SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: INITIAL CLASS
EQUITY-INCOME PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under the
heading "Year-by-Year Returns" in the "Performance" section on page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY-INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-15.29% 31.44% 16.89% 18.29% 7.07% 35.09% 14.28% 28.11% 11.63% 6.33%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -15.29
Row: 2, Col: 1, Value: 31.44
Row: 3, Col: 1, Value: 16.89
Row: 4, Col: 1, Value: 18.29
Row: 5, Col: 1, Value: 7.07
Row: 6, Col: 1, Value: 35.09
Row: 7, Col: 1, Value: 14.28
Row: 8, Col: 1, Value: 28.11
Row: 9, Col: 1, Value: 11.63
Row: 10, Col: 1, Value: 6.33
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
EQUITY-INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 15.44%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.20% (QUARTER ENDING SEPTEMBER 30, 1990).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
EQUITY-INCOME PORTFOLIO - 6.33% 18.61% 14.49%
INITIAL CLASS
Russell 3000 Value Index 6.65% 22.15% 15.31%
Lipper Equity Income Funds 9.78% 20.59% 14.64%
Average
S&P 500 21.04% 28.56% 18.21%
SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: INITIAL CLASS
GROWTH PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under the
heading "Year-by-Year Returns" in the "Performance" section on page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-11.73% 45.51% 9.32% 19.37% -0.02% 35.36% 14.71% 23.48% 39.49% 37.44%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -11.73
Row: 2, Col: 1, Value: 45.51
Row: 3, Col: 1, Value: 9.32
Row: 4, Col: 1, Value: 19.37
Row: 5, Col: 1, Value: -0.02
Row: 6, Col: 1, Value: 35.36
Row: 7, Col: 1, Value: 14.71
Row: 8, Col: 1, Value: 23.48
Row: 9, Col: 1, Value: 39.49
Row: 10, Col: 1, Value: 37.44
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.29% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.80%
(QUARTER ENDING SEPTEMBER 30, 1990).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
GROWTH PORTFOLIO - INITIAL 37.44% 29.74% 19.94%
CLASS
Russell 3000 Growth Index 33.83% 31.09% 19.70%
Lipper Capital Appreciation 40.06% 26.30% 17.46%
Funds Average
S&P 500 21.04% 28.56% 18.21%
SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: SERVICE CLASS
GROWTH PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under
the heading "Year-by-Year Returns" in the "Performance" section on
page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH PORTFOLIO - SERVICE
CLASS
Calendar Year 1998 1999
39.38% 37.29%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 39.38
Row: 10, Col: 1, Value: 37.29000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR SERVICE CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.26% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -5.82%
(QUARTER ENDING SEPTEMBER 30, 1998).
The following information replaces similar information found under
the heading "Average Annual Returns" in the "Performance" section on
page 4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Life of classA
December 31, 1999
GROWTH PORTFOLIO - SERVICE 37.29% 35.35%
CLASS
Russell 3000 Growth Index 33.83% 32.70%
Lipper Capital Appreciation 40.06% n/a
Funds Average
S&P 500 21.04% 24.79%
A FROM NOVEMBER 3, 1997.
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 "Year-by Year Returns" in the "Performance" section on
page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIGH INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-2.23% 35.08% 23.17% 20.40% -1.64% 20.72% 14.03% 17.67% -4.33% 8.15%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -2.23
Row: 2, Col: 1, Value: 35.08
Row: 3, Col: 1, Value: 23.17
Row: 4, Col: 1, Value: 20.4
Row: 5, Col: 1, Value: -1.64
Row: 6, Col: 1, Value: 20.72
Row: 7, Col: 1, Value: 14.03
Row: 8, Col: 1, Value: 17.67
Row: 9, Col: 1, Value: -4.33
Row: 10, Col: 1, Value: 8.15
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF HIGH
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.69% (QUARTER
ENDING MARCH 31, 1992) AND THE LOWEST RETURN FOR A QUARTER WAS -12.75%
(QUARTER ENDING SEPTEMBER 30, 1998).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
HIGH INCOME PORTFOLIO - 8.15% 10.88% 12.43%
INITIAL CLASS
Merrill Lynch High Yield 1.57% 9.61% 10.79%
Master Index
Merrill Lynch High Yield 2.51% 9.89% 11.21%
Master II Index
Lipper High Current Yield 3.83% 9.48% 10.15%
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 universe.
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.
The following information replaces similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the fund.
The following information supplements similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for the fund. As of September
28, 1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for the fund.
The following information replaces similar information found in the
"Fund Management" section on page 8.
FMR pays FMR U.K and FMR Far East for providing sub-advisory services.
FMR Far East pays FIJ for providing sub-advisory services.
SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: INITIAL CLASS
MONEY MARKET PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under the
heading "Year-by-Year Returns" in the "Performance" section on page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
8.04% 6.09% 3.90% 3.23% 4.25% 5.87% 5.41% 5.51% 5.46% 5.17%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 8.039999999999999
Row: 2, Col: 1, Value: 6.09
Row: 3, Col: 1, Value: 3.9
Row: 4, Col: 1, Value: 3.23
Row: 5, Col: 1, Value: 4.25
Row: 6, Col: 1, Value: 5.87
Row: 7, Col: 1, Value: 5.41
Row: 8, Col: 1, Value: 5.51
Row: 9, Col: 1, Value: 5.46
Row: 10, Col: 1, Value: 5.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MONEY
MARKET PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 1.96% (QUARTER
ENDING MARCH 31, 1990) AND THE LOWEST RETURN FOR A QUARTER WAS 0.78%
(QUARTER ENDING SEPTEMBER 30, 1993).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
MONEY MARKET PORTFOLIO - 5.17% 5.48% 5.28%
INITIAL CLASS
SUPPLEMENT TO THE VARIABLE INSURANCE PRODUCTS FUND: INITIAL CLASS
MONEY MARKET PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under the
heading "Year-by-Year Returns" in the "Performance" section on page 4.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
8.04% 6.09% 3.90% 3.23% 4.25% 5.87% 5.41% 5.51% 5.46% 5.17%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 8.039999999999999
Row: 2, Col: 1, Value: 6.09
Row: 3, Col: 1, Value: 3.9
Row: 4, Col: 1, Value: 3.23
Row: 5, Col: 1, Value: 4.25
Row: 6, Col: 1, Value: 5.87
Row: 7, Col: 1, Value: 5.41
Row: 8, Col: 1, Value: 5.51
Row: 9, Col: 1, Value: 5.46
Row: 10, Col: 1, Value: 5.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MONEY
MARKET PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 1.96% (QUARTER
ENDING MARCH 31, 1990) AND THE LOWEST RETURN FOR A QUARTER WAS 0.78%
(QUARTER ENDING SEPTEMBER 30, 1993).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
MONEY MARKET PORTFOLIO - 5.17% 5.48% 5.28%
INITIAL CLASS
SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: INITIAL CLASS
OVERSEAS PORTFOLIO
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under
the heading "Year-by-Year Returns" in the "Performance" section on
page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OVERSEAS PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-1.67% 8.00% -10.72% 37.35% 1.72% 9.74% 13.15% 11.56% 12.81% 42.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -1.67
Row: 2, Col: 1, Value: 8.0
Row: 3, Col: 1, Value: -10.72
Row: 4, Col: 1, Value: 37.34999999999999
Row: 5, Col: 1, Value: 1.72
Row: 6, Col: 1, Value: 9.739999999999998
Row: 7, Col: 1, Value: 13.15
Row: 8, Col: 1, Value: 11.56
Row: 9, Col: 1, Value: 12.81
Row: 10, Col: 1, Value: 42.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -17.65%
(QUARTER ENDING SEPTEMBER 30, 1998).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
OVERSEAS PORTFOLIO - INITIAL 42.55% 17.37% 11.43%
CLASS
Morgan Stanley Capital 27.22% 12.98% 7.08%
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% 17.31% 10.82%
Average
The following information replaces similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the fund.
The following information supplements similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for the fund. As of September
28, 1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for the fund.
