831,293

6,716,224

Leisure Equipment & Products - 0.1%

Brunswick Corp.

19,405

309,898

Shares

Value

Eastman Kodak Co.

63,855

$ 1,128,318

Hasbro, Inc.

31,601

881,668

Mattel, Inc.

80,079

1,593,572

3,913,456

Media - 2.8%

CBS Corp. Class B

150,851

3,330,790

Clear Channel Communications, Inc.

110,333

3,223,930

Comcast Corp. Class A

667,263

12,904,866

E.W. Scripps Co. Class A

19,841

833,520

Gannett Co., Inc.

50,925

1,479,371

Interpublic Group of Companies, Inc. (a)

104,410

878,088

McGraw-Hill Companies, Inc.

71,531

2,643,070

Meredith Corp.

8,356

319,617

News Corp. Class A

509,883

9,560,306

Omnicom Group, Inc.

71,047

3,138,856

The DIRECTV Group, Inc. (a)

157,895

3,914,217

The New York Times Co. Class A (d)

31,862

601,555

The Walt Disney Co.

417,285

13,094,403

Time Warner, Inc.

792,533

11,111,313

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

142,023

5,626,951

Washington Post Co. Class B

1,287

851,351

73,512,204

Multiline Retail - 0.8%

Big Lots, Inc. (a)

20,035

446,781

Dillard's, Inc. Class A (d)

12,659

217,861

Family Dollar Stores, Inc.

31,142

607,269

JCPenney Co., Inc.

49,134

1,852,843

Kohl's Corp. (a)

69,511

2,981,327

Macy's, Inc.

95,953

2,212,676

Nordstrom, Inc.

39,670

1,293,242

Sears Holdings Corp. (a)(d)

16,166

1,650,387

Target Corp.

181,429

9,194,822

20,457,208

Specialty Retail - 1.6%

Abercrombie & Fitch Co. Class A

19,092

1,396,389

AutoNation, Inc. (a)

29,920

447,902

AutoZone, Inc. (a)

9,527

1,084,458

Bed Bath & Beyond, Inc. (a)

58,050

1,712,475

Best Buy Co., Inc.

78,086

3,237,446

Gamestop Corp. Class A (a)

35,671

1,844,547

Gap, Inc.

100,775

1,983,252

Home Depot, Inc.

373,986

10,460,388

Limited Brands, Inc.

68,868

1,177,643

Lowe's Companies, Inc.

324,121

7,435,336

Office Depot, Inc. (a)

60,491

668,426

OfficeMax, Inc.

16,821

321,954

RadioShack Corp.

29,052

472,095

Sherwin-Williams Co.

22,588

1,152,892

Staples, Inc.

155,342

3,434,612

Tiffany & Co., Inc.

28,144

1,177,545

TJX Companies, Inc.

96,846

3,202,697

41,210,057

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.4%

Coach, Inc. (a)

77,986

$ 2,351,278

Jones Apparel Group, Inc.

19,186

257,476

Liz Claiborne, Inc.

22,046

400,135

NIKE, Inc. Class B

84,850

5,769,800

Polo Ralph Lauren Corp. Class A

13,050

760,685

VF Corp.

19,438

1,506,639

11,046,013

TOTAL CONSUMER DISCRETIONARY

220,613,927

CONSUMER STAPLES - 10.0%

Beverages - 2.6%

Anheuser-Busch Companies, Inc.

158,480

7,519,876

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

18,691

1,237,718

Coca-Cola Enterprises, Inc.

63,725

1,542,145

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

43,006

759,916

Molson Coors Brewing Co. Class B

30,482

1,602,439

Pepsi Bottling Group, Inc.

30,403

1,030,966

PepsiCo, Inc.

354,966

25,628,545

The Coca-Cola Co.

442,912

26,960,053

66,281,658

Food & Staples Retailing - 2.6%

Costco Wholesale Corp.

96,345

6,259,535

CVS Caremark Corp.

