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Init Serv Serv 2 \| Strategic Income Portfolio
Supplement to the Fidelity^® Variable Insurance Products Initial Class, Service Class, and Service Class 2 Strategic Income Portfolio April 30, 2014 Prospectus The following information replaces similar information under the "Principal Investment Strategies" heading in the Fund Summary section on page 3. Using a neutral mix of approximately 45% high yield, 25% U.S. Government and investment-grade, 15% emerging markets, and 15% foreign developed markets.

Init Serv Serv 2 | Strategic Income Portfolio

Supplement to the
Fidelity^® Variable Insurance Products
Initial Class, Service Class, and Service Class 2
Strategic Income Portfolio
April 30, 2014
Prospectus

The following information replaces similar information under the "Principal Investment Strategies" heading in the Fund Summary section on page 3.

Using a neutral mix of approximately 45% high yield, 25% U.S. Government and investment-grade, 15% emerging markets, and 15% foreign developed markets.