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:

September 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Contrafund® Portfolio

September 30, 2009 

1.808782.105

VIPCON-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value

CONSUMER DISCRETIONARY - 10.0%

Auto Components - 0.4%

BorgWarner, Inc.

425,400

$ 12,872,604

Johnson Controls, Inc.

1,840,400

47,040,624

TRW Automotive Holdings Corp. (a)

1,024,648

17,162,854

 

77,076,082

Automobiles - 0.1%

Harley-Davidson, Inc.

670,600

15,423,800

Distributors - 0.4%

Li & Fung Ltd.

15,276,000

61,596,774

Diversified Consumer Services - 0.4%

Educomp Solutions Ltd.

531,261

52,224,063

Regis Corp.

673,467

10,438,739

 

62,662,802

Hotels, Restaurants & Leisure - 0.9%

Burger King Holdings, Inc.

687,600

12,094,884

Ctrip.com International Ltd.
sponsored ADR (a)

437,761

25,735,969

Las Vegas Sands Corp. (a)(d)

476,100

8,017,524

McDonald's Corp.

701,917

40,058,403

Royal Caribbean Cruises Ltd.

1,338,600

32,233,488

Starwood Hotels & Resorts Worldwide, Inc.

924,500

30,536,235

 

148,676,503

Household Durables - 0.7%

D.R. Horton, Inc.

1,307,200

14,915,152

Mohawk Industries, Inc. (a)

646,531

30,833,063

Newell Rubbermaid, Inc.

1,334,200

20,933,598

Pulte Homes, Inc.

695,699

7,645,732

Whirlpool Corp.

528,215

36,953,921

 

111,281,466

Internet & Catalog Retail - 0.7%

Amazon.com, Inc. (a)

713,985

66,657,640

Expedia, Inc. (a)

1,063,638

25,474,130

Priceline.com, Inc. (a)(d)

121,500

20,147,130

 

112,278,900

Leisure Equipment & Products - 0.1%

Brunswick Corp.

675,137

8,088,141

Hasbro, Inc.

424,900

11,790,975

Kimoto Co. Ltd.

463,000

4,785,094

 

24,664,210

Media - 3.4%

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

691,100

23,670,175

Comcast Corp.:

Class A

3,808,993

64,333,892

Class A (special) (non-vtg.)

2,638,948

42,434,284

Discovery Communications, Inc. (a)

623,000

17,998,470

DISH Network Corp. Class A (a)

828,210

15,951,325

DreamWorks Animation SKG, Inc.
Class A (a)

932,472

33,168,029

 

Shares

Value

Interpublic Group of Companies, Inc. (a)

2,597,500

$ 19,533,200

Liberty Global, Inc. Class A (a)

739,200

16,683,744

Martha Stewart Living Omnimedia, Inc. Class A (a)

1,011,934

6,334,707

The DIRECTV Group, Inc. (a)(d)

4,218,700

116,351,746

The Walt Disney Co.

4,583,143

125,853,107

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

11,499

4,312,125

Time Warner Cable, Inc.

1,210,343

52,153,680

Viacom, Inc. Class B (non-vtg.) (a)

1,447,700

40,593,508

 

579,371,992

Multiline Retail - 0.6%

Kohl's Corp. (a)

268,432

15,314,046

Target Corp.

1,730,400

80,775,072

 

96,089,118

Specialty Retail - 2.1%

Home Depot, Inc.

3,653,700

97,334,568

Lowe's Companies, Inc.

4,188,500

87,707,190

MarineMax, Inc. (a)

506,913

3,958,991

Ross Stores, Inc.

420,600

20,092,062

Sally Beauty Holdings, Inc. (a)

1,806,000

12,840,660

Staples, Inc.

1,557,000

36,153,540

Talbots, Inc.

166,800

1,539,564

Tiffany & Co., Inc.

420,300

16,194,159

TJX Companies, Inc.

1,376,452

51,135,192

Urban Outfitters, Inc. (a)

514,500

15,522,465

Zumiez, Inc. (a)

705,920

11,584,147

 

354,062,538

Textiles, Apparel & Luxury Goods - 0.2%

Carter's, Inc. (a)

260,800

6,963,360

LVMH Moet Hennessy - Louis Vuitton

157,000

15,789,900

Polo Ralph Lauren Corp. Class A

109,300

8,374,566

Ports Design Ltd.

4,211,000

10,519,350

 

41,647,176

TOTAL CONSUMER DISCRETIONARY

1,684,831,361

CONSUMER STAPLES - 11.5%

Beverages - 3.7%

Anheuser-Busch InBev SA NV

950,008

43,379,528

Coca-Cola Enterprises, Inc.

1,507,358

32,272,535

Coca-Cola FEMSA SAB de CV
sponsored ADR

201,400

9,687,340

Coca-Cola Icecek AS

659,000

4,662,265

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

118,704

9,764,591

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

3,279,738

49,688,031

Diageo PLC sponsored ADR

398,202

24,485,441

Dr Pepper Snapple Group, Inc. (a)

1,166,207

33,528,451

Embotelladora Andina SA
sponsored ADR

525,600

9,439,776

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Beverages - continued

Fomento Economico Mexicano SAB de CV sponsored ADR

127,259

$ 4,842,205

Molson Coors Brewing Co. Class B

1,253,571

61,023,836

Pepsi Bottling Group, Inc.

353,970

12,898,667

PepsiCo, Inc.

2,842,669

166,750,964

The Coca-Cola Co.

2,899,052

155,679,092

 

618,102,722

Food & Staples Retailing - 2.8%

Costco Wholesale Corp.

471,500

26,620,890

CVS Caremark Corp.

4,090,263

146,186,000

Kroger Co.

2,535,839

52,339,717

Safeway, Inc.

2,232,164

44,018,274

Wal-Mart Stores, Inc.

1,918,197

94,164,291

Walgreen Co.

2,775,738

104,006,903

 

467,336,075

Food Products - 1.5%

Archer Daniels Midland Co.

1,136,700

33,214,374

Ausnutria Dairy Hunan Co. Ltd. Class H

7,342,000

3,789,353

Bunge Ltd.

95,900

6,004,299

General Mills, Inc.

440,963

28,389,198

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

462,174

34,126,928

Nestle SA (Reg.)

1,557,044

66,347,337

SLC Agricola SA

534,500

4,590,224

Tyson Foods, Inc. Class A

1,346,900

17,011,347

Unilever NV (NY Shares)

1,949,985

56,276,567

Viterra, Inc. (a)(d)

522,900

5,216,788

 

254,966,415

Household Products - 1.7%

Colgate-Palmolive Co.

391,730

29,881,164

Energizer Holdings, Inc. (a)

364,020

24,149,087

Procter & Gamble Co.

4,096,167

237,249,993

 

291,280,244

Personal Products - 0.4%

Avon Products, Inc.

1,766,179

59,979,439

Mead Johnson Nutrition Co. Class A

99,622

4,493,948

 

64,473,387

Tobacco - 1.4%

Altria Group, Inc.

3,503,775

62,402,233

British American Tobacco PLC sponsored ADR

1,505,265

95,208,011

Philip Morris International, Inc.

1,450,829

70,713,405

Souza Cruz Industria Comerico

139,100

4,951,084

 

233,274,733

TOTAL CONSUMER STAPLES

1,929,433,576

 

Shares

Value

ENERGY - 11.3%

Energy Equipment & Services - 3.6%

Atwood Oceanics, Inc. (a)

670,194

$ 23,637,742

Baker Hughes, Inc. (d)

1,182,500

50,445,450

ENSCO International, Inc.

475,956

20,247,168

Exterran Holdings, Inc. (a)

1,232,508

29,259,740

Halliburton Co.

881,700

23,911,704

Helix Energy Solutions Group, Inc. (a)

556,486

8,336,160

Helmerich & Payne, Inc.

1,719,400

67,967,882

Nabors Industries Ltd. (a)

2,742,125

57,310,413

National Oilwell Varco, Inc. (a)

1,615,054

69,657,279

Noble Corp.

1,110,775

42,165,019

Patterson-UTI Energy, Inc.

1,622,462

24,499,176

Pride International, Inc. (a)

1,070,403

32,583,067

Saipem SpA

325,384

9,798,846

Seadrill Ltd.

267,800

5,591,240

Smith International, Inc.

1,204,150

34,559,105

Transocean Ltd. (a)

242,500

20,741,025

Weatherford International Ltd. (a)

4,349,300

90,160,989

 

610,872,005

Oil, Gas & Consumable Fuels - 7.7%

Anadarko Petroleum Corp.

879,907

55,196,566

Arch Coal, Inc.

1,208,800

26,750,744

Chesapeake Energy Corp.

1,351,900

38,393,960

Chevron Corp.

2,928,679

206,266,862

China Shenhua Energy Co. Ltd.
(H Shares)

2,362,000

10,316,606

Concho Resources, Inc. (a)

2,249,830

81,713,826

Denbury Resources, Inc. (a)

2,759,687

41,754,064

Energy Resources of Australia Ltd.

349,999

7,784,069

EXCO Resources, Inc. (a)

2,698,603

50,436,890

Marathon Oil Corp.

567,496

18,103,122

Occidental Petroleum Corp.

1,508,134

118,237,706

Petrobank Energy & Resources Ltd. (a)

223,400

9,234,423

Petrohawk Energy Corp. (a)

3,519,143

85,198,452

Plains Exploration & Production Co. (a)

1,833,482

50,714,112

Range Resources Corp.

389,266

19,214,170

Royal Dutch Shell PLC Class B ADR

3,285,800

183,249,066

SandRidge Energy, Inc. (a)

2,032,700

26,343,792

Southwestern Energy Co. (a)

1,676,933

71,571,500

Suncor Energy, Inc.

3,956,144

138,215,587

TriStar Oil & Gas Ltd. (a)

1,165,400

17,037,375

Ultra Petroleum Corp. (a)

705,800

34,555,968

Uranium One, Inc. (a)

504,400

1,210,937

 

1,291,499,797

TOTAL ENERGY

1,902,371,802

FINANCIALS - 14.5%

Capital Markets - 2.0%

BlackRock, Inc. Class A

59,596

12,921,605

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Broadpoint Gleacher Securities
Group, Inc. (a)

939,847

$ 7,838,324

Evercore Partners, Inc. Class A

182,600

5,335,572

GFI Group, Inc.

686,882

4,966,157

Goldman Sachs Group, Inc.

270,843

49,929,907

Greenhill & Co., Inc.

41,400

3,708,612

Janus Capital Group, Inc.

1,290,900

18,304,962

Morgan Stanley

2,208,581

68,200,981

Nomura Holdings, Inc.

4,097,100

25,117,479

Northern Trust Corp.

195,107

11,347,423

State Street Corp.

1,146,900

60,326,940

T. Rowe Price Group, Inc.

638,553

29,181,872

UBS AG (For. Reg.) (a)

2,037,958

37,363,982

 

334,543,816

Commercial Banks - 3.7%

Allied Irish Banks PLC

971,300

4,629,157

Credit Agricole SA

628,700

13,137,267

Gunma Bank Ltd.

1,141,000

6,260,860

Huntington Bancshares, Inc.

3,388,800

15,961,248

MB Financial, Inc.

205,100

4,300,947

Mitsubishi UFJ Financial Group, Inc.

1,776,200

9,493,328

PNC Financial Services Group, Inc.

2,954,411

143,554,830

Standard Chartered PLC (United Kingdom)

533,686

13,153,934

Sumitomo Mitsui Financial Group, Inc.

587,400

20,362,904

SunTrust Banks, Inc.

442,400

9,976,120

U.S. Bancorp, Delaware

4,067,700

88,919,922

Umpqua Holdings Corp.

638,800

6,771,280

Univest Corp. of Pennsylvania

290,766

6,300,899

Wells Fargo & Co.

9,760,349

275,046,635

 

617,869,331

Consumer Finance - 0.7%

American Express Co.

2,522,478

85,512,004

Capital One Financial Corp.

393,240

14,050,465

Discover Financial Services

1,481,993

24,052,746

 

123,615,215

Diversified Financial Services - 3.8%

Bank of America Corp.

5,164,014

87,375,117

CME Group, Inc.

162,277

50,012,149

JPMorgan Chase & Co.

11,653,414

510,652,606

 

648,039,872

Insurance - 3.1%

ACE Ltd.

1,286,743

68,789,281

Allstate Corp.

317,800

9,731,036

AMP Ltd.

932,370

5,362,940

Aon Corp.

954,560

38,841,046

CNA Financial Corp. (a)

1,379,119

33,291,933

eHealth, Inc. (a)

301,026

4,370,898

Everest Re Group Ltd.

133,400

11,699,180

Genworth Financial, Inc. Class A

1,479,000

17,674,050

 

Shares

Value

Lincoln National Corp.

791,600

$ 20,510,356

Loews Corp.