The following information replaces similar information found in the
"Fund Management" section on page 8.
FMR pays FMR U.K., FMR Far East, and FIIA for providing sub-advisory
services, and FIIA in turn pays FIIA(U.K.)L. FMR Far East pays FIJ for
providing sub-advisory services.
SUPPLEMENT TO THE VARIABLE INSURANCE
PRODUCTS FUND: SERVICE CLASS
OVERSEAS PORTFOLIO
APRIL 30, 1999 PROSPECTUS
(AS REVISED JULY 20, 1999)
The following information replaces similar information found under
the heading "Year-by-Year Returns" in the "Performance" section on
page 3.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
OVERSEAS PORTFOLIO - SERVICE
CLASS
Calendar Year 1998 1999
12.69% 42.44%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 12.69
Row: 10, Col: 1, Value: 42.44
DURING THE PERIODS SHOWN IN THE CHART FOR SERVICE CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -17.66%
(QUARTER ENDING SEPTEMBER 30, 1998).
The following information replaces similar information found under
the heading "Average Annual Returns" in the "Performance" section on
page 4.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
For the periods ended Past 1 year Life of classA
December 31, 1999
OVERSEAS PORTFOLIO - SERVICE 42.44% 24.03%
CLASS
Morgan Stanley Capital 27.22% 21.02%
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% n/a
Average
A FROM NOVEMBER 3, 1997.
The following information replaces similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the fund.
The following information supplements similar information found in the
"Fund Management" section on page 8.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for the fund. As of September
28, 1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for the fund.
The following information replaces similar information found in the
"Fund Management" section on page 8.
FMR pays FMR U.K, FMR Far East, and FIIA for providing sub-advisory
services, and FIIA in turn pays FIIA(U.K.)L. FMR Far East pays FIJ for
providing sub-advisory services.
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 similar information found under
the heading "Year-by-Year Returns" in the "Performance" section
beginning on page 14.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDEX 500 PORTFOLIO - INITIAL
CLASS
Calendar Year 1993 1994 1995 1996 1997 1998 1999
9.74% 1.04% 37.19% 22.71% 32.83% 28.31% 20.52%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: 9.739999999999998
Row: 5, Col: 1, Value: 1.04
Row: 6, Col: 1, Value: 37.19000000000001
Row: 7, Col: 1, Value: 22.71
Row: 8, Col: 1, Value: 32.83
Row: 9, Col: 1, Value: 28.31
Row: 10, Col: 1, Value: 20.52
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF INDEX
500 PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 21.36% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -9.96% (QUARTER ENDING SEPTEMBER 30, 1998).
MID CAP PORTFOLIO - INITIAL
CLASS
Calendar Year 1999
49.04%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: 49.04
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MID CAP
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 32.12% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -1.27%
(QUARTER ENDING SEPTEMBER 30, 1999).
GROWTH OPPORTUNITIES
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
32.52% 18.27% 29.95% 24.61% 4.27%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 32.52
Row: 7, Col: 1, Value: 18.27
Row: 8, Col: 1, Value: 29.95
Row: 9, Col: 1, Value: 24.61
Row: 10, Col: 1, Value: 4.270000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
OPPORTUNITIES PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.74%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -7.99% (QUARTER ENDING SEPTEMBER 30, 1999).
CONTRAFUND PORTFOLIO -
INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
39.72% 21.22% 24.14% 29.98% 24.25%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 39.72000000000001
Row: 7, Col: 1, Value: 21.22
Row: 8, Col: 1, Value: 24.14
Row: 9, Col: 1, Value: 29.98
Row: 10, Col: 1, Value: 24.25
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
CONTRAFUND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 23.56%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -9.89% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-11.73% 45.51% 9.32% 19.37% -0.02% 35.36% 14.71% 23.48% 39.49% 37.44%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -11.73
Row: 2, Col: 1, Value: 45.51
Row: 3, Col: 1, Value: 9.32
Row: 4, Col: 1, Value: 19.37
Row: 5, Col: 1, Value: -0.02
Row: 6, Col: 1, Value: 35.36
Row: 7, Col: 1, Value: 14.71
Row: 8, Col: 1, Value: 23.48
Row: 9, Col: 1, Value: 39.49
Row: 10, Col: 1, Value: 37.44
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.29% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.80%
(QUARTER ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OVERSEAS PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-1.67% 8.00% -10.72% 37.35% 1.72% 9.74% 13.15% 11.56% 12.81% 42.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -1.67
Row: 2, Col: 1, Value: 8.0
Row: 3, Col: 1, Value: -10.72
Row: 4, Col: 1, Value: 37.34999999999999
Row: 5, Col: 1, Value: 1.72
Row: 6, Col: 1, Value: 9.739999999999998
Row: 7, Col: 1, Value: 13.15
Row: 8, Col: 1, Value: 11.56
Row: 9, Col: 1, Value: 12.81
Row: 10, Col: 1, Value: 42.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -17.65%
(QUARTER ENDING SEPTEMBER 30, 1998).
BALANCED PORTFOLIO - INITIAL
CLASS
Calendar Year 1995 1996 1997 1998 1999
13.92% 9.98% 22.18% 17.64% 4.55%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 13.92
Row: 7, Col: 1, Value: 9.98
Row: 8, Col: 1, Value: 22.18
Row: 9, Col: 1, Value: 17.64
Row: 10, Col: 1, Value: 4.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF BALANCED
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 11.83% (QUARTER ENDING
JUNE 30, 1997) AND THE LOWEST RETURN FOR A QUARTER WAS -5.79% (QUARTER
ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY-INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-15.29% 31.44% 16.89% 18.29% 7.07% 35.09% 14.28% 28.11% 11.63% 6.33%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -15.29
Row: 2, Col: 1, Value: 31.44
Row: 3, Col: 1, Value: 16.89
Row: 4, Col: 1, Value: 18.29
Row: 5, Col: 1, Value: 7.07
Row: 6, Col: 1, Value: 35.09
Row: 7, Col: 1, Value: 14.28
Row: 8, Col: 1, Value: 28.11
Row: 9, Col: 1, Value: 11.63
Row: 10, Col: 1, Value: 6.33
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
EQUITY-INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 15.44%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.20% (QUARTER ENDING SEPTEMBER 30, 1990).
GROWTH & INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1997 1998 1999
30.09% 29.59% 9.17%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 30.09
Row: 9, Col: 1, Value: 29.59
Row: 10, Col: 1, Value: 9.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH &
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.97% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -8.37% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSET MANAGER PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.72% 22.56% 11.71% 21.23% -6.09% 16.96% 14.60% 20.65% 15.05% 11.09%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.72
Row: 2, Col: 1, Value: 22.56
Row: 3, Col: 1, Value: 11.71
Row: 4, Col: 1, Value: 21.23
Row: 5, Col: 1, Value: -6.09
Row: 6, Col: 1, Value: 16.96
Row: 7, Col: 1, Value: 14.6
Row: 8, Col: 1, Value: 20.65
Row: 9, Col: 1, Value: 15.05
Row: 10, Col: 1, Value: 11.09
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.80%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -6.67% (QUARTER ENDING SEPTEMBER 30, 1998).
