485BPOS 1 main.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT (No. 2-75010)
		UNDER THE SECURITIES ACT OF 1933	[X]
		Pre-Effective Amendment No.	[ ]
		Post-Effective Amendment No. 53____	[X]
and
REGISTRATION STATEMENT (No. 811-3329)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 53	[X]

Variable Insurance Products Fund
(Exact Name of Registrant as Specified in Charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number: 617-563-7000

Eric D. Roiter, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)

It is proposed that this filing will become effective
	( )	immediately upon filing pursuant to paragraph (b).
	(X)	on (April 30, 2002) pursuant to paragraph (b).
	( )	60 days after filing pursuant to paragraph (a)(1).
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485.
	( )	75 days after filing pursuant to paragraph (a)(2).
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
	( )	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Each fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. A fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If a fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation with respect to that fund. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Fidelity^®

Variable Insurance Products

Initial Class

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

High Income Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Mid Cap Portfolio

Money Market Portfolio

Overseas Portfolio

<R>Value Portfolio</R>

Prospectus

<R>April 30, 2002

(fidelity_logo_graphic)

\82 Devonshire Street, Boston, MA 02109</R>

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Operating Expenses
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling Shares
	<Click Here>	Dividends and Capital Gain Distributions
	<Click Here>	Tax Consequences
Fund Services	<Click Here>	Fund Management
	<Click Here>	Fund Distribution
Appendix	<Click Here>	Financial Highlights
<R>	<Click Here>	Additional Performance Information</R>
	<Click Here>	Additional Information About the Standard & Poor's 500^SM Index

Prospectus

Fund Summary

Investment Summary

Investment Objective

VIP Aggressive Growth Portfolio seeks capital appreciation.

Principal Investment Strategies

Fidelity Management & Research Company (FMR)'s principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing in companies itbelieves offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks).
Focusing investments in medium-sized companies, but may also invest substantially in larger or smaller companies.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.
"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Asset Manager Portfolio seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

FMR's principal investment strategies include:

Allocating the fund's assets among stocks, bonds, and short-term and money market instruments.
Maintaining a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term and money market instruments.
Adjusting allocation among asset classes gradually within the following ranges: stock class (30%<R>-</R>70%), bond class (20%<R>-</R>60%), and short-term/money market class (0%<R>-</R>50%).
Investing in domestic and foreign issuers.
Analyzing an issuer using fundamental and/or quantitative factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities <R>involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities </R>can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Asset Manager: Growth Portfolio seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Prospectus

Fund Summary - continued

Principal Investment Strategies

FMR's principal investment strategies include:

Allocating the fund's assets among stocks, bonds, and short-term and money market instruments.
Maintaining a neutral mix over time of 70% of assets in stocks, 25% of assets in bonds, and 5% of assets in short-term and money market instruments.
Adjusting allocation among asset classes gradually within the following ranges: stock class (50%<R>-</R>100%), bond class (0%<R>-</R>50%), and short-term/money market class (0%<R>-</R>50%).
Investing in domestic and foreign issuers.
Analyzing an issuer using fundamental and/or quantitative factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities <R>involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Balanced Portfolio seeks income and capital growth consistent with reasonable risk.

Principal Investment Strategies

FMR's principal investment strategies include:

Investing approximately 60% of assets in stocks and other equity securities and the remainder in bonds and other debt securities, including lower-quality debt securities, when its outlook is neutral.
Investing at least 25% of total assets in fixed-income senior securities (including debt securities and preferred stock).
Investing in domestic and foreign issuers.
With respect to equity investments, emphasizing above-average income-producing equity securities, which tends to lead to investments in stocks that have more "value" characteristics than "growth" characteristics.
Analyzing an issuer using fundamental factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities <R>involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies whose value it believes is not fully recognized by the public.

Prospectus

Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Equity-Income Portfolio seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the Standard & Poor's 500^SM Index (S&P 500<R>^®</R>).

Principal Investment Strategies

FMR's principal investment strategies include:

<R>Normally investing at least 80% of assets in equity securities.</R>
<R>Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks.</R>
Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities<R> involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

Prospectus

Fund Summary - continued

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Growth Portfolio seeks to achieve capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in companies that it believes have above-average growth potential (stocks of these companies are often called "growth" stocks).
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Growth & Income Portfolio seeks high total return through a combination of current income and capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.
Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities<R> involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.

Prospectus

Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP High Income Portfolio seeks a high level of current income, while also considering growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

<R>Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.</R>
Potentially investing in non-income producing securities, including defaulted securities and common stocks.
Investing in companies in troubled or uncertain financial condition.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities <R>involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Index 500 Portfolio seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.

Principal Investment Strategies

<R>Deutsche Asset Management, Inc. (DAMI)'s </R>principal investment strategies include:

Normally investing at least 80% of assets in common stocks included in the S&P 500.
Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book <R>(P/B) </R>ratio, and earnings growth.
Lending securities to earn income for the fund.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Investment Grade Bond Portfolio seeks as high a level of current income as is consistent with the preservation of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

<R>Normally investing at least 80% of assets in investment-grade debt securities of all types and repurchase agreements for those securities.</R>
Managing the fund to have similar overall interest rate risk to an index, which as of December 31, <R>2001</R>, was the Lehman Brothers^® Aggregate Bond Index.
Allocating assets across different market sectors and maturities.

Prospectus

Fund Summary - continued

Analyzing a security's structural features and current pricing, trading opportunities, and the credit quality of its issuer to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Mid Cap Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing at least <R>80%</R> of assets in securities of companies with medium market capitalizations (those with market capitalizations similar to companies in the <R>Russell Midcap^® Index or</R> the Standard & Poor's^® MidCap 400 Index (S&P^® MidCap 400)).
Potentially investing in companies with smaller or larger market capitalizations.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Money Market Portfolio seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Principal Investment Strategies

FMR's principal investment strategies include:

Investing in U.S. dollar-denominated money market securities and repurchase agreements, and entering into reverse repurchase agreements.
Investing more than 25% of total assets in the financial services industries.
Investing in compliance with industry-standard requirements for money market funds for the quality, maturity, and diversification of investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Financial Services Exposure. Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector.
Issuer-Specific Changes. A decline in the credit quality of an issuer or the provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of a shareholder's investment at $1.00 per share, it is possible to lose money by investing in the fund.

