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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE JOHN H. COSTELLO
TITLE ASST. TREASURER
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2,072,395
<RECEIVABLES>
19,778
<ASSETS-OTHER>
7,293
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
2,099,466
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
1,424
<TOTAL-LIABILITIES>
1,424
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
1,617,383
<SHARES-COMMON-STOCK>
18,340
<SHARES-COMMON-PRIOR>
9,244
<ACCUMULATED-NII-CURRENT>
25,920
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0
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59,268
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
395,471
<NET-ASSETS>
2,098,042
<DIVIDEND-INCOME>
24,518
<INTEREST-INCOME>
5,563
<OTHER-INCOME>
0
<EXPENSES-NET>
4,152
<NET-INVESTMENT-INCOME>
25,929
<REALIZED-GAINS-CURRENT>
58,502
<APPREC-INCREASE-CURRENT>
301,565
<NET-CHANGE-FROM-OPS>
385,996
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
10,847
<DISTRIBUTIONS-OF-GAINS>
22,011
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
11,765
<NUMBER-OF-SHARES-REDEEMED>
3,026
<SHARES-REINVESTED>
357
<NET-CHANGE-IN-ASSETS>
1,274,799
<ACCUMULATED-NII-PRIOR>
10,839
<ACCUMULATED-GAINS-PRIOR>
22,777
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
4,103
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
5,980
<AVERAGE-NET-ASSETS>
1,493,127
<PER-SHARE-NAV-BEGIN>
89.050
<PER-SHARE-NII>
1.800
<PER-SHARE-GAIN-APPREC>
26.670
<PER-SHARE-DIVIDEND>
1.030
<PER-SHARE-DISTRIBUTIONS>
2.090
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
114.400
<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> 41
<NAME> Contrafund Portfolio
- Initial Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
dec-31-1997
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3,328,714
<INVESTMENTS-AT-VALUE>
4,102,312
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47,786
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0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,150,098
<PAYABLE-FOR-SECURITIES>
33,486
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
5,021
<TOTAL-LIABILITIES>
38,507
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
3,113,876
<SHARES-COMMON-STOCK>
206,037
<SHARES-COMMON-PRIOR>
144,560
<ACCUMULATED-NII-CURRENT>
28,707
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0
<ACCUMULATED-NET-GAINS>
195,427
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
773,581
<NET-ASSETS>
4,111,591
<DIVIDEND-INCOME>
32,015
<INTEREST-INCOME>
20,168
<OTHER-INCOME>
0
<EXPENSES-NET>
22,485
<NET-INVESTMENT-INCOME>
29,698
<REALIZED-GAINS-CURRENT>
204,570
<APPREC-INCREASE-CURRENT>
450,977
<NET-CHANGE-FROM-OPS>
685,245
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
21,846
<DISTRIBUTIONS-OF-GAINS>
57,737
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
80,344
<NUMBER-OF-SHARES-REDEEMED>
23,703
<SHARES-REINVESTED>
4,835
<NET-CHANGE-IN-ASSETS>
1,717,488
<ACCUMULATED-NII-PRIOR>
20,977
<ACCUMULATED-GAINS-PRIOR>
48,472
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
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19,647
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0
<GROSS-EXPENSE>
23,378
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3,294,859
<PER-SHARE-NAV-BEGIN>
16.560
<PER-SHARE-NII>
.160
<PER-SHARE-GAIN-APPREC>
3.730
<PER-SHARE-DIVIDEND>
.140
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.370
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0
<PER-SHARE-NAV-END>
19.940
<EXPENSE-RATIO>
71
<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> 42
<NAME> Contrafund Portfolio
- Service Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
dec-31-1997
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3,328,714
<INVESTMENTS-AT-VALUE>
4,102,312
<RECEIVABLES>
47,786
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
4,150,098
<PAYABLE-FOR-SECURITIES>
33,486
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
5,021
<TOTAL-LIABILITIES>
38,507
<SENIOR-EQUITY>
0
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3,113,876
<SHARES-COMMON-STOCK>
187
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
28,707
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0
<ACCUMULATED-NET-GAINS>
195,427
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
773,581
<NET-ASSETS>
4,111,591
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32,015
<INTEREST-INCOME>
20,168
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0
<EXPENSES-NET>
22,485
<NET-INVESTMENT-INCOME>
29,698
<REALIZED-GAINS-CURRENT>
204,570
<APPREC-INCREASE-CURRENT>
450,977
<NET-CHANGE-FROM-OPS>
685,245
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
187
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
1,717,488
<ACCUMULATED-NII-PRIOR>
20,977
<ACCUMULATED-GAINS-PRIOR>
48,472
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
19,647
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
23,378
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1,378
<PER-SHARE-NAV-BEGIN>
19.990
<PER-SHARE-NII>
.030
<PER-SHARE-GAIN-APPREC>
(.090)
<PER-SHARE-DIVIDEND>
0
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
19.930
<EXPENSE-RATIO>
81
<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> 51
<NAME> Asset Manager: Growth Portfolio
- Initial Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
dec-31-1997
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437,779
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484,851
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3,798
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3
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
488,652
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4,631
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0
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780
<TOTAL-LIABILITIES>
5,411
<SENIOR-EQUITY>
0
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381,216
<SHARES-COMMON-STOCK>
29,540
<SHARES-COMMON-PRIOR>
19,314
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9,446
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0
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45,512
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0
<ACCUM-APPREC-OR-DEPREC>
47,067
<NET-ASSETS>
483,241
<DIVIDEND-INCOME>
5,197
<INTEREST-INCOME>
7,244
<OTHER-INCOME>
0
<EXPENSES-NET>
2,946
<NET-INVESTMENT-INCOME>
9,495
<REALIZED-GAINS-CURRENT>
45,670
<APPREC-INCREASE-CURRENT>
28,895
<NET-CHANGE-FROM-OPS>
84,060
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
0
<DISTRIBUTIONS-OF-GAINS>
448
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
13,904
<NUMBER-OF-SHARES-REDEEMED>
3,710
<SHARES-REINVESTED>
32
<NET-CHANGE-IN-ASSETS>
230,217
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
311
<OVERDISTRIB-NII-PRIOR>
50
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
2,323
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
2,995
<AVERAGE-NET-ASSETS>
389,545
<PER-SHARE-NAV-BEGIN>
13.100
<PER-SHARE-NII>
.360
<PER-SHARE-GAIN-APPREC>
2.920
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0
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.020
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0
<PER-SHARE-NAV-END>
16.360
<EXPENSE-RATIO>
77
<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> 52
<NAME> Asset Manager: Growth Portfolio
- Service Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1997
<PERIOD-END>
dec-31-1997
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437,779
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484,851
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3,798
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3
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0
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488,652
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4,631
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0
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780
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5,411
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0
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381,216
<SHARES-COMMON-STOCK>
1
<SHARES-COMMON-PRIOR>
0
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9,446
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0
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45,512
<OVERDISTRIBUTION-GAINS>
0
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47,067
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483,241
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5,197
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7,244
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0
<EXPENSES-NET>
2,946
<NET-INVESTMENT-INCOME>
9,495
<REALIZED-GAINS-CURRENT>
45,670
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28,895
<NET-CHANGE-FROM-OPS>
84,060
<EQUALIZATION>
0
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0
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
1
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
230,217
<ACCUMULATED-NII-PRIOR>
0
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311
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50
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0
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0
<GROSS-EXPENSE>
2,995
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10
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15.940
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.070
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.340
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0
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0
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0
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16.350
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87
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0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
