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)

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:

March 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Contrafund® Portfolio

March 31, 2009 

1.799865.105

VIPCON-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%

Shares

Value

CONSUMER DISCRETIONARY - 7.6%

Auto Components - 0.2%

Gentex Corp.

1,264,900

$ 12,598,404

Johnson Controls, Inc.

1,425,400

17,104,800

 

29,703,204

Automobiles - 0.1%

Renault SA

101,800

2,093,660

Toyota Motor Corp. sponsored ADR

155,400

9,836,820

 

11,930,480

Distributors - 0.4%

Li & Fung Ltd.

20,612,000

48,402,144

Diversified Consumer Services - 0.1%

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

94,200

4,733,550

Regis Corp.

388,067

5,607,568

Service Corp. International

655,200

2,286,648

 

12,627,766

Hotels, Restaurants & Leisure - 1.0%

Burger King Holdings, Inc.

273,100

6,267,645

McDonald's Corp.

2,223,284

121,324,608

Wendy's/Arby's Group, Inc.

790,800

3,977,724

 

131,569,977

Household Durables - 0.5%

Centex Corp.

183,794

1,378,455

D.R. Horton, Inc.

1,307,200

12,679,840

Fortune Brands, Inc.

164,600

4,040,930

Harman International Industries, Inc.

294,300

3,981,879

LG Electronics, Inc.

35,000

2,344,244

Mohawk Industries, Inc. (a)

633,131

18,911,623

Newell Rubbermaid, Inc.

648,600

4,138,068

Pulte Homes, Inc.

516,500

5,645,345

Whirlpool Corp.

179,915

5,323,685

 

58,444,069

Internet & Catalog Retail - 0.1%

Expedia, Inc. (a)

665,538

6,043,085

Priceline.com, Inc. (a)(d)

81,700

6,436,326

 

12,479,411

Leisure Equipment & Products - 0.0%

Hasbro, Inc.

204,600

5,129,322

Media - 2.3%

Central European Media Enterprises Ltd. Class A (a)(d)

857,700

9,829,242

Comcast Corp.:

Class A

5,174,000

70,573,360

Class A (special) (non-vtg.)

185,000

2,380,950

Discovery Communications, Inc. (a)

439,000

7,032,780

Liberty Global, Inc. Class A (a)

931,400

13,561,184

Omnicom Group, Inc.

1,103,000

25,810,200

The DIRECTV Group, Inc. (a)

1,872,200

42,667,438

The Walt Disney Co.

1,272,243

23,103,933

 

Shares

Value

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

11,499

$ 8,624,250

Time Warner Cable, Inc. (d)

603,243

14,960,426

Time Warner, Inc.

2,403,266

46,383,034

Viacom, Inc. Class B (non-vtg.) (a)

1,405,800

24,432,804

 

289,359,601

Multiline Retail - 0.5%

Kohl's Corp. (a)

167,732

7,098,418

Target Corp.

1,501,500

51,636,585

 

58,735,003

Specialty Retail - 2.0%

Home Depot, Inc.

1,297,600

30,571,456

Lowe's Companies, Inc.

3,579,800

65,331,350

MarineMax, Inc. (a)

506,913

993,549

OfficeMax, Inc.

460,909

1,438,036

Ross Stores, Inc.

989,500

35,503,260

Sally Beauty Holdings, Inc. (a)

1,021,700

5,803,256

Sherwin-Williams Co.

223,300

11,604,901

Staples, Inc.

1,484,100

26,877,051

Tiffany & Co., Inc. (d)

228,600

4,928,616

TJX Companies, Inc.

2,172,052

55,691,413

Urban Outfitters, Inc. (a)

559,800

9,163,926

Zumiez, Inc. (a)

1,062,220

10,303,534

 

258,210,348

Textiles, Apparel & Luxury Goods - 0.4%

Carter's, Inc. (a)

1,044,500

19,647,045

LVMH Moet Hennessy - Louis Vuitton

87,600

5,502,000

NIKE, Inc. Class B

470,800

22,075,812

Ports Design Ltd.

3,139,500

3,621,355

VF Corp.

107,200

6,122,192

 

56,968,404

TOTAL CONSUMER DISCRETIONARY

973,559,729

CONSUMER STAPLES - 13.1%

Beverages - 4.4%

Anheuser-Busch InBev NV

1,737,761

47,879,611

Coca-Cola Enterprises, Inc.

2,459,900

32,446,081

Coca-Cola FEMSA SAB de CV sponsored ADR

234,300

7,980,258

Coca-Cola Icecek AS

882,000

4,164,131

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

73,100

3,490,525

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

3,683,503

43,833,686

Cott Corp. (a)

1,669,000

1,668,404

Diageo PLC sponsored ADR

451,000

20,182,250

Dr Pepper Snapple Group, Inc. (a)

625,245

10,572,893

Embotelladora Andina SA
sponsored ADR

523,900

7,444,619

Fomento Economico Mexicano SAB de CV sponsored ADR

155,900

3,930,239

Molson Coors Brewing Co. Class B

1,462,400

50,131,072

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

PepsiCo, Inc.

2,982,162

$ 153,521,700

Pernod Ricard SA

242,800

13,535,881

The Coca-Cola Co.

3,472,618

152,621,561

 

553,402,911

Food & Staples Retailing - 3.0%

Costco Wholesale Corp.

802,700

37,181,064

CVS Caremark Corp.

4,149,600

114,072,504

Kroger Co.

1,190,500

25,262,410

Safeway, Inc.

1,995,510

40,289,347

Wal-Mart Stores, Inc.

2,383,300

124,169,930

Walgreen Co.

1,807,700

46,927,892

 

387,903,147

Food Products - 2.0%

Archer Daniels Midland Co.

1,177,600

32,713,728

Bunge Ltd.

69,400

3,931,510

Cadbury PLC sponsored ADR

134,400

4,072,320

General Mills, Inc.

324,300

16,176,084

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

785,190

37,689,120

Groupe Danone

85,895

4,182,226

Kraft Foods, Inc. Class A

794,900

17,718,321

Nestle SA (Reg.)

1,946,528

65,801,983

Perdigao SA (ON)

97,500

1,219,433

SLC Agricola SA

726,400

3,914,637

Tyson Foods, Inc. Class A

1,353,400

12,708,426

Unilever NV (NY Shares)

2,537,400

49,733,040

Viterra, Inc. (a)

539,500

3,758,031

 

253,618,859

Household Products - 2.2%

Colgate-Palmolive Co.

500,623

29,526,745

Procter & Gamble Co.

5,211,111

245,391,217

 

274,917,962

Personal Products - 0.3%

Avon Products, Inc.

2,035,577

39,144,146

Mead Johnson Nutrition Co. Class A

149,700

4,321,839

 

43,465,985

Tobacco - 1.2%

Altria Group, Inc.

2,249,800

36,041,796

British American Tobacco PLC
sponsored ADR

1,464,765

67,379,190

Philip Morris International, Inc.

1,167,004

41,522,002

Souza Cruz Industria Comerico

205,200

3,924,411

 

148,867,399

TOTAL CONSUMER STAPLES

1,662,176,263

 

Shares

Value

ENERGY - 11.9%

Energy Equipment & Services - 2.9%

Atwood Oceanics, Inc. (a)

798,937

$ 13,254,365

Global Industries Ltd. (a)

1,221,457

4,690,395

Helmerich & Payne, Inc.

473,200

10,774,764

Nabors Industries Ltd. (a)

2,701,125

26,984,239

National Oilwell Varco, Inc. (a)

3,244,654

93,154,016

Noble Corp.

2,688,475

64,765,363

Pride International, Inc. (a)

1,296,100

23,303,878

Schlumberger Ltd. (NY Shares)

189,414

7,693,997

Smith International, Inc.

873,650

18,766,002

Superior Energy Services, Inc. (a)

664,498

8,565,379

Weatherford International Ltd. (a)

8,101,700

89,685,819

 

361,638,217

Oil, Gas & Consumable Fuels - 9.0%

Apache Corp.

752,300

48,214,907

Canadian Natural Resources Ltd.

2,564,194

99,499,963

Chesapeake Energy Corp.

927,900

15,829,974

Chevron Corp.

2,245,880

151,012,971

Comstock Resources, Inc. (a)

902,000

26,879,600

Concho Resources, Inc. (a)(e)

4,505,938

115,306,953

Continental Resources, Inc. (a)(d)

784,600

16,641,366

Denbury Resources, Inc. (a)

4,662,108

69,278,925

El Paso Corp.

7,854,000

49,087,500

Energy Resources of Australia Ltd.

519,904

7,728,092

EXCO Resources, Inc. (a)

3,861,250

38,612,500

Hess Corp.

1,017,700

55,159,340

Occidental Petroleum Corp.

660,000

36,729,000

OPTI Canada, Inc. (a)

3,559,700

2,795,909

Petro-Canada

144,400

3,880,224

Petrohawk Energy Corp. (a)

7,182,902

138,127,205

Plains Exploration & Production Co. (a)

1,557,000

26,827,110

Range Resources Corp.

326,600

13,442,856

Royal Dutch Shell PLC Class A
sponsored ADR

460,600

20,404,580

SandRidge Energy, Inc. (a)

21,200

139,708

Southern Union Co.

175,100

2,665,022

Southwestern Energy Co. (a)

2,843,133

84,412,619

StatoilHydro ASA sponsored ADR

241,200

4,206,528

Suncor Energy, Inc.

2,565,000

57,264,548

Ultra Petroleum Corp. (a)

1,396,300

50,113,207

Uranium One, Inc. (a)

1,101,100

2,227,621

Williams Companies, Inc.

907,600

10,328,488

 

1,146,816,716

TOTAL ENERGY

1,508,454,933

FINANCIALS - 10.3%

Capital Markets - 0.9%

BlackRock, Inc. Class A

136,732

17,780,629

GFI Group, Inc.

686,882

2,204,891

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Goldman Sachs Group, Inc.

436,800

$ 46,309,536

Janus Capital Group, Inc.

730,700

4,859,155

Morgan Stanley

929,599

21,166,969

State Street Corp.

833,400

25,652,052

 

117,973,232

Commercial Banks - 2.7%

Bangkok Bank Ltd. PCL (For. Reg.)

5,547,300

11,736,976

DnB Nor ASA

753,600

3,391,665

Itau Unibanco Banco Multiplo SA ADR

238,629

2,596,284

PNC Financial Services Group, Inc.

3,800,928

111,329,181

Standard Chartered PLC (United Kingdom)

808,200

10,047,980

TCF Financial Corp.

756,600

8,897,616

U.S. Bancorp, Delaware

4,919,200

71,869,512

Wells Fargo & Co.

8,616,361

122,696,981

 

342,566,195

Consumer Finance - 0.4%

Capital One Financial Corp.

2,119,140

25,938,274

Discover Financial Services

2,749,593

17,349,932

Promise Co. Ltd. (d)

356,950

5,652,064

 

48,940,270

Diversified Financial Services - 3.5%

Bank of America Corp.

12,609,600

85,997,472

CME Group, Inc.

118,900

29,295,771

JPMorgan Chase & Co.

12,233,598

325,169,026

 

440,462,269

Insurance - 2.4%

ACE Ltd.

1,375,800

55,582,320

AFLAC, Inc.

386,400

7,480,704

Allstate Corp.

652,500

12,495,375

Fidelity National Financial, Inc. Class A

309,555

6,039,418

Hartford Financial Services Group, Inc.

606,000

4,757,100

Marsh & McLennan Companies, Inc.

1,260,900

25,533,225

MetLife, Inc.

2,763,461

62,924,007

PartnerRe Ltd.

130,363

8,091,631

Principal Financial Group, Inc.

467,600

3,824,968

Prudential Financial, Inc.