443,700

15,196,725

MBIA, Inc. (a)

1,081,800

8,394,768

MetLife, Inc.

1,875,619

71,404,815

PartnerRe Ltd.

355,763

27,372,405

Principal Financial Group, Inc.

414,700

11,358,633

Protective Life Corp.

1,166,900

24,994,998

Sony Financial Holdings, Inc.

7,144

20,442,931

The First American Corp.

768,505

24,876,507

The Travelers Companies, Inc.

1,017,068

50,070,258

XL Capital Ltd. Class A

3,155,600

55,096,776

 

519,479,536

Real Estate Investment Trusts - 0.6%

CapitaCommercial Trust (REIT)

16,627,000

12,273,026

Developers Diversified Realty Corp.

415,843

3,842,389

Duke Realty LP

1,416,000

17,006,160

Potlatch Corp.

386,560

10,997,632

ProLogis Trust

3,590,697

42,801,108

SL Green Realty Corp.

86,900

3,810,565

Sovran Self Storage, Inc.

171,000

5,203,530

U-Store-It Trust

642,400

4,015,000

 

99,949,410

Real Estate Management & Development - 0.4%

Altisource Portfolio Solutions SA (a)

471,013

6,801,428

BR Malls Participacoes SA (a)

1,557,100

18,392,260

Forestar Group, Inc. (a)

414,648

7,123,653

Indiabulls Real Estate Ltd.

5,603,120

31,903,802

 

64,221,143

Thrifts & Mortgage Finance - 0.2%

First Niagara Financial Group, Inc.

912,200

11,247,426

Ocwen Financial Corp. (a)

1,473,800

16,683,416

 

27,930,842

TOTAL FINANCIALS

2,435,649,165

HEALTH CARE - 12.8%

Biotechnology - 1.9%

Acorda Therapeutics, Inc. (a)

452,000

10,522,560

Amgen, Inc. (a)

2,158,536

130,008,623

BioCryst Pharmaceuticals, Inc. (a)(d)

675,818

5,568,740

Biogen Idec, Inc. (a)

1,106,011

55,875,676

Cephalon, Inc. (a)

312,326

18,189,866

Gilead Sciences, Inc. (a)

905,143

42,161,561

GTx, Inc. (a)(d)

707,406

9,054,797

Human Genome Sciences, Inc. (a)

1,106,827

20,830,484

ONYX Pharmaceuticals, Inc. (a)

123,098

3,689,247

Talecris Biotherapeutics Holdings

291,100

5,530,900

United Therapeutics Corp. (a)

244,614

11,983,640

Vanda Pharmaceuticals, Inc. (a)

767,389

8,932,408

 

322,348,502

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - 2.3%

Baxter International, Inc.

1,289,245

$ 73,499,857

Beckman Coulter, Inc.

387,807

26,735,415

Boston Scientific Corp. (a)

5,074,700

53,741,073

Covidien PLC

2,547,622

110,210,128

Edwards Lifesciences Corp. (a)

434,271

30,359,886

ev3, Inc. (a)

930,645

11,456,240

Fisher & Paykel Healthcare Corp.

1,583,829

3,751,540

Mako Surgical Corp. (a)

1,100,093

9,636,815

Nobel Biocare Holding AG (Switzerland)

314,890

10,421,891

Quidel Corp. (a)

1,215,504

19,727,630

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

2,312,000

7,637,058

St. Jude Medical, Inc. (a)

93,496

3,647,279

William Demant Holding AS (a)

233,892

17,379,655

 

378,204,467

Health Care Providers & Services - 2.2%

CIGNA Corp.

2,047,839

57,523,798

Community Health Systems, Inc. (a)

1,058,052

33,783,600

Express Scripts, Inc. (a)

1,017,446

78,933,461

Health Net, Inc. (a)

723,900

11,148,060

Henry Schein, Inc. (a)

730,200

40,095,282

Laboratory Corp. of America Holdings (a)

69,700

4,579,290

Medco Health Solutions, Inc. (a)

1,841,714

101,865,201

Sinopharm Group Co. Ltd. Class H

678,000

1,718,183

UnitedHealth Group, Inc.

1,319,851

33,049,069

WellPoint, Inc. (a)

243,949

11,553,425

 

374,249,369

Health Care Technology - 0.4%

HLTH Corp. (a)(d)

4,452,379

65,049,257

Life Sciences Tools & Services - 0.8%

Charles River Laboratories
International, Inc. (a)

249,400

9,222,812

Fluidigm Corp. warrants 9/10/10 (a)

1

0

Illumina, Inc. (a)

965,316

41,025,930

Life Technologies Corp. (a)

1,252,476

58,302,758

QIAGEN NV (a)

1,436,218

30,562,719

 

139,114,219

Pharmaceuticals - 5.2%

Abbott Laboratories

1,438,433

71,159,281

Allergan, Inc.

1,825,468

103,613,564

Ardea Biosciences, Inc. (a)

224,600

4,114,672

Bayer AG

136,934

9,487,781

Elan Corp. PLC sponsored ADR (a)

1,231,000

8,752,410

Forest Laboratories, Inc. (a)

231,300

6,809,472

Johnson & Johnson

2,016,076

122,758,868

King Pharmaceuticals, Inc. (a)

2,158,383

23,245,785

Merck & Co., Inc.

3,950,106

124,941,853

Novo Nordisk AS Series B

367,300

22,996,638

 

Shares

Value

Pfizer, Inc.

15,705,227

$ 259,921,507

Pronova BioPharma ASA (a)

3,226,100

9,773,860

Roche Holding AG
(participation certificate)

215,088

34,763,584

Salix Pharmaceuticals Ltd. (a)

112,450

2,390,687

Schering-Plough Corp.

252,788

7,141,261

Shire PLC sponsored ADR

593,200

31,018,428

Teva Pharmaceutical Industries Ltd. sponsored ADR

155,300

7,851,968

Wyeth

622,900

30,260,482

 

881,002,101

TOTAL HEALTH CARE

2,159,967,915

INDUSTRIALS - 10.4%

Aerospace & Defense - 1.2%

General Dynamics Corp.

224,442

14,498,953

Honeywell International, Inc.

1,146,521

42,593,255

Lockheed Martin Corp.

474,806

37,072,852

Precision Castparts Corp.

254,621

25,938,241

Raytheon Co.

522,512

25,064,901

The Boeing Co.

334,202

18,097,038

United Technologies Corp.

571,880

34,844,648

 

198,109,888

Air Freight & Logistics - 0.9%

C.H. Robinson Worldwide, Inc.

656,501

37,912,933

FedEx Corp.

393,100

29,568,982

United Parcel Service, Inc. Class B

1,480,256

83,590,056

 

151,071,971

Building Products - 0.2%

Armstrong World Industries, Inc. (a)

248,730

8,571,236

Masco Corp.

1,848,912

23,887,943

 

32,459,179

Commercial Services & Supplies - 0.1%

Stericycle, Inc. (a)

453,302

21,962,482

Construction & Engineering - 0.3%

MYR Group, Inc. (a)

179,730

3,790,506

Quanta Services, Inc. (a)

2,016,599

44,627,336

 

48,417,842

Electrical Equipment - 0.9%

A123 Systems, Inc.

440,067

9,382,228

Alstom SA

459,944

33,564,308

Cooper Industries PLC Class A

739,400

27,779,258

Regal-Beloit Corp.

540,356

24,699,673

Renewable Energy Corp. AS (a)(d)

3,065,561

26,907,180

SunPower Corp. Class B (a)

1,243,215

31,366,314

 

153,698,961

Industrial Conglomerates - 2.5%

Carlisle Companies, Inc.

350,980

11,901,732

General Electric Co.

16,223,521

266,390,215

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - continued

Siemens AG sponsored ADR (d)

530,008

$ 49,269,544

Textron, Inc.

3,061,394

58,105,258

Tyco International Ltd.

905,400

31,218,192

 

416,884,941

Machinery - 2.8%

Caterpillar, Inc.

752,100

38,605,293

Cummins, Inc.

1,840,056

82,452,909

Danaher Corp.

1,219,645

82,106,501

Deere & Co.

1,206,170

51,768,816

Dover Corp.

463,100

17,949,756

Eaton Corp.

1,032,020

58,402,012

Flowserve Corp.

71,400

7,035,756

Illinois Tool Works, Inc.

233,400

9,968,514

Ingersoll-Rand Co. Ltd.

677,600

20,781,992

JTEKT Corp.

787,300

9,138,660

Navistar International Corp. (a)

888,723

33,256,015

PACCAR, Inc.

478,500

18,044,235

Parker Hannifin Corp.

35,000

1,814,400

Timken Co.

187,600

4,395,468

Toro Co.

406,467

16,165,193

Trinity Industries, Inc. (d)

217,400

3,737,106

Vallourec SA

92,381

15,653,973

 

471,276,599

Professional Services - 0.3%

Manpower, Inc.

517,111

29,325,365

Monster Worldwide, Inc. (a)

1,396,672

24,413,827

 

53,739,192

Road & Rail - 1.0%

CSX Corp.

1,250,804

52,358,655

Norfolk Southern Corp.

663,300

28,594,863

Union Pacific Corp.

1,574,404

91,866,473

 

172,819,991

Trading Companies & Distributors - 0.2%

GATX Corp.

111,900

3,127,605

W.W. Grainger, Inc.

261,526

23,369,963

WESCO International, Inc. (a)

193,900

5,584,320

 

32,081,888

TOTAL INDUSTRIALS

1,752,522,934

INFORMATION TECHNOLOGY - 18.2%

Communications Equipment - 1.5%

Ciena Corp. (a)(d)

4,388,958

71,452,236

Juniper Networks, Inc. (a)

4,361,865

117,857,592

Sycamore Networks, Inc. (a)(e)

16,586,632

50,091,629

ZTE Corp. (H Shares)

3,314,940

17,494,329

 

256,895,786

 

Shares

Value

Computers & Peripherals - 1.1%

Apple, Inc. (a)

9,200

$ 1,705,404

EMC Corp. (a)

519,300

8,848,872

Hewlett-Packard Co.

153,800

7,260,898

Logitech International SA (a)(d)

1,059,300

19,469,934

SanDisk Corp. (a)

5,819,701

126,287,512

Toshiba Corp.

1,839,000

9,626,851

 

173,199,471

Electronic Equipment & Components - 0.8%

Agilent Technologies, Inc. (a)

1,753,072

48,787,994

Arrow Electronics, Inc. (a)

896,562

25,238,220

BYD Co. Ltd. (H Shares) (a)

2,182,500

17,980,984

Hon Hai Precision Industry Co. Ltd. (Foxconn)

658,400

2,640,642

Tyco Electronics Ltd.

1,803,660

40,185,545

 

134,833,385

Internet Software & Services - 0.7%

eBay, Inc. (a)

2,946,100

69,557,421

Google, Inc. Class A (a)

81,532

40,427,642

OpenTable, Inc.

277,900

7,658,924

 

117,643,987

IT Services - 0.2%

RightNow Technologies, Inc. (a)

339,800

4,906,712

Visa, Inc. Class A

423,887

29,294,831

 

34,201,543

Semiconductors & Semiconductor Equipment - 11.1%

Aixtron AG

498,000

13,568,830

Analog Devices, Inc.

3,760,521

103,715,169

Applied Materials, Inc.

13,156,763

176,300,624

Applied Micro Circuits Corp. (a)

538,571

5,380,324

ASML Holding NV (NY Shares)

8,421,900

249,035,583

ATMI, Inc. (a)

1,390,709

25,241,368

Avago Technologies Ltd.

1,638,675

27,972,182

Brooks Automation, Inc. (a)(e)

3,437,440

26,571,411

Cirrus Logic, Inc. (a)

1,033,221

5,744,709

Cymer, Inc. (a)

617,998

24,015,402

Entegris, Inc. (a)

961,185

4,757,866

Inotera Memories, Inc. (a)

41,418,000

26,591,273

Intel Corp.

11,861,885

232,137,089

KLA-Tencor Corp.

3,266,469

117,135,578

Kulicke & Soffa Industries, Inc. (a)

2,140,876

12,909,482

Lam Research Corp. (a)

3,242,145

110,751,673

Marvell Technology Group Ltd. (a)

7,898,423

127,875,468

Maxim Integrated Products, Inc.

889,200

16,130,088

MediaTek, Inc.

165,202

2,753,024

MEMC Electronic Materials, Inc. (a)

90,400

1,503,352

Micron Technology, Inc. (a)

23,992,202

196,736,056

Novellus Systems, Inc. (a)

399,843

8,388,706

Photronics, Inc. (a)

837,529

3,969,887

Richtek Technology Corp.

824,700

7,102,409

Samsung Electronics Co. Ltd.

311,710

216,092,323

Skyworks Solutions, Inc. (a)

556,188

7,363,929

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Teradyne, Inc. (a)

1,798,362

$ 16,634,849

Tokyo Electron Ltd.