317,313

12,854,350

Kroger Co.

149,074

3,786,480

Safeway, Inc.

97,551

2,863,122

SUPERVALU, Inc.

46,874

1,405,283

Sysco Corp.

133,757

3,881,628

Wal-Mart Stores, Inc.

523,618

27,584,196

Walgreen Co.

219,695

8,368,183

Whole Foods Market, Inc.

30,916

1,019,301

68,022,078

Food Products - 1.6%

Archer Daniels Midland Co.

142,620

5,870,239

Campbell Soup Co.

48,789

1,656,387

ConAgra Foods, Inc.

108,052

2,587,845

Dean Foods Co.

33,541

673,839

General Mills, Inc.

74,629

4,468,785

H.J. Heinz Co.

69,839

3,280,338

Hershey Co.

37,277

1,404,225

Kellogg Co.

57,750

3,035,340

Kraft Foods, Inc. Class A

339,791

10,536,919

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

28,357

1,048,358

Sara Lee Corp.

157,822

2,206,352

Tyson Foods, Inc. Class A

60,671

967,702

Wm. Wrigley Jr. Co.

47,963

3,013,995

40,750,324

Shares

Value

Household Products - 2.5%

Clorox Co.

30,772

$ 1,742,926

Colgate-Palmolive Co.

112,979

8,802,194

Kimberly-Clark Corp.

93,131

6,011,606

Procter & Gamble Co.

681,991

47,787,109

64,343,835

Personal Products - 0.2%

Avon Products, Inc.

94,574

3,739,456

Estee Lauder Companies, Inc. Class A

25,291

1,159,592

4,899,048

Tobacco - 0.5%

Altria Group, Inc.

467,212

10,372,106

Reynolds American, Inc.

37,918

2,238,300

UST, Inc.

33,124

1,805,920

14,416,326

TOTAL CONSUMER STAPLES

258,713,269

ENERGY - 13.0%

Energy Equipment & Services - 2.7%

Baker Hughes, Inc.

68,564

4,696,634

BJ Services Co.

64,917

1,850,784

Cameron International Corp. (a)

48,378

2,014,460

ENSCO International, Inc.

31,896

1,997,328

Halliburton Co.

195,048

7,671,238

Nabors Industries Ltd. (a)

62,200

2,100,494

National Oilwell Varco, Inc. (a)

79,111

4,618,500

Noble Corp.

59,533

2,957,004

Rowan Companies, Inc.

24,668

1,015,828

Schlumberger Ltd. (NY Shares)

265,420

23,091,540

Smith International, Inc.

44,501

2,858,299

Transocean, Inc. (a)

70,415

9,520,108

Weatherford International Ltd. (a)

75,174

5,447,860

69,840,077

Oil, Gas & Consumable Fuels - 10.3%

Anadarko Petroleum Corp.

103,726

6,537,850

Apache Corp.

73,793

8,915,670

Chesapeake Energy Corp.

101,378

4,678,595

Chevron Corp.

460,204

39,283,013

ConocoPhillips

346,039

26,371,632

CONSOL Energy, Inc.

40,444

2,798,320

Devon Energy Corp.

98,479

10,274,314

El Paso Corp.

155,298

2,584,159

EOG Resources, Inc.

54,741

6,568,920

Exxon Mobil Corp.

1,185,597

100,277,782

Hess Corp.

61,811

5,450,494

Marathon Oil Corp.

157,112

7,164,307

Murphy Oil Corp.

42,045

3,453,576

Noble Energy, Inc.

38,080

2,772,224

Occidental Petroleum Corp.

182,286

13,337,867

Peabody Energy Corp.

60,057

3,062,907

Range Resources Corp.

33,220

2,107,809

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Spectra Energy Corp.

140,174

$ 3,188,959

Sunoco, Inc.

26,063

1,367,526

Tesoro Corp.

30,494

914,820

Valero Energy Corp.

118,482

5,818,651

Williams Companies, Inc.

129,644

4,275,659

XTO Energy, Inc.