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least<R> 80%</R> of assets in <R>non-U.S.</R> securities.
Normally investing primarily in common stocks.

Prospectus

Allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

<R>Investment Objective</R>

<R></R>VIP Value Portfolio seeks capital appreciation.

<R>Principal Investment Strategies</R>

<R>FMR's principal investment strategies include:</R>

<R>Normally investing primarily in common stocks.</R>
<R>Investing in securities of companies that it believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</R>
<R>Investing in domestic and foreign issuers.</R>
<R>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</R>

<R>Principal Investment Risks</R>

<R>The fund is subject to the following principal investment risks:</R>

<R></R>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
<R></R>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
<R></R>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
<R></R>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

<R>When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.</R>

Performance

The following information illustrates <R>VIP Aggressive Growth's and VIP Dynamic Capital Appreciation's performance over the past year, and</R> the changes in each fund's (other than VIP Aggressive Growth's, VIP Dynamic Capital Appreciation's<R>, and VIP Value's</R>) performance from year to year, compares the performance of Initial Class of each fund (other than VIP Money Market and VIP Value) to the performance of a market index over various periods of time, and compares the performance of Initial Class of each fund (other than<R> VIP Asset Manager, VIP Asset Manager: Growth, </R>VIP Money Market<R> and VIP Value</R>) to an average of the performance of similar funds over various periods of time. Initial Class of VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced also compares its performance to the performance of a combination of market indexes over various periods of time. Returns for Initial Class of each fund (other than <R>VIP Value</R>) do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product. Returns for Initial Class of each fund (other than <R>VIP Value</R>) would be lower if the effect of those sales charges and expenses were included. Returns are based on past results and are not an indication of future performance.

Performance history will be available for <R>VIP Value after VIP Value</R> has been in operation for one calendar year.

Prospectus

Fund Summary - continued

Year-by-Year Returns

<R>VIP Aggressive Growth - Initial Class</R>
<R>Calendar Year										2001</R>
<R>										-17.89%</R>

<R>During the period shown in the chart for Initial Class of VIP Aggressive Growth, the highest return for a quarter was </R>25.00%<R> (quarter ended </R>June 30, 2001<R>) and the lowest return for a quarter was </R>-26.70%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Aggressive Growth was -2.55%.</R>

<R>VIP Asset Manager - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	11.71%	21.23%	-6.09%	16.96%	14.60%	20.65%	15.05%	11.09%	-3.87%	-4.15%</R>

<R>During the periods shown in the chart for Initial Class of VIP Asset Manager, the highest return for a quarter was </R>12.80%<R> (quarter ended </R>December 31, 1998)<R> and the lowest return for a quarter was </R>-8.22%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Asset Manager was -0.35%.</R>

<R>VIP Asset Manager: Growth - Initial Class</R>
<R>Calendar Years	1996	1997	1998	1999	2000	2001</R>
<R>	20.04%	25.07%	17.57%	15.26%	-12.47%	-7.39%</R>

<R>During the periods shown in the chart for Initial Class of VIP Asset Manager: Growth, the highest return for a quarter was </R>17.69%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-11.96%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Asset Manager: Growth was -0.97%.</R>

Prospectus

<R>VIP Balanced - Initial Class</R>
<R>Calendar Years	1996	1997	1998	1999	2000	2001</R>
<R>	9.98%	22.18%	17.64%	4.55%	-4.30%	-1.58%</R>

<R>During the periods shown in the chart for Initial Class of VIP Balanced, the highest return for a quarter was </R>11.83%<R> (quarter ended </R>June 30, 1997<R>) and the lowest return for a quarter was </R>-8.20%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Balanced was -0.16%.</R>

<R>VIP Contrafund - Initial Class</R>
<R>Calendar Years	1996	1997	1998	1999	2000	2001</R>
<R>	21.22%	24.14%	29.98%	24.25%	-6.58%	-12.28%</R>

<R>During the periods shown in the chart for Initial Class of VIP Contrafund, the highest return for a quarter was </R>23.56%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-13.07%<R> (quarter ended </R>March 31, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Contrafund was 2.87%.</R>

<R>VIP Dynamic Capital Appreciation - Initial Class</R>
<R>Calendar Year										2001</R>
<R>										-28.32%</R>

<R>During the period shown in the chart for Initial Class of VIP Dynamic Capital Appreciation, the highest return for a quarter was </R>21.27%<R> (quarter ended </R>December 31, 2001<R>) and the lowest return for a quarter was </R>-29.02%<R> (quarter ended </R>March 31, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Dynamic Capital Appreciation was 5.90%.</R>

Prospectus

Fund Summary - continued

<R>VIP Equity-Income - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	16.89%	18.29%	7.07%	35.09%	14.28%	28.11%	11.63%	6.33%	8.42%	-4.96%</R>

<R>During the periods shown in the chart for Initial Class of VIP Equity-Income, the highest return for a quarter was </R>15.44%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-12.51%<R> (quarter ended </R>September 30, 1998).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Equity-Income was 3.82%.</R>

<R>VIP Growth - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	9.32%	19.37%	-0.02%	35.36%	14.71%	23.48%	39.49%	37.44%	-10.96%	-17.67%</R>

<R>During the periods shown in the chart for Initial Class of VIP Growth, the highest return for a quarter was </R>24.29%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-21.99%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Growth was -1.09%.</R>

<R>VIP Growth & Income - Initial Class</R>
<R>Calendar Years	1997	1998	1999	2000	2001</R>
<R>	30.09%	29.59%	9.17%	-3.62%	-8.75%</R>

<R>During the periods shown in the chart for Initial Class of VIP Growth & Income, the highest return for a quarter was </R>20.97%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-12.01%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Growth & Income was -0.18%.</R>

Prospectus

<R>VIP Growth Opportunities - Initial Class</R>
<R>Calendar Years	1996	1997	1998	1999	2000	2001</R>
<R>	18.27%	29.95%	24.61%	4.27%	-17.07%	-14.42%</R>

<R>During the periods shown in the chart for Initial Class of VIP Growth Opportunities, the highest return for a quarter was </R>20.74%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-16.18%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Growth Opportunities was -0.82%.</R>