978,500

62,228,885

Varian Semiconductor Equipment Associates, Inc. (a)

575,422

18,896,858

Verigy Ltd. (a)

2,114,807

24,574,057

 

1,872,078,454

Software - 2.8%

BMC Software, Inc. (a)

1,281,081

48,078,970

Citrix Systems, Inc. (a)

1,470,826

57,700,504

Microsoft Corp.

13,910,946

360,154,392

 

465,933,866

TOTAL INFORMATION TECHNOLOGY

3,054,786,492

MATERIALS - 3.2%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

600,704

46,602,616

Airgas, Inc.

448,800

21,708,456

Albemarle Corp.

865,875

29,959,275

Dow Chemical Co.

3,122,500

81,403,575

E.I. du Pont de Nemours & Co.

533,800

17,156,332

Eastman Chemical Co.

215,800

11,553,932

Fertilizantes Fosfatados SA (PN)

262,600

2,685,160

Monsanto Co.

579,646

44,864,600

Praxair, Inc.

422,432

34,508,470

Solutia, Inc. (a)

1,269,300

14,698,494

Terra Industries, Inc.

209,757

7,272,275

The Mosaic Co.

45,000

2,163,150

Wacker Chemie AG

88,800

13,850,415

 

328,426,750

Construction Materials - 0.0%

HeidelbergCement AG

65,536

4,242,564

HeidelbergCement AG rights 10/7/09 (a)

12,706

68,421

Vulcan Materials Co. (d)

76,400

4,130,948

 

8,441,933

Containers & Packaging - 0.4%

Ball Corp.

415,869

20,460,755

Owens-Illinois, Inc. (a)

733,500

27,066,150

Temple-Inland, Inc.

818,400

13,438,128

 

60,965,033

Metals & Mining - 0.7%

AngloGold Ashanti Ltd. sponsored ADR

445,600

18,162,656

Freeport-McMoRan Copper & Gold, Inc.

248,700

17,063,307

Globe Specialty Metals, Inc.

158,700

1,431,474

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

2,093,133

18,314,914

Impala Platinum Holdings Ltd.

99,100

2,309,101

 

Shares

Value

Ivanhoe Mines Ltd. (a)

592,500

$ 7,615,880

Lihir Gold Ltd. (a)

5,820,561

14,377,717

Newcrest Mining Ltd.

864,062

24,316,588

Nucor Corp.

471,400

22,160,514

 

125,752,151

Paper & Forest Products - 0.1%

Weyerhaeuser Co.

556,936

20,411,704

TOTAL MATERIALS

543,997,571

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 1.3%

CenturyTel, Inc.

1,738,263

58,405,637

Clearwire Corp. Class A (a)

3,959,441

32,190,255

Frontier Communications Corp.

1,030,151

7,767,339

Iliad Group SA

19,273

2,171,568

Qwest Communications International, Inc. (d)

12,163,857

46,344,295

Verizon Communications, Inc.

2,514,229

76,105,712

 

222,984,806

Wireless Telecommunication Services - 1.2%

American Tower Corp. Class A (a)

2,869,238

104,440,263

MetroPCS Communications, Inc. (a)

701,321

6,564,365

NII Holdings, Inc. (a)

1,006,900

30,186,862

Sprint Nextel Corp. (a)

4,836,632

19,104,696

Vivo Participacoes SA sponsored ADR

1,662,945

41,989,361

 

202,285,547

TOTAL TELECOMMUNICATION SERVICES

425,270,353

UTILITIES - 3.8%

Electric Utilities - 2.1%

American Electric Power Co., Inc.

3,595,000

111,409,050

Entergy Corp.

725,255

57,918,864

Exelon Corp.

678,148

33,649,704

FirstEnergy Corp.

1,786,044

81,657,932

FPL Group, Inc.

873,100

48,221,313

Pinnacle West Capital Corp.

478,500

15,704,370

 

348,561,233

Independent Power Producers & Energy Traders - 0.7%

AES Corp.

1,663,818

24,657,783

Constellation Energy Group, Inc.

1,937,200

62,707,164

Dynegy, Inc. Class A (a)

1,331,400

3,395,070

EDP Renovaveis SA (a)

420,402

4,623,034

NRG Energy, Inc. (a)

708,000

19,958,520

 

115,341,571

Multi-Utilities - 1.0%

CenterPoint Energy, Inc.

3,922,019

48,750,696

PG&E Corp.

1,063,900

43,077,311

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - continued

Sempra Energy

1,114,000

$ 55,488,340

TECO Energy, Inc.

1,853,857

26,102,307

 

173,418,654

TOTAL UTILITIES

637,321,458

TOTAL COMMON STOCKS

(Cost $15,643,456,606)

16,526,152,627

Convertible Preferred Stocks - 0.4%

 

 

 

 

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

SandRidge Energy, Inc. 8.50% (a)(f)

46,800

8,414,172

FINANCIALS - 0.1%

Commercial Banks - 0.1%

Huntington Bancshares, Inc. 8.50%

24,200

20,836,200

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

Fluidigm Corp. (a)

393,990

2,757,930

MATERIALS - 0.2%

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold,
Inc. 6.75%

311,500

31,821,906

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $49,150,784)

63,830,208

Convertible Bonds - 0.0%

 

Principal Amount

 

HEALTH CARE - 0.0%

Life Sciences Tools & Services - 0.0%

Fluidigm Corp. 12.6825% 12/31/09 (c)

(Cost $250,143)

$ 250,143

250,143

U.S. Treasury Obligations - 0.1%

 

U.S. Treasury Bills, yield at date of purchase 0.05% to 0.16% 10/1/09 to 10/29/09 (g)
(Cost $8,699,763)

8,700,000

8,699,800

Money Market Funds - 2.8%

Shares

Value

Fidelity Cash Central Fund, 0.25% (h)

276,331,102

$ 276,331,102

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(h)

198,503,610

198,503,610

TOTAL MONEY MARKET FUNDS

(Cost $474,834,712)

474,834,712

Cash Equivalents - 0.0%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.03%, dated 9/30/09 due 10/1/09 (Collateralized by U.S. Treasury Obligations) #

(Cost $31,000)

$ 31,000

31,000

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $16,176,423,008)

17,073,798,490

NET OTHER ASSETS - (1.5)%

(248,102,556)

NET ASSETS - 100%

$ 16,825,695,934

Futures Contracts

 

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

1,155 CME E-mini S&P 500 Index Contracts

Dec. 2009

$ 60,804,975

$ 1,430,352

 

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

Legend

(a) Non-income producing

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

(c) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(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 $8,414,172 or 0.1% 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 $5,699,941.

(h) 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.

(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 $4,312,125 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

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

10/19/05

$ 11,540,365

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

Repurchase Agreement / Counterparty

Value

$31,000 due 10/01/09 at 0.03%

BNP Paribas Securities Corp.

$ 999

Barclays Capital, Inc.

7,790

Credit Suisse Securities (USA) LLC

6,225

HSBC Securities (USA), Inc.

11,990

Morgan Stanley & Co., Inc.

3,996

 

$ 31,000

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,238,143

Fidelity Securities Lending Cash Central Fund

2,197,733

Total

$ 3,435,876

Other Affiliated Issuers

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

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend Income

Value,
end of
period

Brooks Automation, Inc.

$ 17,233,146

$ 2,379,522

$ -

$ -

$ 26,571,411

Ciena Corp.

39,405,099

-

15,184,973

-

-

Cirrus Logic, Inc.

9,407,912

114,136

12,521,331

-

-

Concho Resources, Inc.

103,767,446

6,822,132

75,614,137

-

-

Mattson Technology, Inc.

4,737,298

-

4,503,771

-

-

Sycamore Networks, Inc.

53,078,090

-

9,562,226

-

50,091,629

Total

$ 227,628,991

$ 9,315,790

$ 117,386,438

$ -

$ 76,663,040

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 1,684,831,361

$ 1,675,734,142

$ 4,785,094

$ 4,312,125

Consumer Staples

1,929,433,576

1,925,644,223

3,789,353

-

Energy

1,910,785,974

1,902,371,802

8,414,172

-

Financials

2,456,485,365

2,311,978,524

144,506,841

-

Health Care

2,162,725,845

2,159,967,915

-

2,757,930

Industrials

1,752,522,934

1,743,384,274

9,138,660

-

Information Technology

3,054,786,492

2,982,930,756

71,855,736

-

Materials

575,819,477

543,997,571

31,821,906

-

Telecommunication Services

425,270,353

425,270,353

-

-

Utilities

637,321,458

637,321,458

-

-

Corporate Bonds

250,143

-

-

250,143

U.S. Government and Government Agency Obligations

8,699,800

-

8,699,800

-

Money Market Funds

474,834,712

474,834,712

-

-

Cash Equivalents

31,000

-

31,000

-

Total Investments in Securities:

$ 17,073,798,490

$ 16,783,435,730

$ 283,042,562

$ 7,320,198

Derivative Instruments:

Assets

Futures Contracts

$ 1,430,352

$ 1,430,352

$ -

$ -

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

Investments in Securities:

Beginning Balance

$ 44,610,724

Total Realized Gain (Loss)

(37,533,133)

Total Unrealized Gain (Loss)

16,356,070

Cost of Purchases

74,379,579

Proceeds of Sales

(70,130,138)

Amortization/Accretion

-

Transfers in/out of Level 3

(20,362,904)

Ending Balance

$ 7,320,198

The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009

$ (4,312,125)

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

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $16,500,765,733. Net unrealized appreciation aggregated $573,032,757, of which $2,396,059,823 related to appreciated investment securities and $1,823,027,066 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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 based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers 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 value at amortized cost, which approximate 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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Disciplined Small Cap Portfolio

September 30, 2009 

1.837324.103

VDSC-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value

CONSUMER DISCRETIONARY - 14.4%

Auto Components - 0.5%

Cooper Tire & Rubber Co.

1,410

$ 24,788

Spartan Motors, Inc. (c)

5,667

29,128

Standard Motor Products, Inc.

7,800

118,560

Superior Industries International, Inc.

1,528

21,698

 

194,174

Distributors - 0.1%

Core-Mark Holding Co., Inc. (a)

1,750

50,050

Diversified Consumer Services - 1.2%

American Public Education, Inc. (a)

2,404

83,515

Capella Education Co. (a)(c)

672

45,252

Corinthian Colleges, Inc. (a)(c)

3,879

71,994

DeVry, Inc.

1,630

90,172

Jackson Hewitt Tax Service, Inc. (c)

4,635

23,639

Regis Corp.

2,689

41,680

Stewart Enterprises, Inc. Class A

15,454

80,824

Strayer Education, Inc.

203

44,189

 

481,265

Hotels, Restaurants & Leisure - 2.9%

AFC Enterprises, Inc. (a)

5,500

46,310

Bally Technologies, Inc. (a)

7,401

283,976

Bob Evans Farms, Inc.

5,499

159,801

Denny's Corp. (a)

46,868

124,669

Domino's Pizza, Inc. (a)

9,068

80,161

Isle of Capri Casinos, Inc. (a)(c)

7,934

93,542

Jack in the Box, Inc. (a)(c)

1,316

26,965

Papa John's International, Inc. (a)

6,323

155,356

Pinnacle Entertainment, Inc. (a)(c)

2,150

21,909

WMS Industries, Inc. (a)

4,850

216,116

 

1,208,805

Household Durables - 1.4%

Beazer Homes USA, Inc. (a)

17,000

95,030

Meritage Homes Corp. (a)

1,566

31,790

Ryland Group, Inc.

4,054

85,418

Sealy Corp., Inc. (a)

13,444

43,021

Standard Pacific Corp. (a)

15,000

55,350

Tempur-Pedic International, Inc. (c)

3,335

63,165

Tupperware Brands Corp.

2,866

114,411

Universal Electronics, Inc. (a)

5,162

105,408

 

593,593

Internet & Catalog Retail - 0.8%

HSN, Inc. (a)

9,000

146,520

Netflix, Inc. (a)(c)

1,589

73,364

Orbitz Worldwide, Inc. (a)

15,000

92,700

 

312,584

Leisure Equipment & Products - 0.5%

Polaris Industries, Inc.

4,356

177,638

Smith & Wesson Holding Corp. (a)

8,366

43,754

 

221,392

 

Shares

Value

Media - 0.8%

Cinemark Holdings, Inc.

3,911

$ 40,518

Valassis Communications, Inc. (a)

16,500

295,020

 

335,538

Multiline Retail - 0.3%

Dillard's, Inc. Class A

9,200

129,720

Specialty Retail - 3.8%

Aeropostale, Inc. (a)(c)

3,952

171,793

Asbury Automotive Group, Inc. (a)

10,290

130,477

Finish Line, Inc. Class A

14,602

148,356

Gymboree Corp. (a)(c)

4,700

227,386

J. Crew Group, Inc. (a)

2,322

83,174

Jo-Ann Stores, Inc. (a)

7,266

194,947

Lithia Motors, Inc. Class A (sub. vtg.) (c)

7,245

112,950

Midas, Inc. (a)

4,269

40,129

Rent-A-Center, Inc. (a)

5,677

107,182

Sonic Automotive, Inc. Class A (sub. vtg.)