113,091

6,995,809

268,200,863

TOTAL ENERGY

338,040,940

FINANCIALS - 16.5%

Capital Markets - 3.0%

American Capital Strategies Ltd. (d)

43,233

1,476,839

Ameriprise Financial, Inc.

50,295

2,607,796

Bank of New York Mellon Corp.

252,934

10,554,936

Bear Stearns Companies, Inc. (d)

26,170

274,523

Charles Schwab Corp.

208,071

3,917,977

E*TRADE Financial Corp. (a)(d)

102,380

395,187

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

19,165

750,501

Franklin Resources, Inc.

34,850

3,380,102

Goldman Sachs Group, Inc.

87,559

14,481,383

Janus Capital Group, Inc.

32,735

761,743

Legg Mason, Inc.

29,877

1,672,514

Lehman Brothers Holdings, Inc.

117,581

4,425,749

Merrill Lynch & Co., Inc.

215,301

8,771,363

Morgan Stanley

244,783

11,186,583

Northern Trust Corp.

42,533

2,827,169

State Street Corp.

85,860

6,782,940

T. Rowe Price Group, Inc.

58,450

2,922,500

77,189,805

Commercial Banks - 2.8%

BB&T Corp.

121,044

3,880,671

Comerica, Inc.

33,355

1,170,093

Fifth Third Bancorp

118,071

2,470,045

First Horizon National Corp. (d)

28,016

392,504

Huntington Bancshares, Inc.

81,162

872,492

KeyCorp

88,368

1,939,678

M&T Bank Corp.

17,064

1,373,311

Marshall & Ilsley Corp.

58,013

1,345,902

National City Corp.

140,486

1,397,836

PNC Financial Services Group, Inc.

75,518

4,951,715

Regions Financial Corp.

153,706

3,035,694

SunTrust Banks, Inc.

77,746

4,286,914

U.S. Bancorp, Delaware

383,321

12,404,268

Wachovia Corp.

439,219

11,858,913

Wells Fargo & Co.

730,591

21,260,198

Zions Bancorp

23,743

1,081,494

73,721,728

Shares

Value

Consumer Finance - 0.7%

American Express Co.

256,196

$ 11,200,889

Capital One Financial Corp.

82,655

4,068,279

Discover Financial Services

106,177

1,738,117

SLM Corp. (d)

103,395

1,587,113

18,594,398

Diversified Financial Services - 4.2%

Bank of America Corp.

984,423

37,319,476

CIT Group, Inc. (d)

42,378

502,179

Citigroup, Inc.

1,153,750

24,713,325

CME Group, Inc.

11,816

5,542,886

IntercontinentalExchange, Inc. (a)

15,543

2,028,362

JPMorgan Chase & Co.

752,692

32,328,121

Leucadia National Corp.

37,486

1,695,117

Moody's Corp. (d)

45,579

1,587,517

NYSE Euronext

58,726

3,623,981

109,340,964

Insurance - 4.0%

ACE Ltd.

73,105

4,025,161

AFLAC, Inc.

105,208

6,833,260

Allstate Corp.

124,192

5,968,668

AMBAC Financial Group, Inc.

63,561

365,476

American International Group, Inc.

558,964

24,175,193

Aon Corp.

67,706

2,721,781

Assurant, Inc.

21,200

1,290,232

Cincinnati Financial Corp.

36,668

1,394,851

Genworth Financial, Inc. Class A (non-vtg.)

95,876

2,170,633

Hartford Financial Services Group, Inc.

69,587

5,272,607

Lincoln National Corp.

58,630

3,048,760

Loews Corp.

97,428

3,918,554

Marsh & McLennan Companies, Inc.

115,462

2,811,500

MBIA, Inc. (d)

46,573

569,122

MetLife, Inc.

157,155

9,470,160

Principal Financial Group, Inc.

57,254

3,190,193

Progressive Corp.

150,330

2,415,803

Prudential Financial, Inc.