<R>VIP High Income - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	23.17%	20.40%	-1.64%	20.72%	14.03%	17.67%	-4.33%	8.25%	-22.54%	-11.73%</R>

<R>During the periods shown in the chart for Initial Class of VIP High Income, the highest return for a quarter was </R>12.69%<R> (quarter ended </R>March 31, 1992<R>) and the lowest return for a quarter was </R>-14.17%<R> (quarter ended </R>December 31, 2000).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP High Income was 0.30%.</R>

<R>VIP Index 500 - Initial Class</R>
<R>Calendar Years	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	9.74%	1.04%	37.19%	22.71%	32.83%	28.31%	20.52%	-9.30%	-12.09%</R>

<R>During the periods shown in the chart for Initial Class of VIP Index 500, the highest return for a quarter was </R>21.36%<R> (quarter ended </R>December 31, 1998<R>) and the lowest return for a quarter was </R>-14.93%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Index 500 was 0.20%.</R>

Prospectus

Fund Summary - continued

<R>VIP Investment Grade Bond - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	6.65%	10.96%	-3.76%	17.32%	3.19%	9.06%	8.85%	-1.05%	11.22%	8.46%</R>

<R>During the periods shown in the chart for Initial Class of VIP Investment Grade Bond, the highest return for a quarter was </R>6.23%<R> (quarter ended </R>June 30, 1995<R>) and the lowest return for a quarter was </R>-2.80%<R> (quarter ended </R>March 31, 1994).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Investment Grade Bond was 0.03%.</R>

<R>VIP Mid Cap - Initial Class</R>
<R>Calendar Years	1999	2000	2001</R>
<R>	49.04%	33.78%	-3.26%</R>

<R>During the periods shown in the chart for Initial Class of VIP Mid Cap, the highest return for a quarter was </R>32.12%<R> (quarter ended </R>December 31, 1999<R>) and the lowest return for a quarter was </R>-10.02%<R> (quarter ended </R>March 31, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Mid Cap was 3.93%.</R>

<R>VIP Money Market - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	3.90%	3.23%	4.25%	5.87%	5.41%	5.51%	5.46%	5.17%	6.30%	4.18%</R>

<R>During the periods shown in the chart for Initial Class of VIP Money Market, the highest return for a quarter was </R>1.60%<R> (quarter ended </R>September 30, 2000<R>) and the lowest return for a quarter was </R>0.65%<R> (quarter ended </R>December 31, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Money Market was 0.45%.</R>

Prospectus

<R>VIP Overseas - Initial Class</R>
<R>Calendar Years	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001</R>
<R>	-10.72%	37.35%	1.72%	9.74%	13.15%	11.56%	12.81%	42.55%	-19.07%	-21.21%</R>

<R>During the periods shown in the chart for Initial Class of VIP Overseas, the highest return for a quarter was </R>24.78%<R> (quarter ended </R>December 31, 1999<R>) and the lowest return for a quarter was </R>-19.04%<R> (quarter ended </R>September 30, 2001).

<R>The year-to-date return as of March 31, 2002 for Initial Class of VIP Overseas was 1.72%.</R>

Average Annual Returns

<R>For the periods ended December 31, 2001	Past 1 year	Past 5 years	Past 10 years/Life of class</R>
<R>VIP Aggressive Growth			</R>
<R>Initial Class	-17.89%	--	-17.55%^A</R>
<R>Russell Midcap^® Growth Index	-20.15%	--	-20.03%^A</R>
<R>Lipper^SM Variable Annuity Mid-Cap Funds Average	-12.97%	--	--</R>
<R>VIP Asset Manager			</R>
<R>Initial Class	-4.15%	7.28%	9.25%</R>
<R>S&P 500	-11.89%	10.70%	12.94%</R>
<R>Fidelity Asset Manager Composite Index	-2.05%	9.28%	9.50%</R>
<R>VIP Asset Manager: Growth			</R>
<R>Initial Class	-7.39%	6.56%	10.64%^B</R>
<R>S&P 500	-11.89%	10.70%	15.93%^B</R>
<R>Fidelity Asset Manager: Growth Composite Index	-5.94%	9.98%	--</R>
<R>VIP Balanced			</R>
<R>Initial Class	-1.58%	7.20%	8.53%^B</R>
<R>S&P 500	-11.89%	10.70%	15.93%^B</R>
<R>Fidelity Balanced 60/40 Composite Index	-3.71%	9.81%	13.21%^B</R>
<R>Lipper Variable Annuity Balanced Funds Average	-2.87%	8.04%	--</R>
<R>VIP Contrafund			</R>
<R>Initial Class	-12.28%	10.44%	15.75%^B</R>
<R>S&P 500	-11.89%	10.70%	15.93%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	8.64%	--</R>
<R>VIP Dynamic Capital Appreciation			</R>
<R>Initial Class	-28.32%	--	-32.26%^C</R>
<R>S&P 500	-11.89%	--	-15.26%^C</R>
<R>Lipper Variable Annuity Capital Appreciation Funds Average	-18.75%	--	--</R>
<R>VIP Equity-Income			</R>
<R>Initial Class	-4.96%	9.40%	13.61%</R>
<R>Russell 3000^® Value Index	-4.33%	11.02%	14.15%</R>
<R>Lipper Variable Annuity Equity Income Objective Funds Average	-4.26%	9.82%	11.76%</R>
<R>VIP Growth			</R>
<R>Initial Class	-17.67%	11.66%	13.40%</R>
<R>Russell 3000 Growth Index	-19.63%	7.72%	10.41%</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	8.64%	11.64%</R>
<R>VIP Growth & Income			</R>
<R>Initial Class	-8.75%	10.11%	9.88%^D</R>
<R>S&P 500	-11.89%	10.70%	10.30%^D</R>
<R>Lipper Variable Annuity Growth & Income Funds Average	-7.19%	8.78%	^--</R>
<R>VIP Growth Opportunities			</R>
<R>Initial Class	-14.42%	3.69%	9.43%^B</R>
<R>S&P 500	-11.89%	10.70%	15.93%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	8.64%	^--</R>
<R>VIP High Income			</R>
<R>Initial Class	-11.73%	-3.58%	5.28%</R>
<R>Merrill Lynch High Yield Master II Index	4.48%	3.45%	7.98%</R>
<R>Lipper Variable Annuity High Current Yield Funds Average	1.17%	1.60%	6.60%</R>
<R>VIP Index 500			</R>
<R>Initial Class	-12.09%	10.37%	13.43%^E</R>
<R>S&P 500	-11.89%	10.70%	13.76%^E</R>
<R>Lipper Variable Annuity S&P 500 Index Objective Funds Average	-12.27%	10.34%	^--</R>
<R>VIP Investment Grade Bond			</R>
<R>Initial Class	8.46%	7.22%	6.93%</R>
<R>Lehman Brothers Aggregate Bond Index	8.44%	7.43%	7.23%</R>
<R>Lipper Variable Annuity Intermediate Investment Grade Debt Funds Average	8.11%	6.53%	6.75%</R>
<R>VIP Mid Cap			</R>
<R>Initial Class	-3.26%	--	25.65%^F</R>
<R>S&P MidCap 400	-0.60%	--	12.17%^F</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	-12.97%	--	--</R>
<R>VIP Money Market			</R>
<R>Initial Class	4.18%	5.32%	4.92%</R>
<R>VIP Overseas			</R>
<R>Initial Class	-21.21%	2.73%	5.89%</R>
<R>Morgan Stanley Capital International^SM Europe, Australasia and Far East Index	-21.27%	1.11%	4.57%</R>
<R>Lipper Variable Annuity International Funds Average	-21.48%	2.13%	6.80%</R>

