VARIABLE INSURANCE PRODUCTS FUND II: INDEX 500 PORTFOLIO
APRIL 30, 1997 SUPPLEMENT TO THE PROSPECTUS
SHAREHOLDER MEETING. On or about November 19, 1997, a shareholder meeting
will be held to consider the adoption of a subadvisory agreement with
Bankers Trust Company and to consider other proposals. If shareholders of
record on September 22, 1997 approve the subadvisory agreement, Bankers
Trust Company will assume portfolio management responsibilities for the
fund. Fidelity Management & Research Company will retain supervisory
responsibilities for investment management and other fund operations under
its management contract with the fund. Proxy statements will be mailed on
or about September 22, 1997.
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 disclosure for Index 500 portfolio.
SHAREHOLDER MEETING. On or about November 19, 1997, a shareholder meeting
will be held to consider the adoption of a subadvisory agreement with
Bankers Trust Company and to consider other proposals. If shareholders of
record on September 22, 1997 approve the subadvisory agreement, Bankers
Trust Company will assume portfolio management responsibilities for the
fund. Fidelity Management & Research Company will retain supervisory
responsibilities for investment management and other fund operations under
its management contract with the fund. Proxy statements will be mailed on
or about September 22, 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.