98,836

7,733,917

SAFECO Corp.

19,887

872,642

The Chubb Corp.

82,050

4,059,834

The Travelers Companies, Inc.

137,469

6,577,892

Torchmark Corp.

20,159

1,211,757

Unum Group

76,884

1,692,217

XL Capital Ltd. Class A

39,425

1,165,009

102,955,222

Real Estate Investment Trusts - 1.2%

Apartment Investment & Management Co. Class A

20,329

727,981

AvalonBay Communities, Inc.

17,029

1,643,639

Boston Properties, Inc.

26,479

2,437,922

Developers Diversified Realty Corp.

26,470

1,108,564

Equity Residential (SBI)

59,755

2,479,235

General Growth Properties, Inc.

59,117

2,256,496

HCP, Inc.

51,934

1,755,889

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Host Hotels & Resorts, Inc.

116,019

$ 1,847,022

Kimco Realty Corp.

56,035

2,194,891

Plum Creek Timber Co., Inc.

37,925

1,543,548

ProLogis Trust

57,219

3,367,910

Public Storage

27,598

2,445,735

Simon Property Group, Inc.

49,428

4,592,355

Vornado Realty Trust

29,910

2,578,541

30,979,728

Real Estate Management & Development - 0.0%

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

38,508

833,313

Thrifts & Mortgage Finance - 0.6%

Countrywide Financial Corp.

128,705

707,878

Fannie Mae

216,793

5,705,992

Freddie Mac

143,172

3,625,115

Hudson City Bancorp, Inc.

114,874

2,030,972

MGIC Investment Corp. (d)

26,368

277,655

Sovereign Bancorp, Inc. (d)

80,073

746,280

Washington Mutual, Inc. (d)

195,580

2,014,474

15,108,366

TOTAL FINANCIALS

428,723,524

HEALTH CARE - 12.5%

Biotechnology - 1.4%

Amgen, Inc. (a)

241,025

10,070,025

Biogen Idec, Inc. (a)

65,983

4,070,491

Celgene Corp. (a)

96,414

5,909,214

Genzyme Corp. (a)

59,308

4,420,818

Gilead Sciences, Inc. (a)

205,843

10,607,090

35,077,638

Health Care Equipment & Supplies - 2.8%

Baxter International, Inc.

140,592

8,129,029

Becton, Dickinson & Co.

54,084

4,643,111

Boston Scientific Corp. (a)

297,636

3,830,575

C.R. Bard, Inc.

22,234

2,143,358

Covidien Ltd.

110,525

4,890,731

Hospira, Inc. (a)

35,167

1,504,093

Medtronic, Inc.

248,869

12,037,794

Philip Morris International, Inc. (a)

467,212

23,631,583

St. Jude Medical, Inc. (a)

76,237

3,292,676

Stryker Corp.

52,850

3,437,893

Varian Medical Systems, Inc. (a)

27,851

1,304,541

Zimmer Holdings, Inc. (a)

51,672

4,023,182

72,868,566

Health Care Providers & Services - 1.8%

Aetna, Inc.

110,049

4,631,962

AmerisourceBergen Corp.

36,034

1,476,673

Cardinal Health, Inc.

79,023

4,149,498

CIGNA Corp.

62,069

2,518,139

Shares

Value

Coventry Health Care, Inc. (a)

34,284

$ 1,383,359

Express Scripts, Inc. (a)

56,024

3,603,464

Humana, Inc. (a)

37,711

1,691,715

Laboratory Corp. of America Holdings (a)

24,487

1,804,202

McKesson Corp.

64,130

3,358,488

Medco Health Solutions, Inc. (a)

116,104

5,084,194

Patterson Companies, Inc. (a)

28,664

1,040,503

Quest Diagnostics, Inc.

34,850

1,577,660

Tenet Healthcare Corp. (a)

105,129

595,030

UnitedHealth Group, Inc.