^AFrom December 27, 2000.

^BFrom January 3, 1995.

^CFrom September 25, 2000.

^DFrom December 31, 1996.

^EFrom August 27, 1992.

^FFrom December 28, 1998.

Prospectus

<R>If FMR had not reimbursed certain class expenses during these periods, VIP Aggressive Growth's, VIP Asset Manager: Growth's, VIP Balanced's, VIP Dynamic Capital Appreciation's, VIP Growth & Income's, VIP Growth Opportunities', VIP High Income's, VIP Index 500's, and VIP Mid Cap's Initial Class returns would have been lower.</R>

<R>Russell Midcap^<M®>® Growth Index is a market capitalization-weighted index of medium-capitalization growth-oriented stocks of U.S. domiciled companies.

Standard & Poor's 500 Index (S&P 500) is a market capitalization-weighted index of common stocks.

<R>Russell 3000^® Value Index is a market capitalization-weighted index of value-oriented stocks of U.S. domiciled companies.</R>

<R>Russell 3000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of U.S. domiciled companies.</R>

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.

Lehman Brothers Aggregate Bond Index is a market value-weighted index of investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more.

Standard & Poor's MidCap 400 Index (S&P MidCap 400) is a market capitalization-weighted index of 400 medium-capitalization stocks.

Morgan Stanley Capital International^SM Europe, Australasia and Far East (MSCI^® EAFE^®) Index is a market capitalization-weighted index <R>of over 1,000 equity securities of companies domiciled in 21 countries </R>that is designed to represent the performance of developed stock markets outside the United States and Canada.

Fidelity Asset Manager Composite Index is a hypothetical representation of the performance of VIP Asset Manager's three asset classes according to their respective weightings in the fund's neutral mix (50% stocks, 40% bonds, and 10% short-term/money market instruments). The following indexes are used to calculate the composite index: stocks - the S&P 500, bonds - the Lehman Brothers Aggregate Bond Index, and short-term/money market instruments - the Lehman Brothers 3-Month Treasury Bill Index. Prior to January 1, 1997, the Lehman Brothers U.S. Treasury Index was used for the bond class. The index weightings of the composite index are rebalanced monthly.

Fidelity Asset Manager: Growth Composite Index is a hypothetical representation of the performance of VIP Asset Manager: Growth's three asset classes according to their respective weightings in the fund's neutral mix (70% stocks, 25% bonds, and 5% short-term/money market instruments). The following indexes are used to calculate the composite index: stocks - the S&P 500, bonds - the Lehman Brothers Aggregate Bond Index, and short-term/money market instruments - the Lehman Brothers 3-Month Treasury Bill Index. Prior to January 1, 1997, the Lehman Brothers U.S. Treasury Index was used for the bond class. The index weightings of the composite index are rebalanced monthly.

Fidelity Balanced 60/40 Composite Index is a hypothetical representation of the performance of VIP Balanced's general investment categories using a weighting of 60% equity and 40% bond. The following indexes are used to calculate the composite index: equity - the S&P 500, and bond - the Lehman Brothers Aggregate Bond Index. The index weightings of the composite index are rebalanced monthly.

Lehman Brothers 3-Month Treasury Bill Index represents the average of Treasury Bill rates for each of the prior three months, adjusted to a bond equivalent yield basis (short-term and money market instruments).

Lehman Brothers U.S. Treasury Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one year or more.

Each Lipper Funds Average reflects the performance (excluding sales charges) of mutual funds with similar objectives.

<R>Operating Expenses</R>

<R>The annual class operating expenses provided below for Initial Class of each fund (other than VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Index 500, VIP Money Market, and VIP Value) do not reflect the effect of any reduction of certain expenses during the period. The annual class operating expenses provided below for Initial Class of VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Index 500, and VIP Value do not reflect the effect of any expense reimbursements or reduction of certain expenses during the period. The annual class operating expenses provided below for Initial Class of VIP Money Market are based on historical expenses. The annual class operating expenses do not take into account any fees or other expenses of any variable annuity or variable life insurance product.</R>

Prospectus

Fund Summary - continued

<R>		Initial Class</R>
<R>VIP Aggressive Growth	Management fee	0.63%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	2.37%</R>
<R>	Total annual class operating expenses^A	3.00%</R>
<R>VIP Asset Manager	Management fee	0.53%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.64%</R>
<R>VIP Asset Manager: Growth	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.15%</R>
<R>	Total annual class operating expenses^A	0.73%</R>
<R>VIP Balanced	Management fee	0.43%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.14%</R>
<R>	Total annual class operating expenses^A	0.57%</R>
<R>VIP Contrafund	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.68%</R>
<R>VIP Dynamic Capital Appreciation	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	3.01%</R>
<R>	Total annual class operating expenses^A	3.59%</R>
<R>VIP Equity-Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.58%</R>
<R>VIP Growth	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.68%</R>
<R>VIP Growth & Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.58%</R>
<R>VIP Growth Opportunities	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.69%</R>
<R>VIP High Income	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.13%</R>
<R>	Total annual class operating expenses^A	0.71%</R>
<R>VIP Index 500	Management fee	0.24%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.35%</R>
<R>VIP Investment Grade Bond	Management fee	0.43%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.54%</R>
<R>VIP Mid Cap	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.69%</R>
<R>VIP Money Market	Management fee	0.18%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses	0.28%</R>
<R>VIP Overseas	Management fee	0.73%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.19%</R>
<R>	Total annual class operating expenses^A	0.92%</R>
<R>VIP Value	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	6.53%</R>
<R>	Total annual class operating expenses^A	7.11%</R>

