SUPPLEMENT TO THE
VARIABLE INSURANCE PRODUCTS FUNDS:
INITIAL CLASS
MONEY MARKET, INVESTMENT GRADE BOND, HIGH INCOME,
ASSET MANAGER, ASSET MANAGER: GROWTH, BALANCED, EQUITY-INCOME, INDEX
500,
GROWTH & INCOME, GROWTH OPPORTUNITIES, CONTRAFUND, GROWTH, MID CAP,
AND OVERSEAS PORTFOLIOS
APRIL 30, 1999 PROSPECTUS
THE FOLLOWING INFORMATION REPLACES THE 8TH PARAGRAPH FOUND UNDER THE
HEADING "FUND MANAGEMENT" IN THE "FUND SERVICES" SECTION ON PAGE
27.(Index 500 Portfolio)
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, the fund's
Board of Trustees approved a new subadvisory agreement among the fund,
FMR and BT or its successor by merger that became effective June 4,
1999. This agreement will be presented to the fund's shareholders for
approval on September 15, 1999.
SUPPLEMENT TO THE
VARIABLE INSURANCE PRODUCTS FUND:
MONEY MARKET PORTFOLIO, HIGH INCOME PORTFOLIO,
EQUITY-INCOME PORTFOLIO,
GROWTH PORTFOLIO, AND OVERSEAS PORTFOLIO
VARIABLE INSURANCE PRODUCTS FUND II:
INVESTMENT GRADE BOND PORTFOLIO, ASSET MANAGER PORTFOLIO,
ASSET MANAGER: GROWTH PORTFOLIO, INDEX 500 PORTFOLIO,
AND CONTRAFUND PORTFOLIO
VARIABLE INSURANCE PRODUCTS FUND III:
BALANCED PORTFOLIO, GROWTH & INCOME PORTFOLIO,
GROWTH OPPORTUNITIES PORTFOLIO, AND MID CAP PORTFOLIO
INITIAL CLASS AND SERVICE CLASS
APRIL 30, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING REPLACES THE 10TH PARAGRAPH FOUND UNDER THE HEADING
"PORTFOLIO TRANSACTIONS" SECTION ON PAGE 38.
To the extent permitted by applicable law, FMR (BT for Index 500) is
authorized to allocate portfolio transactions in a manner that takes
into account assistance received in the distribution of shares of the
funds or other Fidelity funds (Index 500) and to use the research
services of brokerage and other firms that have provided such
assistance. FMR (BT for Index 500) may use research services provided
by and place agency transactions with National Financial Services
Corporation (NFSC) and Fidelity Brokerage Services Japan LLC (FBSJ),
indirect subsidiaries of FMR Corp. (and, for Index 500, BT Brokerage
Corporation and BT Futures Corp., indirect subsidiaries of Deutsche
Bank AG), if the commissions are fair, reasonable, and comparable to
commissions charged by non-affiliated, qualified brokerage firms for
similar services. Prior to December 9, 1997, FMR used research
services provided by and placed agency transactions with Fidelity
Brokerage Services (FBS), an indirect subsidiary of FMR Corp.
THE FOLLOWING REPLACES THE LAST PARAGRAPH FOUND UNDER THE HEADING
"CONTROL OF INVESTMENT ADVISERS" SECTION ON PAGE 69.
BT, a New York banking corporation with principal offices at 130
Liberty Street, New York, New York 10006, is a wholly owned subsidiary
of Deutsche Bank AG, whose principal offices are at Taunusanlage 12,
D-60325 Frankfurt am Main, Federal Republic of Germany. Deutsche Bank
AG is a major global banking institution that is engaged in a wide
range of financial services, including investment management, mutual
funds, retail and commercial banking, investment banking and
insurance.
SUPPLEMENT TO THE
VARIABLE INSURANCE PRODUCTS FUNDS:
INITIAL CLASS
MONEY MARKET, INVESTMENT GRADE BOND, HIGH INCOME,
ASSET MANAGER, ASSET MANAGER: GROWTH, BALANCED, EQUITY-INCOME, INDEX
500, GROWTH & INCOME, GROWTH OPPORTUNITIES, CONTRAFUND, GROWTH, MID
CAP, AND OVERSEAS PORTFOLIOS
APRIL 30, 1999 PROSPECTUS
THE FOLLOWING INFORMATION REPLACES THE 8TH PARAGRAPH FOUND UNDER THE
HEADING "FUND MANAGEMENT" IN THE "FUND SERVICES" SECTION ON PAGE
44.(Index 500 Portfolio)
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, the fund's
Board of Trustees approved a new subadvisory agreement among the fund,
FMR and BT or its successor by merger that became effective June 4,
1999. This agreement will be presented to the fund's shareholders for
approval on September 15, 1999.
SUPPLEMENT TO THE
VARIABLE INSURANCE PRODUCTS FUNDS:
INITIAL CLASS
MONEY MARKET, INVESTMENT GRADE BOND, HIGH INCOME,
ASSET MANAGER, ASSET MANAGER: GROWTH, BALANCED, EQUITY-INCOME, INDEX
500, GROWTH & INCOME, GROWTH OPPORTUNITIES, CONTRAFUND, GROWTH, AND
OVERSEAS PORTFOLIOS
APRIL 30, 1999
(AS SUPPLEMENTED
MAY 5, 1999) PROSPECTUS
THE FOLLOWING INFORMATION REPLACES THE 8TH PARAGRAPH FOUND UNDER THE
HEADING "FUND MANAGEMENT" IN THE "FUND SERVICES" SECTION ON PAGE
26.(Index 500 Portfolio)
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, the fund's
Board of Trustees approved a new subadvisory agreement among the fund,
FMR and BT or its successor by merger that became effective June 4,
1999. This agreement will be presented to the fund's shareholders for
approval on September 15, 1999.
SUPPLEMENT TO THE
VARIABLE INSURANCE PRODUCTS FUND II
INITIAL CLASS
INDEX 500 PORTFOLIO
APRIL 30, 1999
PROSPECTUS
THE FOLLOWING INFORMATION REPLACES THE 8TH PARAGRAPH FOUND UNDER THE
HEADING "FUND MANAGEMENT" IN THE "FUND SERVICES" SECTION ON PAGE 7.
Effective June 4, 1999, Bankers Trust Corporation and all of its
subsidiaries, including BT, merged with and into a subsidiary of
Deutsche Bank AG. At a meeting held on March 18, 1999, the fund's
Board of Trustees approved a new subadvisory agreement among the fund,
FMR and BT or its successor by merger that became effective June 4,
1999. This agreement will be presented to the fund's shareholders for
approval on September 15, 1999.