765,500

14,559,810

Reinsurance Group of America, Inc.

167,984

5,441,002

Sony Financial Holdings, Inc.

10,741

28,964,056

The Travelers Companies, Inc.

1,120,200

45,524,928

Torchmark Corp.

153,100

4,015,813

Unum Group

1,392,500

17,406,250

W.R. Berkley Corp.

100,100

2,257,255

XL Capital Ltd. Class A

1,112,700

6,075,342

 

310,973,204

Real Estate Investment Trusts - 0.3%

Developers Diversified Realty Corp.

377,950

805,034

Potlatch Corp.

100,600

2,332,914

ProLogis Trust

2,192,800

14,253,200

 

Shares

Value

Simon Property Group, Inc.

211,200

$ 7,315,968

SL Green Realty Corp.

222,200

2,399,760

Vornado Realty Trust

349,288

11,610,333

 

38,717,209

Real Estate Management & Development - 0.1%

China Overseas Land & Investment Ltd.

2,338,000

3,668,184

Forestar Group, Inc. (a)

480,599

3,676,582

Hang Lung Properties Ltd.

3,235,000

7,596,591

 

14,941,357

TOTAL FINANCIALS

1,314,573,736

HEALTH CARE - 15.2%

Biotechnology - 2.4%

Acorda Therapeutics, Inc. (a)

452,000

8,954,120

Alexion Pharmaceuticals, Inc. (a)

27,700

1,043,182

Amgen, Inc. (a)

1,170,086

57,942,659

Biogen Idec, Inc. (a)

1,209,311

63,392,083

Celgene Corp. (a)

193,800

8,604,720

CSL Ltd.

270,902

6,120,123

Genzyme Corp. (a)

560,278

33,274,910

Gilead Sciences, Inc. (a)

2,083,302

96,498,549

Myriad Genetics, Inc. (a)

310,036

14,097,337

ONYX Pharmaceuticals, Inc. (a)

248,139

7,084,368

United Therapeutics Corp. (a)

165,781

10,956,466

 

307,968,517

Health Care Equipment & Supplies - 2.2%

Baxter International, Inc.

1,563,300

80,072,226

Boston Scientific Corp. (a)

276,100

2,194,995

C.R. Bard, Inc.

434,720

34,655,878

Cooper Companies, Inc.

346,247

9,154,771

Covidien Ltd.

2,255,936

74,987,313

Edwards Lifesciences Corp. (a)

303,271

18,387,321

ev3, Inc. (a)

469,945

3,336,610

Mako Surgical Corp. (a)

698,516

5,371,588

Masimo Corp. (a)

396,288

11,484,426

Medtronic, Inc.

427,005

12,583,837

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

2,312,000

4,116,613

St. Jude Medical, Inc. (a)

669,896

24,337,322

 

280,682,900

Health Care Providers & Services - 1.7%

CardioNet, Inc.

215,050

6,034,303

CIGNA Corp.

1,207,900

21,246,961

Express Scripts, Inc. (a)

916,175

42,299,800

Henry Schein, Inc. (a)

269,600

10,786,696

Medco Health Solutions, Inc. (a)

2,018,014

83,424,699

UnitedHealth Group, Inc.

1,287,511

26,947,605

WellPoint, Inc. (a)

616,499

23,408,467

 

214,148,531

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Technology - 0.3%

HLTH Corp. (a)

3,137,060

$ 32,468,571

Life Sciences Tools & Services - 0.6%

Illumina, Inc. (a)

714,300

26,600,532

Life Technologies Corp. (a)

211,000

6,853,280

Millipore Corp. (a)

152,600

8,760,766

QIAGEN NV (a)

1,383,201

22,075,888

Waters Corp. (a)

271,488

10,031,482

 

74,321,948

Pharmaceuticals - 8.0%

Abbott Laboratories

3,168,042

151,115,603

Allergan, Inc.

2,014,868

96,230,096

Bristol-Myers Squibb Co.

2,399,291

52,592,459

Elan Corp. PLC sponsored ADR (a)

1,231,000

8,173,840

Johnson & Johnson

2,751,873

144,748,520

Merck & Co., Inc.

4,000,968

107,025,894

Novo Nordisk AS Series B

410,700

19,666,664

Perrigo Co.

176,122

4,373,109

Pfizer, Inc.

10,532,400

143,451,288

Pronova BioPharma ASA (a)

2,000,000

5,326,351

Roche Holding AG (participation certificate)

134,769

18,493,295

Schering-Plough Corp.

3,896,388

91,759,937

Teva Pharmaceutical Industries Ltd. sponsored ADR

197,100

8,879,355

Valeant Pharmaceuticals International (a)(d)

467,993

8,325,595

Wyeth

3,830,000

164,843,200

 

1,025,005,206

TOTAL HEALTH CARE

1,934,595,673

INDUSTRIALS - 9.6%

Aerospace & Defense - 1.7%

General Dynamics Corp.

304,542

12,665,902

Honeywell International, Inc.

1,799,442

50,132,454

Lockheed Martin Corp.

839,261

57,934,187

Raytheon Co.

1,071,512

41,724,677

The Boeing Co.

550,902

19,601,093

United Technologies Corp.

909,680

39,098,046

 

221,156,359

Air Freight & Logistics - 1.4%

C.H. Robinson Worldwide, Inc.

1,608,301

73,354,609

FedEx Corp.

527,400

23,464,026

United Parcel Service, Inc. Class B

1,731,656

85,232,108

 

182,050,743

Airlines - 0.0%

AMR Corp. (a)

768,200

2,450,558

Building Products - 0.1%

Masco Corp.

1,848,912

12,905,406

 

Shares

Value

Commercial Services & Supplies - 0.4%

Stericycle, Inc. (a)

1,014,427

$ 48,418,601

Construction & Engineering - 0.4%

MYR Group, Inc. (a)

267,800

4,083,950

Quanta Services, Inc. (a)

2,286,299

49,041,114

 

53,125,064

Electrical Equipment - 0.8%

Alstom SA

542,700

28,099,882

Cooper Industries Ltd. Class A

520,400

13,457,544

Energy Conversion Devices, Inc. (a)(d)

464,448

6,163,225

First Solar, Inc. (a)

35,400

4,697,580

Q-Cells SE (a)(d)

673,800

13,137,242

Regal-Beloit Corp.

197,700

6,057,528

Renewable Energy Corp. AS (a)(d)

1,488,300

12,909,391

Sunpower Corp. Class B (a)

784,215

15,527,457

 

100,049,849

Industrial Conglomerates - 1.7%

General Electric Co.

15,985,496

161,613,365

Siemens AG sponsored ADR

505,849

28,818,218

Textron, Inc.

2,199,994

12,627,966

Tyco International Ltd.

704,200

13,774,152

 

216,833,701

Machinery - 2.4%

Cummins, Inc.

2,081,956

52,985,780

Danaher Corp.

1,606,245

87,090,604

Deere & Co.

1,388,770

45,648,870

Eaton Corp.

1,101,120

40,587,283

Flowserve Corp.

53,700

3,013,644

Illinois Tool Works, Inc.

325,700

10,047,845

Ingersoll-Rand Co. Ltd. Class A

573,000

7,907,400

Navistar International Corp. (a)

888,723

29,736,672

PACCAR, Inc.

332,900

8,575,504

Toro Co.

382,167

9,240,798

Trinity Industries, Inc.

217,400

1,987,036

Vallourec SA

61,200

5,674,351

 

302,495,787

Professional Services - 0.2%

Manpower, Inc.

446,811

14,087,951

Monster Worldwide, Inc. (a)

536,148

4,369,606

 

18,457,557

Road & Rail - 0.5%

CSX Corp.

474,704

12,271,098

Union Pacific Corp.

1,320,004

54,265,364

 

66,536,462

Trading Companies & Distributors - 0.0%

GATX Corp.

111,900

2,263,737

TOTAL INDUSTRIALS

1,226,743,824

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 17.8%

Communications Equipment - 2.7%

Ciena Corp. (a)(d)(e)

5,691,358

$ 44,278,765

Juniper Networks, Inc. (a)

8,880,730

133,743,794

QUALCOMM, Inc.

2,070,500

80,563,155

Sycamore Networks, Inc. (a)(e)

18,891,632

50,440,657

Tellabs, Inc. (a)

4,997,067

22,886,567

ZTE Corp. (H Shares)

3,443,800

14,018,785

 

345,931,723

Computers & Peripherals - 1.5%

Apple, Inc. (a)

418,200

43,961,184

Dell, Inc. (a)

3,936,200

37,315,176

Hewlett-Packard Co.

580,700

18,617,242

SanDisk Corp. (a)

5,779,500

73,110,675

Seagate Technology

3,128,016

18,799,376

 

191,803,653

Electronic Equipment & Components - 0.2%

Avnet, Inc. (a)

1,017,458

17,815,690

Internet Software & Services - 0.1%

Baidu.com, Inc. sponsored ADR (a)

35,300

6,233,980

eBay, Inc. (a)

646,700

8,122,552

Google, Inc. Class A (sub. vtg.) (a)

1,938

674,540

 

15,031,072

Semiconductors & Semiconductor Equipment - 10.8%

Advanced Semiconductor Engineering, Inc. sponsored ADR

901,400

2,262,514

Altera Corp.

2,094,100

36,751,455

Amkor Technology, Inc. (a)

1,171,017

3,138,326

Analog Devices, Inc.

4,237,000

81,646,990

Applied Materials, Inc.

13,567,584

145,851,528

Applied Micro Circuits Corp. (a)

538,571

2,617,455

ARM Holdings PLC sponsored ADR

704,800

3,115,216

ASML Holding NV (NY Shares) (d)

10,613,800

185,847,638

ATMI, Inc. (a)

1,243,100

19,181,033

Broadcom Corp. Class A (a)

647,570

12,938,449

Brooks Automation, Inc. (a)(e)

3,437,440

15,846,598

Cirrus Logic, Inc. (a)(e)

3,510,415

13,199,160

Cymer, Inc. (a)

769,327

17,125,219

Global Unichip Corp.

325,000

1,426,993

Globe Specialty Metals, Inc. (Reg. S) (a)

2,093,133

5,756,116

Himax Technologies, Inc. sponsored ADR

1,175,600

3,291,680

Inotera Memories, Inc. (a)

37,930,000

15,033,402

Intel Corp.

9,505,800

143,062,290

Kulicke & Soffa Industries, Inc. (a)

289,935

759,630

Lam Research Corp. (a)

3,242,145

73,823,642

Linear Technology Corp.

274,740

6,313,525

Marvell Technology Group Ltd. (a)

7,155,100

65,540,716

Mattson Technology, Inc. (a)(e)

2,833,186

2,382,709

MediaTek, Inc.

2,926,000

27,505,349

Micron Technology, Inc. (a)

22,455,002

91,167,308

Monolithic Power Systems, Inc. (a)

43,836

679,458

Novellus Systems, Inc. (a)

4,828,543

80,298,670

 

Shares

Value

NVIDIA Corp. (a)

3,685,600

$ 36,340,016

Photronics, Inc. (a)

402,729

386,620

Richtek Technology Corp.

1,745,000

8,227,494

Samsung Electronics Co. Ltd.

211,624

88,019,491

Silicon Laboratories, Inc. (a)

275,734

7,279,378

Siliconware Precision Industries Co. Ltd. sponsored ADR

705,400

4,091,320

Skyworks Solutions, Inc. (a)

2,227,100

17,950,426

Taiwan Semiconductor Manufacturing Co. Ltd.

9,676,000

14,655,854

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

742,700

6,647,165

Teradyne, Inc. (a)

1,577,162

6,907,970

Tokyo Electron Ltd.

