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Supplement to the
Fidelity^® Variable
Insurance Products
Initial Class, Service Class, and Service Class 2
Asset Manager^SM Portfolio
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, a meeting of the shareholders of Asset Manager^SM Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meeting.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VAM-04-01 September 20, 2004
1.797978.100

Supplement to the
Fidelity^® Variable
Insurance Products
Initial Class, Service Class, and Service Class 2 Asset Manager: Growth^® Portfolio
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, a meeting of the shareholders of Asset Manager: Growth^® Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meeting.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VAMG-04-01 September 20, 2004
1.797980.100

Supplement to the
Fidelity^® Variable
Insurance Products
Initial Class, Service Class, and Service Class 2 Contrafund^® Portfolio
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, a meeting of the shareholders of Contrafund^® Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meeting.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VCON-04-01 September 20, 2004
1.797984.100

Supplement to the
Fidelity^® Variable
Insurance Products
Initial Class, Service Class, and Service Class 2 Index 500 Portfolio
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, a meeting of the shareholders of Index 500 Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meeting.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VI5-04-01 September 20, 2004
1.797998.100

Supplement to the
Fidelity^® Variable
Insurance Products
Initial Class, Service Class, and Service Class 2 Investment Grade Bond Portfolio
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, a meeting of the shareholders of Investment Grade Bond Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meeting.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VIG-04-01 September 20, 2004
1.798000.100

Supplement to the
Fidelity^® Variable Insurance Products Initial Class
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, meetings of the shareholders of Aggressive Growth Portfolio, Asset Manager^SM Portfolio, Asset Manager: Growth^® Portfolio, Balanced Portfolio, Contrafund^® Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Growth Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Stock Portfolio, High Income Portfolio, Index 500 Portfolio, Investment Grade Bond Portfolio, Mid Cap Portfolio, Money Market Portfolio, Overseas Portfolio, Real Estate Portfolio, Value Portfolio, Value Leaders Portfolio, and Value Strategies Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meetings.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-877-208-0098 to request a free copy of a proxy statement.

VIPIC-04-01 September 20, 2004
1.483793.125

Supplement to the
Fidelity^® Variable Insurance Products Initial Class
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, meetings of the shareholders of Asset Manager^SM Portfolio, Asset Manager: Growth^® Portfolio, Balanced Portfolio, Contrafund^® Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Growth Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, High Income Portfolio, Index 500 Portfolio, Investment Grade Bond Portfolio, Mid Cap Portfolio, Money Market Portfolio, Real Estate Portfolio, and Value Strategies Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meetings.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-877-208-0098 to request a free copy of a proxy statement.

VIPINAGVV-04-01 September 20, 2004
1.798018.100

Supplement to the
Fidelity^® Variable Insurance Products
Service Class
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, meetings of the shareholders of Aggressive Growth Portfolio, Asset Manager^SM Portfolio, Asset Manager: Growth^® Portfolio, Balanced Portfolio, Contrafund^® Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Growth Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Stock Portfolio, High Income Portfolio, Index 500 Portfolio, Investment Grade Bond Portfolio, Mid Cap Portfolio, Money Market Portfolio, Overseas Portfolio, Real Estate Portfolio, Value Portfolio, Value Leaders Portfolio, and Value Strategies Portfolio, will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meetings.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of the proxy statement.

VIPSC-04-01 September 20, 2004
1.483794.122

Supplement to the
Fidelity^® Variable
Insurance Products
Service Class 2
April 30, 2004
Prospectus

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of a proxy statement.

VIP2C-04-01 September 20, 2004
1.741913.120

Supplement to the
Fidelity^® Variable
Insurance Products
Service Class 2 R
April 30, 2004
Prospectus

Shareholder Meeting. On or about November 17, 2004, meetings of the shareholders of Contrafund^® Portfolio, Equity-Income Portfolio, and Growth Portfolio will be held to vote on various proposals. Shareholders of record on September 20, 2004 are entitled to vote at the meetings.

For more detailed information concerning the proposals under consideration, please contact Fidelity at 1-800-544-5429 to request a free copy of a proxy statement.

VIP2R-04-01 September 20, 2004
1.789775.102