^AFMR has voluntarily agreed to reimburse Initial Class of certain funds to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as a percentage of their respective average net assets, exceed the following rates:

Prospectus

Fund Summary - continued

	Initial Class	Effective Date
VIP Aggressive Growth	1.50%	12/27/00
VIP Asset Manager	1.25%	1/1/90
VIP Asset Manager: Growth	1.00%	1/3/95
VIP Balanced	1.50%	1/3/95
VIP Contrafund	1.00%	1/3/95
VIP Dynamic Capital Appreciation	1.50%	9/25/00
VIP Equity-Income	1.50%	10/9/86
VIP Growth	1.50%	10/9/86
VIP Growth & Income	1.00%	12/31/96
VIP Growth Opportunities	1.50%	1/3/95
VIP High Income	1.00%	1/1/86
VIP Index 500	0.28%	4/18/97
VIP Investment Grade Bond	0.80%	12/5/88
VIP Mid Cap	1.00%	12/29/98
VIP Overseas	1.50%	1/28/87
<R>VIP Value	1.50%	5/9/01</R>

These arrangements may be discontinued by FMR at any time.

A portion of the brokerage commissions that <R>each </R>fund (other than <R>VIP Index 500, VIP Investment Grade Bond, and VIP Money Market) pays is used to</R> reduce that fund's expenses. In addition, through arrangements with each fund's <R>(other than VIP Aggressive Growth, VIP Growth Opportunities, VIP Money Market, and VIP Value) </R>custodian, credits realized as a result of uninvested cash balances are used to reduce custodian <R>expenses</R>. Including these reductions, the total Initial Class operating expenses are shown in the table below.

<R>	Total Operating Expenses</R>
<R>VIP Aggressive Growth - Initial Class	1.45%^A</R>
<R>VIP Asset Manager - Initial Class	0.63%</R>
<R>VIP Asset Manager: Growth - Initial Class	0.72%</R>
<R>VIP Balanced - Initial Class	0.55%</R>
<R>VIP Contrafund - Initial Class	0.64%</R>
<R>VIP Dynamic Capital Appreciation - Initial Class	1.43%^A</R>
<R>VIP Equity-Income - Initial Class	0.57%</R>
<R>VIP Growth - Initial Class	0.65%</R>
<R>VIP Growth & Income - Initial Class	0.56%</R>
<R>VIP Growth Opportunities - Initial Class	0.67%</R>
<R>VIP High Income - Initial Class	0.70%</R>
<R>VIP Index 500 - Initial Class	0.28%^A</R>
<R>VIP Investment Grade Bond - Initial Class	0.54%</R>
<R>VIP Mid Cap - Initial Class	0.62%</R>
<R>VIP Overseas - Initial Class	0.87%</R>
<R>VIP Value - Initial Class	1.46%^A</R>

^<R>AAfter reimbursement.</R>

Prospectus

Fund Basics

Investment Details

Investment Objective

VIP Aggressive Growth Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR normally invests the fund's assets in companies it believes offer the potential for accelerated earnings or revenue growth.

Companies with high growth potential tend to be companies with higher than average P/E <R>or P/B</R> ratios. Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a strong industry or market position. The stocks of these companies are often called "growth" stocks.

Although FMR focuses on investing the fund's assets in securities issued by medium-sized companies, FMR may also make substantial investments in securities issued by larger or smaller companies.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts<R> and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Asset Manager Portfolio seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

FMR allocates the fund's assets among the following classes, or types, of investments. The stock class includes equity securities of all types. The bond class includes all varieties of fixed-income securities, including lower-quality debt securities, maturing in more than one year. The short-term/money market class includes all types of short-term and money market instruments.

FMR may use its judgment to place a security in the most appropriate class based on its investment characteristics. Fixed-income securities may be classified in the bond or short-term/money market class according to interest rate sensitivity as well as maturity. FMR may invest the fund's assets in these classes by investing in other funds. FMR may also invest the fund's assets in other instruments that do not fall within these classes.

<R>FMR has the ability to allocate the fund's assets within specified ranges. The fund's neutral mix represents the benchmark for its combination of investments in each asset class over time. FMR may change the neutral mix from time to time. The approximate neutral mix and range for each asset class are shown in the following chart:</R>

FMR will not try to pinpoint the precise moment when a major reallocation should be made. Instead, FMR regularly reviews the fund's allocation and makes changes gradually to favor investments that it believes will provide the most favorable outlook for achieving the fund's objective.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

In buying and selling securities for the fund, FMR generally analyzes the issuer of a security using fundamental factors (e.g., growth potential, earnings estimates, and management) and/or quantitative factors (e.g., historical earnings, dividend yield, and earnings per share) and evaluates each security's current price relative to its estimated long-term value.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts<R> and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Asset Manager: Growth Portfolio seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

Prospectus

Fund Basics - continued

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Balanced Portfolio seeks income and capital growth consistent with reasonable risk.

Principal Investment Strategies

FMR manages the fund to maintain a balance between stocks and bonds. When FMR's outlook is neutral, it will invest approximately 60% of the fund's assets in stocks and other equity securities and the remainder in bonds and other debt securities, including lower-quality debt securities. FMR may vary from this target if it believes stocks or bonds offer more favorable opportunities, but will always invest at least 25% of the fund's total assets in fixed-income senior securities (including debt securities and preferred stock).