ASSET MANAGER: GROWTH
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
23.02% 20.04% 25.07% 17.57% 15.26%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 23.02
Row: 7, Col: 1, Value: 20.04
Row: 8, Col: 1, Value: 25.07
Row: 9, Col: 1, Value: 17.57
Row: 10, Col: 1, Value: 15.26
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER: GROWTH PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 17.69%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -10.12% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND
PORTFOLIO - INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.21% 16.38% 6.65% 10.96% -3.76% 17.32% 3.19% 9.06% 8.85% -1.05%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.21
Row: 2, Col: 1, Value: 16.38
Row: 3, Col: 1, Value: 6.65
Row: 4, Col: 1, Value: 10.96
Row: 5, Col: 1, Value: -3.76
Row: 6, Col: 1, Value: 17.32
Row: 7, Col: 1, Value: 3.19
Row: 8, Col: 1, Value: 9.060000000000001
Row: 9, Col: 1, Value: 8.850000000000001
Row: 10, Col: 1, Value: -1.05
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
INVESTMENT GRADE BOND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
6.23% (QUARTER ENDING JUNE 30, 1995) AND THE LOWEST RETURN FOR A
QUARTER WAS -2.80% (QUARTER ENDING MARCH 31, 1994).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIGH INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-2.23% 35.08% 23.17% 20.40% -1.64% 20.72% 14.03% 17.67% -4.33% 8.15%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -2.23
Row: 2, Col: 1, Value: 35.08
Row: 3, Col: 1, Value: 23.17
Row: 4, Col: 1, Value: 20.4
Row: 5, Col: 1, Value: -1.64
Row: 6, Col: 1, Value: 20.72
Row: 7, Col: 1, Value: 14.03
Row: 8, Col: 1, Value: 17.67
Row: 9, Col: 1, Value: -4.33
Row: 10, Col: 1, Value: 8.15
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF HIGH
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.69% (QUARTER
ENDING MARCH 31, 1992) AND THE LOWEST RETURN FOR A QUARTER WAS -12.75%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
8.04% 6.09% 3.90% 3.23% 4.25% 5.87% 5.41% 5.51% 5.46% 5.17%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 8.039999999999999
Row: 2, Col: 1, Value: 6.09
Row: 3, Col: 1, Value: 3.9
Row: 4, Col: 1, Value: 3.23
Row: 5, Col: 1, Value: 4.25
Row: 6, Col: 1, Value: 5.87
Row: 7, Col: 1, Value: 5.41
Row: 8, Col: 1, Value: 5.51
Row: 9, Col: 1, Value: 5.46
Row: 10, Col: 1, Value: 5.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MONEY
MARKET PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 1.96% (QUARTER
ENDING MARCH 31, 1990) AND THE LOWEST RETURN FOR A QUARTER WAS 0.78%
(QUARTER ENDING SEPTEMBER 30, 1993).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section
beginning on page 21.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROWTH AND GROWTH & INCOME
FUNDS
For the periods ended Past 1 year Past 5 years Past 10 Years/ Life of class
December 31, 1999
INDEX 500 PORTFOLIO - INITIAL 20.52% 28.16% 21.07%A
CLASS
S&P 500 21.04% 28.56% 21.45%A
Lipper S&P 500 Index 20.48% 28.07% n/a
Objective Funds Average
MID CAP PORTFOLIO - INITIAL 49.04% n/a 53.14%B
CLASS
S&P Midcap 400 14.72% n/a 20.81%B
Lipper Mid Cap Funds Average 46.25% n/a n/a
GROWTH OPPORTUNITIES 4.27% n/a 21.51%C
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
CONTRAFUND PORTFOLIO - 24.25% n/a 27.73%C
INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
GROWTH PORTFOLIO - INITIAL 37.44% 29.74% 19.94%
CLASS
Russell 3000 Growth Index 33.83% 31.09% 19.70%
Lipper Capital Appreciation 40.06% 26.30% 17.46%
Funds Average
S&P 500 21.04% 28.56% 18.21%
OVERSEAS PORTFOLIO - INITIAL 42.55% 17.37% 11.43%
CLASS
Morgan Stanley Capital 27.22% 12.98% 7.08%
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% 17.31% 10.82%
Average
BALANCED PORTFOLIO - INITIAL 4.55% n/a 13.50%C
CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Balanced Funds Average 8.58% n/a n/a
Fidelity Balanced Composite 12.00% n/a 20.12%C
Index
EQUITY-INCOME PORTFOLIO - 6.33% 18.61% 14.49%
INITIAL CLASS
Russell 3000 Value Index 6.65% 22.15% 15.31%
Lipper Equity Income Funds 9.78% 20.59% 14.64%
Average
S&P 500 21.04% 28.56% 18.21%
GROWTH & INCOME PORTFOLIO - 9.17% n/a 22.11%D
INITIAL CLASS
S&P 500 21.04% n/a 28.59%D
Lipper Growth and Income 14.51% n/a n/a
Funds Average
</TABLE>
A FROM AUGUST 27, 1992.
B FROM DECEMBER 28, 1998.
C FROM JANUARY 3, 1995.
D FROM DECEMBER 31, 1996.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ASSET ALLOCATION FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class
December 31, 1999
ASSET MANAGER PORTFOLIO - 11.09% 15.63% 13.14%
INITIAL CLASS
S&P 500 21.04% 28.56% 18.21%
Fidelity Asset Allocation 10.42% 16.69% 11.96%
Composite Index
ASSET MANAGER: GROWTH 15.26% n/a 20.16%A
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%A
Fidelity Aggressive Asset 14.55% n/a 21.45%A
Allocation Composite Index
</TABLE>
A FROM JANUARY 3, 1995.
INCOME FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
INVESTMENT GRADE BOND -1.05% 7.30% 7.19%
PORTFOLIO - INITIAL CLASS
Lehman Brothers Aggregate -0.82% 7.73% 7.70%
Bond Index
Lipper Intermediate -0.60% 7.08% 7.08%
Investment Grade Debt Funds
Average
HIGH INCOME PORTFOLIO - 8.15% 10.88% 12.43%
INITIAL CLASS
Merrill Lynch High Yield 1.57% 9.61% 10.79%
Master Index
Merrill Lynch High Yield 2.51% 9.89% 11.21%
Master II Index
Lipper High Current Yield 3.83% 9.48% 10.15%
Funds Average
MONEY MARKET FUND
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
MONEY MARKET PORTFOLIO - 5.17% 5.48% 5.28%
INITIAL CLASS
The following information supplements the information found under the
heading "Average Annual Returns" in the "Performance" section on page
24.
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 universe.
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.
The following information replaces the fifth paragraph found in the
"Fund Management" section on page 44.
BT serves as sub-adviser and custodian for Index 500. BT chooses the
fund's investments and places orders to buy and sell the fund's
investments.
The following information replaces the eighth paragraph found in the
"Fund Management" 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 sub-advisory agreement among the
fund, FMR and BT or its successor by merger that became effective June
4, 1999. At a meeting held on September 15, 1999, shareholders
approved this agreement.
The following information replaces similar information found in the
"Fund Management" section on page 45.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for Mid Cap, Growth Opportunities,
Contrafund, Overseas, Balanced, Growth & Income, Asset Manager, Asset
Manager: Growth, and High Income. FMR Far East was organized in 1986
to provide investment research and advice to FMR. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
The following information supplements similar information found in the
"Fund Management" section on page 45.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for Mid Cap, Growth
Opportunities, Contrafund, Overseas, Balanced, Growth & Income, Asset
Manager, Asset Manager: Growth, and High Income. As of September 28,
1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for each fund.
The following information replaces similar information found in the
"Fund Management" section on page 45.
David Felman is Vice President and manager of Mid Cap Portfolio. He
also manages other Fidelity funds. Mr. Felman joined Fidelity as an
analyst in 1993.
The following information replaces similar information found in the
"Fund Management" section on page 45.
Bettina Doulton is vice president and manager of Growth Opportunities
Portfolio, which she has managed since February 2000. She also manages
another Fidelity fund. Since joining Fidelity in 1986, Ms. Doulton has
worked as a research assistant, analyst and manager.
The following information replaces the second full paragraph found in
the "Fund Management" section on page 48.
Index 500 pays a management fee to FMR. The management fee is
calculated and paid to FMR every month. The fund's annual management
fee rate is 0.24% of its average net assets. FMR pays BT for providing
investment management and custodial services.
Prior to October 1, 1999, Index 500 paid a management fee at an annual
rate of 0.24% of its average net assets to FMR and a sub-advisory fee
(representing 40% of net income from securities lending) to BT.
The following information replaces footnote A to the Total Annual
Class Operating Expenses table found in the "Fund Management" section
on page 49.
