SUPPLEMENT TO THE
VARIABLE INSURANCE
PRODUCTS FUND: INITIAL CLASS
HIGH INCOME PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under
the heading "Average A nnual Returns" in the "Performance" section
on page 4.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1998
HIGH INCOME PORTFOLIO - -4.33% 8.80% 11.08%
INITIAL CLASS
Merrill Lynch High Yield 3.66% 9.01% 11.08%
Master Index
Merrill Lynch High Yield 2.95% 9.12% 11.18%
Master II Index
Lipper High Current Yield -0.44% 7.37% 9.34%
Funds Average
The following information supplements the information found under
the heading "Average Annual Returns" in the "Performance" section on
page 4.
Going forward, High Income Portfolio's performance will be compared
to the Merrill Lynch High Yield Master II Index rather than the
Merrill Lynch High Yield Master Index because the Merrill Lynch High
Yield Master II Index contains deferred interest bonds and
payment-in-kind securities and is therefore a better representation of
the high yield bond u niverse.
Merrill Lynch High Yield Master II Index is a market value-weighted
index of all domestic and yankee high-yield bonds, including deferred
interest bonds and payment-in-kind securities. Issues included in the
index have maturities of one year or more and have a credit rating
lower than BBB-/Baa3, but are not in default.
