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 "Average Annual Returns" in the "Performance" section on
page 13.
For the periods ended Past 1 year Life of class*
December 31, 1998
HIGH INCOME PORTFOLIO - -4.34% -4.34%A
SERVICE CLASS
Merrill Lynch High Yield 3.66% 3.66%A
Master Index
Merrill Lynch High Yield 2.95% 2.95%A
Master II Index
Lipper High Current Yield -0.44% -0.44%A
Funds Average
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE CLASS'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1998.
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 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.
Effective August 2, 1999, 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.