11,289

118,535

Stein Mart, Inc. (a)(c)

8,271

105,124

The Men's Wearhouse, Inc.

2,448

60,466

Tractor Supply Co. (a)(c)

1,677

81,200

 

1,581,719

Textiles, Apparel & Luxury Goods - 2.1%

Carter's, Inc. (a)

2,611

69,714

Fossil, Inc. (a)

6,453

183,588

Jones Apparel Group, Inc.

9,503

170,389

Maidenform Brands, Inc. (a)

11,478

184,337

Oxford Industries, Inc.

5,204

102,519

Warnaco Group, Inc. (a)

2,067

90,659

Wolverine World Wide, Inc.

2,390

59,368

 

860,574

TOTAL CONSUMER DISCRETIONARY

5,969,414

CONSUMER STAPLES - 3.5%

Food & Staples Retailing - 1.0%

Andersons, Inc.

3,034

106,797

Casey's General Stores, Inc.

7,135

223,896

Nash-Finch Co.

2,870

78,466

 

409,159

Food Products - 1.6%

American Italian Pasta Co. Class A (a)

2,400

65,232

Calavo Growers, Inc. (c)

3,590

68,138

Darling International, Inc. (a)

21,159

155,519

Diamond Foods, Inc.

2,750

87,230

Lancaster Colony Corp.

1,659

85,057

TreeHouse Foods, Inc. (a)(c)

5,595

199,574

 

660,750

Personal Products - 0.6%

Bare Escentuals, Inc. (a)(c)

4,012

47,703

Chattem, Inc. (a)

2,311

153,474

Prestige Brands Holdings, Inc. (a)

11,351

79,911

 

281,088

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - 0.3%

Vector Group Ltd. (c)

8,200

$ 127,756

TOTAL CONSUMER STAPLES

1,478,753

ENERGY - 3.4%

Energy Equipment & Services - 1.0%

Cal Dive International, Inc. (a)

11,245

111,213

Carbo Ceramics, Inc.

1,819

93,769

Gulfmark Offshore, Inc. (a)

2,061

67,477

Newpark Resources, Inc. (a)

7,888

25,320

T-3 Energy Services, Inc. (a)

1,096

21,591

Willbros Group, Inc. (a)

6,076

92,537

 

411,907

Oil, Gas & Consumable Fuels - 2.4%

Concho Resources, Inc. (a)

3,800

138,016

Endeavor International Corp. (a)

37,886

45,842

Gulfport Energy Corp. (a)

15,324

133,932

Knightsbridge Tankers Ltd.

2,034

26,523

McMoRan Exploration Co. (a)(c)

10,000

75,500

Nordic American Tanker Shipping Ltd.

1,200

35,496

Petroquest Energy, Inc. (a)(c)

12,335

80,054

Rosetta Resources, Inc. (a)(c)

2,335

34,301

Stone Energy Corp. (a)

4,683

76,380

Swift Energy Co. (a)

1,280

30,310

Vaalco Energy, Inc.

10,595

48,737

Venoco, Inc. (a)

7,739

89,076

Western Refining, Inc. (a)

4,000

25,800

World Fuel Services Corp.

3,213

154,449

 

994,416

TOTAL ENERGY

1,406,323

FINANCIALS - 17.5%

Capital Markets - 3.0%

BGC Partners, Inc. Class A

24,982

106,923

BlackRock Kelso Capital Corp.

8,087

60,006

Broadpoint Gleacher Securities
Group, Inc. (a)

8,312

69,322

Calamos Asset Management, Inc.
Class A

4,537

59,253

E*TRADE Financial Corp. (a)

41,680

72,940

Hercules Technology Growth Capital, Inc.

13,144

129,074

Knight Capital Group, Inc. Class A (a)(c)

11,789

256,411

optionsXpress Holdings, Inc. (c)

5,599

96,751

PennantPark Investment Corp.

12,604

102,218

Penson Worldwide, Inc. (a)(c)

10,534

102,601

Piper Jaffray Companies (a)

1,053

50,249

Prospect Capital Corp. (c)

5,500

58,905

Stifel Financial Corp. (a)(c)

1,220

66,978

 

1,231,631

 

Shares

Value

Commercial Banks - 4.5%

Community Bank System, Inc. (c)

7,792

$ 142,360

First Financial Bankshares, Inc. (c)

3,134

155,008

Glacier Bancorp, Inc.

4,827

72,115

Hancock Holding Co.

1,133

42,567

Lakeland Financial Corp.

3,192

65,915

NBT Bancorp, Inc.

1,400

31,556

Oriental Financial Group, Inc.

16,402

208,305

Prosperity Bancshares, Inc. (c)

6,201

215,733

Renasant Corp.

4,907

72,869

S&T Bancorp, Inc.

4,060

52,618

Smithtown Bancorp, Inc.

2,947

34,008

Southside Bancshares, Inc.

4,900

110,348

Suffolk Bancorp

3,410

100,970

SVB Financial Group (a)(c)

1,500

64,905

Tompkins Financial Corp.

1,545

67,517

UMB Financial Corp.

1,300

52,572

WesBanco, Inc.

7,570

117,032

Westamerica Bancorp.

1,192

61,984

Wilshire Bancorp, Inc.

11,607

85,195

Wintrust Financial Corp. (c)

3,397

94,980

 

1,848,557

Consumer Finance - 0.8%

Dollar Financial Corp. (a)(c)

7,507

120,262

EZCORP, Inc. (non-vtg.) Class A (a)

3,041

41,540

Nelnet, Inc. Class A (a)(c)

8,327

103,588

World Acceptance Corp. (a)

2,226

56,117

 

321,507

Diversified Financial Services - 0.4%

Encore Capital Group, Inc. (a)(c)

8,321

111,917

PHH Corp. (a)(c)

3,103

61,564

 

173,481

Insurance - 3.0%

American Equity Investment Life
Holding Co.

10,969

77,002

Amerisafe, Inc. (a)

9,182

158,390

Aspen Insurance Holdings Ltd.

6,100

161,467

Assured Guaranty Ltd. (c)

8,074

156,797

Conseco, Inc. (a)(c)

37,290

196,145

FBL Financial Group, Inc. Class A

2,248

43,679

Hallmark Financial Services, Inc. (a)

8,411

67,709

Navigators Group, Inc. (a)

2,324

127,820

Platinum Underwriters Holdings Ltd.

2,703

96,876

ProAssurance Corp. (a)

1,495

78,024

SeaBright Insurance Holdings, Inc. (a)

8,925

101,924

 

1,265,833

Real Estate Investment Trusts - 5.1%

American Capital Agency Corp.

1,367

38,891

BioMed Realty Trust, Inc.

9,003

124,241

CapLease, Inc.

12,257

49,396

Capstead Mortgage Corp.

14,405

200,374

Cedar Shopping Centers, Inc.

15,168

97,834

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Chimera Investment Corp.

12,000

$ 45,840

Colonial Properties Trust (SBI) (c)

8,499

82,695

Developers Diversified Realty Corp.

3,636

33,597

Extra Space Storage, Inc.

7,580

79,969

Hatteras Financial Corp.

1,632

48,927

Healthcare Realty Trust, Inc. (c)

4,689

99,079

Highwoods Properties, Inc. (SBI)

3,070

96,552

Home Properties, Inc.

1,430

61,619

LaSalle Hotel Properties (SBI)

2,920

57,407

MFA Financial, Inc.

4,846

38,574

Mid-America Apartment Communities, Inc.

1,259

56,819

Mission West Properties, Inc.

6,854

46,127

National Health Investors, Inc.

4,113

130,176

National Retail Properties, Inc. (c)

7,412

159,136

Nationwide Health Properties, Inc.

2,028

62,848

NorthStar Realty Finance Corp.

17,132

60,133

Omega Healthcare Investors, Inc. (c)

8,284

132,710

Parkway Properties, Inc.

1,780

35,066

PS Business Parks, Inc.

1,558

79,957

RAIT Financial Trust (SBI) (c)

36,000

105,840

Redwood Trust, Inc.

3,472

53,816

Washington (REIT) (SBI)

1,850

53,280

 

2,130,903

Thrifts & Mortgage Finance - 0.7%

Dime Community Bancshares, Inc.

6,375

72,866

Doral Financial Corp. (a)

25,500

94,350

ESSA Bancorp, Inc.

2,484

32,814

Flushing Financial Corp.

1,595

18,183

Northwest Bancorp, Inc. (c)

2,400

54,816

United Financial Bancorp, Inc.

3,182

36,848

 

309,877

TOTAL FINANCIALS

7,281,789

HEALTH CARE - 13.5%

Biotechnology - 2.8%

Affymax, Inc. (a)(c)

600

14,334

Alnylam Pharmaceuticals, Inc. (a)

749

16,987

ARIAD Pharmaceuticals, Inc. (a)

41,413

91,937

ArQule, Inc. (a)

14,725

66,852

BioCryst Pharmaceuticals, Inc. (a)(c)

4,485

36,956

Cubist Pharmaceuticals, Inc. (a)(c)

5,620

113,524

Enzon Pharmaceuticals, Inc. (a)(c)

7,411

61,141

Human Genome Sciences, Inc. (a)

7,646

143,898

Idera Pharmaceuticals, Inc. (a)(c)

7,000

51,870

Isis Pharmaceuticals, Inc. (a)(c)

3,875

56,459

Martek Biosciences (c)

4,044

91,354

Medivation, Inc. (a)

4,185

113,581

Micromet, Inc. (a)

2,500

16,650

ONYX Pharmaceuticals, Inc. (a)

279

8,362

 

Shares

Value

PDL BioPharma, Inc.

9,960

$ 78,485

Regeneron Pharmaceuticals, Inc. (a)

2,501

48,269

Savient Pharmaceuticals, Inc. (a)(c)

2,512

38,182

Seattle Genetics, Inc. (a)

8,000

112,240

 

1,161,081

Health Care Equipment & Supplies - 3.8%

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

8,324

140,842

Cantel Medical Corp. (a)

7,194

108,342

ev3, Inc. (a)(c)

10,643

131,015

Haemonetics Corp. (a)

1,271

71,329

Invacare Corp.

7,043

156,918

Kensey Nash Corp. (a)

3,041

88,037

Meridian Bioscience, Inc. (c)

5,759

144,033

Merit Medical Systems, Inc. (a)

7,132

123,598

NuVasive, Inc. (a)(c)

1,612

67,317

Quidel Corp. (a)

7,791

126,448

RTI Biologics, Inc. (a)

12,297

53,492

Steris Corp. (c)

7,375

224,569

Symmetry Medical, Inc. (a)

5,284

54,795

Thoratec Corp. (a)

2,836

85,846

 

1,576,581

Health Care Providers & Services - 4.6%

Amedisys, Inc. (a)

1,279

55,803

AMN Healthcare Services, Inc. (a)

7,663

72,875

AmSurg Corp. (a)

5,900

125,257

Centene Corp. (a)(c)

7,864

148,944

Continucare Corp. (a)

15,626

47,191

Cross Country Healthcare, Inc. (a)

4,301

40,042

Genoptix, Inc. (a)(c)

4,264

148,302

Hanger Orthopedic Group, Inc. (a)

5,741

79,628

HealthSouth Corp. (a)(c)

16,214

253,587

Magellan Health Services, Inc. (a)

1,632

50,690

Molina Healthcare, Inc. (a)(c)

3,874

80,153

NightHawk Radiology Holdings, Inc. (a)

19,256

139,221

Owens & Minor, Inc.

4,666

211,137

PharMerica Corp. (a)(c)

8,248

153,165

Providence Service Corp. (a)

7,255

84,593

Psychiatric Solutions, Inc. (a)

1,750

46,830

RehabCare Group, Inc. (a)

7,692

166,839

Skilled Healthcare Group, Inc. (a)

2,500

20,075

 

1,924,332

Life Sciences Tools & Services - 0.7%

Affymetrix, Inc. (a)

5,763

50,599

Biodelivery Sciences International, Inc. (a)

8,888

42,662

Cambrex Corp. (a)

11,500

72,450

Dionex Corp. (a)(c)

742

48,208

Enzo Biochem, Inc. (a)

4,600

32,568

Kendle International, Inc. (a)

2,860

47,819

 

294,306

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 1.6%

Auxilium Pharmaceuticals, Inc. (a)

1,633

$ 55,865

DepoMed, Inc. (a)

26,389

115,320

Impax Laboratories, Inc. (a)

10,000

87,400

Inspire Pharmaceuticals, Inc. (a)

6,187

32,296

Medicis Pharmaceutical Corp. Class A

6,603

140,974

Nektar Therapeutics (a)(c)

4,898

47,707

Questcor Pharmaceuticals, Inc. (a)

8,500

46,920

Santarus, Inc. (a)

7,500

24,675

Valeant Pharmaceuticals International (a)(c)

4,500

126,270

 

677,427

TOTAL HEALTH CARE

5,633,727

INDUSTRIALS - 15.0%

Aerospace & Defense - 1.9%

Ceradyne, Inc. (a)(c)

771

14,132

Cubic Corp.