2,932,800

109,827,612

Varian Semiconductor Equipment Associates, Inc. (a)

11,574

250,693

Verigy Ltd. (a)

2,361,507

19,482,433

 

1,376,629,541

Software - 2.5%

BMC Software, Inc. (a)

488,680

16,126,440

Electronic Arts, Inc. (a)

361,300

6,572,047

Microsoft Corp.

15,868,700

291,508,019

Oracle Corp.

117,600

2,125,032

 

316,331,538

TOTAL INFORMATION TECHNOLOGY

2,263,543,217

MATERIALS - 2.9%

Chemicals - 1.7%

Air Products & Chemicals, Inc.

539,504

30,347,100

Airgas, Inc.

324,800

10,981,488

Albemarle Corp.

878,275

19,120,047

CF Industries Holdings, Inc.

57,800

4,111,314

Dow Chemical Co.

1,140,300

9,612,729

E.I. du Pont de Nemours & Co.

1,259,000

28,113,470

Ecolab, Inc.

34,461

1,196,831

FMC Corp.

231,561

9,989,542

Monsanto Co.

1,041,446

86,544,163

Praxair, Inc.

219,332

14,758,850

Solutia, Inc. (a)

966,900

1,808,103

Terra Industries, Inc.

226,457

6,361,177

 

222,944,814

Containers & Packaging - 0.5%

Ball Corp.

324,899

14,100,617

Crown Holdings, Inc. (a)

428,400

9,737,532

Owens-Illinois, Inc. (a)

487,500

7,039,500

Rock-Tenn Co. Class A

475,900

12,873,095

Sealed Air Corp.

520,598

7,184,252

Temple-Inland, Inc.

2,162,100

11,610,477

 

62,545,473

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 0.6%

Agnico-Eagle Mines Ltd.

348,500

$ 20,037,126

Commercial Metals Co.

752,858

8,695,510

Freeport-McMoRan Copper & Gold, Inc. Class B

101,600

3,871,976

Impala Platinum Holdings Ltd.

62,300

1,040,525

Ivanhoe Mines Ltd. (a)

508,300

3,137,430

Newcrest Mining Ltd.

432,262

9,948,247

Nucor Corp.

367,800

14,038,926

Yamana Gold, Inc.

1,833,900

17,124,839

 

77,894,579

Paper & Forest Products - 0.1%

Weyerhaeuser Co.

284,936

7,855,686

TOTAL MATERIALS

371,240,552

TELECOMMUNICATION SERVICES - 4.0%

Diversified Telecommunication Services - 3.4%

AT&T, Inc.

11,142,016

280,778,803

Embarq Corp.

343,592

13,004,957

Verizon Communications, Inc.

4,573,800

138,128,760

 

431,912,520

Wireless Telecommunication Services - 0.6%

American Tower Corp. Class A (a)

886,504

26,976,317

Clearwire Corp. Class A (a)(d)

3,617,441

18,629,821

MetroPCS Communications, Inc. (a)

483,466

8,257,599

Sprint Nextel Corp. (a)

6,038,200

21,556,374

 

75,420,111

TOTAL TELECOMMUNICATION SERVICES

507,332,631

UTILITIES - 4.4%

Electric Utilities - 2.1%

Allegheny Energy, Inc.

309,300

7,166,481

American Electric Power Co., Inc.

731,900

18,487,794

DPL, Inc.

476,725

10,745,382

Duke Energy Corp.

2,216,200

31,735,984

Entergy Corp.

452,500

30,810,725

Exelon Corp.

1,315,848

59,726,341

FirstEnergy Corp.

748,100

28,876,660

FPL Group, Inc.

856,700

43,460,391

Pinnacle West Capital Corp.

384,600

10,214,976

PPL Corp.

99,411

2,854,090

Progress Energy, Inc.

470,286

17,052,570

Unisource Energy Corp.

193,600

5,457,584

Westar Energy, Inc.

228,000

3,996,840

 

270,585,818

 

Shares

Value

Gas Utilities - 0.2%

EQT Corp.

239,500

$ 7,503,535

Questar Corp.

554,600

16,321,878

 

23,825,413

Independent Power Producers & Energy Traders - 0.4%

AES Corp. (a)

1,663,818

9,666,783

Constellation Energy Group, Inc.

507,400

10,482,884

Dynegy, Inc. Class A (a)

895,425

1,262,549

NRG Energy, Inc. (a)

1,596,400

28,096,640

 

49,508,856

Multi-Utilities - 1.7%

Alliant Energy Corp.

225,100

5,557,719

Ameren Corp.

709,851

16,461,445

CenterPoint Energy, Inc.

2,405,919

25,093,735

CMS Energy Corp.

1,085,300

12,849,952

Dominion Resources, Inc.

396,800

12,296,832

OGE Energy Corp.

384,700

9,163,554

PG&E Corp.

1,032,949

39,479,311

Public Service Enterprise Group, Inc.

932,560

27,482,543

Sempra Energy

625,800

28,936,992

TECO Energy, Inc.

1,503,857

16,768,006

Wisconsin Energy Corp.

251,700

10,362,489

Xcel Energy, Inc.

649,100

12,092,733

 

216,545,311

TOTAL UTILITIES

560,465,398

TOTAL COMMON STOCKS

(Cost $16,385,280,470)

12,322,685,956

Convertible Preferred Stocks - 0.5%

 

 

 

 

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

SandRidge Energy, Inc. 8.50% (a)(f)

46,800

4,433,364

FINANCIALS - 0.3%

Commercial Banks - 0.2%

Fifth Third Bancorp 8.50%

69,499

2,909,228

Huntington Bancshares, Inc. 8.50%

24,200

8,107,000

Wells Fargo & Co. 7.50%

37,700

18,057,923

 

29,074,151

Diversified Financial Services - 0.1%

Bank of America Corp. Series L, 7.25%

16,500

6,723,750

CIT Group, Inc. Series C, 8.75%

165,500

2,937,625

 

9,661,375

TOTAL FINANCIALS

38,735,526

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

Fluidigm Corp. (a)(i)

1,378,965

2,757,930

Convertible Preferred Stocks - continued

Shares

Value

MATERIALS - 0.2%

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc. 6.75%

311,500

$ 20,083,028

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $89,509,918)

66,009,848

Nonconvertible Bonds - 0.0%

 

Principal Amount

 

HEALTH CARE - 0.0%

Pharmaceuticals - 0.0%

Elan Finance PLC/Elan Finance Corp.:

5.2344% 11/15/11 (h)

$ 2,165,000

1,753,650

7.75% 11/15/11

250,000

208,750

 

1,962,400

TOTAL NONCONVERTIBLE BONDS

(Cost $1,795,345)

1,962,400

U.S. Treasury Obligations - 0.1%

 

U.S. Treasury Bills, yield at date of purchase 0.15% to 0.21% 4/9/09 to 5/21/09 (g)
(Cost $12,197,828)

12,200,000

12,198,265

Money Market Funds - 3.5%

Shares

 

Fidelity Cash Central Fund, 0.52% (b)

309,377,921

309,377,921

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

134,383,807

134,383,807

TOTAL MONEY MARKET FUNDS

(Cost $443,761,728)

443,761,728

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $16,932,545,289)

12,846,618,197

NET OTHER ASSETS - (0.9)%

(119,506,686)

NET ASSETS - 100%

$ 12,727,111,511

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

2,335 CME E-mini S&P 500 Index Contracts

June 2009

$ 92,792,900

$ 5,193,130

 

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 $4,433,364 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 $11,448,282.

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

(i) 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 $11,382,180 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

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

$ 513,114

Fidelity Securities Lending Cash Central Fund

1,092,544

Total

$ 1,605,658

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

Brooks Automation, Inc.

$ 17,233,146

$ 2,379,522

$ -

$ -

$ 15,846,598

Ciena Corp.

39,405,099

-

1,442,282

-

44,278,765

Cirrus Logic, Inc.

9,407,912

-

-

-

13,199,160

Concho Resources, Inc.

103,767,446

-

986,658

-

115,306,953

Mattson Technology, Inc.

4,737,298

-

279,938

-

2,382,709

Sycamore Networks, Inc.

53,078,090

-

2,461,200

-

50,440,657

Total

$ 227,628,991

$ 2,379,522

$ 5,170,078

$ -

$ 241,454,842

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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

$ 12,846,618,197

$ 12,513,647,452

$ 321,588,565

$ 11,382,180

Other Financial Instruments*

$ 5,193,130

$ 5,193,130

$ -

$ -

*Other financial instruments include Futures Contracts.

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

 

Investments in Securities

Beginning Balance

$ 44,610,724

Total Realized Gain (Loss)

(30,399,419)

Total Unrealized Gain (Loss)

24,585,480

Cost of Purchases

-

Proceeds of Sales

(27,414,605)

Amortization/Accretion

-

Transfer in/out of Level 3

-

Ending Balance

$ 11,382,180

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

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $17,367,073,048. Net unrealized depreciation aggregated $4,520,454,851, of which $598,200,305 related to appreciated investment securities and $5,118,655,156 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Disciplined Small Cap Portfolio

March 31, 2009 

1.830301.103

VDSC-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value

CONSUMER DISCRETIONARY - 13.3%

Auto Components - 0.3%

Cooper Tire & Rubber Co.

1,756

$ 7,094

Fuel Systems Solutions, Inc. (a)

2,970

40,036

Stoneridge, Inc. (a)

9,500

20,045

Superior Industries International, Inc.

977

11,577

 

78,752

Diversified Consumer Services - 1.6%

American Public Education, Inc. (a)

2,082

87,569

DeVry, Inc.

1,630

78,533

Jackson Hewitt Tax Service, Inc.

7,090

37,010

Regis Corp.

4,000

57,800

Sotheby's Class A (ltd. vtg.)

910

8,190

Stewart Enterprises, Inc. Class A (d)

11,153

36,136

Strayer Education, Inc. (d)

500

89,935

 

395,173

Hotels, Restaurants & Leisure - 2.8%

Bally Technologies, Inc. (a)

5,210

95,968

Bob Evans Farms, Inc.

5,707

127,951

Buffalo Wild Wings, Inc. (a)

1,960

71,697

Denny's Corp. (a)

36,105

60,295

Domino's Pizza, Inc. (a)

8,000

52,400

Jack in the Box, Inc. (a)

1,316

30,650

Papa John's International, Inc. (a)

4,870

111,377

Speedway Motorsports, Inc.

1,293

15,283

WMS Industries, Inc. (a)

4,850

101,414

 

667,035

Household Durables - 0.6%

Blyth, Inc.

1,700

44,421

Ryland Group, Inc.

4,750

79,135

Universal Electronics, Inc. (a)

1,518

27,476

 

151,032

Internet & Catalog Retail - 0.8%

Netflix, Inc. (a)(d)

3,535

151,722

NutriSystem, Inc.

3,503

49,988

 

201,710

Leisure Equipment & Products - 0.4%

JAKKS Pacific, Inc. (a)

2,600

32,110

Polaris Industries, Inc.

2,700

57,888

 

89,998

Media - 0.9%

Belo Corp. Series A

1,080

659

Cox Radio, Inc. Class A (a)

2,860

11,726

Interactive Data Corp.

4,980

123,803

Marvel Entertainment, Inc. (a)

2,499

66,348

Sinclair Broadcast Group, Inc. Class A

11,371

11,712

 

214,248

Specialty Retail - 4.8%

Aeropostale, Inc. (a)

6,860

182,202

Christopher & Banks Corp.

