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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
SIGNATURE JOHN H. COSTELLO
TITLE ASST. TREASURER
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<CIK> 0000831016
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<SERIES>
<NUMBER> 3
<NAME> Index 500 Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
YEAR
<FISCAL-YEAR-END>
DEC-31-1994
<PERIOD-END>
DEC-31-1994
<INVESTMENTS-AT-COST>
50,153
<INVESTMENTS-AT-VALUE>
51,172
<RECEIVABLES>
448
<ASSETS-OTHER>
1
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
51,621
<PAYABLE-FOR-SECURITIES>
2
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
318
<TOTAL-LIABILITIES>
320
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
49,107
<SHARES-COMMON-STOCK>
913
<SHARES-COMMON-PRIOR>
451
<ACCUMULATED-NII-CURRENT>
1,040
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
114
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
1,040
<NET-ASSETS>
51,301
<DIVIDEND-INCOME>
938
<INTEREST-INCOME>
205
<OTHER-INCOME>
0
<EXPENSES-NET>
104
<NET-INVESTMENT-INCOME>
1,039
<REALIZED-GAINS-CURRENT>
123
<APPREC-INCREASE-CURRENT>
(623)
<NET-CHANGE-FROM-OPS>
539
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
49
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
593
<NUMBER-OF-SHARES-REDEEMED>
133
<SHARES-REINVESTED>
1
<NET-CHANGE-IN-ASSETS>
26,148
<ACCUMULATED-NII-PRIOR>
1
<ACCUMULATED-GAINS-PRIOR>
40
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
103
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
299
<AVERAGE-NET-ASSETS>
36,925
<PER-SHARE-NAV-BEGIN>
55.740
<PER-SHARE-NII>
1.140
<PER-SHARE-GAIN-APPREC>
(.560)
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
.100
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
56.220
<EXPENSE-RATIO>
28
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831016
<NAME> Variable Insurance Products Fund II
<SERIES>
<NUMBER> 1
<NAME> Investment Grade Bond Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
YEAR
<FISCAL-YEAR-END>
DEC-31-1994
<PERIOD-END>
DEC-31-1994
<INVESTMENTS-AT-COST>
109,875
<INVESTMENTS-AT-VALUE>
106,684
<RECEIVABLES>
4,806
<ASSETS-OTHER>
17
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
111,507
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
126
<TOTAL-LIABILITIES>
126
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
112,916
<SHARES-COMMON-STOCK>
10,104
<SHARES-COMMON-PRIOR>
10,660
<ACCUMULATED-NII-CURRENT>
7,323
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(5,673)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(3,185)
<NET-ASSETS>
111,381
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
8,174
<OTHER-INCOME>
0
<EXPENSES-NET>
761
<NET-INVESTMENT-INCOME>
7,413
<REALIZED-GAINS-CURRENT>
(5,606)
<APPREC-INCREASE-CURRENT>
(6,306)
<NET-CHANGE-FROM-OPS>
(4,499)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
317
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
4,760
<NUMBER-OF-SHARES-REDEEMED>
5,343
<SHARES-REINVESTED>
28
<NET-CHANGE-IN-ASSETS>
(10,996)
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
251
<OVERDISTRIB-NII-PRIOR>
90
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
520
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
761
<AVERAGE-NET-ASSETS>
113,480
<PER-SHARE-NAV-BEGIN>
11.480
<PER-SHARE-NII>
.730
<PER-SHARE-GAIN-APPREC>
(1.160)
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
.030
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
11.020
<EXPENSE-RATIO>
67
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831016
<NAME> Variable Insurance Products Fund II
<SERIES>
<NUMBER> 2
<NAME> Asset Manager Portfolio
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
YEAR
<FISCAL-YEAR-END>
DEC-31-1994
<PERIOD-END>
DEC-31-1994
<INVESTMENTS-AT-COST>
3,357,826
<INVESTMENTS-AT-VALUE>
3,287,053
<RECEIVABLES>
59,760
<ASSETS-OTHER>
3,376
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
3,350,189
<PAYABLE-FOR-SECURITIES>
50,023
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
9,639
<TOTAL-LIABILITIES>
59,662
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
3,312,240
<SHARES-COMMON-STOCK>
238,560
<SHARES-COMMON-PRIOR>
157,096
<ACCUMULATED-NII-CURRENT>
117,159
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(69,759)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(69,113)
<NET-ASSETS>
3,290,527
<DIVIDEND-INCOME>
25,486
<INTEREST-INCOME>
123,846
<OTHER-INCOME>
0
<EXPENSES-NET>
24,644
<NET-INVESTMENT-INCOME>
124,688
<REALIZED-GAINS-CURRENT>
(68,906)
<APPREC-INCREASE-CURRENT>
(250,445)
<NET-CHANGE-FROM-OPS>
(194,663)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
50,527
<DISTRIBUTIONS-OF-GAINS>
79,200
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
88,947
<NUMBER-OF-SHARES-REDEEMED>
16,144
<SHARES-REINVESTED>
8,661
<NET-CHANGE-IN-ASSETS>
867,835
<ACCUMULATED-NII-PRIOR>
51,342
<ACCUMULATED-GAINS-PRIOR>
70,945
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
22,081
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
24,775
<AVERAGE-NET-ASSETS>
3,067,352
<PER-SHARE-NAV-BEGIN>
15.420
<PER-SHARE-NII>
.450
<PER-SHARE-GAIN-APPREC>
(1.330)
<PER-SHARE-DIVIDEND>
.290
<PER-SHARE-DISTRIBUTIONS>
.460
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
13.790
<EXPENSE-RATIO>
80
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