4,821

190,285

Curtiss-Wright Corp.

400

13,652

DynCorp International, Inc. Class A (a)

5,193

93,474

GenCorp, Inc. (non-vtg.) (a)(c)

32,962

176,676

Teledyne Technologies, Inc. (a)

3,100

111,569

TransDigm Group, Inc. (a)

3,275

163,128

 

762,916

Air Freight & Logistics - 0.3%

Hub Group, Inc. Class A (a)(c)

6,050

138,243

Airlines - 0.4%

JetBlue Airways Corp. (a)

8,000

47,840

SkyWest, Inc.

7,672

127,202

 

175,042

Building Products - 0.6%

Apogee Enterprises, Inc.

7,700

115,654

Gibraltar Industries, Inc.

8,263

109,650

Universal Forest Products, Inc. (c)

907

35,790

 

261,094

Commercial Services & Supplies - 2.6%

ABM Industries, Inc.

2,000

42,080

ACCO Brands Corp. (a)

7,701

55,601

American Reprographics Co. (a)

5,000

47,600

ATC Technology Corp. (a)

4,446

87,853

Cenveo, Inc. (a)

17,575

121,619

Deluxe Corp.

8,417

143,931

Ennis, Inc.

3,700

59,681

HNI Corp.

3,867

91,261

ICT Group, Inc. (a)

4,469

46,925

Knoll, Inc.

11,667

121,687

Schawk, Inc. Class A

7,737

90,291

Tetra Tech, Inc. (a)(c)

2,984

79,166

 

Shares

Value

The Geo Group, Inc. (a)

2,345

$ 47,299

Waste Services, Inc. (a)

8,971

41,446

 

1,076,440

Construction & Engineering - 1.4%

Comfort Systems USA, Inc.

10,693

123,932

Dycom Industries, Inc. (a)

9,834

120,958

EMCOR Group, Inc. (a)

6,595

166,985

Great Lakes Dredge & Dock Corp.

8,339

58,206

Michael Baker Corp. (a)

2,872

104,368

Sterling Construction Co., Inc. (a)

1,000

17,910

 

592,359

Electrical Equipment - 1.8%

Belden, Inc.

5,790

133,749

Brady Corp. Class A

4,897

140,642

Encore Wire Corp.

3,540

79,084

EnerSys (a)

4,964

109,804

GrafTech International Ltd. (a)(c)

11,850

174,195

Regal-Beloit Corp.

1,660

75,879

Woodward Governor Co.

1,747

42,382

 

755,735

Industrial Conglomerates - 0.3%

Raven Industries, Inc.

2,767

73,962

Tredegar Corp.

4,275

61,988

 

135,950

Machinery - 2.8%

Actuant Corp. Class A

4,173

67,018

Alamo Group, Inc.

2,999

47,384

Briggs & Stratton Corp.

2,345

45,516

Chart Industries, Inc. (a)

6,059

130,814

CIRCOR International, Inc.

3,286

92,862

Columbus McKinnon Corp. (NY Shares) (a)

5,260

79,689

Federal Signal Corp.

12,683

91,191

Mueller Water Products, Inc. Class A

16,500

90,420

Nordson Corp. (c)

3,257

182,685

Tennant Co.

6,120

177,847

Watts Water Technologies, Inc.
Class A (c)

4,809

145,472

 

1,150,898

Marine - 0.1%

Horizon Lines, Inc. Class A

6,500

41,275

Professional Services - 1.2%

Diamond Management & Technology Consultants, Inc.

10,500

71,925

ICF International, Inc. (a)

1,700

51,544

MPS Group, Inc. (a)(c)

5,010

52,705

Navigant Consulting, Inc. (a)

5,962

80,487

Spherion Corp. (a)

13,400

83,214

Watson Wyatt Worldwide, Inc. Class A

3,302

143,835

 

483,710

Road & Rail - 1.0%

Avis Budget Group, Inc. (a)(c)

11,888

158,824

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - continued

Celadon Group, Inc. (a)

7,733

$ 87,460

Universal Truckload Services, Inc.

1,500

24,765

Werner Enterprises, Inc.

6,883

128,230

 

399,279

Trading Companies & Distributors - 0.6%

Beacon Roofing Supply, Inc. (a)

12,461

199,127

Watsco, Inc. (c)

1,055

56,875

 

256,002

TOTAL INDUSTRIALS

6,228,943

INFORMATION TECHNOLOGY - 20.0%

Communications Equipment - 3.4%

3Com Corp. (a)(c)

49,921

261,087

ADC Telecommunications, Inc. (a)

15,994

133,390

Adtran, Inc. (c)

8,280

203,274

Arris Group, Inc. (a)(c)

5,667

73,728

Avocent Corp. (a)

3,166

64,175

Blue Coat Systems, Inc. (a)(c)

7,313

165,201

Palm, Inc. (a)(c)

2,857

49,798

Polycom, Inc. (a)(c)

7,686

205,601

Starent Networks Corp. (a)(c)

2,998

76,209

Tekelec (a)

10,929

179,563

ViaSat, Inc. (a)(c)

819

21,769

 

1,433,795

Computers & Peripherals - 0.9%

Cray, Inc. (a)

9,437

78,610

Novatel Wireless, Inc. (a)(c)

13,497

153,326

Synaptics, Inc. (a)(c)

5,339

134,543

 

366,479

Electronic Equipment & Components - 3.0%

Anixter International, Inc. (a)(c)

2,579

103,444

Benchmark Electronics, Inc. (a)

9,052

162,936

Brightpoint, Inc. (a)

7,986

69,878

Checkpoint Systems, Inc. (a)

5,253

86,359

CPI International, Inc. (a)

2,827

31,634

CTS Corp.

5,020

46,686

Insight Enterprises, Inc. (a)

7,911

96,593

Multi-Fineline Electronix, Inc. (a)

2,470

70,914

Newport Corp. (a)

9,400

82,344

OSI Systems, Inc. (a)

5,021

91,834

ScanSource, Inc. (a)

3,257

92,238

SYNNEX Corp. (a)(c)

4,045

123,292

Technitrol, Inc.

13,000

119,730

TTM Technologies, Inc. (a)(c)

4,893

56,123

 

1,234,005

Internet Software & Services - 2.0%

Art Technology Group, Inc. (a)

19,387

74,834

 

Shares

Value

Digital River, Inc. (a)(c)

1,874

$ 75,560

EarthLink, Inc.

20,329

170,967

j2 Global Communications, Inc. (a)

6,523

150,094

Mercadolibre, Inc. (a)

4,049

155,725

NIC, Inc.

2,551

22,678

Open Text Corp. (a)

715

26,790

ValueClick, Inc. (a)

11,005

145,156

 

821,804

IT Services - 2.2%

Acxiom Corp.

14,858

140,557

CSG Systems International, Inc. (a)(c)

6,522

104,417

Euronet Worldwide, Inc. (a)(c)

2,227

53,515

Global Cash Access Holdings, Inc. (a)

12,267

89,672

Maximus, Inc.

1,717

80,012

Perot Systems Corp. Class A (a)

2,500

74,250

SAIC, Inc. (a)

4,800

84,192

TNS, Inc. (a)

1,131

30,989

VeriFone Holdings, Inc. (a)(c)

7,440

118,222

Wright Express Corp. (a)

4,511

133,120

 

908,946

Semiconductors & Semiconductor Equipment - 4.6%

Amkor Technology, Inc. (a)(c)

27,455

188,890

Applied Micro Circuits Corp. (a)

15,624

156,084

Atheros Communications, Inc. (a)(c)

9,759

258,906

Entropic Communications, Inc. (a)

24,961

68,393

MKS Instruments, Inc. (a)(c)

6,365

122,781

PMC-Sierra, Inc. (a)

19,100

182,596

Power Integrations, Inc.

1,683

56,094

RF Micro Devices, Inc. (a)(c)

23,045

125,134

Semtech Corp. (a)(c)

2,829

48,121

Sigma Designs, Inc. (a)(c)

3,532

51,320

Skyworks Solutions, Inc. (a)(c)

24,330

322,129

Tessera Technologies, Inc. (a)

5,062

141,179

Veeco Instruments, Inc. (a)(c)

9,056

211,186

 

1,932,813

Software - 3.9%

Actuate Corp. (a)

13,836

79,972

i2 Technologies, Inc. (a)

7,000

112,280

Informatica Corp. (a)(c)

3,964

89,507

Interactive Intelligence, Inc. (a)

3,208

61,305

Jack Henry & Associates, Inc. (c)

7,963

186,892

Kenexa Corp. (a)

4,911

66,200

Lawson Software, Inc. (a)

13,001

81,126

MICROS Systems, Inc. (a)

1,000

30,190

MicroStrategy, Inc. Class A (a)

1,495

106,952

Net 1 UEPS Technologies, Inc. (a)

2,528

52,987

Quest Software, Inc. (a)

7,926

133,553

Solera Holdings, Inc.

5,920

184,171

SonicWALL, Inc. (a)

10,506

88,250

SPSS, Inc. (a)(c)

1,453

72,577

SuccessFactors, Inc. (a)

7,280

102,430

TeleCommunication Systems, Inc.
Class A (a)(c)

6,953

58,127

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

TIBCO Software, Inc. (a)

5,811

$ 55,146

Vasco Data Security International, Inc. (a)

7,401

54,915

 

1,616,580

TOTAL INFORMATION TECHNOLOGY

8,314,422

MATERIALS - 5.3%

Chemicals - 2.4%

H.B. Fuller Co.

6,166

128,869

Innophos Holdings, Inc.

6,058

112,073

NewMarket Corp.

1,923

178,916

OM Group, Inc. (a)

3,857

117,214

OMNOVA Solutions, Inc. (a)(c)

20,673

133,961

Solutia, Inc. (a)

5,200

60,216

Spartech Corp.

11,500

123,855

W.R. Grace & Co. (a)(c)

3,255

70,764

Westlake Chemical Corp. (c)

3,425

88,023

 

1,013,891

Containers & Packaging - 1.1%

Rock-Tenn Co. Class A (c)

5,563

262,073

Silgan Holdings, Inc. (c)

3,641

191,990

 

454,063

Metals & Mining - 0.6%

Compass Minerals International, Inc.

1,045

64,393

Worthington Industries, Inc.

11,756

163,408

 

227,801

Paper & Forest Products - 1.2%

Buckeye Technologies, Inc. (a)

17,574

188,569

Domtar Corp. (a)

4,364

153,700

Glatfelter

13,871

159,239

 

501,508

TOTAL MATERIALS

2,197,263

TELECOMMUNICATION SERVICES - 1.7%

Diversified Telecommunication Services - 0.9%

Cincinnati Bell, Inc. (a)(c)

40,282

140,987

Consolidated Communications
Holdings, Inc.

8,854

141,753

Iowa Telecommunication Services, Inc.

7,000

88,200

 

370,940

Wireless Telecommunication Services - 0.8%

NTELOS Holdings Corp.

189

3,338

 

Shares

Value

Syniverse Holdings, Inc. (a)

10,138

$ 177,415

USA Mobility, Inc.

11,342

146,085

 

326,838

TOTAL TELECOMMUNICATION SERVICES

697,778

UTILITIES - 2.2%

Electric Utilities - 0.8%

Central Vermont Public Service Corp.

3,980

76,814

Cleco Corp.

2,500

62,700

Portland General Electric Co.

2,919

57,563

UIL Holdings Corp.

5,228

137,967

 

335,044

Gas Utilities - 1.1%

Chesapeake Utilities Corp.

1,800

55,782

New Jersey Resources Corp.

1,928

70,006

Nicor, Inc.

952

34,834

Northwest Natural Gas Co. (c)

1,105

46,034

Piedmont Natural Gas Co., Inc.

2,952

70,671

Southwest Gas Corp.

3,306

84,567

WGL Holdings, Inc.

2,395

79,370

 

441,264

Multi-Utilities - 0.3%

Avista Corp.