277,314

9,528,509

WellPoint, Inc. (a)

120,097

5,299,881

47,743,277

Health Care Technology - 0.0%

IMS Health, Inc.

40,629

853,615

Life Sciences Tools & Services - 0.4%

Applera Corp. - Applied Biosystems Group

37,092

1,218,843

Millipore Corp. (a)

12,195

822,065

PerkinElmer, Inc.

26,066

632,101

Thermo Fisher Scientific, Inc. (a)

92,764

5,272,706

Waters Corp. (a)

22,151

1,233,811

9,179,526

Pharmaceuticals - 6.1%

Abbott Laboratories

342,544

18,891,302

Allergan, Inc.

67,796

3,823,016

Barr Pharmaceuticals, Inc. (a)

23,913

1,155,237

Bristol-Myers Squibb Co.

438,644

9,343,117

Eli Lilly & Co.

219,207

11,308,889

Forest Laboratories, Inc. (a)

69,003

2,760,810

Johnson & Johnson

627,721

40,720,261

King Pharmaceuticals, Inc. (a)

54,526

474,376

Merck & Co., Inc.

479,841

18,209,966

Mylan, Inc. (d)

67,451

782,432

Pfizer, Inc.

1,498,274

31,358,875

Schering-Plough Corp.

359,223

5,176,403

Watson Pharmaceuticals, Inc. (a)

22,971

673,510

Wyeth

296,502

12,381,924

157,060,118

TOTAL HEALTH CARE

322,782,740

INDUSTRIALS - 12.0%

Aerospace & Defense - 2.8%

General Dynamics Corp.

89,135

7,431,185

Goodrich Corp.

27,717

1,594,005

Honeywell International, Inc.

164,960

9,307,043

L-3 Communications Holdings, Inc.

27,124

2,965,738

Lockheed Martin Corp.

75,972

7,544,020

Northrop Grumman Corp.

74,885

5,826,802

Precision Castparts Corp.

30,789

3,142,941

Raytheon Co.

94,490

6,104,999

Rockwell Collins, Inc.

35,988

2,056,714

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

The Boeing Co.

169,491

$ 12,605,046

United Technologies Corp.

217,510

14,969,038

73,547,531

Air Freight & Logistics - 1.1%

C.H. Robinson Worldwide, Inc.

37,972

2,065,677

Expeditors International of Washington, Inc.

47,235

2,134,077

FedEx Corp.

68,579

6,355,216

United Parcel Service, Inc. Class B

229,221

16,737,717

27,292,687

Airlines - 0.1%

Southwest Airlines Co.

163,028

2,021,547

Building Products - 0.1%

Masco Corp.

80,820

1,602,661

Trane, Inc.

38,512

1,767,701

3,370,362

Commercial Services & Supplies - 0.5%

Allied Waste Industries, Inc. (a)

74,722

807,745

Avery Dennison Corp.

23,597

1,162,152

Cintas Corp.

28,948

826,176

Equifax, Inc.

28,730

990,610

Monster Worldwide, Inc. (a)

27,818

673,474

Pitney Bowes, Inc.

46,778

1,638,166

R.R. Donnelley & Sons Co.

47,614

1,443,180

Robert Half International, Inc.

35,198

905,997

Waste Management, Inc.

109,772

3,683,948

12,131,448

Construction & Engineering - 0.2%

Fluor Corp.

19,633

2,771,394

Jacobs Engineering Group, Inc. (a)

26,890

1,978,835

4,750,229

Electrical Equipment - 0.5%

Cooper Industries Ltd. Class A

39,060

1,568,259

Emerson Electric Co.

174,454

8,977,403

Rockwell Automation, Inc.

32,878

1,887,855

12,433,517

Industrial Conglomerates - 3.9%

3M Co.

156,822

12,412,461

General Electric Co.

2,212,881

81,898,726

Textron, Inc.

55,111

3,054,252

Tyco International Ltd.

107,470

4,734,054

102,099,493

Machinery - 1.9%

Caterpillar, Inc.