A EFFECTIVE AUGUST 27, 1992, FMR HAS VOLUNTARILY AGREED TO REIMBURSE
INITIAL CLASS OF INDEX 500 TO THE EXTENT THAT TOTAL OPERATING EXPENSES
(EXCLUDING INTEREST, TAXES, SECURITIES LENDING COSTS, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF ITS
AVERAGE NET ASSETS, EXCEED 0.28%. THIS ARRANGEMENT CAN BE DISCONTINUED
BY FMR AT ANY TIME.
The following information replaces similar information found in the
"Fund Management" section on page 50.
FMR pays FIMM, FMR U.K., FMR Far East, and FIIA for providing
sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FMR Far East
pays FIJ for providing sub-advisory services.
The following information replaces similar information found in the
"Fund Distribution" section on page 50.
Each fund is composed of multiple classes of shares. All classes of
a fund have a common investment objective and investment
portfolio.
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 similar information found under the
heading "Year-by-Year Returns" in the "Performance" section beginning
on page 9.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDEX 500 PORTFOLIO - INITIAL
CLASS
Calendar Year 1993 1994 1995 1996 1997 1998 1999
9.74% 1.04% 37.19% 22.71% 32.83% 28.31% 20.52%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: 9.739999999999998
Row: 5, Col: 1, Value: 1.04
Row: 6, Col: 1, Value: 37.19000000000001
Row: 7, Col: 1, Value: 22.71
Row: 8, Col: 1, Value: 32.83
Row: 9, Col: 1, Value: 28.31
Row: 10, Col: 1, Value: 20.52
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF INDEX
500 PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 21.36% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -9.96% (QUARTER ENDING SEPTEMBER 30, 1998).
MID CAP PORTFOLIO - INITIAL
CLASS
Calendar Year 1999
49.04%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: 49.04
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MID CAP
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 32.12% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -1.27%
(QUARTER ENDING SEPTEMBER 30, 1999).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH OPPORTUNITIES
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
32.52% 18.27% 29.95% 24.61% 4.27%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 32.52
Row: 7, Col: 1, Value: 18.27
Row: 8, Col: 1, Value: 29.95
Row: 9, Col: 1, Value: 24.61
Row: 10, Col: 1, Value: 4.270000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
OPPORTUNITIES PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.74%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -7.99% (QUARTER ENDING SEPTEMBER 30, 1999).
CONTRAFUND PORTFOLIO -
INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
39.72% 21.22% 24.14% 29.98% 24.25%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 39.72000000000001
Row: 7, Col: 1, Value: 21.22
Row: 8, Col: 1, Value: 24.14
Row: 9, Col: 1, Value: 29.98
Row: 10, Col: 1, Value: 24.25
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
CONTRAFUND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 23.56%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -9.89% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-11.73% 45.51% 9.32% 19.37% -0.02% 35.36% 14.71% 23.48% 39.49% 37.44%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -11.73
Row: 2, Col: 1, Value: 45.51
Row: 3, Col: 1, Value: 9.32
Row: 4, Col: 1, Value: 19.37
Row: 5, Col: 1, Value: -0.02
Row: 6, Col: 1, Value: 35.36
Row: 7, Col: 1, Value: 14.71
Row: 8, Col: 1, Value: 23.48
Row: 9, Col: 1, Value: 39.49
Row: 10, Col: 1, Value: 37.44
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.29% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.80%
(QUARTER ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OVERSEAS PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-1.67% 8.00% -10.72% 37.35% 1.72% 9.74% 13.15% 11.56% 12.81% 42.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -1.67
Row: 2, Col: 1, Value: 8.0
Row: 3, Col: 1, Value: -10.72
Row: 4, Col: 1, Value: 37.34999999999999
Row: 5, Col: 1, Value: 1.72
Row: 6, Col: 1, Value: 9.739999999999998
Row: 7, Col: 1, Value: 13.15
Row: 8, Col: 1, Value: 11.56
Row: 9, Col: 1, Value: 12.81
Row: 10, Col: 1, Value: 42.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -17.65%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCED PORTFOLIO - INITIAL
CLASS
Calendar Year 1995 1996 1997 1998 1999
13.92% 9.98% 22.18% 17.64% 4.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 13.92
Row: 7, Col: 1, Value: 9.98
Row: 8, Col: 1, Value: 22.18
Row: 9, Col: 1, Value: 17.64
Row: 10, Col: 1, Value: 4.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF BALANCED
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 11.83% (QUARTER ENDING
JUNE 30, 1997) AND THE LOWEST RETURN FOR A QUARTER WAS -5.79% (QUARTER
ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY-INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-15.29% 31.44% 16.89% 18.29% 7.07% 35.09% 14.28% 28.11% 11.63% 6.33%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -15.29
Row: 2, Col: 1, Value: 31.44
Row: 3, Col: 1, Value: 16.89
Row: 4, Col: 1, Value: 18.29
Row: 5, Col: 1, Value: 7.07
Row: 6, Col: 1, Value: 35.09
Row: 7, Col: 1, Value: 14.28
Row: 8, Col: 1, Value: 28.11
Row: 9, Col: 1, Value: 11.63
Row: 10, Col: 1, Value: 6.33
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
EQUITY-INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 15.44%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.20% (QUARTER ENDING SEPTEMBER 30, 1990).
GROWTH & INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1997 1998 1999
30.09% 29.59% 9.17%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 30.09
Row: 9, Col: 1, Value: 29.59
Row: 10, Col: 1, Value: 9.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH &
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.97% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -8.37% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSET MANAGER PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.72% 22.56% 11.71% 21.23% -6.09% 16.96% 14.60% 20.65% 15.05% 11.09%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.72
Row: 2, Col: 1, Value: 22.56
Row: 3, Col: 1, Value: 11.71
Row: 4, Col: 1, Value: 21.23
Row: 5, Col: 1, Value: -6.09
Row: 6, Col: 1, Value: 16.96
Row: 7, Col: 1, Value: 14.6
Row: 8, Col: 1, Value: 20.65
Row: 9, Col: 1, Value: 15.05
Row: 10, Col: 1, Value: 11.09
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.80%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -6.67% (QUARTER ENDING SEPTEMBER 30, 1998).
ASSET MANAGER: GROWTH
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
23.02% 20.04% 25.07% 17.57% 15.26%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 23.02
Row: 7, Col: 1, Value: 20.04
Row: 8, Col: 1, Value: 25.07
Row: 9, Col: 1, Value: 17.57
Row: 10, Col: 1, Value: 15.26
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER: GROWTH PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 17.69%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -10.12% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND
PORTFOLIO - INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.21% 16.38% 6.65% 10.96% -3.76% 17.32% 3.19% 9.06% 8.85% -1.05%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.21
Row: 2, Col: 1, Value: 16.38
Row: 3, Col: 1, Value: 6.65
Row: 4, Col: 1, Value: 10.96
Row: 5, Col: 1, Value: -3.76
Row: 6, Col: 1, Value: 17.32
Row: 7, Col: 1, Value: 3.19
Row: 8, Col: 1, Value: 9.060000000000001
Row: 9, Col: 1, Value: 8.850000000000001
Row: 10, Col: 1, Value: -1.05
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
INVESTMENT GRADE BOND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
6.23% (QUARTER ENDING JUNE 30, 1995) AND THE LOWEST RETURN FOR A
QUARTER WAS -2.80% (QUARTER ENDING MARCH 31, 1994).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIGH INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-2.23% 35.08% 23.17% 20.40% -1.64% 20.72% 14.03% 17.67% -4.33% 8.15%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -2.23
Row: 2, Col: 1, Value: 35.08
Row: 3, Col: 1, Value: 23.17
Row: 4, Col: 1, Value: 20.4
Row: 5, Col: 1, Value: -1.64
Row: 6, Col: 1, Value: 20.72
Row: 7, Col: 1, Value: 14.03
Row: 8, Col: 1, Value: 17.67
Row: 9, Col: 1, Value: -4.33
Row: 10, Col: 1, Value: 8.15
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF HIGH
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.69% (QUARTER
ENDING MARCH 31, 1992) AND THE LOWEST RETURN FOR A QUARTER WAS -12.75%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
8.04% 6.09% 3.90% 3.23% 4.25% 5.87% 5.41% 5.51% 5.46% 5.17%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 8.039999999999999
Row: 2, Col: 1, Value: 6.09
Row: 3, Col: 1, Value: 3.9
Row: 4, Col: 1, Value: 3.23
Row: 5, Col: 1, Value: 4.25
Row: 6, Col: 1, Value: 5.87
Row: 7, Col: 1, Value: 5.41
Row: 8, Col: 1, Value: 5.51
Row: 9, Col: 1, Value: 5.46
Row: 10, Col: 1, Value: 5.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MONEY
MARKET PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 1.96% (QUARTER
ENDING MARCH 31, 1990) AND THE LOWEST RETURN FOR A QUARTER WAS 0.78%
(QUARTER ENDING SEPTEMBER 30, 1993).