8,050

32,925

 

Shares

Value

Dress Barn, Inc. (a)

6,084

$ 74,772

Finish Line, Inc. Class A

11,176

73,985

Genesco, Inc. (a)

5,878

110,683

Gymboree Corp. (a)

3,746

79,977

Hot Topic, Inc. (a)

6,200

69,378

Jo-Ann Stores, Inc. (a)

5,820

95,099

Midas, Inc. (a)

2,070

16,394

Rent-A-Center, Inc. (a)

4,550

88,134

Talbots, Inc. (d)

12,000

42,120

The Buckle, Inc. (d)

2,590

82,699

Tractor Supply Co. (a)

2,500

90,150

Wet Seal, Inc. Class A (a)

33,423

112,301

 

1,150,819

Textiles, Apparel & Luxury Goods - 1.1%

Deckers Outdoor Corp. (a)(d)

920

48,797

FGX International Ltd. (a)

5,200

60,424

Fossil, Inc. (a)

3,836

60,225

Maidenform Brands, Inc. (a)

7,432

68,077

Quiksilver, Inc. (a)

11,000

14,080

 

251,603

TOTAL CONSUMER DISCRETIONARY

3,200,370

CONSUMER STAPLES - 4.3%

Food & Staples Retailing - 0.9%

Casey's General Stores, Inc.

5,500

146,630

Nash-Finch Co.

2,600

73,034

 

219,664

Food Products - 2.7%

American Dairy, Inc. (a)(d)

2,670

45,150

Calavo Growers, Inc.

3,000

36,060

Darling International, Inc. (a)

15,930

59,100

Diamond Foods, Inc.

2,000

55,860

Flowers Foods, Inc. (d)

6,500

152,620

Ralcorp Holdings, Inc. (a)

3,350

180,498

TreeHouse Foods, Inc. (a)(d)

4,410

126,964

 

656,252

Personal Products - 0.7%

Chattem, Inc. (a)

2,180

122,189

Prestige Brands Holdings, Inc. (a)

9,131

47,299

 

169,488

TOTAL CONSUMER STAPLES

1,045,404

ENERGY - 3.5%

Energy Equipment & Services - 0.9%

Carbo Ceramics, Inc. (d)

2,170

61,715

Gulfmark Offshore, Inc. (a)

1,770

42,232

IHS, Inc. Class A (a)

1,410

58,064

Newpark Resources, Inc. (a)

7,888

19,957

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

T-3 Energy Services, Inc. (a)

600

$ 7,068

Willbros Group, Inc. (a)

2,545

24,687

 

213,723

Oil, Gas & Consumable Fuels - 2.6%

Berry Petroleum Co. Class A

3,500

38,360

Callon Petroleum Co. (a)

2,960

3,226

Concho Resources, Inc. (a)

3,800

97,242

Endeavor International Corp. (a)

22,920

19,940

EXCO Resources, Inc. (a)

2,000

20,000

Knightsbridge Tankers Ltd.

4,500

65,475

McMoRan Exploration Co. (a)(d)

10,000

47,000

Nordic American Tanker
Shipping Ltd. (d)

3,090

90,537

Stone Energy Corp. (a)

4,132

13,760

Swift Energy Co. (a)

1,280

9,344

Teekay Tankers Ltd. (d)

8,102

77,050

Vaalco Energy, Inc. (a)

7,500

39,675

Western Refining, Inc. (d)

4,000

47,760

World Fuel Services Corp.

2,250

71,168

 

640,537

TOTAL ENERGY

854,260

FINANCIALS - 20.2%

Capital Markets - 2.1%

Apollo Investment Corp.

1,129

3,929

BlackRock Kelso Capital Corp.

7,210

30,210

Hercules Technology Growth Capital, Inc.

11,066

55,330

Knight Capital Group, Inc. Class A (a)

8,620

127,059

MCG Capital Corp.

2,761

3,534

MVC Capital, Inc.

9,050

76,111

optionsXpress Holdings, Inc.

4,940

56,168

Patriot Capital Funding, Inc.

1,816

3,323

PennantPark Investment Corp.

6,748

25,305

Penson Worldwide, Inc. (a)

5,998

38,567

Prospect Capital Corp.

11,335

96,574

 

516,110

Commercial Banks - 6.8%

Community Bank System, Inc.

6,060

101,505

First Bancorp, Puerto Rico

11,072

47,167

First Financial Bancorp, Ohio

4,072

38,806

First Financial Bankshares, Inc.

2,485

119,702

Glacier Bancorp, Inc. (d)

5,205

81,771

Green Bankshares, Inc. (d)

2,036

17,917

Home Bancshares, Inc.

4,320

86,270

IBERIABANK Corp.

1,100

50,534

Lakeland Financial Corp.

2,581

49,529

MainSource Financial Group, Inc.

3,073

24,707

National Penn Bancshares, Inc.

9,220

76,526

Old Second Bancorp, Inc. (d)

3,140

19,939

 

Shares

Value

Oriental Financial Group, Inc.

11,340

$ 55,339

Pacific Capital Bancorp

8,911

60,327

Pennsylvania Communication
Bancorp, Inc. (a)(d)

3,375

62,100

Prosperity Bancshares, Inc. (d)

4,100

112,135

Renasant Corp.

3,633

45,630

S&T Bancorp, Inc. (d)

4,060

86,113

Santander Bancorp (d)

8,000

63,040

Signature Bank, New York (a)

2,000

56,460

Smithtown Bancorp, Inc. (d)

2,947

33,242

Suffolk Bancorp (d)

3,410

88,626

SVB Financial Group (a)(d)

1,800

36,018

Tompkins Financial Corp. (d)

2,020

86,860

Virginia Commerce Bancorp, Inc.

6,431

24,373

WesBanco, Inc.

4,385

100,110

Westamerica Bancorp.

310

14,124

 

1,638,870

Consumer Finance - 0.5%

Dollar Financial Corp. (a)

4,980

47,410

EZCORP, Inc. (non-vtg.) Class A (a)

6,980

80,759

 

128,169

Diversified Financial Services - 0.1%

Encore Capital Group, Inc. (a)(d)

5,610

25,413

Insurance - 4.1%

American Equity Investment Life
Holding Co.

5,000

20,800

Amerisafe, Inc. (a)

6,600

101,112

Aspen Insurance Holdings Ltd.

6,100

137,006

Assured Guaranty Ltd. (d)

3,355

22,713

FBL Financial Group, Inc. Class A

1,983

8,229

Harleysville Group, Inc.

2,459

78,221

IPC Holdings Ltd.

3,172

85,771

Maiden Holdings Ltd.

18,740

83,768

Max Capital Group Ltd.

1,500

25,860

Navigators Group, Inc. (a)

2,050

96,719

Platinum Underwriters Holdings Ltd.

4,240

120,246

RLI Corp.

2,380

119,476

SeaBright Insurance Holdings, Inc. (a)

8,000

83,680

 

983,601

Real Estate Investment Trusts - 5.1%

Alexandria Real Estate Equities, Inc. (d)

425

15,470

American Campus Communities, Inc.

2,000

34,720

Ashford Hospitality Trust, Inc.

15,212

23,426

BioMed Realty Trust, Inc.

6,614

44,777

Capstead Mortgage Corp.

9,570

102,782

Chimera Investment Corp.

12,000

40,320

Digital Realty Trust, Inc. (d)

1,845

61,217

Extra Space Storage, Inc.

7,580

41,766

First Industrial Realty Trust, Inc.

200

490

Hatteras Financial Corp.

3,500

87,465

Highwoods Properties, Inc. (SBI)

4,824

103,330

Home Properties, Inc. (d)

1,210

37,087

LaSalle Hotel Properties (SBI)

4,487

26,204

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Mission West Properties, Inc.

2,117

$ 13,549

National Retail Properties, Inc. (d)

7,584

120,131

Nationwide Health Properties, Inc. (d)

3,170

70,342

NorthStar Realty Finance Corp. (d)

18,678

43,333

Omega Healthcare Investors, Inc.

8,284

116,639

Parkway Properties, Inc.

1,780

18,334

Pennsylvania Real Estate Investment Trust (SBI) (d)

7,650

27,158

PS Business Parks, Inc.

1,558

57,412

Realty Income Corp.

4,414

83,071

Senior Housing Properties Trust (SBI)

1,761

24,689

Sunstone Hotel Investors, Inc. (d)

9,090

23,907

 

1,217,619

Thrifts & Mortgage Finance - 1.5%

ESSA Bancorp, Inc.

1,760

23,426

Flushing Financial Corp.

980

5,900

Northwest Bancorp, Inc.

2,400

40,560

Ocwen Financial Corp. (a)

11,500

131,445

Provident Financial Services, Inc.

7,887

85,258

United Financial Bancorp, Inc.

2,949

38,602

WSFS Financial Corp.

1,200

26,832

 

352,023

TOTAL FINANCIALS

4,861,805

HEALTH CARE - 14.7%

Biotechnology - 4.2%

Alexion Pharmaceuticals, Inc. (a)

1,110

41,803

Allos Therapeutics, Inc. (a)

5,000

30,900

Alnylam Pharmaceuticals, Inc. (a)

6,249

118,981

ARIAD Pharmaceuticals, Inc. (a)

31,915

37,979

Cubist Pharmaceuticals, Inc. (a)

4,517

73,898

GTx, Inc. (a)(d)

2,373

25,106

Idera Pharmaceuticals, Inc. (a)

6,100

39,467

Isis Pharmaceuticals, Inc. (a)(d)

9,452

141,875

Ligand Pharmaceuticals, Inc. Class B (a)

8,000

23,840

Martek Biosciences (d)

3,254

59,386

Medarex, Inc. (a)

1,200

6,156

Momenta Pharmaceuticals, Inc. (a)(d)

4,429

48,763

Myriad Genetics, Inc. (a)

2,260

102,762

ONYX Pharmaceuticals, Inc. (a)

400

11,420

OSI Pharmaceuticals, Inc. (a)(d)

4,242

162,299

PDL BioPharma, Inc.

2,500

17,700

Regeneron Pharmaceuticals, Inc. (a)

2,700

37,422

Theravance, Inc. (a)

965

16,405

United Therapeutics Corp. (a)(d)

185

12,227

 

1,008,389

Health Care Equipment & Supplies - 3.5%

American Medical Systems
Holdings, Inc. (a)

7,344

81,886

Cardiac Science Corp. (a)

8,620

25,946

 

Shares

Value

CONMED Corp. (a)

2,427

$ 34,973

Cryolife, Inc. (a)

4,350

22,533

ev3, Inc. (a)(d)

5,000

35,500

Invacare Corp.

5,350

85,761

Masimo Corp. (a)

5,088

147,450

Meridian Bioscience, Inc.

4,957

89,821

Merit Medical Systems, Inc. (a)

6,055

73,932

Quidel Corp. (a)

5,950

54,859

Somanetics Corp. (a)

5,507

83,596

Steris Corp.

4,718

109,835

 

846,092

Health Care Providers & Services - 5.2%

Amedisys, Inc. (a)

2,115

58,141

AMERIGROUP Corp. (a)

1,971

54,281

AMN Healthcare Services, Inc. (a)

10,581

53,963

AmSurg Corp. (a)

3,713

58,851

Centene Corp. (a)

5,855

105,507

Chemed Corp.

2,660

103,474

Cross Country Healthcare, Inc. (a)

4,736

31,021

Gentiva Health Services, Inc. (a)

1,700

25,840

Hanger Orthopedic Group, Inc. (a)

3,844

50,933

HealthSouth Corp. (a)(d)

12,180

108,158

Magellan Health Services, Inc. (a)

3,270

119,159

Molina Healthcare, Inc. (a)

4,870

92,627

NightHawk Radiology Holdings, Inc. (a)

10,100

27,270

Owens & Minor, Inc.

3,700

122,581

PharMerica Corp. (a)(d)

6,500

108,160

RehabCare Group, Inc. (a)

6,600

115,104

Skilled Healthcare Group, Inc.

