VARIABLE INSURANCE
PRODUCTS FUND
VARIABLE INSURANCE PRODUCTS FUND II
VARIABLE INSURANCE PRODUCTS FUND III:
HIGH INCOME, EQUITY-INCOME, OVERSEAS, GROWTH, ASSET MANAGER, ASSET MANAGER:
GROWTH, INDEX 500, CONTRAFUND, BALANCED, GROWTH & INCOME, GROWTH
OPPORTUNITIES, INVESTMENT GRADE BOND PORTFOLIOS
SUPPLEMENT TO THE PROSPECTUS
DATED APRIL 30, 1997
The following information supplements the disclosure found under the
section "Investment Principles and Risks" in the Portfolios' Prospectus.
Fidelity Management & Research Company normally invests each fund's assets
according to its investment strategy. High Income, Equity-Income, Growth,
Overseas, Asset Manager, Asset Manager: Growth, Index 500, Contrafund,
Balanced, Growth & Income and Growth Opportunities Portfolios also reserve
the right to invest without limitation in preferred stocks and
investment-grade bond debt instruments for temporary, defensive purposes.
Investment Grade Bond Portfolio reserves the right to invest without
limitation in investment-grade money market instruments or short-term debt
instruments for temporary, defensive purposes.