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section
beginning on page 14.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROWTH AND GROWTH & INCOME
FUNDS
For the periods ended Past 1 year Past 5 years Past 10 Years/ Life of class
December 31, 1999
INDEX 500 PORTFOLIO - INITIAL 20.52% 28.16% 21.07%A
CLASS
S&P 500 21.04% 28.56% 21.45%A
Lipper S&P 500 Index 20.48% 28.07% n/a
Objective Funds Average
MID CAP PORTFOLIO - INITIAL 49.04% n/a 53.14%B
CLASS
S&P Midcap 400 14.72% n/a 20.81%B
Lipper Mid Cap Funds Average 46.25% n/a n/a
GROWTH OPPORTUNITIES 4.27% n/a 21.51%C
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
CONTRAFUND PORTFOLIO - 24.25% n/a 27.73%C
INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
GROWTH PORTFOLIO - INITIAL 37.44% 29.74% 19.94%
CLASS
Russell 3000 Growth Index 33.83% 31.09% 19.70%
Lipper Capital Appreciation 40.06% 26.30% 17.46%
Funds Average
S&P 500 21.04% 28.56% 18.21%
OVERSEAS PORTFOLIO - INITIAL 42.55% 17.37% 11.43%
CLASS
Morgan Stanley Capital 27.22% 12.98% 7.08%
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% 17.31% 10.82%
Average
BALANCED PORTFOLIO - INITIAL 4.55% n/a 13.50%C
CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Balanced Funds Average 8.58% n/a n/a
Fidelity Balanced Composite 12.00% n/a 20.12%C
Index
EQUITY-INCOME PORTFOLIO - 6.33% 18.61% 14.49%
INITIAL CLASS
Russell 3000 Value Index 6.65% 22.15% 15.31%
Lipper Equity Income Funds 9.78% 20.59% 14.64%
Average
S&P 500 21.04% 28.56% 18.21%
GROWTH & INCOME PORTFOLIO - 9.17% n/a 22.11%D
INITIAL CLASS
S&P 500 21.04% n/a 28.59%D
Lipper Growth and Income 14.51% n/a n/a
Funds Average
</TABLE>
A FROM AUGUST 27, 1992.
B FROM DECEMBER 28, 1998.
C FROM JANUARY 3, 1995.
D FROM DECEMBER 31, 1996.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ASSET ALLOCATION FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class
December 31, 1999
ASSET MANAGER PORTFOLIO - 11.09% 15.63% 13.14%
INITIAL CLASS
S&P 500 21.04% 28.56% 18.21%
Fidelity Asset Allocation 10.42% 16.69% 11.96%
Composite Index
ASSET MANAGER: GROWTH 15.26% n/a 20.16%A
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%A
Fidelity Aggressive Asset 14.55% n/a 21.45%A
Allocation Composite Index
</TABLE>
A FROM JANUARY 3, 1995.
INCOME FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
INVESTMENT GRADE BOND -1.05% 7.30% 7.19%
PORTFOLIO - INITIAL CLASS
Lehman Brothers Aggregate -0.82% 7.73% 7.70%
Bond Index
Lipper Intermediate -0.60% 7.08% 7.08%
Investment Grade Debt Funds
Average
HIGH INCOME PORTFOLIO - 8.15% 10.88% 12.43%
INITIAL CLASS
Merrill Lynch High Yield 1.57% 9.61% 10.79%
Master Index
Merrill Lynch High Yield 2.51% 9.89% 11.21%
Master II Index
Lipper High Current Yield 3.83% 9.48% 10.15%
Funds Average
MONEY MARKET FUND
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
MONEY MARKET PORTFOLIO - 5.17% 5.48% 5.28%
INITIAL CLASS
The following information supplements the information found under the
heading "Average Annual Returns" in the "Performance" section on page
16.
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 universe.
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.
The following information replaces the fifth paragraph found in the
"Fund Management" section on page 27.
BT serves as sub-adviser and custodian for Index 500. BT chooses the
fund's investments and places orders to buy and sell the fund's
investments.
The following information replaces the eighth paragraph found in the
"Fund Management" 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 sub-advisory agreement among the
fund, FMR and BT or its successor by merger that became effective June
4, 1999. At a meeting held on September 15, 1999, shareholders
approved this agreement.
The following information replaces similar information found in the
"Fund Management" section on page 27.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for Mid Cap, Growth Opportunities,
Contrafund, Overseas, Balanced, Growth & Income, Asset Manager, Asset
Manager: Growth, and High Income. FMR Far East was organized in 1986
to provide investment research and advice to FMR. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
The following information supplements similar information found in the
"Fund Management" section on page 27.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for Mid Cap, Growth
Opportunities, Contrafund, Overseas, Balanced, Growth & Income, Asset
Manager, Asset Manager: Growth, and High Income. As of September 28,
1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for each fund.
The following information replaces similar information found in the
"Fund Management" section on page 27.
David Felman is Vice President and manager of Mid Cap Portfolio. He
also manages other Fidelity funds. Mr. Felman joined Fidelity as an
analyst in 1993.
The following information replaces similar information found in the
"Fund Management" section on page 27.
Bettina Doulton is Vice President and manager of Growth Opportunities
Portfolio, which she has managed since February 2000. She also manages
another Fidelity fund. Since joining Fidelity in 1986, Ms. Doulton has
worked as a research assistant, analyst and manager.
The following information replaces the last paragraph found in the
"Fund Management" section on page 28.
Index 500 pays a management fee to FMR. The management fee is
calculated and paid to FMR every month. The fund's annual management
fee rate is 0.24% of its average net assets. FMR pays BT for providing
investment management and custodial services.
Prior to October 1, 1999, Index 500 paid a management fee at an annual
rate of 0.24% of its average net assets to FMR and a sub-advisory fee
(representing 40% of net income from securities lending) to BT.
The following information replaces footnote A to the Total Annual
Class Operating Expenses table found in the "Fund Management" section
on page 29.
A EFFECTIVE AUGUST 27, 1992, FMR HAS VOLUNTARILY AGREED TO REIMBURSE
INITIAL CLASS OF INDEX 500 TO THE EXTENT THAT TOTAL OPERATING EXPENSES
(EXCLUDING INTEREST, TAXES, SECURITIES LENDING COSTS, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF ITS
AVERAGE NET ASSETS, EXCEED 0.28%. THIS ARRANGEMENT CAN BE DISCONTINUED
BY FMR AT ANY TIME.
The following information replaces similar information found in the
"Fund Management" section on page 29.
FMR pays FIMM, FMR U.K., FMR Far East, and FIIA for providing
sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FMR Far East
pays FIJ for providing sub-advisory services.
The following information replaces similar information found in the
"Fund Distribution" section on page 30.
Each fund is composed of multiple classes of shares. All classes of
a fund have a common investment objective and investment
portfolio.