2,500

20,525

 

1,255,595

Health Care Technology - 0.4%

Phase Forward, Inc. (a)

6,500

83,135

Life Sciences Tools & Services - 0.5%

Albany Molecular Research, Inc. (a)

2,190

20,652

Dionex Corp. (a)

2,250

106,313

 

126,965

Pharmaceuticals - 0.9%

DepoMed, Inc. (a)

23,283

54,948

Medicines Co. (a)

3,500

37,940

Medicis Pharmaceutical Corp. Class A

5,074

62,765

Noven Pharmaceuticals, Inc. (a)

6,160

58,397

XenoPort, Inc. (a)(d)

200

3,872

 

217,922

TOTAL HEALTH CARE

3,538,098

INDUSTRIALS - 14.0%

Aerospace & Defense - 2.2%

Ceradyne, Inc. (a)

1,017

18,438

Cubic Corp.

3,569

90,403

Curtiss-Wright Corp.

400

11,220

Ducommun, Inc.

4,000

58,160

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Esterline Technologies Corp. (a)

3,350

$ 67,637

Hexcel Corp. (a)

1,000

6,570

Stanley, Inc. (a)

3,000

76,170

Teledyne Technologies, Inc. (a)

3,100

82,708

TransDigm Group, Inc. (a)

3,275

107,551

 

518,857

Air Freight & Logistics - 0.4%

Hub Group, Inc. Class A (a)

4,945

84,065

Pacer International, Inc.

6,640

23,240

 

107,305

Airlines - 0.3%

SkyWest, Inc.

5,677

70,622

Building Products - 0.7%

Aaon, Inc.

4,000

72,480

Gibraltar Industries, Inc.

4,840

22,845

Insteel Industries, Inc.

9,956

69,294

 

164,619

Commercial Services & Supplies - 1.4%

ATC Technology Corp. (a)

5,923

66,338

Cenveo, Inc. (a)(d)

16,638

54,074

Comfort Systems USA, Inc.

10,693

110,886

Deluxe Corp.

5,757

55,440

Knoll, Inc.

8,573

52,552

 

339,290

Construction & Engineering - 1.2%

EMCOR Group, Inc. (a)

6,250

107,313

MasTec, Inc. (a)

9,100

110,019

Michael Baker Corp. (a)

2,335

60,710

Sterling Construction Co., Inc. (a)

1,000

17,840

 

295,882

Electrical Equipment - 1.8%

Acuity Brands, Inc.

2,190

49,363

Belden, Inc.

5,790

72,433

Brady Corp. Class A

4,200

74,046

Encore Wire Corp.

3,540

75,862

GrafTech International Ltd. (a)

12,298

75,756

Ultralife Corp. (a)(d)

2,000

15,460

Woodward Governor Co.

5,497

61,456

 

424,376

Machinery - 2.7%

Actuant Corp. Class A

4,173

43,107

Chart Industries, Inc. (a)

4,500

35,460

CIRCOR International, Inc.

2,905

65,421

Columbus McKinnon Corp. (NY Shares) (a)

5,260

45,867

Gorman-Rupp Co. (d)

772

15,286

Graham Corp.

3,330

29,870

Nordson Corp.

2,531

71,956

Robbins & Myers, Inc.

5,680

86,166

 

Shares

Value

Valmont Industries, Inc.

840

$ 42,176

Wabtec Corp.

4,374

115,386

Watts Water Technologies, Inc. Class A

4,509

88,196

 

638,891

Marine - 0.0%

Horizon Lines, Inc. Class A

4,000

12,120

Professional Services - 1.9%

Administaff, Inc.

1,404

29,667

Heidrick & Struggles International, Inc.

3,220

57,123

ICF International, Inc. (a)

1,700

39,049

Korn/Ferry International (a)

2,264

20,512

MPS Group, Inc. (a)

4,325

25,734

Navigant Consulting, Inc. (a)

6,494

84,877

On Assignment, Inc. (a)

13,550

36,721

Watson Wyatt Worldwide, Inc. Class A

3,240

159,959

 

453,642

Road & Rail - 0.6%

Arkansas Best Corp.

2,740

52,115

Werner Enterprises, Inc. (d)

6,561

99,202

 

151,317

Trading Companies & Distributors - 0.8%

Applied Industrial Technologies, Inc.

3,960

66,805

Beacon Roofing Supply, Inc. (a)

9,693

129,789

 

196,594

TOTAL INDUSTRIALS

3,373,515

INFORMATION TECHNOLOGY - 18.9%

Communications Equipment - 3.7%

3Com Corp. (a)

52,900

163,461

Adtran, Inc.

6,180

100,178

Avocent Corp. (a)

2,500

30,350

BigBand Networks, Inc. (a)

16,200

106,110

Blue Coat Systems, Inc. (a)

5,741

68,949

DG FastChannel, Inc. (a)(d)

4,000

75,080

Emulex Corp. (a)

10,894

54,797

Polycom, Inc. (a)

6,066

93,356

Starent Networks Corp. (a)

2,300

36,363

Tekelec (a)

9,960

131,771

ViaSat, Inc. (a)

1,100

22,902

 

883,317

Computers & Peripherals - 1.1%

Data Domain, Inc. (a)(d)

2,150

27,026

Electronics for Imaging, Inc. (a)

4,300

42,140

Novatel Wireless, Inc. (a)

10,508

59,055

Rackable Systems, Inc. (a)

7,440

30,206

Synaptics, Inc. (a)(d)

4,000

107,040

 

265,467

Electronic Equipment & Components - 1.2%

Anixter International, Inc. (a)

2,038

64,564

CPI International, Inc. (a)

1,700

15,980

CTS Corp.

1,445

5,216

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Daktronics, Inc.

7,000

$ 45,850

L-1 Identity Solutions, Inc. (a)(d)

5,000

25,550

Mercury Computer Systems, Inc. (a)

6,628

36,653

Multi-Fineline Electronix, Inc. (a)

1,700

28,628

OSI Systems, Inc. (a)

2,500

38,150

TTM Technologies, Inc. (a)

5,077

29,447

 

290,038

Internet Software & Services - 2.6%

Art Technology Group, Inc. (a)

9,500

24,225

Digital River, Inc. (a)

3,700

110,334

EarthLink, Inc. (a)

15,946

104,765

InfoSpace, Inc. (a)

11,332

58,926

j2 Global Communications, Inc. (a)

3,610

79,023

LoopNet, Inc. (a)

4,710

28,637

Mercadolibre, Inc. (a)

2,500

46,375

NIC, Inc.

2,321

12,069

SonicWALL, Inc. (a)

8,060

35,948

United Online, Inc.

13,776

61,441

ValueClick, Inc. (a)

4,700

39,997

Vignette Corp. (a)

4,944

33,026

 

634,766

IT Services - 2.0%

Acxiom Corp.

11,272

83,413

CSG Systems International, Inc. (a)

4,835

69,044

Global Cash Access Holdings, Inc. (a)(d)

5,910

22,576

Maximus, Inc.

2,920

116,391

RightNow Technologies, Inc. (a)

6,000

45,420

SAIC, Inc. (a)

4,800

89,616

Sapient Corp. (a)

7,526

33,641

Virtusa Corp. (a)

4,000

24,800

 

484,901

Semiconductors & Semiconductor Equipment - 3.3%

Advanced Energy Industries, Inc. (a)

2,737

20,610

Amkor Technology, Inc. (a)

16,695

44,743

Applied Micro Circuits Corp. (a)

13,500

65,610

Atheros Communications, Inc. (a)(d)

7,210

105,699

IXYS Corp.

5,500

44,330

MKS Instruments, Inc. (a)

5,128

75,228

PMC-Sierra, Inc. (a)

7,613

48,571

Power Integrations, Inc.

3,750

64,500

Sigma Designs, Inc. (a)

4,500

55,980

Silicon Image, Inc. (a)

14,760

35,424

Skyworks Solutions, Inc. (a)

18,575

149,715

Ultratech, Inc. (a)

3,621

45,226

Veeco Instruments, Inc. (a)

5,880

39,220

 

794,856

Software - 5.0%

Actuate Corp. (a)

6,000

18,360

Ansys, Inc. (a)

1,906

47,841

Interactive Intelligence, Inc. (a)

3,000

27,180

 

Shares

Value

Jack Henry & Associates, Inc.

6,227

$ 101,625

JDA Software Group, Inc. (a)

9,200

106,260

Macrovision Solutions Corp. (a)

940

16,723

Manhattan Associates, Inc. (a)

4,602

79,707

MICROS Systems, Inc. (a)

1,000

18,750

MicroStrategy, Inc. Class A (a)

1,028

35,147

Net 1 UEPS Technologies, Inc. (a)

4,230

64,338

Parametric Technology Corp. (a)

7,400

73,852

Quest Software, Inc. (a)

6,530

82,800

Solera Holdings, Inc. (a)

6,060

150,167

SPSS, Inc. (a)

3,170

90,123

Sybase, Inc. (a)

6,270

189,906

TeleCommunication Systems, Inc.
Class A (a)

4,000

36,680

TIBCO Software, Inc. (a)

4,073

23,909

Vasco Data Security International, Inc. (a)

6,215

35,861

 

1,199,229

TOTAL INFORMATION TECHNOLOGY

4,552,574

MATERIALS - 3.8%

Chemicals - 1.2%

Ashland, Inc.

467

4,824

Calgon Carbon Corp. (a)

3,700

52,429

H.B. Fuller Co.

5,090

66,170

Innophos Holdings, Inc.

4,777

53,885

Innospec, Inc.

7,950

29,972

NewMarket Corp.

1,300

57,590

Spartech Corp.

5,500

13,530

W.R. Grace & Co. (a)

1,000

6,320

 

284,720

Containers & Packaging - 1.1%

Rock-Tenn Co. Class A

4,202

113,664

Silgan Holdings, Inc.

2,750

144,485

 

258,149

Metals & Mining - 1.1%

Compass Minerals International, Inc.

2,545

143,462

Universal Stainless & Alloy
Products, Inc. (a)

3,675

35,537

Worthington Industries, Inc.

9,756

84,975

 

263,974

Paper & Forest Products - 0.4%

Buckeye Technologies, Inc. (a)

14,471

30,823

Glatfelter

11,026

68,802

 

99,625

TOTAL MATERIALS

906,468

TELECOMMUNICATION SERVICES - 2.3%

Diversified Telecommunication Services - 1.5%

Cincinnati Bell, Inc. (a)

52,394

120,506

Consolidated Communications
Holdings, Inc.

6,950

71,307

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Iowa Telecommunication Services, Inc.

7,000

$ 80,220

NTELOS Holdings Corp.

4,300

78,002

 

350,035

Wireless Telecommunication Services - 0.8%

Syniverse Holdings, Inc. (a)

7,200

113,472

USA Mobility, Inc.

8,700

80,127

 

193,599

TOTAL TELECOMMUNICATION SERVICES

543,634

UTILITIES - 3.7%

Electric Utilities - 1.0%

Central Vermont Public Service Corp.

1,385

23,961

El Paso Electric Co. (a)

7,826

110,268

Portland General Electric Co.

6,010

105,716

Westar Energy, Inc.

640

11,219

 

251,164

Gas Utilities - 1.8%

Chesapeake Utilities Corp.

1,500

45,720

New Jersey Resources Corp.

2,520

85,630

Northwest Natural Gas Co.

2,690

116,800

Southwest Gas Corp.

2,560

53,939

WGL Holdings, Inc.

4,365

143,172

 

445,261

Independent Power Producers & Energy Traders - 0.1%

Black Hills Corp.

1,280

22,899

Multi-Utilities - 0.3%

Avista Corp.

5,490

75,652

Water Utilities - 0.5%

American States Water Co.