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR is not constrained by any particular investment style. With respect to the fund's equity investments, at any given time FMR may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the fund, FMR generally analyzes the issuer of a security using fundamental factors (e.g., growth potential, earnings estimates, and management) and evaluates each security's current price relative to its estimated long-term value.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds.</R> If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR invests the fund's assets in securities of companies whose value <R>it</R> believes is not fully recognized by the public. The types of companies in which the fund may invest include companies experiencing positive fundamental change, such as a new management team or product launch, a significant cost-cutting initiative, a merger or acquisition, or a reduction in industry capacity that should lead to improved pricing; companies whose earnings potential has increased or is expected to increase more than generally perceived; companies that have enjoyed recent market popularity but which appear to have fallen temporarily out of favor for reasons that are considered non-recurring or short-term; and companies that are undervalued in relation to securities of other companies in the same industry.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR is not constrained by any particular investment style. At any given time, FMR may tend to buy "growth" stocks or "value" stocks, or a combination of both types. In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Prospectus

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds, </R>to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Principal Investment Strategies

<R>FMR normally invests at least 80% of the fund's assets in equity securities. FMR normally invests the fund's assets primarily in income-producing equity securities.</R> FMR may also invest the fund's assets in other types of equity securities and debt securities, including lower-quality debt securities.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR's emphasis on above-average income-producing equity securities tends to lead to investments in large cap "value" stocks. However, FMR is not constrained by any particular investment style. In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Growth Portfolio seeks to achieve capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR invests the fund's assets in companies it believes have above-average growth potential. Growth may be measured by factors such as earnings or revenue.

Companies with high growth potential tend to be companies with higher than <R>average</R> P/E <R>or P/B</R> ratios. Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a strong industry or market position. The stocks of these companies are often called "growth" stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Growth & Income Portfolio seeks high total return through a combination of current income and capital appreciation.

Principal Investment Strategies

FMR normally invests a majority of the fund's assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. FMR may also invest the fund's assets in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

Prospectus

Fund Basics - continued

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds, </R>to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP High Income Portfolio seeks a high level of current income, while also considering growth of capital.

Principal Investment Strategies

<R>FMR normally invests the fund's assets primarily</R> in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Many lower-quality debt securities are subject to legal or contractual restrictions limiting FMR's ability to resell the securities to the general public. FMR may also invest the fund's assets in non-income producing securities, including defaulted securities and common stocks. FMR currently intends to limit common stocks to 10% of the fund's total assets. FMR may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include a security's structural features and current price compared to its long-term value, and the earnings potential, credit standing, and management of the security's issuer.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds.</R> If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Index 500 Portfolio seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.

Principal Investment Strategies

<R>DAMI</R> normally invests at least 80% of the fund's assets in common stocks included in the S&P 500. The S&P 500 is a widely recognized, unmanaged index of common stock prices.

The fund may not always hold all of the same securities as the S&P 500. <R>DAMI</R> may use statistical sampling techniques to attempt to replicate the returns of the S&P 500. Statistical sampling techniques attempt to match the investment characteristics of the index and the fund by taking into account such factors as capitalization, industry exposures, dividend yield, P/E ratio, <R>P/B</R> ratio, and earnings growth.

The fund may not track the index perfectly because differences between the index and the fund's portfolio can cause differences in performance. In addition, expenses and transaction costs, the size and frequency of cash flow into and out of the fund, and differences between how and when the fund and the index are valued can cause differences in performance.

<R>DAMI</R> may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

<R>DAMI</R> may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If <R>DAMI's</R> strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Investment Grade Bond Portfolio seeks as high a level of current income as is consistent with the preservation of capital.

Prospectus

Principal Investment Strategies

<R>FMR normally invests at least 80% of the fund's assets in investment-grade debt securities of all types and repurchase agreements for those securities.</R>

FMR uses an index that represents the market for the types of securities in which the fund invests as a guide in structuring the fund and selecting its investments. FMR manages the fund to have similar overall interest rate risk to the index. As of December 31, 2001, FMR was using the Lehman Brothers Aggregate Bond Index in managing the fund's investments. As of December 31, 2001, the <R>fund's</R> dollar-weighted average maturity <R>was approximately 7.3 years and the index's dollar-weighted average maturity was approximately 8.1 years.</R> In determining a security's maturity for purposes of calculating the fund's average maturity, an estimate of the average time for its principal to be paid may be used. This can be substantially shorter than its stated maturity.

FMR allocates the fund's assets among different market sectors (for example, corporate or government securities) and different maturities based on its view of the relative value of each sector or maturity.

In buying and selling securities for the fund, FMR analyzes a security's structural features and current price compared to its estimated long-term value, any short-term trading opportunities resulting from market inefficiencies, and the credit quality of its issuer.

To earn additional income for the fund, FMR may use a trading strategy that involves selling mortgage securities and simultaneously agreeing to purchase similar securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate which increases transaction costs and may increase taxable gains.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds. </R>If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Mid Cap Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR normally invests at least<R> 80% of the fund's assets </R>in securities of companies with medium market capitalizations. <R>Although a universal definition of medium market capitalization companies does not exist, FMR generally defines medium</R> market capitalization companies <R>as</R> those whose market capitalization is similar to the <R>market</R> capitalization of companies in the <R>Russell Midcap Index or</R> the S&P MidCap 400. <R>A company's market capitalization is based on its current market capitalization or its market capitalization</R> at the time of the fund's investment. Companies whose capitalization no longer meets this definition after purchase continue to be considered to have a medium market capitalization for purposes of the <R>80%</R> policy<R>. </R>The size of <R>the</R> companies in<R> each index</R> changes with market conditions and the composition of the index. FMR may also invest the fund's assets in companies with smaller or larger market capitalizations.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Money Market Portfolio seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Principal Investment Strategies

FMR invests the fund's assets in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements. FMR also may enter into reverse repurchase agreements for the fund.

FMR will invest more than 25% of the fund's total assets in the financial services industries.

In buying and selling securities for the fund, FMR complies with industry-standard requirements for money market funds regarding the quality, maturity, and diversification of the fund's investments. FMR stresses maintaining a stable $1.00 share price, liquidity, and income.

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests at least <R>80% of the fund's assets</R> in <R>non-U.S.</R> securities. FMR normally invests the fund's assets primarily in common stocks.

FMR normally diversifies the fund's investments across different countries and regions. In allocating the fund's investments across countries and regions, FMR will consider the size of the market in each country and region relative to the size of the international market as a whole.