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 similar information found under
the heading "Year-by-Year Returns" in the "Performance" section
beginning on page 8.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDEX 500 PORTFOLIO - INITIAL
CLASS
Calendar Year 1993 1994 1995 1996 1997 1998 1999
9.74% 1.04% 37.19% 22.71% 32.83% 28.31% 20.52%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: 9.739999999999998
Row: 5, Col: 1, Value: 1.04
Row: 6, Col: 1, Value: 37.19000000000001
Row: 7, Col: 1, Value: 22.71
Row: 8, Col: 1, Value: 32.83
Row: 9, Col: 1, Value: 28.31
Row: 10, Col: 1, Value: 20.52
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF INDEX
500 PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 21.36% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -9.96% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH OPPORTUNITIES
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
32.52% 18.27% 29.95% 24.61% 4.27%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 32.52
Row: 7, Col: 1, Value: 18.27
Row: 8, Col: 1, Value: 29.95
Row: 9, Col: 1, Value: 24.61
Row: 10, Col: 1, Value: 4.270000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
OPPORTUNITIES PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.74%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -7.99% (QUARTER ENDING SEPTEMBER 30, 1999).
CONTRAFUND PORTFOLIO -
INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
39.72% 21.22% 24.14% 29.98% 24.25%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 39.72000000000001
Row: 7, Col: 1, Value: 21.22
Row: 8, Col: 1, Value: 24.14
Row: 9, Col: 1, Value: 29.98
Row: 10, Col: 1, Value: 24.25
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
CONTRAFUND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 23.56%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -9.89% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-11.73% 45.51% 9.32% 19.37% -0.02% 35.36% 14.71% 23.48% 39.49% 37.44%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -11.73
Row: 2, Col: 1, Value: 45.51
Row: 3, Col: 1, Value: 9.32
Row: 4, Col: 1, Value: 19.37
Row: 5, Col: 1, Value: -0.02
Row: 6, Col: 1, Value: 35.36
Row: 7, Col: 1, Value: 14.71
Row: 8, Col: 1, Value: 23.48
Row: 9, Col: 1, Value: 39.49
Row: 10, Col: 1, Value: 37.44
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.29% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.80%
(QUARTER ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OVERSEAS PORTFOLIO - INITIAL
CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-1.67% 8.00% -10.72% 37.35% 1.72% 9.74% 13.15% 11.56% 12.81% 42.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -1.67
Row: 2, Col: 1, Value: 8.0
Row: 3, Col: 1, Value: -10.72
Row: 4, Col: 1, Value: 37.34999999999999
Row: 5, Col: 1, Value: 1.72
Row: 6, Col: 1, Value: 9.739999999999998
Row: 7, Col: 1, Value: 13.15
Row: 8, Col: 1, Value: 11.56
Row: 9, Col: 1, Value: 12.81
Row: 10, Col: 1, Value: 42.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78% (QUARTER ENDING
DECEMBER 31, 1999) AND THE LOWEST RETURN FOR A QUARTER WAS -17.65%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCED PORTFOLIO - INITIAL
CLASS
Calendar Year 1995 1996 1997 1998 1999
13.92% 9.98% 22.18% 17.64% 4.55%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 13.92
Row: 7, Col: 1, Value: 9.98
Row: 8, Col: 1, Value: 22.18
Row: 9, Col: 1, Value: 17.64
Row: 10, Col: 1, Value: 4.55
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF BALANCED
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 11.83% (QUARTER ENDING
JUNE 30, 1997) AND THE LOWEST RETURN FOR A QUARTER WAS -5.79% (QUARTER
ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY-INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-15.29% 31.44% 16.89% 18.29% 7.07% 35.09% 14.28% 28.11% 11.63% 6.33%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -15.29
Row: 2, Col: 1, Value: 31.44
Row: 3, Col: 1, Value: 16.89
Row: 4, Col: 1, Value: 18.29
Row: 5, Col: 1, Value: 7.07
Row: 6, Col: 1, Value: 35.09
Row: 7, Col: 1, Value: 14.28
Row: 8, Col: 1, Value: 28.11
Row: 9, Col: 1, Value: 11.63
Row: 10, Col: 1, Value: 6.33
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
EQUITY-INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 15.44%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.20% (QUARTER ENDING SEPTEMBER 30, 1990).
GROWTH & INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1997 1998 1999
30.09% 29.59% 9.17%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 30.09
Row: 9, Col: 1, Value: 29.59
Row: 10, Col: 1, Value: 9.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF GROWTH &
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.97% (QUARTER
ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
- -8.37% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSET MANAGER PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.72% 22.56% 11.71% 21.23% -6.09% 16.96% 14.60% 20.65% 15.05% 11.09%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.72
Row: 2, Col: 1, Value: 22.56
Row: 3, Col: 1, Value: 11.71
Row: 4, Col: 1, Value: 21.23
Row: 5, Col: 1, Value: -6.09
Row: 6, Col: 1, Value: 16.96
Row: 7, Col: 1, Value: 14.6
Row: 8, Col: 1, Value: 20.65
Row: 9, Col: 1, Value: 15.05
Row: 10, Col: 1, Value: 11.09
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.80%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -6.67% (QUARTER ENDING SEPTEMBER 30, 1998).
ASSET MANAGER: GROWTH
PORTFOLIO - INITIAL CLASS
Calendar Year 1995 1996 1997 1998 1999
23.02% 20.04% 25.07% 17.57% 15.26%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 23.02
Row: 7, Col: 1, Value: 20.04
Row: 8, Col: 1, Value: 25.07
Row: 9, Col: 1, Value: 17.57
Row: 10, Col: 1, Value: 15.26
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF ASSET
MANAGER: GROWTH PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 17.69%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -10.12% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND
PORTFOLIO - INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
6.21% 16.38% 6.65% 10.96% -3.76% 17.32% 3.19% 9.06% 8.85% -1.05%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 6.21
Row: 2, Col: 1, Value: 16.38
Row: 3, Col: 1, Value: 6.65
Row: 4, Col: 1, Value: 10.96
Row: 5, Col: 1, Value: -3.76
Row: 6, Col: 1, Value: 17.32
Row: 7, Col: 1, Value: 3.19
Row: 8, Col: 1, Value: 9.060000000000001
Row: 9, Col: 1, Value: 8.850000000000001
Row: 10, Col: 1, Value: -1.05
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF
INVESTMENT GRADE BOND PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
6.23% (QUARTER ENDING JUNE 30, 1995) AND THE LOWEST RETURN FOR A
QUARTER WAS -2.80% (QUARTER ENDING MARCH 31, 1994).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HIGH INCOME PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-2.23% 35.08% 23.17% 20.40% -1.64% 20.72% 14.03% 17.67% -4.33% 8.15%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: -2.23
Row: 2, Col: 1, Value: 35.08
Row: 3, Col: 1, Value: 23.17
Row: 4, Col: 1, Value: 20.4
Row: 5, Col: 1, Value: -1.64
Row: 6, Col: 1, Value: 20.72
Row: 7, Col: 1, Value: 14.03
Row: 8, Col: 1, Value: 17.67
Row: 9, Col: 1, Value: -4.33
Row: 10, Col: 1, Value: 8.15
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF HIGH
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.69% (QUARTER
ENDING MARCH 31, 1992) AND THE LOWEST RETURN FOR A QUARTER WAS -12.75%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MONEY MARKET PORTFOLIO -
INITIAL CLASS
Calendar Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
8.04% 6.09% 3.90% 3.23% 4.25% 5.87% 5.41% 5.51% 5.46% 5.17%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 8.039999999999999
Row: 2, Col: 1, Value: 6.09
Row: 3, Col: 1, Value: 3.9
Row: 4, Col: 1, Value: 3.23
Row: 5, Col: 1, Value: 4.25
Row: 6, Col: 1, Value: 5.87
Row: 7, Col: 1, Value: 5.41
Row: 8, Col: 1, Value: 5.51
Row: 9, Col: 1, Value: 5.46
Row: 10, Col: 1, Value: 5.17
DURING THE PERIODS SHOWN IN THE CHART FOR INITIAL CLASS OF MONEY
MARKET PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 1.96% (QUARTER
ENDING MARCH 31, 1990) AND THE LOWEST RETURN FOR A QUARTER WAS 0.78%
(QUARTER ENDING SEPTEMBER 30, 1993).
The following information replaces similar information found under
the heading "Average Annual Returns" in the "Performance" section
beginning on page 13.