138,279

10,825,863

Cummins, Inc.

44,807

2,097,864

Danaher Corp.

56,430

4,290,373

Deere & Co.

96,628

7,772,756

Dover Corp.

42,532

1,776,987

Eaton Corp.

32,465

2,586,487

Shares

Value

Illinois Tool Works, Inc.

88,743

$ 4,280,075

Ingersoll-Rand Co. Ltd. Class A

60,420

2,693,524

ITT Corp.

40,237

2,084,679

Manitowoc Co., Inc.

28,779

1,174,183

PACCAR, Inc.

81,257

3,656,565

Pall Corp.

27,168

952,782

Parker Hannifin Corp.

37,341

2,586,611

Terex Corp. (a)

22,515

1,407,188

48,185,937

Road & Rail - 0.9%

Burlington Northern Santa Fe Corp.

65,589

6,048,618

CSX Corp.

89,388

5,011,985

Norfolk Southern Corp.

83,398

4,530,179

Ryder System, Inc.

12,865

783,607

Union Pacific Corp.

57,773

7,243,579

23,617,968

Trading Companies & Distributors - 0.0%

W.W. Grainger, Inc.

14,874

1,136,225

TOTAL INDUSTRIALS

310,586,944

INFORMATION TECHNOLOGY - 15.4%

Communications Equipment - 2.5%

Ciena Corp. (a)

19,293

594,803

Cisco Systems, Inc. (a)

1,320,991

31,822,673

Corning, Inc.

348,897

8,387,484

JDS Uniphase Corp. (a)

49,840

667,358

Juniper Networks, Inc. (a)

116,028

2,900,700

Motorola, Inc.

499,674

4,646,968

QUALCOMM, Inc.

357,292

14,648,972

Tellabs, Inc. (a)

91,695

499,738

64,168,696

Computers & Peripherals - 4.3%

Apple, Inc. (a)

194,764

27,948,634

Dell, Inc. (a)

496,616

9,892,591

EMC Corp. (a)

465,498

6,675,241

Hewlett-Packard Co.

546,324

24,945,154

International Business Machines Corp.

306,776

35,322,189

Lexmark International, Inc. Class A (a)

21,043

646,441

NetApp, Inc. (a)

76,127

1,526,346

QLogic Corp. (a)

29,769

456,954

SanDisk Corp. (a)

50,767

1,145,811

Sun Microsystems, Inc. (a)

175,683

2,728,357

Teradata Corp. (a)

39,798

877,944

112,165,662

Electronic Equipment & Instruments - 0.3%

Agilent Technologies, Inc. (a)

80,895

2,413,098

Jabil Circuit, Inc.

46,110

436,201

Molex, Inc.

31,158

721,619

Tyco Electronics Ltd.

108,014

3,707,040

7,277,958

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 1.6%

Akamai Technologies, Inc. (a)

37,037

$ 1,042,962

eBay, Inc. (a)

247,196

7,376,329

Google, Inc. Class A (sub. vtg.) (a)

51,390

22,635,753

VeriSign, Inc. (a)(d)

47,288

1,571,853

Yahoo!, Inc. (a)

296,323

8,572,624

41,199,521

IT Services - 0.8%

Affiliated Computer Services, Inc. Class A (a)

21,268

1,065,739

Automatic Data Processing, Inc.

115,845

4,910,670

Cognizant Technology Solutions Corp. Class A (a)

63,899

1,842,208

Computer Sciences Corp. (a)

36,263

1,479,168

Convergys Corp. (a)

28,090

423,035

Electronic Data Systems Corp.

112,868

1,879,252

Fidelity National Information Services, Inc.

37,926

1,446,498

Fiserv, Inc. (a)

36,436

1,752,207

Paychex, Inc.

71,727

2,457,367

The Western Union Co.

166,125

3,533,479

Total System Services, Inc.

44,066

1,042,602

Unisys Corp. (a)

78,317

346,944

22,179,169

Office Electronics - 0.1%

Xerox Corp.