3,010

109,323

TOTAL UTILITIES

904,299

TOTAL COMMON STOCKS

(Cost $35,609,325)

23,780,427

U.S. Treasury Obligations - 0.3%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.47% to 1.14% 4/2/09 to 10/22/09 (e)
(Cost $69,876)

$ 70,000

69,883

Money Market Funds - 15.6%

Shares

Value

Fidelity Cash Central Fund, 0.52% (b)

596,048

$ 596,048

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

3,155,703

3,155,703

TOTAL MONEY MARKET FUNDS

(Cost $3,751,751)

3,751,751

TOTAL INVESTMENT PORTFOLIO - 114.6%

(Cost $39,430,952)

27,602,061

NET OTHER ASSETS - (14.6)%

(3,514,568)

NET ASSETS - 100%

$ 24,087,493

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

7 NYFE Russell 1000 Mini Index Contracts

June 2009

$ 294,910

$ 19,936

 

The face value of futures purchased as a percentage of net assets - 1.2%

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 $69,883.

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

$ 674

Fidelity Securities Lending Cash Central Fund

8,716

Total

$ 9,390

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 27,602,061

$ 27,532,178

$ 69,883

$ -

Other Financial Instruments*

$ 19,936

$ 19,936

$ -

$ -

*Other financial instruments include Futures Contracts.

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $39,476,787. Net unrealized depreciation aggregated $11,874,726, of which $903,375 related to appreciated investment securities and $12,778,101 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Index 500 Portfolio

March 31, 2009 

1.799879.105

VIPIDX-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

CONSUMER DISCRETIONARY - 8.5%

Auto Components - 0.1%

Johnson Controls, Inc. (d)

125,975

$ 1,511,700

The Goodyear Tire & Rubber Co. (a)

51,167

320,305

 

1,832,005

Automobiles - 0.1%

Ford Motor Co. (a)(d)

508,027

1,336,111

General Motors Corp. (d)

129,428

251,090

Harley-Davidson, Inc. (d)

49,522

663,100

 

2,250,301

Distributors - 0.1%

Genuine Parts Co.

33,802

1,009,328

Diversified Consumer Services - 0.2%

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

22,661

1,775,036

H&R Block, Inc.

72,010

1,309,862

 

3,084,898

Hotels, Restaurants & Leisure - 1.5%

Carnival Corp. unit

92,807

2,004,631

Darden Restaurants, Inc.

29,042

994,979

International Game Technology

62,626

577,412

Marriott International, Inc. Class A

62,304

1,019,293

McDonald's Corp.

236,091

12,883,486

Starbucks Corp. (a)(d)

155,737

1,730,238

Starwood Hotels & Resorts Worldwide, Inc. (d)

38,678

491,211

Wyndham Worldwide Corp.

37,633

158,059

Wynn Resorts Ltd. (a)(d)

14,180

283,175

Yum! Brands, Inc.

97,507

2,679,492

 

22,821,976

Household Durables - 0.3%

Black & Decker Corp. (d)

12,749

402,358

Centex Corp. (d)

26,362

197,715

D.R. Horton, Inc. (d)

58,424

566,713

Fortune Brands, Inc. (d)

31,832

781,476

Harman International Industries, Inc.

12,418

168,016

KB Home

15,958

210,326

Leggett & Platt, Inc. (d)

33,254

431,969

Lennar Corp. Class A (d)

29,950

224,925

Newell Rubbermaid, Inc. (d)

58,767

374,933

Pulte Homes, Inc. (d)

45,501

497,326

Snap-On, Inc.

12,182

305,768

The Stanley Works (d)

16,724

487,003

Whirlpool Corp. (d)

15,593

461,397

 

5,109,925

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

68,146

5,004,642

Expedia, Inc. (a)(d)

44,469

403,779

 

5,408,421

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. (d)

56,858

216,060

 

Shares

Value

Hasbro, Inc.

26,278

$ 658,789

Mattel, Inc.

75,996

876,234

 

1,751,083

Media - 2.4%

CBS Corp. Class B

143,969

552,841

Comcast Corp. Class A

610,703

8,329,989

Gannett Co., Inc.

48,423

106,531

Interpublic Group of Companies, Inc. (a)

101,003

416,132

McGraw-Hill Companies, Inc.

66,656

1,524,423

Meredith Corp. (d)

7,634

127,030

News Corp. Class A

487,637

3,228,157

Omnicom Group, Inc. (d)

65,918

1,542,481

Scripps Networks Interactive, Inc.
Class A (d)

19,113

430,234

The DIRECTV Group, Inc. (a)(d)

112,148

2,555,853

The New York Times Co. Class A (d)

24,720

111,734

The Walt Disney Co.

393,548

7,146,832

Time Warner Cable, Inc.

74,688

1,852,262

Time Warner, Inc.

253,540

4,893,322

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

128,539

2,234,008

Washington Post Co. Class B

1,275

455,303

 

35,507,132

Multiline Retail - 0.8%

Big Lots, Inc. (a)

17,409

361,759

Family Dollar Stores, Inc.

29,662

989,821

JCPenney Co., Inc.

47,104

945,377

Kohl's Corp. (a)

64,601

2,733,914

Macy's, Inc.

89,160

793,524

Nordstrom, Inc. (d)

33,790

565,983

Sears Holdings Corp. (a)(d)

11,639

532,019

Target Corp.

159,591

5,488,334

 

12,410,731

Specialty Retail - 2.1%

Abercrombie & Fitch Co. Class A (d)

18,455

439,229

AutoNation, Inc. (a)(d)

22,871

317,449

AutoZone, Inc. (a)(d)

8,041

1,307,627

Bed Bath & Beyond, Inc. (a)(d)

55,062

1,362,785

Best Buy Co., Inc. (d)

71,871

2,728,223

Gamestop Corp. Class A (a)

34,721

972,882

Gap, Inc.

98,852

1,284,087

Home Depot, Inc. (d)

359,442

8,468,454

Limited Brands, Inc. (d)

57,365

499,076

Lowe's Companies, Inc.

310,728

5,670,786

O'Reilly Automotive, Inc. (a)

28,610

1,001,636

Office Depot, Inc. (a)

58,265

76,327

RadioShack Corp.

26,518

227,259

Sherwin-Williams Co.

20,873

1,084,770

Staples, Inc.

151,240

2,738,956

Tiffany & Co., Inc. (d)

26,099

562,694

TJX Companies, Inc.

88,265

2,263,115

 

31,005,355

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.4%

Coach, Inc. (a)

68,059

$ 1,136,585

NIKE, Inc. Class B

82,100

3,849,669

Polo Ralph Lauren Corp. Class A

11,976

505,986

VF Corp. (d)

18,683

1,066,986

 

6,559,226

TOTAL CONSUMER DISCRETIONARY

128,750,381

CONSUMER STAPLES - 12.5%

Beverages - 2.7%

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

20,792

807,353

Coca-Cola Enterprises, Inc.

67,228

886,737

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

41,282

491,256

Dr Pepper Snapple Group, Inc. (a)

53,782

909,454

Molson Coors Brewing Co. Class B (d)

31,770

1,089,076

Pepsi Bottling Group, Inc.

28,708

635,595

PepsiCo, Inc.

329,938

16,985,208

The Coca-Cola Co.

422,014

18,547,515

 

40,352,194

Food & Staples Retailing - 3.4%

Costco Wholesale Corp.

91,849

4,254,446

CVS Caremark Corp.

308,573

8,482,672

Kroger Co.

138,322

2,935,193

Safeway, Inc.

90,928

1,835,836

SUPERVALU, Inc.

44,891

641,043

Sysco Corp.

124,916

2,848,085

Wal-Mart Stores, Inc.

474,007

24,695,765

Walgreen Co.

209,193

5,430,650

Whole Foods Market, Inc. (d)

29,765

500,052

 

51,623,742

Food Products - 1.8%

Archer Daniels Midland Co.

136,082

3,780,358

Campbell Soup Co.

43,423

1,188,053

ConAgra Foods, Inc.

94,788

1,599,074

Dean Foods Co. (a)

32,721

591,596

General Mills, Inc.

69,506

3,466,959

H.J. Heinz Co.

66,703

2,205,201

Hershey Co. (d)

35,130

1,220,768

Hormel Foods Corp.

14,803

469,403

Kellogg Co.

53,442

1,957,580

Kraft Foods, Inc. Class A

311,514

6,943,647

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

27,583

815,629

Sara Lee Corp.

147,457

1,191,453

The J.M. Smucker Co. (d)

25,107

935,738

Tyson Foods, Inc. Class A

64,092

601,824

 

26,967,283

Household Products - 2.7%

Clorox Co.

29,473

1,517,270

Colgate-Palmolive Co.

106,281

6,268,453

 

Shares

Value

Kimberly-Clark Corp.

87,729

$ 4,045,184

Procter & Gamble Co.

621,343

29,259,042

 

41,089,949

Personal Products - 0.2%

Avon Products, Inc.

90,387

1,738,142

Estee Lauder Companies, Inc. Class A (d)

24,602

606,439

 

2,344,581

Tobacco - 1.7%

Altria Group, Inc.

438,039

7,017,385

Lorillard, Inc.

35,633

2,199,981

Philip Morris International, Inc.

424,843

15,115,914

Reynolds American, Inc.

35,838

1,284,434

 

25,617,714

TOTAL CONSUMER STAPLES

187,995,463

ENERGY - 12.7%

Energy Equipment & Services - 1.5%

Baker Hughes, Inc.

65,482

1,869,511

BJ Services Co.

61,915

616,054

Cameron International Corp. (a)

45,983

1,008,407

Diamond Offshore Drilling, Inc. (d)

14,734

926,179

ENSCO International, Inc.

30,066

793,742

Halliburton Co.

190,203

2,942,440

Nabors Industries Ltd. (a)(d)

59,982

599,220

National Oilwell Varco, Inc. (a)

88,485

2,540,404

Rowan Companies, Inc.

23,957

286,765

Schlumberger Ltd. (NY Shares) (d)

253,553

10,299,323

Smith International, Inc.

46,482

998,433

 

22,880,478

Oil, Gas & Consumable Fuels - 11.2%

Anadarko Petroleum Corp.

97,496

3,791,619

Apache Corp.

70,969

4,548,403

Cabot Oil & Gas Corp.

21,931

516,914

Chesapeake Energy Corp.

119,152

2,032,733

Chevron Corp.

424,972

28,575,117

ConocoPhillips

313,815

12,288,995

CONSOL Energy, Inc.

38,284

966,288

Devon Energy Corp.

94,087

4,204,748

El Paso Corp.

148,108

925,675

EOG Resources, Inc.

52,935

2,898,721

Exxon Mobil Corp.

1,047,639

71,344,210

Hess Corp.

60,153

3,260,293

Marathon Oil Corp.

149,997

3,943,421

Massey Energy Co. (d)

18,125

183,425

Murphy Oil Corp.

40,437

1,810,364

Noble Energy, Inc.

36,658

1,975,133

Occidental Petroleum Corp.

171,785

9,559,835

Peabody Energy Corp. (d)

56,682

1,419,317

Pioneer Natural Resources Co.

24,511

403,696

Range Resources Corp.

33,116

1,363,055

Southwestern Energy Co. (a)

72,851

2,162,946

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Spectra Energy Corp. (d)

136,390

$ 1,928,555

Sunoco, Inc.

24,778

656,121

Tesoro Corp. (d)

29,335

395,142

Valero Energy Corp.

109,459

1,959,316

Williams Companies, Inc.

122,795

1,397,407

XTO Energy, Inc.

122,896

3,763,076

 

168,274,525

TOTAL ENERGY

191,155,003

FINANCIALS - 10.5%

Capital Markets - 2.5%

Ameriprise Financial, Inc.