AVE RAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROWTH AND GROWTH & INCOME
FUNDS
For the periods ended Past 1 year Past 5 years Past 10 Years/ Life of class
December 31, 1999
INDEX 500 PORTFOLIO - INITIAL 20.52% 28.16% 21.07%A
CLASS
S&P 500 21.04% 28.56% 21.45%A
Lipper S&P 500 Index 20.48% 28.07% n/a
Objective Funds Average
GROWTH OPPORTUNITIES 4.27% n/a 21.51%C
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
CONTRAFUND PORTFOLIO - 24.25% n/a 27.73%C
INITIAL CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Growth Funds Average 31.48% n/a n/a
GROWTH PORTFOLIO - INITIAL 37.44% 29.74% 19.94%
CLASS
Russell 3000 Growth Index 33.83% 31.09% 19.70%
Lipper Capital Appreciation 40.06% 26.30% 17.46%
Funds Average
S&P 500 21.04% 28.56% 18.21%
OVERSEAS PORTFOLIO - INITIAL 42.55% 17.37% 11.43%
CLASS
Morgan Stanley Capital 27.22% 12.98% 7.08%
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% 17.31% 10.82%
Average
BALANCED PORTFOLIO - INITIAL 4.55% n/a 13.50%C
CLASS
S&P 500 21.04% n/a 28.59%C
Lipper Balanced Funds Average 8.58% n/a n/a
Fidelity Balanced Composite 12.00% n/a 20.12%C
Index
EQUITY-INCOME PORTFOLIO - 6.33% 18.61% 14.49%
INITIAL CLASS
Russell 3000 Value Index 6.65% 22.15% 15.31%
Lipper Equity Income Funds 9.78% 20.59% 14.64%
Average
S&P 500 21.04% 28.56% 18.21%
GROWTH & INCOME PORTFOLIO - 9.17% n/a 22.11%D
INITIAL CLASS
S&P 500 21.04% n/a 28.59%D
Lipper Growth and Income 14.51% n/a n/a
Funds Average
</TABLE>
A FROM AUGUST 27, 1992.
B FROM DECEMBER 28, 1998.
C FROM JANUARY 3, 1995.
D FROM DECEMBER 31, 1996.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ASSET ALLOCATION FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class
December 31, 1999
ASSET MANAGER PORTFOLIO - 11.09% 15.63% 13.14%
INITIAL CLASS
S&P 500 21.04% 28.56% 18.21%
Fidelity Asset Allocation 10.42% 16.69% 11.96%
Composite Index
ASSET MANAGER: GROWTH 15.26% n/a 20.16%A
PORTFOLIO - INITIAL CLASS
S&P 500 21.04% n/a 28.59%A
Fidelity Aggressive Asset 14.55% n/a 21.45%A
Allocation Composite Index
</TABLE>
A FROM JANUARY 3, 1995.
INCOME FUNDS
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
INVESTMENT GRADE BOND -1.05% 7.30% 7.19%
PORTFOLIO - INITIAL CLASS
Lehman Brothers Aggregate -0.82% 7.73% 7.70%
Bond Index
Lipper Intermediate -0.60% 7.08% 7.08%
Investment Grade Debt Funds
Average
HIGH INCOME PORTFOLIO - 8.15% 10.88% 12.43%
INITIAL CLASS
Merrill Lynch High Yield 1.57% 9.61% 10.79%
Master Index
Merrill Lynch High Yield 2.51% 9.89% 11.21%
Master II Index
Lipper High Current Yield 3.83% 9.48% 10.15%
Funds Average
MONEY MARKET FUND
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1999
MONEY MARKET PORTFOLIO - 5.17% 5.48% 5.28%
INITIAL CLASS
The following information supplements the information found under
the heading "Average Annual Returns" in the "Performance" section on
page 15.
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 universe.
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.
The following information replaces the fifth paragraph found in the
"Fund Management" section on page 26.
BT serves as sub-adviser and custodian for Index 500. BT chooses the
fund's investments and places orders to buy and sell the fund's
investments.
The following information replaces the eighth paragraph found in
the "Fund Management" 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 sub-advisory agreement among the
fund, FMR and BT or its successor by merger that became effective June
4, 1999. At a meeting held on September 15, 1999, shareholders
approved this agreement.
The following information replaces similar information found in the
"Fund Management" section on page 26.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for Growth Opportunities,
Contrafund, Overseas, Balanced, Growth & Income, Asset Manager, Asset
Manager: Growth, and High Income. FMR Far East was organized in 1986
to provide investment research and advice to FMR. Currently, FMR Far
East provides investment research and advice on issuers based outside
the United States and may also provide investment advisory services
for each fund.
The following information supplements similar information found in
the "Fund Management" section on page 26.
(small solid bullet) Fidelity Investments Japan Limited (FIJ), in
Tokyo, Japan, serves as a sub-adviser for Growth Opportunities,
Contrafund, Overseas, Balanced, Growth & Income, Asset Manager, Asset
Manager: Growth, and High Income. As of September 28, 1999, FIJ had
approximately $16.3 billion in discretionary assets under management.
Currently, FIJ provides investment research and advice on issuers
based outside the United States for each fund.
The following information replaces similar information found in the
"Fund Management" section on page 27.
Bettina Doulton is Vice President and manager of Growth Opportunities
Portfolio, which she has managed since February 2000. She also manages
another Fidelity fund. Since joining Fidelity in 1986, Ms. Doulton has
worked as a research assistant, analyst and manager.
The following information replaces the last paragraph found in the
"Fund Management" section on page 27.
Index 500 pays a management fee to FMR. The management fee is
calculated and paid to FMR every month. The fund's annual management
fee rate is 0.24% of its average net assets. FMR pays BT for providing
investment management and custodial services.
Prior to October 1, 1999, Index 500 paid a management fee at an annual
rate of 0.24% of its average net assets to FMR and a sub-advisory fee
(representing 40% of net income from securities lending) to BT.
The following information replaces footnote A to the Total Annual
Class Operating Expenses table found in the "Fund Management" section
on page 28.
A EFFECTIVE AUGUST 27, 1992, FMR HAS VOLUNTARILY AGREED TO REIMBURSE
INITIAL CLASS OF INDEX 500 TO THE EXTENT THAT TOTAL OPERATING EXPENSES
(EXCLUDING INTEREST, TAXES, SECURITIES LENDING COSTS, BROKERAGE
COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF ITS
AVERAGE NET ASSETS, EXCEED 0.28%. THIS ARRANGEMENT CAN BE DISCONTINUED
BY FMR AT ANY TIME.
The following information replaces similar information found in the
"Fund Management" section on page 28.
FMR pays FIMM, FMR U.K., FMR Far East, and FIIA for providing
sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FMR Far East
pays FIJ for providing sub-advisory services.
The following information replaces similar information found in the
"Fund Distribution" section on page 29.
Each fund is composed of multiple classes of shares. All classes of
a fund have a common investment objective and investment
portfolio.
SUPPLEMENT TO THE VARIABLE INSURANCE PRODUCTS FUNDS: SERVICE CLASS
HIGH INCOME, ASSET MANAGER, ASSET MANAGER: GROWTH, BALANCED,
EQUITY-INCOME,
GROWTH & INCOME, GROWTH OPPORTUNITIES, CONTRAFUND, GROWTH, MID CAP,
AND
OVERSEAS PORTFOLIOS
APRIL 30, 1999 PROSPECTUS
The following information replaces similar information found under
the heading "Year-by-Year Returns" in the "Performance" section
beginning on page 8.
YEAR-BY-YEAR RETURNS
The returns in the chart do not include the effect of charges and
expenses attributable to any particular insurance product. If the
effect of the charges and expenses was reflected, returns would be
lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MID CAP PORTFOLIO - SERVICE
CLASS
Calendar Year 1999
48.94%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: 48.94
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF MID CAP
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 32.15 % (QUARTER
ENDING DECEMBER 31 , 1999) AND THE LOWEST RETURN FOR A QUARTER
WAS -1.27 % (QUARTER ENDING SEPTEMBER 30 , 1999).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROWTH OPPORTUNITIES
PORTFOLIO - SERVICE CLASS
Calendar Year 1998 1999
24.51% 4.18%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 24.51
Row: 10, Col: 1, Value: 4.18
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF GROWTH
OPPORTUNITIES PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
20.70 % (QUARTER ENDING DECEMBER 31 , 1998) AND THE LOWEST
RETURN FOR A QUARTER WAS -8.00 % (QUARTER ENDING SEPTEMBER
30 , 1999).