6,860

138,709

TOTAL UTILITIES

915,017

TOTAL COMMON STOCKS

(Cost $38,930,748)

40,123,429

U.S. Treasury Obligations - 0.9%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.34% to 0.53% 10/22/09 to 6/3/10 (d)

(Cost $374,195)

$ 375,000

374,672

Money Market Funds - 29.3%

Shares

 

Fidelity Cash Central Fund, 0.25% (e)

1,065,070

1,065,070

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(e)

11,102,077

11,102,077

TOTAL MONEY MARKET FUNDS

(Cost $12,167,147)

12,167,147

Cash Equivalents - 0.1%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at 0.03%, dated 9/30/09 due 10/1/09 (Collateralized by U.S. Treasury Obligations) #
(Cost $27,000)

$ 27,000

$ 27,000

TOTAL INVESTMENT PORTFOLIO - 126.8%

(Cost $51,499,090)

52,692,248

NET OTHER ASSETS - (26.8)%

(11,124,857)

NET ASSETS - 100%

$ 41,567,391

Futures Contracts

 

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

23 NYFE Russell 2000 Mini Index Contracts

Dec. 2009

$ 1,386,900

$ 66,487

 

The face value of futures purchased as a percentage of net assets - 3.3%

Legend

(a) Non-income producing

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

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $374,672.

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

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

Repurchase Agreement / Counterparty

Value

$27,000 due 10/01/09 at 0.03%

BNP Paribas Securities Corp.

$ 870

Barclays Capital, Inc.

6,785

Credit Suisse Securities (USA) LLC

5,422

HSBC Securities (USA), Inc.

10,442

Morgan Stanley & Co., Inc.

3,481

 

$ 27,000

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

$ 4,833

Fidelity Securities Lending Cash Central Fund

24,218

Total

$ 29,051

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,969,414

$ 5,969,414

$ -

$ -

Consumer Staples

1,478,753

1,478,753

-

-

Energy

1,406,323

1,406,323

-

-

Financials

7,281,789

7,281,789

-

-

Health Care

5,633,727

5,633,727

-

-

Industrials

6,228,943

6,228,943

-

-

Information Technology

8,314,422

8,314,422

-

-

Materials

2,197,263

2,197,263

-

-

Telecommunication Services

697,778

697,778

-

-

Utilities

915,017

915,017

-

-

U.S. Government and Government Agency Obligations

374,672

-

374,672

-

Money Market Funds

12,167,147

12,167,147

-

-

Cash Equivalents

27,000

-

27,000

-

Total Investments in Securities:

$ 52,692,248

$ 52,290,576

$ 401,672

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 66,487

$ 66,487

$ -

$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $51,537,291. Net unrealized appreciation aggregated $1,154,957, of which $5,268,675 related to appreciated investment securities and $4,113,718 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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 based on quotations received from dealers who make markets in such securities or by independent pricing services. For U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers 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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Index 500 Portfolio

September 30, 2009 

1.808790.105

VIPIDX-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value

CONSUMER DISCRETIONARY - 9.1%

Auto Components - 0.2%

Johnson Controls, Inc. (c)

124,218

$ 3,175,012

The Goodyear Tire & Rubber Co. (a)

50,462

859,368

 

4,034,380

Automobiles - 0.3%

Ford Motor Co. (a)

671,993

4,845,070

Harley-Davidson, Inc.

48,934

1,125,482

 

5,970,552

Distributors - 0.1%

Genuine Parts Co. (c)

33,280

1,266,637

Diversified Consumer Services - 0.2%

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

26,611

1,960,432

DeVry, Inc. (c)

12,916

714,513

H&R Block, Inc. (c)

69,948

1,285,644

 

3,960,589

Hotels, Restaurants & Leisure - 1.5%

Carnival Corp. unit

91,405

3,041,958

Darden Restaurants, Inc. (c)

29,088

992,773

International Game Technology (c)

61,811

1,327,700

Marriott International, Inc. Class A (c)

52,439

1,446,792

McDonald's Corp.

227,666

12,992,899

Starbucks Corp. (a)(c)

153,766

3,175,268

Starwood Hotels & Resorts Worldwide, Inc. (c)

38,975

1,287,344

Wyndham Worldwide Corp.

37,261

608,100

Wynn Resorts Ltd. (a)(c)

14,382

1,019,540

Yum! Brands, Inc. (c)

97,329

3,285,827

 

29,178,201

Household Durables - 0.4%

Black & Decker Corp. (c)

12,551

580,986

D.R. Horton, Inc. (c)

57,550

656,646

Fortune Brands, Inc. (c)

31,343

1,347,122

Harman International Industries, Inc.

14,463

490,006

KB Home

15,433

256,342

Leggett & Platt, Inc. (c)

32,572

631,897

Lennar Corp. Class A (c)

32,170

458,423

Newell Rubbermaid, Inc. (c)

57,931

908,937

Pulte Homes, Inc. (c)

65,937

724,648

Snap-On, Inc. (c)

12,040

418,510

The Stanley Works (c)

16,554

706,690

Whirlpool Corp. (c)

15,443

1,080,392

 

8,260,599

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)(c)

69,361

6,475,543

Expedia, Inc. (a)

43,929

1,052,100

 

7,527,643

 

Shares

Value

Leisure Equipment & Products - 0.1%

Eastman Kodak Co. (c)

55,950

$ 267,441

Hasbro, Inc. (c)

26,265

728,854

Mattel, Inc. (c)

75,093

1,386,217

 

2,382,512

Media - 2.6%

CBS Corp. Class B (c)

141,380

1,703,629

Comcast Corp. Class A

598,668

10,111,503

Gannett Co., Inc. (c)

48,971

612,627

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

101,408

762,588

McGraw-Hill Companies, Inc. (c)

65,670

1,650,944

Meredith Corp. (c)

7,596

227,424

News Corp. Class A

469,020

5,623,550

Omnicom Group, Inc. (c)

64,829

2,394,783

Scripps Networks Interactive, Inc. Class A

18,612

687,713

The DIRECTV Group, Inc. (a)(c)

93,781

2,586,480

The New York Times Co. Class A

24,113

195,798

The Walt Disney Co. (c)

387,714

10,646,626

Time Warner Cable, Inc. (c)

73,506

3,167,374

Time Warner, Inc.

247,331

7,118,186

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

126,599

3,549,836

Washington Post Co. Class B (c)

1,294

605,696

 

51,644,757

Multiline Retail - 0.9%

Big Lots, Inc. (a)(c)

17,236

431,245

Family Dollar Stores, Inc. (c)

29,148

769,507

JCPenney Co., Inc.

49,204

1,660,635

Kohl's Corp. (a)(c)

63,747

3,636,766

Macy's, Inc.

87,725

1,604,490

Nordstrom, Inc. (c)

34,365

1,049,507

Sears Holdings Corp. (a)(c)

10,410

679,877

Target Corp.

156,845

7,321,525

 

17,153,552

Specialty Retail - 1.9%

Abercrombie & Fitch Co. Class A (c)

18,348

603,282

AutoNation, Inc. (a)(c)

19,683

355,869

AutoZone, Inc. (a)

6,726

983,476

Bed Bath & Beyond, Inc. (a)(c)

54,634

2,050,960

Best Buy Co., Inc.

71,222

2,672,249

Gamestop Corp. Class A (a)(c)

34,353

909,324

Gap, Inc.

100,448

2,149,587

Home Depot, Inc. (c)

355,588

9,472,864

Limited Brands, Inc. (c)

55,699

946,326

Lowe's Companies, Inc.

308,234

6,454,420

O'Reilly Automotive, Inc. (a)(c)

28,526

1,030,930

Office Depot, Inc. (a)(c)

57,313

379,412

RadioShack Corp. (c)

26,113

432,692

Sherwin-Williams Co. (c)

20,377

1,225,880

Staples, Inc.

150,688

3,498,975

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Tiffany & Co., Inc.

25,891

$ 997,580

TJX Companies, Inc. (c)

88,420

3,284,803

 

37,448,629

Textiles, Apparel & Luxury Goods - 0.5%

Coach, Inc.

66,355

2,184,407

NIKE, Inc. Class B (c)

81,096

5,246,911

Polo Ralph Lauren Corp. Class A

12,062

924,190

VF Corp.

18,600

1,347,198

 

9,702,706

TOTAL CONSUMER DISCRETIONARY

178,530,757

CONSUMER STAPLES - 11.5%

Beverages - 2.7%

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

22,923

1,105,347

Coca-Cola Enterprises, Inc.

66,164

1,416,571

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

41,452

627,998

Dr Pepper Snapple Group, Inc. (a)

52,993

1,523,549

Molson Coors Brewing Co. Class B (c)

32,711

1,592,371

Pepsi Bottling Group, Inc.

30,050

1,095,022

PepsiCo, Inc. (c)

324,985

19,063,620

The Coca-Cola Co.

483,442

25,960,835

 

52,385,313

Food & Staples Retailing - 2.8%

Costco Wholesale Corp. (c)

90,720

5,122,051

CVS Caremark Corp.

301,073

10,760,349

Kroger Co.

135,899

2,804,955

Safeway, Inc.

86,886

1,713,392

SUPERVALU, Inc.

44,223

665,998

Sysco Corp. (c)

123,292

3,063,806

Wal-Mart Stores, Inc.

450,561

22,118,039

Walgreen Co. (c)

207,020

7,757,039

Whole Foods Market, Inc. (a)(c)

29,305

893,509

 

54,899,138

Food Products - 1.6%

Archer Daniels Midland Co. (c)

133,936

3,913,610

Campbell Soup Co.

40,194

1,311,128

ConAgra Foods, Inc. (c)

92,225

1,999,438

Dean Foods Co. (a)(c)

37,609

669,064

General Mills, Inc.

67,885

4,370,436

H.J. Heinz Co.

65,751

2,613,602

Hershey Co.

34,594

1,344,323

Hormel Foods Corp. (c)

14,559

517,136

Kellogg Co. (c)

53,509

2,634,248

Kraft Foods, Inc. Class A

307,693

8,083,095

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

27,262

925,272

Sara Lee Corp. (c)

145,121

1,616,648

 

Shares

Value

The J.M. Smucker Co.

24,814

$ 1,315,390

Tyson Foods, Inc. Class A (c)

63,692

804,430

 

32,117,820

Household Products - 2.6%

Clorox Co.

29,069

1,709,839

Colgate-Palmolive Co. (c)

103,977

7,931,366

Kimberly-Clark Corp.

86,467

5,099,824

Procter & Gamble Co.

608,910

35,268,067

 

50,009,096

Personal Products - 0.2%

Avon Products, Inc. (c)

89,066

3,024,681

Estee Lauder Companies, Inc. Class A (c)

24,620

912,910

 

3,937,591

Tobacco - 1.6%

Altria Group, Inc.

432,106

7,695,808

Lorillard, Inc.

34,453

2,559,858

Philip Morris International, Inc.

403,547

19,668,881

Reynolds American, Inc.

35,253

1,569,464

 

31,494,011

TOTAL CONSUMER STAPLES

224,842,969

ENERGY - 11.6%

Energy Equipment & Services - 1.9%

Baker Hughes, Inc. (c)

64,643

2,757,670

BJ Services Co.

60,940

1,184,064

Cameron International Corp. (a)(c)

45,864

1,734,576

Diamond Offshore Drilling, Inc. (c)

14,499

1,384,944

ENSCO International, Inc.

29,715

1,264,076

FMC Technologies, Inc. (a)(c)

25,545

1,334,471

Halliburton Co. (c)

188,107

5,101,462

Nabors Industries Ltd. (a)(c)

59,254

1,238,409

National Oilwell Varco, Inc. (a)(c)

87,241

3,762,704

Rowan Companies, Inc. (c)

23,729

547,428

Schlumberger Ltd.

249,878

14,892,729

Smith International, Inc. (c)

46,006

1,320,372

 

36,522,905

Oil, Gas & Consumable Fuels - 9.7%

Anadarko Petroleum Corp. (c)

102,329

6,419,098

Apache Corp.

70,040

6,431,773

Cabot Oil & Gas Corp.

21,621

772,951

Chesapeake Energy Corp.

133,855

3,801,482

Chevron Corp. (c)

418,370

29,465,799

ConocoPhillips

309,348

13,970,156

CONSOL Energy, Inc. (c)

37,696

1,700,467

Denbury Resources, Inc. (a)(c)

52,035

787,290

Devon Energy Corp.

92,581

6,233,479

El Paso Corp. (c)

146,277

1,509,579

EOG Resources, Inc.

52,556

4,388,952

Exxon Mobil Corp.

1,002,536

68,783,996

Hess Corp.

60,721

3,246,145

Marathon Oil Corp.

147,639

4,709,684

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Massey Energy Co. (c)

17,830

$ 497,279

Murphy Oil Corp.

39,806

2,291,631

Noble Energy, Inc.

36,172

2,385,905

Occidental Petroleum Corp. (c)

169,136

13,260,262

Peabody Energy Corp. (c)

55,834

2,078,141

Pioneer Natural Resources Co.

24,004

871,105

Range Resources Corp. (c)

32,805

1,619,255

Southwestern Energy Co. (a)(c)

71,864

3,067,156

Spectra Energy Corp. (c)

134,743

2,552,032

Sunoco, Inc.