46,391

950,552

Bank of New York Mellon Corp.

243,589

6,881,389

Charles Schwab Corp.

198,735

3,080,393

E*TRADE Financial Corp. (a)

121,275

155,232

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

18,864

419,913

Franklin Resources, Inc.

32,097

1,729,065

Goldman Sachs Group, Inc.

97,899

10,379,252

Invesco Ltd. (d)

80,226

1,111,932

Janus Capital Group, Inc. (d)

33,521

222,915

Legg Mason, Inc. (d)

30,275

481,373

Morgan Stanley (d)

227,796

5,186,915

Northern Trust Corp.

47,374

2,833,913

State Street Corp.

91,578

2,818,771

T. Rowe Price Group, Inc. (d)

54,279

1,566,492

 

37,818,107

Commercial Banks - 1.8%

BB&T Corp.

118,573

2,006,255

Comerica, Inc.

32,057

586,964

Fifth Third Bancorp

122,408

357,431

First Horizon National Corp.

44,737

480,475

Huntington Bancshares, Inc. (d)

77,623

128,854

KeyCorp (d)

104,879

825,398

M&T Bank Corp. (d)

16,482

745,646

Marshall & Ilsley Corp. (d)

56,250

316,688

PNC Financial Services Group, Inc. (d)

90,728

2,657,423

Regions Financial Corp.

147,264

627,345

SunTrust Banks, Inc.

75,618

887,755

U.S. Bancorp, Delaware

372,095

5,436,308

Wells Fargo & Co.

898,420

12,793,501

Zions Bancorp

24,452

240,363

 

28,090,406

Consumer Finance - 0.4%

American Express Co.

248,267

3,383,879

Capital One Financial Corp. (d)

83,068

1,016,752

Discover Financial Services

102,070

644,062

SLM Corp. (a)(d)

99,091

490,500

 

5,535,193

 

Shares

Value

Diversified Financial Services - 2.7%

Bank of America Corp.

1,357,112

$ 9,255,504

CIT Group, Inc. (d)

82,420

234,897

Citigroup, Inc. (d)

1,160,972

2,937,259

CME Group, Inc.

14,065

3,465,475

IntercontinentalExchange, Inc. (a)

15,402

1,146,987

JPMorgan Chase & Co.

796,690

21,176,020

Leucadia National Corp. (a)(d)

38,427

572,178

Moody's Corp. (d)

40,389

925,716

NYSE Euronext

54,909

982,871

The NASDAQ Stock Market, Inc. (a)

29,110

569,974

 

41,266,881

Insurance - 2.1%

AFLAC, Inc.

99,113

1,918,828

Allstate Corp.

113,642

2,176,244

American International Group, Inc. (d)

570,446

570,446

Aon Corp.

57,991

2,367,193

Assurant, Inc.

24,969

543,825

Cincinnati Financial Corp.

34,451

787,894

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

91,831

174,479

Hartford Financial Services Group, Inc.

68,949

541,250

Lincoln National Corp.

54,282

363,147

Loews Corp.

76,568

1,692,153

Marsh & McLennan Companies, Inc.

109,178

2,210,855

MBIA, Inc. (a)

36,283

166,176

MetLife, Inc.

173,435

3,949,115

Principal Financial Group, Inc. (d)

55,028

450,129

Progressive Corp. (a)(d)

143,468

1,928,210

Prudential Financial, Inc. (d)

89,889

1,709,689

The Chubb Corp.

74,694

3,161,050

The Travelers Companies, Inc.

123,995

5,039,157

Torchmark Corp.

17,916

469,937

Unum Group

70,207

877,588

XL Capital Ltd. Class A (d)

72,549

396,118

 

31,493,483

Real Estate Investment Trusts - 0.8%

Apartment Investment & Management Co. Class A

24,867

136,271

AvalonBay Communities, Inc.

16,906

795,596

Boston Properties, Inc.

25,709

900,586

Equity Residential (SBI) (d)

57,833

1,061,236

HCP, Inc. (d)

53,834

960,937

Health Care REIT, Inc. (d)

23,477

718,161

Host Hotels & Resorts, Inc.

111,399

436,684

Kimco Realty Corp.

49,425

376,619

Plum Creek Timber Co., Inc. (d)

34,946

1,015,880

ProLogis Trust (d)

56,733

368,765

Public Storage

26,586

1,468,877

Simon Property Group, Inc.

53,385

1,849,256

Ventas, Inc. (d)

30,402

687,389

Vornado Realty Trust (d)

29,861

992,580

 

11,768,837

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - 0.0%

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

47,684

$ 192,167

Thrifts & Mortgage Finance - 0.2%

Hudson City Bancorp, Inc. (d)

110,738

1,294,527

People's United Financial, Inc.

73,825

1,326,635

 

2,621,162

TOTAL FINANCIALS

158,786,236

HEALTH CARE - 14.9%

Biotechnology - 2.1%

Amgen, Inc. (a)

219,203

10,854,933

Biogen Idec, Inc. (a)(d)

63,018

3,303,404

Celgene Corp. (a)

97,407

4,324,871

Cephalon, Inc. (a)(d)

14,588

993,443

Genzyme Corp. (a)

57,528

3,416,588

Gilead Sciences, Inc. (a)

193,125

8,945,550

 

31,838,789

Health Care Equipment & Supplies - 2.3%

Baxter International, Inc.

130,138

6,665,668

Becton, Dickinson & Co.

50,819

3,417,070

Boston Scientific Corp. (a)

318,478

2,531,900

C.R. Bard, Inc. (d)

21,080

1,680,498

Covidien Ltd.

106,826

3,550,896

DENTSPLY International, Inc.

31,504

845,882

Hospira, Inc. (a)

33,842

1,044,364

Intuitive Surgical, Inc. (a)(d)

8,308

792,251

Medtronic, Inc.

237,067

6,986,364

St. Jude Medical, Inc. (a)

73,386

2,666,113

Stryker Corp.

50,440

1,716,978

Varian Medical Systems, Inc. (a)

26,371

802,733

Zimmer Holdings, Inc. (a)

47,242

1,724,333

 

34,425,050

Health Care Providers & Services - 2.0%

Aetna, Inc.

96,143

2,339,159

AmerisourceBergen Corp. (d)

32,283

1,054,363

Cardinal Health, Inc.

76,404

2,405,198

CIGNA Corp.

57,461

1,010,739

Coventry Health Care, Inc. (a)

31,439

406,821

DaVita, Inc. (a)

22,027

968,087

Express Scripts, Inc. (a)

52,508

2,424,294

Humana, Inc. (a)

35,798

933,612

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

22,960

1,342,930

McKesson Corp.

58,053

2,034,177

Medco Health Solutions, Inc. (a)(d)

104,098

4,303,411

Patterson Companies, Inc. (a)(d)

19,392

365,733

Quest Diagnostics, Inc.

32,726

1,553,830

Tenet Healthcare Corp. (a)

88,054

102,143

 

Shares

Value

UnitedHealth Group, Inc.

257,714

$ 5,393,954

WellPoint, Inc. (a)

105,660

4,011,910

 

30,650,361

Health Care Technology - 0.1%

IMS Health, Inc.

38,500

480,095

Life Sciences Tools & Services - 0.4%

Life Technologies Corp. (a)

36,846

1,196,758

Millipore Corp. (a)

11,744

674,223

PerkinElmer, Inc.

24,630

314,525

Thermo Fisher Scientific, Inc. (a)(d)

88,652

3,162,217

Waters Corp. (a)

20,575

760,246

 

6,107,969

Pharmaceuticals - 8.0%

Abbott Laboratories

327,625

15,627,713

Allergan, Inc.

65,193

3,113,618

Bristol-Myers Squibb Co.

419,661

9,198,969

Eli Lilly & Co.

214,363

7,161,868

Forest Laboratories, Inc. (a)

63,943

1,404,188

Johnson & Johnson

586,358

30,842,431

King Pharmaceuticals, Inc. (a)

52,257

369,457

Merck & Co., Inc.

446,841

11,952,997

Mylan, Inc. (a)(d)

64,598

866,259

Pfizer, Inc.

1,430,016

19,476,818

Schering-Plough Corp.

344,804

8,120,134

Watson Pharmaceuticals, Inc. (a)(d)

22,181

690,051

Wyeth

282,264

12,148,643

 

120,973,146

TOTAL HEALTH CARE

224,475,410

INDUSTRIALS - 9.4%

Aerospace & Defense - 2.5%

General Dynamics Corp.

81,847

3,404,017

Goodrich Corp.

26,239

994,196

Honeywell International, Inc.

155,860

4,342,260

L-3 Communications Holdings, Inc.

25,140

1,704,492

Lockheed Martin Corp.

70,391

4,859,091

Northrop Grumman Corp.

69,363

3,027,001

Precision Castparts Corp.

29,667

1,777,053

Raytheon Co.

84,826

3,303,124

Rockwell Collins, Inc.

33,519

1,094,060

The Boeing Co.

153,941

5,477,221

United Technologies Corp.

199,769

8,586,072

 

38,568,587

Air Freight & Logistics - 1.1%

C.H. Robinson Worldwide, Inc.

36,085

1,645,837

Expeditors International of
Washington, Inc.

44,969

1,272,173

FedEx Corp.

65,995

2,936,118

United Parcel Service, Inc. Class B

211,036

10,387,192

 

16,241,320

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - 0.1%

Southwest Airlines Co. (d)

156,913

$ 993,259

Building Products - 0.0%

Masco Corp.

76,215

531,981

Commercial Services & Supplies - 0.5%

Avery Dennison Corp.

23,900

533,926

Cintas Corp.

27,857

688,625

Iron Mountain, Inc. (a)(d)

38,079

844,211

Pitney Bowes, Inc.

43,741

1,021,352

R.R. Donnelley & Sons Co.

43,505

318,892

Republic Services, Inc.

68,258

1,170,625

Stericycle, Inc. (a)

18,081

863,006

Waste Management, Inc.

104,191

2,667,290

 

8,107,927

Construction & Engineering - 0.2%

Fluor Corp.

38,484

1,329,622

Jacobs Engineering Group, Inc. (a)(d)

26,094

1,008,794

 

2,338,416

Electrical Equipment - 0.4%

Cooper Industries Ltd. Class A

35,428

916,168

Emerson Electric Co.

160,070

4,574,801

Rockwell Automation, Inc. (d)

30,058

656,467

 

6,147,436

Industrial Conglomerates - 2.0%

3M Co.

147,086

7,313,116

General Electric Co.

2,238,839

22,634,662

Textron, Inc. (d)

51,506

295,644

 

30,243,422

Machinery - 1.5%

Caterpillar, Inc.

127,525

3,565,599

Cummins, Inc.

42,687

1,086,384

Danaher Corp.

54,052

2,930,699

Deere & Co.

89,608

2,945,415

Dover Corp.

39,435

1,040,295

Eaton Corp.

35,023

1,290,948

Flowserve Corp.

11,855

665,303

Illinois Tool Works, Inc.

81,485

2,513,812

Ingersoll-Rand Co. Ltd. Class A

67,600

932,880

ITT Corp.

38,542

1,482,711

Manitowoc Co., Inc.

27,637

90,373

PACCAR, Inc. (d)

76,908

1,981,150

Pall Corp.

25,033

511,424

Parker Hannifin Corp.

34,062

1,157,427

 

22,194,420

Professional Services - 0.1%

Dun & Bradstreet Corp.

11,317

871,409

Equifax, Inc.

26,814

655,602

 

Shares

Value

Monster Worldwide, Inc. (a)(d)

27,128

$ 221,093

Robert Half International, Inc. (d)

32,089

572,147

 

2,320,251

Road & Rail - 0.9%

Burlington Northern Santa Fe Corp.