CONTRAFUND PORTFOLIO -
SERVICE CLASS
Calendar Year 1998 1999
29.94% 24.15%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 29.94
Row: 10, Col: 1, Value: 24.15
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF CONTRAFUND
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 23.52 % (QUARTER
ENDING DECEMBER 31 , 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -9.93 % (QUARTER ENDING SEPTEMBER 30 , 1998).
GROWTH PORTFOLIO - SERVICE
CLASS
Calendar Year 1998 1999
39.38% 37.29%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 39.38
Row: 10, Col: 1, Value: 37.29000000000001
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF GROWTH
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.26 % (QUARTER
ENDING DECEMBER 31 , 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -5.82 % (QUARTER ENDING SEPTEMBER 30 , 1998).
OVERSEAS PORTFOLIO - SERVICE
CLASS
Calendar Year 1998 1999
12.69% 42.44%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 12.69
Row: 10, Col: 1, Value: 42.44
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF OVERSEAS
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 24.78 % (QUARTER
ENDING DECEMBER 31 , 1999) AND THE LOWEST RETURN FOR A QUARTER
WAS -17.66 % (QUARTER ENDING SEPTEMBER 30 , 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCED PORTFOLIO - SERVICE
CLASS
Calendar Year 1998 1999
17.27% 4.43%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 17.27
Row: 10, Col: 1, Value: 4.430000000000001
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF BALANCED
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 11.37 % (QUARTER
ENDING DECEMBER 31 , 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -5.87 % (QUARTER ENDING SEPTEMBER 30 , 1998).
EQUITY-INCOME PORTFOLIO -
SERVICE CLASS
Calendar Year 1998 1999
11.54% 6.25%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 11.54
Row: 10, Col: 1, Value: 6.25
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF
EQUITY-INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
15.36 % (QUARTER ENDING DECEMBER 31 , 1998) AND THE LOWEST
RETURN FOR A QUARTER WAS -12.52 % (QUARTER ENDING SEPTEMBER
30 , 1998).
GROWTH & INCOME PORTFOLIO -
SERVICE CLASS
Calendar Year 1998 1999
29.27% 9.06%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 29.27
Row: 10, Col: 1, Value: 9.060000000000001
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF GROWTH &
INCOME PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 20.95 %
(QUARTER ENDING DECEMBER 31 , 1998) AND THE LOWEST RETURN FOR A
QUARTER WAS -8.39 % (QUARTER ENDING SEPTEMBER 30 , 1998).
ASSET MANAGER PORTFOLIO -
SERVICE CLASS
Calendar Year 1998 1999
14.82% 11.01%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 14.82
Row: 10, Col: 1, Value: 11.01
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF ASSET
MANAGER PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 12.77 %
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A
QUARTER WAS -6.69 % (QUARTER ENDING SEPTEMBER 30 , 1998).
ASSET MANAGER: GROWTH
PORTFOLIO - SERVICE CLASS
Calendar Year 1998 1999
17.18% 15.13%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 17.18
Row: 10, Col: 1, Value: 15.13
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF ASSET
MANAGER: GROWTH PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS
17.61 % (QUARTER ENDING DECEMBER 31 , 1998) AND THE LOWEST
RETURN FOR A QUARTER WAS -10.10 % (QUARTER ENDING SEPTEMBER
30 , 1998).
HIGH INCOME PORTFOLIO -
SERVICE CLASS
Calendar Year 1998 1999
-4.34% 8.08%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: -4.34
Row: 10, Col: 1, Value: 8.08
DURING THE PERIOD SHOWN IN THE CHART FOR SERVICE CLASS OF HIGH INCOME
PORTFOLIO, THE HIGHEST RETURN FOR A QUARTER WAS 5.29% (QUARTER
ENDING MARCH 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS
-12.76 % (QUARTER ENDING SEPTEMBER 30, 1998).
The following information replaces similar information found under
the heading "Average Annual Returns" in the "Performance" section
beginning on page 12.
AVERAGE ANNUAL RETURNS
The returns in the following table do not include the effect of
charges and expenses attributable to any particular insurance product.
If the effect of the charges and expenses was reflected, returns would
be lower than those shown.
GROWTH AND GROWTH & INCOME
FUNDS
For the periods ended Past 1 year Life of class
December 31, 1999
MID CAP PORTFOLIO - SERVICE 48.94% 53.04%A
CLASS
S&P Midcap 400 14.72% 20.81%A
Lipper Mid Cap Funds Average 46.25% n/a
GROWTH OPPORTUNITIES 4.18% 14.96%B
PORTFOLIO - SERVICE CLASS
S&P 500 21.04% 24.79%B
Lipper Growth Funds Average 31.48% n/a
CONTRAFUND PORTFOLIO - 24.15% 24.62%B
SERVICE CLASS
S&P 500 21.04% 24.79%B
Lipper Growth Funds Average 31.48% n/a
GROWTH PORTFOLIO - SERVICE 37.29% 35.35%B
CLASS
Russell 3000 Growth Index 33.83% 32.70%B
Lipper Capital Appreciation 40.06% n/a
Funds Average
S&P 500 21.04% 24.79%B
OVERSEAS PORTFOLIO - SERVICE 42.44% 24.03%B
CLASS
Morgan Stanley Capital 27.22% 21.02%B
International Europe,
Australasia, Far East Index
Lipper International Funds 42.88% n/a
Average
BALANCED PORTFOLIO - SERVICE 4.43% 11.37%B
CLASS
S&P 500 21.04% 24.79%B
Lipper Balanced Funds Average 8.58% n/a
Fidelity Balanced Composite 12.00% 16.64%B
Index
EQUITY-INCOME PORTFOLIO - 6.25% 9.94%B
SERVICE CLASS
Russell 3000 Value Index 6.65% 11.70%B
Lipper Equity Income Funds 9.78% n/a
Average
S&P 500 21.04% 24.79%B
GROWTH & INCOME PORTFOLIO - 9.06% 19.55%B
SERVICE CLASS
S&P 500 21.04% 24.79%B
Lipper Growth and Income 14.51% n/a
Funds Average
A FROM DECEMBER 28, 1998.
B FROM NOVEMBER 3, 1997.
ASSET ALLOCATION FUNDS
For the periods ended Past 1 year Life of class
December 31, 1999
ASSET MANAGER PORTFOLIO - 11.01% 13.04%B
SERVICE CLASS
S&P 500 21.04% 24.79%B
Fidelity Asset Allocation 10.42% 14.67%B
Composite Index
ASSET MANAGER: GROWTH 15.13% 16.24%B
PORTFOLIO - SERVICE CLASS
S&P 500 21.04% 24.79%B
Fidelity Aggressive Asset 14.55% 18.72%B
Allocation Composite Index
B FROM NOVEMBER 3, 1997.
INCOME FUND
For the periods ended Past 1 year Life of class
December 31, 1999
HIGH INCOME PORTFOLIO - 8.08% 2.22%B
SERVICE CLASS
Merrill Lynch High Yield 1.57% 3.33%B
Master Index
Merrill Lynch High Yield 2.51% 3.43%B
Master II Index
Lipper High Current Yield 3.83% n/a
Funds Average
B FROM NOVEMBER 3, 1997.
The following information supplements the information found under the
heading "Average Annual Returns" in the "Performance" section on page
13.
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 universe.
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.
The following information replaces similar information found in the
"Fund Management" section on page 23.
David Felman is Vice President and manager of Mid Cap Portfolio. He
also manages other Fidelity funds. Mr. Felman joined Fidelity as an
analyst in 1993.