203,338

3,043,970

Semiconductors & Semiconductor Equipment - 2.4%

Advanced Micro Devices, Inc. (a)(d)

134,194

790,403

Altera Corp.

68,101

1,255,101

Analog Devices, Inc.

65,138

1,922,874

Applied Materials, Inc.

299,968

5,852,376

Broadcom Corp. Class A (a)

103,590

1,996,179

Intel Corp.

1,282,654

27,166,612

KLA-Tencor Corp.

39,900

1,480,290

Linear Technology Corp.

48,965

1,502,736

LSI Corp. (a)(d)

146,499

725,170

MEMC Electronic Materials, Inc. (a)

50,617

3,588,745

Microchip Technology, Inc.

41,840

1,369,423

Micron Technology, Inc. (a)

168,512

1,006,017

National Semiconductor Corp.

50,271

920,965

Novellus Systems, Inc. (a)

22,596

475,646

NVIDIA Corp. (a)

123,118

2,436,505

Teradyne, Inc. (a)

38,636

479,859

Texas Instruments, Inc.

293,920

8,309,118

Xilinx, Inc.

63,449

1,506,914

62,784,933

Software - 3.4%

Adobe Systems, Inc. (a)

126,084

4,487,330

Autodesk, Inc. (a)

51,169

1,610,800

Shares

Value

BMC Software, Inc. (a)

42,577

$ 1,384,604

CA, Inc.

86,466

1,945,485

Citrix Systems, Inc. (a)

41,061

1,204,319

Compuware Corp. (a)

60,767

446,030

Electronic Arts, Inc. (a)

70,200

3,504,384

Intuit, Inc. (a)

72,627

1,961,655

Microsoft Corp.

1,773,733

50,338,543

Novell, Inc. (a)

78,030

490,809

Oracle Corp. (a)

876,489

17,144,125

Symantec Corp. (a)

187,573

3,117,463

87,635,547

TOTAL INFORMATION TECHNOLOGY

400,455,456

MATERIALS - 3.5%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

47,523

4,372,116

Ashland, Inc.

12,406

586,804

Dow Chemical Co.

208,222

7,672,981

E.I. du Pont de Nemours & Co.

199,300

9,319,268

Eastman Chemical Co.

17,674

1,103,741

Ecolab, Inc.

38,894

1,689,166

Hercules, Inc.

25,150

459,994

International Flavors & Fragrances, Inc.

17,955

790,918

Monsanto Co.

121,438

13,540,337

PPG Industries, Inc.

36,304

2,196,755

Praxair, Inc.

69,419

5,847,162

Rohm & Haas Co.

27,781

1,502,396

Sigma Aldrich Corp.

28,674

1,710,404

50,792,042

Construction Materials - 0.1%

Vulcan Materials Co. (d)

24,016

1,594,662

Containers & Packaging - 0.1%

Ball Corp.

21,617

993,085

Bemis Co., Inc.

22,078

561,444

Pactiv Corp. (a)

28,897

757,390

Sealed Air Corp.

35,813

904,278

3,216,197

Metals & Mining - 1.1%

Alcoa, Inc.

180,469

6,507,712

Allegheny Technologies, Inc.

22,371

1,596,395

Freeport-McMoRan Copper & Gold, Inc. Class B

84,824

8,161,765

Newmont Mining Corp.

100,451

4,550,430

Nucor Corp.

63,833

4,324,047

Titanium Metals Corp.

21,908

329,715

United States Steel Corp.

26,105

3,311,941

28,782,005

Paper & Forest Products - 0.2%

International Paper Co.

94,794

2,578,397

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - continued

MeadWestvaco Corp.

38,527

$ 1,048,705

Weyerhaeuser Co.

46,438

3,020,328

6,647,430

TOTAL MATERIALS

91,032,336

TELECOMMUNICATION SERVICES - 3.4%

Diversified Telecommunication Services - 3.1%

AT&T, Inc.