24,387

693,810

Tesoro Corp. (c)

29,112

436,098

Valero Energy Corp. (c)

117,398

2,276,347

Williams Companies, Inc.

121,613

2,173,224

XTO Energy, Inc.

121,036

5,001,208

 

191,424,304

TOTAL ENERGY

227,947,209

FINANCIALS - 15.1%

Capital Markets - 3.1%

Ameriprise Financial, Inc.

53,196

1,932,611

Bank of New York Mellon Corp.

250,922

7,274,229

Charles Schwab Corp. (c)

198,576

3,802,730

E*TRADE Financial Corp. (a)(c)

193,374

338,405

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

18,456

486,685

Franklin Resources, Inc.

31,232

3,141,939

Goldman Sachs Group, Inc.

106,649

19,660,743

Invesco Ltd.

86,793

1,975,409

Janus Capital Group, Inc. (c)

37,992

538,727

Legg Mason, Inc.

33,877

1,051,203

Morgan Stanley (c)

283,536

8,755,592

Northern Trust Corp.

50,359

2,928,879

State Street Corp.

103,155

5,425,953

T. Rowe Price Group, Inc.

53,430

2,441,751

 

59,754,856

Commercial Banks - 2.9%

BB&T Corp.

142,186

3,873,147

Comerica, Inc. (c)

31,524

935,317

Fifth Third Bancorp

165,910

1,680,668

First Horizon National Corp. (c)

45,608

603,394

Huntington Bancshares, Inc.

138,557

652,603

KeyCorp

183,273

1,191,275

M&T Bank Corp. (c)

17,225

1,073,462

Marshall & Ilsley Corp.

76,792

619,711

PNC Financial Services Group, Inc. (c)

96,253

4,676,933

Regions Financial Corp.

247,869

1,539,266

SunTrust Banks, Inc.

104,061

2,346,576

U.S. Bancorp, Delaware

398,857

8,719,014

 

Shares

Value

Wells Fargo & Co. (c)

974,545

$ 27,462,678

Zions Bancorp

26,376

473,977

 

55,848,021

Consumer Finance - 0.7%

American Express Co.

248,079

8,409,878

Capital One Financial Corp. (c)

94,910

3,391,134

Discover Financial Services

111,753

1,813,751

SLM Corp. (a)(c)

97,548

850,619

 

14,465,382

Diversified Financial Services - 4.6%

Bank of America Corp.

1,804,810

30,537,385

Citigroup, Inc.

2,720,645

13,167,922

CME Group, Inc. (c)

13,857

4,270,589

IntercontinentalExchange, Inc. (a)(c)

15,264

1,483,508

JPMorgan Chase & Co.

820,374

35,948,789

Leucadia National Corp. (a)(c)

39,653

980,222

Moody's Corp. (c)

40,914

837,100

NYSE Euronext

54,239

1,566,965

The NASDAQ Stock Market, Inc. (a)

29,606

623,206

 

89,415,686

Insurance - 2.6%

AFLAC, Inc. (c)

97,530

4,168,432

Allstate Corp. (c)

111,896

3,426,256

American International Group, Inc.

28,074

1,238,344

Aon Corp.

57,260

2,329,909

Assurant, Inc.

24,601

788,708

Cincinnati Financial Corp.

33,927

881,763

Genworth Financial, Inc. Class A (c)

100,385

1,199,601

Hartford Financial Services Group, Inc.

80,162

2,124,293

Lincoln National Corp.

63,020

1,632,848

Loews Corp.

75,880

2,598,890

Marsh & McLennan Companies, Inc.

109,275

2,702,371

MBIA, Inc. (a)

32,976

255,894

MetLife, Inc. (c)

170,776

6,501,442

Principal Financial Group, Inc.

66,533

1,822,339

Progressive Corp. (a)(c)

141,563

2,347,115

Prudential Financial, Inc.

96,586

4,820,607

The Chubb Corp. (c)

72,993

3,679,577

The Travelers Companies, Inc.

118,399

5,828,783

Torchmark Corp. (c)

17,259

749,558

Unum Group (c)

69,136

1,482,276

XL Capital Ltd. Class A (c)

71,381

1,246,312

 

51,825,318

Real Estate Investment Trusts - 1.1%

Apartment Investment & Management Co. Class A

24,416

360,136

AvalonBay Communities, Inc. (c)

16,675

1,212,773

Boston Properties, Inc.

28,910

1,895,051

Equity Residential (SBI)

57,154

1,754,628

HCP, Inc. (c)

61,143

1,757,250

Health Care REIT, Inc. (c)

25,010

1,040,916

Host Hotels & Resorts, Inc. (c)

125,979

1,482,773

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Kimco Realty Corp.

78,514

$ 1,023,823

Plum Creek Timber Co., Inc. (c)

33,964

1,040,657

ProLogis Trust (c)

92,372

1,101,074

Public Storage (c)

28,290

2,128,540

Simon Property Group, Inc. (c)

59,053

4,100,050

Ventas, Inc.

32,656

1,257,256

Vornado Realty Trust (c)

32,569

2,097,769

 

22,252,696

Real Estate Management & Development - 0.0%

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

50,102

588,197

Thrifts & Mortgage Finance - 0.1%

Hudson City Bancorp, Inc. (c)

98,395

1,293,894

People's United Financial, Inc. (c)

72,674

1,130,807

 

2,424,701

TOTAL FINANCIALS

296,574,857

HEALTH CARE - 13.0%

Biotechnology - 1.7%

Amgen, Inc. (a)

211,839

12,759,063

Biogen Idec, Inc. (a)

60,258

3,044,234

Celgene Corp. (a)(c)

95,673

5,348,121

Cephalon, Inc. (a)(c)

15,572

906,913

Genzyme Corp. (a)(c)

56,389

3,198,948

Gilead Sciences, Inc. (a)

188,638

8,786,758

 

34,044,037

Health Care Equipment & Supplies - 2.0%

Baxter International, Inc.

125,732

7,167,981

Becton, Dickinson & Co.

49,939

3,483,245

Boston Scientific Corp. (a)(c)

314,479

3,330,333

C. R. Bard, Inc.

20,364

1,600,814

CareFusion Corp. (a)(c)

37,552

818,634

DENTSPLY International, Inc. (c)

30,998

1,070,671

Hospira, Inc. (a)(c)

33,604

1,498,738

Intuitive Surgical, Inc. (a)(c)

7,914

2,075,447

Medtronic, Inc.

230,890

8,496,752

St. Jude Medical, Inc. (a)

72,592

2,831,814

Stryker Corp. (c)

58,882

2,675,009

Varian Medical Systems, Inc. (a)

26,187

1,103,258

Zimmer Holdings, Inc. (a)

44,706

2,389,536

 

38,542,232

Health Care Providers & Services - 2.0%

Aetna, Inc. (c)

91,058

2,534,144

AmerisourceBergen Corp. (c)

62,011

1,387,806

Cardinal Health, Inc.

75,034

2,010,911

CIGNA Corp. (c)

56,889

1,598,012

Coventry Health Care, Inc. (a)(c)

31,203

622,812

DaVita, Inc. (a)(c)

21,695

1,228,805

 

Shares

Value

Express Scripts, Inc. (a)(c)

57,246

$ 4,441,145

Humana, Inc. (a)(c)

35,392

1,320,122

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

22,592

1,484,294

McKesson Corp.

55,519

3,306,156

Medco Health Solutions, Inc. (a)

98,827

5,466,121

Patterson Companies, Inc. (a)

19,393

528,459

Quest Diagnostics, Inc.

32,549

1,698,732

Tenet Healthcare Corp. (a)

90,323

531,099

UnitedHealth Group, Inc.

242,493

6,072,025

WellPoint, Inc. (a)

99,102

4,693,471

 

38,924,114

Health Care Technology - 0.0%

IMS Health, Inc.

38,048

584,037

Life Sciences Tools & Services - 0.4%

Life Technologies Corp. (a)(c)

36,786

1,712,388

Millipore Corp. (a)(c)

11,587

814,914

PerkinElmer, Inc. (c)

24,345

468,398

Thermo Fisher Scientific, Inc. (a)(c)

85,145

3,718,282

Waters Corp. (a)(c)

19,926

1,113,066

 

7,827,048

Pharmaceuticals - 6.9%

Abbott Laboratories

322,493

15,953,729

Allergan, Inc.

64,150

3,641,154

Bristol-Myers Squibb Co.

413,241

9,306,187

Eli Lilly & Co. (c)

210,934

6,967,150

Forest Laboratories, Inc. (a)(c)

62,933

1,852,748

Johnson & Johnson (c)

574,891

35,005,113

King Pharmaceuticals, Inc. (a)

51,764

557,498

Merck & Co., Inc. (c)

439,930

13,914,986

Mylan, Inc. (a)(c)

63,695

1,019,757

Pfizer, Inc. (c)

1,407,939

23,301,390

Schering-Plough Corp.

340,856

9,629,182

Watson Pharmaceuticals, Inc. (a)(c)

22,056

808,132

Wyeth

278,506

13,529,821

 

135,486,847

TOTAL HEALTH CARE

255,408,315

INDUSTRIALS - 10.1%

Aerospace & Defense - 2.7%

General Dynamics Corp.

80,334

5,189,576

Goodrich Corp.

25,864

1,405,450

Honeywell International, Inc.

156,886

5,828,315

ITT Corp. (c)

38,050

1,984,308

L-3 Communications Holdings, Inc. (c)

24,319

1,953,302

Lockheed Martin Corp.

67,351

5,258,766

Northrop Grumman Corp. (c)

66,361

3,434,182

Precision Castparts Corp. (c)

29,251

2,979,799

Raytheon Co.

81,230

3,896,603

Rockwell Collins, Inc.

32,887

1,670,660

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

The Boeing Co. (c)

151,541

$ 8,205,945

United Technologies Corp.

196,359

11,964,154

 

53,771,060

Air Freight & Logistics - 1.0%

C.H. Robinson Worldwide, Inc. (c)

35,126

2,028,527

Expeditors International of Washington, Inc. (c)

44,253

1,555,493

FedEx Corp. (c)

65,156

4,901,034

United Parcel Service, Inc. Class B

207,454

11,714,927

 

20,199,981

Airlines - 0.1%

Southwest Airlines Co. (c)

154,673

1,484,861

Building Products - 0.1%

Masco Corp.

74,933

968,134

Commercial Services & Supplies - 0.5%

Avery Dennison Corp.

23,520

846,955

Cintas Corp. (c)

27,411

830,827

Iron Mountain, Inc. (a)(c)

37,597

1,002,336

Pitney Bowes, Inc. (c)

43,193

1,073,346

R.R. Donnelley & Sons Co. (c)

42,828

910,523

Republic Services, Inc.

67,239

1,786,540

Stericycle, Inc. (a)(c)

17,742

859,600

Waste Management, Inc. (c)

102,780

3,064,900

 

10,375,027

Construction & Engineering - 0.2%

Fluor Corp.

37,522

1,907,994

Jacobs Engineering Group, Inc. (a)(c)

25,849

1,187,762

Quanta Services, Inc. (a)(c)

41,373

915,584

 

4,011,340

Electrical Equipment - 0.4%

Emerson Electric Co. (c)

156,789

6,284,103

Rockwell Automation, Inc. (c)

29,614

1,261,556

 

7,545,659

Industrial Conglomerates - 2.5%

3M Co.

145,677

10,750,963

General Electric Co. (c)

2,216,866

36,400,940

Textron, Inc. (c)

56,374

1,069,979

 

48,221,882

Machinery - 1.5%

Caterpillar, Inc. (c)

129,608

6,652,779

Cummins, Inc. (c)

42,099

1,886,456

Danaher Corp. (c)

54,027

3,637,098

Deere & Co.

88,231

3,786,875

Dover Corp.

38,830

1,505,051

Eaton Corp. (c)

34,546

1,954,958

Flowserve Corp.

11,667

1,149,666

Illinois Tool Works, Inc.

80,338

3,431,236

PACCAR, Inc. (c)

75,792

2,858,116

 

Shares

Value

Pall Corp.

24,602

$ 794,153

Parker Hannifin Corp. (c)

33,486

1,735,914

 

29,392,302

Professional Services - 0.1%

Dun & Bradstreet Corp.

11,007

829,047

Equifax, Inc. (c)

26,363

768,218

Monster Worldwide, Inc. (a)(c)

26,264

459,095

Robert Half International, Inc. (c)

31,681

792,659

 

2,849,019

Road & Rail - 0.9%

Burlington Northern Santa Fe Corp. (c)

54,618

4,360,155

CSX Corp. (c)

81,781

3,423,353

Norfolk Southern Corp. (c)

76,693

3,306,235

Ryder System, Inc.

11,672

455,908

Union Pacific Corp.