Prospectus

Fund Basics - continued

<R>In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include growth potential, earnings estimates, and management.</R>

<R>FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.</R>

<R>FMR may use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective. </R>

<R>Investment Objective</R>

<R></R>VIP Value Portfolio seeks capital appreciation.

<R>Principal Investment Strategies</R>

<R>FMR normally invests the fund's assets primarily in common stocks. </R>

<R>FMR invests in securities of companies that it believes are undervalued in the marketplace in relation to factors such as the company's assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry. FMR considers traditional and other measures of value such as P/B ratio, price/sales (P/S) ratio, P/E ratio, and the discounted value of a company's projected future free cash flows. The types of companies in which the fund may invest include companies experiencing positive fundamental change, such as a new management team or product launch, a significant cost-cutting initiative, a merger or acquisition, or a reduction in industry capacity that should lead to improved pricing; companies whose earnings potential has increased or is expected to increase more than generally perceived; and companies that have enjoyed recent market popularity but which appear to have temporarily fallen out of favor for reasons that are considered non-recurring or short-term.</R>

<R>FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.</R>

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, convertible securities, and warrants.

Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are sold at a discount from their face values. Debt securities include corporate bonds, government securities, mortgage and other asset-backed securities, and loans and loan participations.

Money market securities are high-quality, short-term securities that pay a fixed, variable, or floating interest rate. Securities are often specifically structured so that they are eligible investments for a money market fund. For example, in order to satisfy the maturity restrictions for a money market fund, some money market securities have demand or put features, which have the effect of shortening the security's maturity. Money market securities include bank certificates of deposit, bankers' acceptances, bank time deposits, notes, commercial paper, and U.S. Government securities.

A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price.

Principal Investment Risks

Many factors affect each fund's performance.

A fund's yield, as applicable, will change daily based on changes in interest rates and other market conditions.

<R>Although the money market fund is managed to maintain a stable $1.00 share price, there is no guarantee that the fund will be able to do so. For example, a major increase in interest rates or a decrease in the credit quality of the issuer of one of the fund's investments could cause the fund's share price to decrease. </R>

A fund's (other than a money market fund) share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund's reaction to these developments will be affected by the types and maturities of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund's level of investment in the securities of that issuer. When a shareholder sells shares of a fund, they could be worth more or less than what the shareholder paid for them.

The following factors can significantly affect a fund's performance:

Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. In the short term, equity prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, large cap stocks can react differently from small cap stocks, and "growth" stocks can react differently from "value" stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole.

Prospectus

Interest Rate Changes. Debt and money market securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt or money market security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities, mortgage securities, and the securities of issuers in the financial services sector can be more sensitive to interest rate changes. In other words, the longer the maturity of a security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates.

Foreign Exposure. Issuers located in foreign countries and entities <R>providing</R> credit support or a maturity-shortening structure <R>that are located in foreign countries</R> can involve increased risks. Extensive public information about the issuer or provider may not be available and unfavorable political, economic, or governmental developments could affect the value of the security.

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Financial Services Exposure. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the financial services sector can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

Prepayment. Many types of debt securities, including mortgage securities, are subject to prepayment risk. Prepayment occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

Issuer-Specific Changes. Changes in the financial condition of an issuer, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect the credit quality or value of an issuer's securities. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities tend to be particularly sensitive to these changes.

Lower-quality debt securities and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities often fluctuates in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

Entities providing credit support or a maturity-shortening structure also can be affected by these types of changes. If the structure of a security fails to function as intended, the security could decline in value.

"Growth" Investing. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

"Value" Investing. "Value" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Value" stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, "value" stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.

In response to market, economic, political, or other conditions, FMR or <R>DAMI</R> may temporarily use a different investment strategy for defensive purposes. If FMR or <R>DAMI</R> does so, different factors could affect a fund's performance and the fund may not achieve its investment objective.

Fundamental Investment Policies

The policies discussed below are fundamental, that is, subject to change only by shareholder approval.

Prospectus

Fund Basics - continued

VIP Aggressive Growth Portfolio seeks capital appreciation.

VIP Asset Manager Portfolio seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

VIP Asset Manager: Growth Portfolio seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments.

VIP Balanced Portfolio seeks income and capital growth consistent with reasonable risk.

VIP Contrafund Portfolio seeks long-term capital appreciation.

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

VIP Equity-Income Portfolio seeks reasonable income by investing primarily in income-producing equity securities. In choosing these securities, the fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500.

VIP Growth Portfolio seeks to achieve capital appreciation.

VIP Growth & Income Portfolio seeks high total return through a combination of current income and capital appreciation.

VIP Growth Opportunities Portfolio seeks to provide capital growth by investing primarily in common stocks and securities convertible into common stocks.

VIP High Income Portfolio seeks a high level of current income, while also considering growth of capital.

VIP Index 500 Portfolio seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.

VIP Investment Grade Bond Portfolio seeks as high a level of current income as is consistent with the preservation of capital.

VIP Mid Cap Portfolio seeks long-term growth of capital.

VIP Money Market Portfolio seeks as high a level of current income as is consistent with preservation of capital and liquidity by investing in money market instruments.

VIP Overseas Portfolio seeks long-term growth of capital.

<R></R>VIP Value Portfolio seeks capital appreciation.

<R>Shareholder Notice</R>

<R>The following policies are subject to change only upon 60 days' prior notice to shareholders:</R>

<R></R>VIP Equity-Income Portfolio normally invests at least 80% of its assets in equity securities.

<R>VIP Index 500 Portfolio normally invests at least 80% of its assets in common stocks included in the S&P 500.</R>

<R></R>VIP Investment Grade Bond Portfolio normally invests at least 80% of its assets in investment-grade debt securities of all types and repurchase agreements for those securities.

<R></R>VIP Mid Cap Portfolio normally invests at least 80% of its assets in securities of companies with medium market capitalizations.

<R></R>VIP Overseas Portfolio normally invests at least 80% of its assets in non-U.S. securities.