59,001

3,548,910

CSX Corp.

84,643

2,188,022

Norfolk Southern Corp.

77,691

2,622,071

Ryder System, Inc.

11,795

333,916

Union Pacific Corp.

106,678

4,385,533

 

13,078,452

Trading Companies & Distributors - 0.1%

Fastenal Co.

27,395

880,886

W.W. Grainger, Inc. (d)

13,489

946,658

 

1,827,544

TOTAL INDUSTRIALS

142,593,015

INFORMATION TECHNOLOGY - 17.5%

Communications Equipment - 2.9%

Ciena Corp. (a)(d)

19,223

149,555

Cisco Systems, Inc. (a)

1,237,463

20,752,255

Corning, Inc. (d)

329,670

4,374,721

Harris Corp.

28,328

819,812

JDS Uniphase Corp. (a)

45,607

148,223

Juniper Networks, Inc. (a)(d)

110,694

1,667,052

Motorola, Inc. (d)

482,638

2,041,559

QUALCOMM, Inc.

349,688

13,606,360

Tellabs, Inc. (a)

83,883

384,184

 

43,943,721

Computers & Peripherals - 5.0%

Apple, Inc. (a)

188,800

19,846,656

Dell, Inc. (a)

366,880

3,478,022

EMC Corp. (a)(d)

426,523

4,862,362

Hewlett-Packard Co.

508,088

16,289,301

International Business Machines Corp.

284,439

27,559,295

Lexmark International, Inc. Class A (a)

16,489

278,169

NetApp, Inc. (a)

70,118

1,040,551

QLogic Corp. (a)(d)

25,703

285,817

SanDisk Corp. (a)(d)

47,944

606,492

Sun Microsystems, Inc. (a)

157,879

1,155,674

Teradata Corp. (a)

36,689

595,096

 

75,997,435

Electronic Equipment & Components - 0.3%

Agilent Technologies, Inc. (a)(d)

74,621

1,146,925

Amphenol Corp. Class A

36,292

1,033,959

FLIR Systems, Inc. (a)

31,970

654,746

Jabil Circuit, Inc. (d)

45,335

252,063

Molex, Inc.

29,380

403,681

Tyco Electronics Ltd.

97,100

1,071,984

 

4,563,358

Internet Software & Services - 1.7%

Akamai Technologies, Inc. (a)(d)

36,145

701,213

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

eBay, Inc. (a)

228,474

$ 2,869,633

Google, Inc. Class A (sub. vtg.) (a)

50,801

17,681,796

VeriSign, Inc. (a)(d)

40,774

769,405

Yahoo!, Inc. (a)

295,574

3,786,303

 

25,808,350

IT Services - 1.1%

Affiliated Computer Services, Inc. Class A (a)(d)

20,683

990,509

Automatic Data Processing, Inc. (d)

107,038

3,763,456

Cognizant Technology Solutions Corp. Class A (a)

61,854

1,285,945

Computer Sciences Corp. (a)

32,118

1,183,227

Convergys Corp. (a)

25,906

209,320

Fidelity National Information Services, Inc.

40,476

736,663

Fiserv, Inc. (a)(d)

33,072

1,205,805

MasterCard, Inc. Class A

15,358

2,572,158

Paychex, Inc.

68,080

1,747,614

The Western Union Co.

150,521

1,892,049

Total System Services, Inc.

41,822

577,562

 

16,164,308

Office Electronics - 0.1%

Xerox Corp.

183,337

834,183

Semiconductors & Semiconductor Equipment - 2.5%

Advanced Micro Devices, Inc. (a)(d)

118,690

362,005

Altera Corp.

62,178

1,091,224

Analog Devices, Inc.

61,741

1,189,749

Applied Materials, Inc. (d)

281,825

3,029,619

Broadcom Corp. Class A (a)(d)

90,192

1,802,036

Intel Corp.

1,179,159

17,746,343

KLA-Tencor Corp. (d)

36,009

720,180

Linear Technology Corp. (d)

47,035

1,080,864

LSI Corp. (a)(d)

137,407

417,717

MEMC Electronic Materials, Inc. (a)

47,377

781,247

Microchip Technology, Inc. (d)

38,612

818,188

Micron Technology, Inc. (a)(d)

161,926

657,420

National Semiconductor Corp. (d)

41,333

424,490

Novellus Systems, Inc. (a)

20,580

342,245

NVIDIA Corp. (a)(d)

113,859

1,122,650

Teradyne, Inc. (a)

36,612

160,361

Texas Instruments, Inc.

270,633

4,468,151

Xilinx, Inc.

58,112

1,113,426

 

37,327,915

Software - 3.9%

Adobe Systems, Inc. (a)

111,097

2,376,365

Autodesk, Inc. (a)

47,974

806,443

BMC Software, Inc. (a)

39,145

1,291,785

CA, Inc.

83,601

1,472,214

Citrix Systems, Inc. (a)(d)

38,185

864,508

 

Shares

Value

Compuware Corp. (a)

52,282

$ 344,538

Electronic Arts, Inc. (a)

68,227

1,241,049

Intuit, Inc. (a)

68,100

1,838,700

McAfee, Inc. (a)(d)

32,670

1,094,445

Microsoft Corp.

1,620,948

29,776,815

Novell, Inc. (a)

73,011

311,027

Oracle Corp.

813,050

14,691,814

Salesforce.com, Inc. (a)(d)

22,407

733,381

Symantec Corp. (a)(d)

174,051

2,600,322

 

59,443,406

TOTAL INFORMATION TECHNOLOGY

264,082,676

MATERIALS - 3.2%

Chemicals - 1.9%

Air Products & Chemicals, Inc.

44,447

2,500,144

CF Industries Holdings, Inc.

10,259

729,723

Dow Chemical Co.

195,964

1,651,977

E.I. du Pont de Nemours & Co. (d)

191,339

4,272,600

Eastman Chemical Co.

15,380

412,184

Ecolab, Inc.

35,552

1,234,721

International Flavors & Fragrances, Inc.

16,684

508,195

Monsanto Co.

116,164

9,653,228

PPG Industries, Inc.

34,818

1,284,784

Praxair, Inc.

65,103

4,380,781

Rohm & Haas Co.

26,485

2,088,077

Sigma Aldrich Corp. (d)

25,892

978,459

 

29,694,873

Construction Materials - 0.1%

Vulcan Materials Co. (d)

23,397

1,036,253

Containers & Packaging - 0.2%

Ball Corp.

19,881

862,835

Bemis Co., Inc.

21,173

443,998

Owens-Illinois, Inc. (a)

35,436

511,696

Pactiv Corp. (a)

27,884

406,828

Sealed Air Corp.

33,470

461,886

 

2,687,243

Metals & Mining - 0.9%

AK Steel Holding Corp.

23,513

167,413

Alcoa, Inc.

201,470

1,478,790

Allegheny Technologies, Inc. (d)

20,661

453,096

Freeport-McMoRan Copper & Gold, Inc. Class B

87,275

3,326,050

Newmont Mining Corp.

103,711

4,642,104

Nucor Corp.

66,575

2,541,168

Titanium Metals Corp.

18,044

98,701

United States Steel Corp. (d)

24,634

520,516

 

13,227,838

Paper & Forest Products - 0.1%

International Paper Co.

90,688

638,444

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - continued

MeadWestvaco Corp. (d)

36,213

$ 434,194

Weyerhaeuser Co. (d)

44,781

1,234,612

 

2,307,250

TOTAL MATERIALS

48,953,457

TELECOMMUNICATION SERVICES - 3.9%

Diversified Telecommunication Services - 3.6%

AT&T, Inc.

1,249,397

31,484,804

CenturyTel, Inc.

21,268

598,056

Embarq Corp.

30,228

1,144,130

Frontier Communications Corp.

65,999

473,873

Qwest Communications International, Inc. (d)

311,555

1,065,518

Verizon Communications, Inc.

602,209

18,186,712

Windstream Corp.

93,514

753,723

 

53,706,816

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)

84,186

2,561,780

Sprint Nextel Corp. (a)

607,380

2,168,347

 

4,730,127

TOTAL TELECOMMUNICATION SERVICES

58,436,943

UTILITIES - 4.2%

Electric Utilities - 2.4%

Allegheny Energy, Inc.

35,916

832,174

American Electric Power Co., Inc.

86,088

2,174,583

Duke Energy Corp. (d)

271,608

3,889,427

Edison International

69,073

1,989,993

Entergy Corp.

40,164

2,734,767

Exelon Corp.

139,549

6,334,129

FirstEnergy Corp.

64,626

2,494,564

FPL Group, Inc. (d)

86,698

4,398,190

Northeast Utilities

36,507

788,186

Pepco Holdings, Inc.

46,453

579,733

Pinnacle West Capital Corp.

21,410

568,650

PPL Corp.

79,568

2,284,397

Progress Energy, Inc.

58,425

2,118,491

Southern Co. (d)

164,858

5,047,952

 

36,235,236

Gas Utilities - 0.2%

EQT Corp.

27,743

869,188

Nicor, Inc.

9,582

318,410

Questar Corp. (d)

36,804

1,083,142

 

2,270,740

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

141,240

820,604

 

Shares

Value

Constellation Energy Group, Inc.

42,216

$ 872,183

Dynegy, Inc. Class A (a)

107,316

151,316

 

1,844,103

Multi-Utilities - 1.5%

Ameren Corp.

45,055

1,044,825

CenterPoint Energy, Inc.

73,651

768,180

CMS Energy Corp. (d)

48,045

568,853

Consolidated Edison, Inc.

58,057

2,299,638

Dominion Resources, Inc.

123,700

3,833,463

DTE Energy Co.

34,611

958,725

Integrys Energy Group, Inc.

16,203

421,926

NiSource, Inc.

58,154

569,909

PG&E Corp.

77,543

2,963,693

Public Service Enterprise Group, Inc.

107,273

3,161,335

SCANA Corp.

25,691

793,595

Sempra Energy

51,607

2,386,308

TECO Energy, Inc.

45,142

503,333

Wisconsin Energy Corp.

24,787

1,020,481

Xcel Energy, Inc.

96,296

1,793,994

 

23,088,258

TOTAL UTILITIES

63,438,337

TOTAL COMMON STOCKS

(Cost $1,396,404,024)

1,468,666,921

U.S. Treasury Obligations - 0.4%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.26% to 1.56% 4/2/09 to 10/22/09 (e)
(Cost $5,892,899)

$ 5,900,000

5,894,478

Money Market Funds - 11.5%

Shares

 

Fidelity Cash Central Fund, 0.52% (b)

32,410,168

32,410,168

Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)

141,810,386

141,810,386

TOTAL MONEY MARKET FUNDS

(Cost $174,220,554)

174,220,554

TOTAL INVESTMENT PORTFOLIO - 109.2%

(Cost $1,576,517,477)

1,648,781,953

NET OTHER ASSETS - (9.2)%

(138,344,517)

NET ASSETS - 100%

$ 1,510,437,436

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

210 CME S&P 500 Index Contracts

June 2009

$ 41,727,000

$ 1,626,063

 

The face value of futures purchased as a percentage of net assets - 2.8%

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 $5,194,494.

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

$ 68,689

Fidelity Securities Lending Cash Central Fund

255,175

Total

$ 323,864

Other Information

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

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,648,781,953

$ 1,642,887,475

$ 5,894,478

$ -

Other Financial Instruments*

$ 1,626,063

$ 1,626,063

$ -

$ -

*Other financial instruments include Futures Contracts.

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,582,439,573. Net unrealized appreciation aggregated $66,342,380, of which $524,429,153 related to appreciated investment securities and $458,086,773 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

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:

May 29, 2009

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

May 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

May 29, 2009