105,203

6,138,595

 

17,684,246

Trading Companies & Distributors - 0.1%

Fastenal Co. (c)

27,577

1,067,230

W.W. Grainger, Inc. (c)

13,055

1,166,595

 

2,233,825

TOTAL INDUSTRIALS

198,737,336

INFORMATION TECHNOLOGY - 18.5%

Communications Equipment - 2.7%

Ciena Corp. (a)(c)

19,095

310,867

Cisco Systems, Inc. (a)

1,203,238

28,324,223

Harris Corp. (c)

27,343

1,028,097

JDS Uniphase Corp. (a)

45,269

321,863

Juniper Networks, Inc. (a)(c)

109,357

2,954,826

Motorola, Inc.

478,836

4,113,201

QUALCOMM, Inc.

346,775

15,597,940

Tellabs, Inc. (a)(c)

82,646

571,910

 

53,222,927

Computers & Peripherals - 5.7%

Apple, Inc. (a)

186,876

34,641,204

Dell, Inc. (a)(c)

359,007

5,478,447

EMC Corp. (a)

421,820

7,187,813

Hewlett-Packard Co.

494,629

23,351,435

International Business Machines Corp.

273,464

32,709,029

Lexmark International, Inc. Class A (a)

16,290

350,887

NetApp, Inc. (a)(c)

70,169

1,872,109

QLogic Corp. (a)(c)

24,637

423,756

SanDisk Corp. (a)(c)

47,367

1,027,864

Sun Microsystems, Inc. (a)

157,159

1,428,575

Teradata Corp. (a)

35,839

986,289

Western Digital Corp. (a)(c)

46,872

1,712,234

 

111,169,642

Electronic Equipment & Components - 0.5%

Agilent Technologies, Inc. (a)(c)

71,994

2,003,593

Amphenol Corp. Class A

35,760

1,347,437

Corning, Inc. (c)

324,302

4,965,064

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

FLIR Systems, Inc. (a)(c)

31,600

$ 883,852

Jabil Circuit, Inc. (c)

38,468

515,856

Molex, Inc.

28,354

592,032

 

10,307,834

Internet Software & Services - 1.9%

Akamai Technologies, Inc. (a)(c)

35,965

707,791

eBay, Inc. (a)

234,196

5,529,368

Google, Inc. Class A (a)

50,190

24,886,712

VeriSign, Inc. (a)(c)

40,234

953,143

Yahoo!, Inc. (a)

248,847

4,431,965

 

36,508,979

IT Services - 1.1%

Affiliated Computer Services, Inc.
Class A (a)

20,369

1,103,389

Automatic Data Processing, Inc.

104,754

4,116,832

Cognizant Technology Solutions Corp. Class A (a)

61,167

2,364,716

Computer Sciences Corp. (a)(c)

31,646

1,668,061

Convergys Corp. (a)

25,628

254,742

Fidelity National Information
Services, Inc.

40,018

1,020,859

Fiserv, Inc. (a)(c)

32,205

1,552,281

MasterCard, Inc. Class A

20,016

4,046,234

Paychex, Inc. (c)

67,020

1,946,931

The Western Union Co.

146,350

2,768,942

Total System Services, Inc. (c)

41,127

662,556

 

21,505,543

Office Electronics - 0.1%

Xerox Corp.

181,299

1,403,254

Semiconductors & Semiconductor Equipment - 2.5%

Advanced Micro Devices, Inc. (a)(c)

116,988

662,152

Altera Corp. (c)

61,370

1,258,699

Analog Devices, Inc. (c)

60,820

1,677,416

Applied Materials, Inc. (c)

278,226

3,728,228

Broadcom Corp. Class A (a)(c)

90,001

2,762,131

Intel Corp.

1,167,799

22,853,826

KLA-Tencor Corp. (c)

35,603

1,276,724

Linear Technology Corp. (c)

46,372

1,281,258

LSI Corp. (a)(c)

135,996

746,618

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

46,635

775,540

Microchip Technology, Inc. (c)

38,165

1,011,373

Micron Technology, Inc. (a)(c)

176,660

1,448,612

National Semiconductor Corp. (c)

48,827

696,761

Novellus Systems, Inc. (a)

20,357

427,090

NVIDIA Corp. (a)(c)

114,277

1,717,583

Teradyne, Inc. (a)(c)

36,418

336,867

Texas Instruments, Inc. (c)

263,146

6,233,929

Xilinx, Inc. (c)

57,579

1,348,500

 

50,243,307

 

Shares

Value

Software - 4.0%

Adobe Systems, Inc. (a)(c)

109,520

$ 3,618,541

Autodesk, Inc. (a)(c)

47,925

1,140,615

BMC Software, Inc. (a)(c)

38,382

1,440,476

CA, Inc.

83,045

1,826,160

Citrix Systems, Inc. (a)(c)

38,185

1,497,998

Compuware Corp. (a)

49,553

363,223

Electronic Arts, Inc. (a)(c)

67,490

1,285,685

Intuit, Inc. (a)(c)

67,394

1,920,729

McAfee, Inc. (a)(c)

32,794

1,436,049

Microsoft Corp.

1,617,205

41,869,437

Novell, Inc. (a)(c)

72,345

326,276

Oracle Corp.

814,756

16,979,515

Red Hat, Inc. (a)(c)

39,220

1,084,041

Salesforce.com, Inc. (a)(c)

22,764

1,295,955

Symantec Corp. (a)

169,914

2,798,484

 

78,883,184

TOTAL INFORMATION TECHNOLOGY

363,244,670

MATERIALS - 3.5%

Chemicals - 2.0%

Air Products & Chemicals, Inc.

43,825

3,399,944

Airgas, Inc. (c)

17,036

824,031

CF Industries Holdings, Inc.

10,108

871,613

Dow Chemical Co.

238,571

6,219,546

E.I. du Pont de Nemours & Co. (c)

188,502

6,058,454

Eastman Chemical Co. (c)

15,159

811,613

Ecolab, Inc. (c)

49,404

2,283,947

FMC Corp.

15,123

850,669

International Flavors & Fragrances, Inc.

16,479

625,048

Monsanto Co.

113,883

8,814,544

PPG Industries, Inc. (c)

34,402

2,002,540

Praxair, Inc.

64,001

5,228,242

Sigma Aldrich Corp.

25,412

1,371,740

 

39,361,931

Construction Materials - 0.1%

Vulcan Materials Co. (c)

26,074

1,409,821

Containers & Packaging - 0.2%

Ball Corp. (c)

19,634

965,993

Bemis Co., Inc. (c)

22,529

583,726

Owens-Illinois, Inc. (a)

35,126

1,296,149

Pactiv Corp. (a)(c)

27,529

717,130

Sealed Air Corp.

33,122

650,185

 

4,213,183

Metals & Mining - 1.0%

AK Steel Holding Corp. (c)

22,820

450,239

Alcoa, Inc. (c)

203,264

2,666,824

Allegheny Technologies, Inc. (c)

20,459

715,860

Freeport-McMoRan Copper & Gold, Inc. (c)

85,905

5,893,942

Newmont Mining Corp. (c)

102,219

4,499,680

Nucor Corp.

65,644

3,085,924

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Titanium Metals Corp. (c)

17,704

$ 169,781

United States Steel Corp. (c)

29,899

1,326,619

 

18,808,869

Paper & Forest Products - 0.2%

International Paper Co. (c)

90,278

2,006,880

MeadWestvaco Corp. (c)

35,696

796,378

Weyerhaeuser Co. (c)

44,091

1,615,935

 

4,419,193

TOTAL MATERIALS

68,212,997

TELECOMMUNICATION SERVICES - 3.2%

Diversified Telecommunication Services - 2.9%

AT&T, Inc.

1,230,799

33,243,881

CenturyTel, Inc.

62,012

2,083,603

Frontier Communications Corp. (c)

65,161

491,314

Qwest Communications International, Inc. (c)

309,257

1,178,269

Verizon Communications, Inc.

592,580

17,937,397

Windstream Corp.

91,102

922,863

 

55,857,327

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)(c)

82,324

2,996,594

MetroPCS Communications, Inc. (a)(c)

54,362

508,828

Sprint Nextel Corp. (a)

599,931

2,369,727

 

5,875,149

TOTAL TELECOMMUNICATION SERVICES

61,732,476

UTILITIES - 3.7%

Electric Utilities - 2.1%

Allegheny Energy, Inc. (c)

35,356

937,641

American Electric Power Co., Inc. (c)

99,463

3,082,358

Duke Energy Corp. (c)

270,510

4,257,827

Edison International

67,967

2,282,332

Entergy Corp.

40,844

3,261,802

Exelon Corp.

137,491

6,822,303

FirstEnergy Corp. (c)

63,592

2,907,426

FPL Group, Inc.

85,835

4,740,667

Northeast Utilities (c)

36,566

868,077

Pepco Holdings, Inc.

46,065

685,447

Pinnacle West Capital Corp. (c)

21,112

692,896

PPL Corp. (c)

78,558

2,383,450

Progress Energy, Inc.

58,264

2,275,792

Southern Co. (c)

166,064

5,259,247

 

40,457,265

 

Shares

Value

Gas Utilities - 0.1%

EQT Corp. (c)

27,308

$ 1,163,321

Nicor, Inc.

9,434

345,190

Questar Corp. (c)

36,346

1,365,156

 

2,873,667

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (c)

139,144

2,062,114

Constellation Energy Group, Inc.

41,853

1,354,782

Dynegy, Inc. Class A (a)

105,761

269,691

 

3,686,587

Multi-Utilities - 1.3%

Ameren Corp. (c)

48,684

1,230,732

CenterPoint Energy, Inc.

80,607

1,001,945

CMS Energy Corp. (c)

47,754

639,904

Consolidated Edison, Inc. (c)

57,365

2,348,523

Dominion Resources, Inc. (c)

124,176

4,284,072

DTE Energy Co.

34,311

1,205,689

Integrys Energy Group, Inc. (c)

15,943

572,194

NiSource, Inc. (c)

57,438

797,814

PG&E Corp.

77,329

3,131,051

Public Service Enterprise Group, Inc.

105,553

3,318,586

SCANA Corp. (c)

23,003

802,805

Sempra Energy

51,180

2,549,276

TECO Energy, Inc. (c)

44,589

627,813

Wisconsin Energy Corp.

24,389

1,101,651

Xcel Energy, Inc. (c)

95,069

1,829,128

 

25,441,183

TOTAL UTILITIES

72,458,702

TOTAL COMMON STOCKS

(Cost $1,403,602,544)

1,947,690,288

U.S. Treasury Obligations - 0.2%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.35% to 0.48% 10/22/09 to 12/17/09 (d)
(Cost $4,776,965)

$ 4,780,000

4,779,541

Money Market Funds - 28.5%

Shares

Value

Fidelity Cash Central Fund, 0.25% (e)

8,683,850

$ 8,683,850

Fidelity Securities Lending Cash Central Fund, 0.19% (b)(e)

551,442,291

551,442,291

TOTAL MONEY MARKET FUNDS

(Cost $560,126,141)

560,126,141

TOTAL INVESTMENT PORTFOLIO - 128.0%

(Cost $1,968,505,650)

2,512,595,970

NET OTHER ASSETS - (28.0)%

(550,325,416)

NET ASSETS - 100%

$ 1,962,270,554

Futures Contracts

 

Expiration Date

Underlying Face Amount at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

59 CME S&P 500 Index Contracts

Dec. 2009

$ 15,530,275

$ 706,643

 

The face value of futures purchased as a percentage of net assets - 0.8%

Legend

(a) Non-income producing

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

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,149,667.

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 125,241

Fidelity Securities Lending Cash Central Fund

1,236,659

Total

$ 1,361,900

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 178,530,757

$ 178,530,757

$ -

$ -

Consumer Staples

224,842,969

224,842,969

-

-

Energy

227,947,209

227,947,209

-

-

Financials

296,574,857

296,574,857

-

-

Health Care

255,408,315

255,408,315

-

-

Industrials

198,737,336

198,737,336

-

-

Information Technology

363,244,670

363,244,670

-

-

Materials

68,212,997

68,212,997

-

-

Telecommunication Services

61,732,476

61,732,476

-

-

Utilities

72,458,702

72,458,702

-

-

U.S. Government and Government Agency Obligations

4,779,541

-

4,779,541

-

Money Market Funds

560,126,141

560,126,141

-

-

Total Investments in Securities:

$ 2,512,595,970

$ 2,507,816,429

$ 4,779,541

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 706,643

$ 706,643

$ -

$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,974,369,464. Net unrealized appreciation aggregated $538,226,506, of which $826,337,863 related to appreciated investment securities and $288,111,357 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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 based on quotations received from dealers who make markets in such securities or by independent pricing services. For U.S. government and government agency obligations pricing services generally utilize matrix pricing which considers 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.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund II

By:

/s/ Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

November 30, 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:

November 30, 2009

By:

/s/ Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 30, 2009