1,337,551

51,228,203

CenturyTel, Inc.

23,634

785,594

Citizens Communications Co.

72,634

761,931

Embarq Corp.

33,997

1,363,280

Qwest Communications International, Inc. (d)

340,724

1,543,480

Verizon Communications, Inc.

636,220

23,190,219

Windstream Corp.

100,605

1,202,230

80,074,937

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)

89,693

3,516,863

Sprint Nextel Corp.

631,342

4,223,678

7,740,541

TOTAL TELECOMMUNICATION SERVICES

87,815,478

UTILITIES - 3.6%

Electric Utilities - 2.1%

Allegheny Energy, Inc.

37,058

1,871,429

American Electric Power Co., Inc.

88,737

3,694,121

Duke Energy Corp.

279,858

4,995,465

Edison International

72,202

3,539,342

Entergy Corp.

42,365

4,621,174

Exelon Corp.

146,530

11,908,493

FirstEnergy Corp.

67,553

4,635,487

FPL Group, Inc.

90,276

5,663,916

Pepco Holdings, Inc.

44,567

1,101,696

Pinnacle West Capital Corp.

22,271

781,267

PPL Corp.

82,741

3,799,467

Progress Energy, Inc.

57,640

2,403,588

Southern Co.

169,465

6,034,649

55,050,094

Gas Utilities - 0.1%

Nicor, Inc.

10,002

335,167

Questar Corp.

38,293

2,165,852

2,501,019

Independent Power Producers & Energy Traders - 0.3%

AES Corp. (a)

148,311

2,472,344

Constellation Energy Group, Inc.

39,429

3,480,398

Dynegy, Inc. Class A (a)

109,890

867,032

6,819,774

Shares

Value

Multi-Utilities - 1.1%

Ameren Corp.

46,256

$ 2,037,114

CenterPoint Energy, Inc.

72,542

1,035,174

CMS Energy Corp.

49,901

675,660

Consolidated Edison, Inc.

60,308

2,394,228

Dominion Resources, Inc.

127,388

5,202,526

DTE Energy Co.

36,173

1,406,768

Integrys Energy Group, Inc.

16,936

789,895

NiSource, Inc.

60,755

1,047,416

PG&E Corp.

78,836

2,902,742

Public Service Enterprise Group, Inc.

112,677

4,528,489

Sempra Energy

57,907

3,085,285

TECO Energy, Inc.

46,740

745,503

Xcel Energy, Inc.

95,102

1,897,285

27,748,085

TOTAL UTILITIES

92,118,972

TOTAL COMMON STOCKS

(Cost $1,466,244,811)

2,550,883,586

U.S. Treasury Obligations - 0.1%

Principal Amount

U.S. Treasury Bills, yield at date of purchase 1.25% 6/26/08 (e)
(Cost $2,193,354)

$ 2,200,000

2,193,299

Money Market Funds - 2.4%

Shares

Fidelity Cash Central Fund, 2.69% (b)

33,502,599

33,502,599

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

28,135,531

28,135,531

TOTAL MONEY MARKET FUNDS

(Cost $61,638,130)

61,638,130

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $1,530,076,295)

2,614,715,015

NET OTHER ASSETS - (0.9)%

(23,028,322)

NET ASSETS - 100%

$ 2,591,686,693

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

119 S&P 500 Index Contracts

June 2008

$ 39,389,000

$ 524,378

The face value of futures purchased as a percentage of net assets - 1.5%

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,118,527.

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

$ 246,592

Fidelity Securities Lending Cash Central Fund

86,990

Total

$ 333,582

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 2,614,715,015

$ 2,612,521,716

$ 2,193,299

$ -

Other Financial Instruments*

$ 524,378

$ 524,378

$ -

$ -

*Other financial instruments include futures.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,536,122,398. Net unrealized appreciation aggregated $1,078,592,617, of which $1,254,313,334 related to appreciated investment securities and $175,720,717 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

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/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2008

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

By:

/s/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

May 30, 2008