<R>Country or Geographic Region</R>

<R>FMR considers non-U.S. securities to include investments that are tied to a particular country or region outside the U.S. FMR considers a number of factors to determine whether an investment is tied to a particular country or region including: the source of government guarantees (if any); the primary trading market; the issuer's domicile, sources of revenue, and location of assets; whether the investment is included in an index representative of a particular country or region; and whether the investment is exposed to the economic fortunes and risks of a particular country or region.</R>

Valuing Shares

Each fund is open for business each day the New York Stock Exchange (NYSE) is open.

A class's net asset value per share (NAV) is the value of a single share. Fidelity normally calculates Initial Class's NAV as of the close of business of the NYSE, normally 4:00 p.m. Eastern time. However, NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the Securities and Exchange Commission (SEC). Each fund's assets are valued as of this time for the purpose of computing Initial Class's NAV.

To the extent that each fund's assets are traded in other markets on days when the <R>fund is not open for business,</R> the value of the fund's assets may be affected on <R>those days.</R> In addition, trading in some of a fund's assets may not occur on days when the fund is open for business.

The money market fund's assets are valued on the basis of amortized cost.

Each fund's (other than the money market fund's) assets are valued primarily on the basis of market quotations or on the basis of information furnished by a pricing service. Certain short-term securities are valued on the basis of amortized cost. If market quotations or information furnished by a pricing service is not readily available or does not accurately reflect fair value for a security or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value.

Prospectus

Shareholder Information

Buying and Selling Shares

Insurance companies offer variable annuity and variable life insurance products through separate accounts. Separate accounts - not variable product owners - are the shareholders of the funds. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Only separate accounts of insurance companies that have signed the appropriate agreements with the funds can buy or sell shares of the funds.

The price to buy one share of Initial Class is the class's NAV. Initial Class shares are sold without a sales charge.

Shares will be bought at the next NAV calculated after an order is received in proper form.

<R>A fund may reject or cancel any purchase orders for any reason.</R>

<R>For example, the funds do not permit market timing because short-term or</R> other excessive trading into and out of a fund may harm performance by disrupting portfolio management strategies and by increasing expenses. Accordingly, a fund may reject any purchase orders,from market timers or investors <R>that,</R> in FMR's opinion,may be disruptive to that fund. For these purposes, FMR may consider an investor's trading history in that fund or other Fidelity funds, and accounts under common ownership or control.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

The price to sell one share of Initial Class is the class's NAV.

If appropriate to protect shareholders, each fund may impose a redemption fee (trading fee) on redemptions from the fund.

Shares will be sold at the next NAV calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, butmay take up to seven business days to <R>be processed</R> if making immediate payment would adversely affect a fund.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Under certain circumstances (for example, at the request of a shareholder), redemption proceeds may be paid in securities or other property rather than in cash if FMR determines it is in the best interests of a fund.

Each fund offers its shares to separate accounts of insurance companies that may be affiliated or unaffiliated with FMR and/or each other. Each fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products. Nevertheless, the Board of Trustees that oversees each fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Dividends and Capital Gain Distributions

Each fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each of VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Index 500, VIP Investment Grade Bond, VIP Mid Cap, VIP Overseas<R>, and VIP Value</R> normally pays dividends and capital gain distributions at least annually, in February.

Distributions from VIP Money Market consist primarily of dividends. VIP Money Market normally declares dividends daily and pays them monthly.

Dividends and capital gain distributions will be automatically reinvested in additional Initial Class shares of the fund.

Tax Consequences

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus.

Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from a fund.

Prospectus

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

FMR is each fund's manager.

As of <R>March 28, 2002</R>, FMRhad approximately $13.6 billion in discretionary assets under management.

As the manager, FMR is responsible for choosing investments for each fund (except VIP Index 500) and handling each fund's business affairs.

<R>DAMI serves as a sub-adviser for VIP Index 500. DAMI chooses VIP Index 500's investments and places orders to buy and sell the fund's investments. Prior to May 1, 2001, Bankers Trust Company (BT) served as sub-adviser for VIP Index 500.</R>

<R>As of December 31, 2001, DAMI had approximately $96 billion in discretionary assets under management.</R>

<R>DAMI's </R>principal offices are at 280 Park Avenue, New York, New York 10017.

Affiliates assist FMR with foreign investments:

Fidelity Management & Research (U.K.) Inc. (FMR U.K.), in London, England, serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas<R>, and VIP Value.</R> FMR U.K. was organized in 1986 to provide investment research and advice to FMR. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas, and VIP Value.
Fidelity Management & Research (Far East) Inc. (FMR Far East) serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas<R>, and VIP Value</R>. FMR Far East was organized in 1986 to provide investment research and advice to FMR. FMR Far East may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas, and VIP Value.
Fidelity International Investment Advisors (FIIA), in Pembroke, Bermuda, serves as a sub-adviser for VIP Overseas. As of <R>June 30, 2001</R>, FIIA had approximately $6.7<R> billion</R> in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Overseas.
Fidelity International Investment Advisors (U.K.) Limited (FIIA(U.K.)L), in London, England, serves as a sub-adviser for VIP Overseas. As of <R>June 30, 2001</R>, FIIA(U.K.)L had approximately $3.6 <R>billion</R> in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Overseas.
Fidelity Investments Japan Limited (FIJ), in Tokyo, Japan, serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas<R>, and VIP Value.</R> As of <R>June 30, 2001</R>, FIJ had approximately $21.9<R> billion</R> in discretionary assets under management. FIJ may provide investment research and advice on issuers based outside the United States and may also provide investment advisory and order execution services for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas, and VIP Value from time to time.

Fidelity Investments Money Management, Inc. (FIMM), in Merrimack, New Hampshire, serves as a sub-adviser for VIP Investment Grade Bond and VIP Money Market. FIMM is primarily responsible for choosing investments for VIP Investment Grade Bond and VIP Money Market. FIMM also serves as a sub-adviser for VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced. FIMM is primarily responsible for choosing certain types of investments for VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced.

FIMM is an affiliate of FMR. As of <R>March 28, 2002</R>, FIMM had approximately $330.6<R> billion</R> in discretionary assets under management.

FMR Co., Inc. (FMRC) serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Index 500, VIP Mid Cap, VIP Overseas<R>, and VIP Value</R>. FMRC is primarily responsible for choosing investments for VIP Aggressive Growth, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, VIP Overseas,<R> and VIP Value.</R> FMRC is primarily responsible for choosing certain types of investments for VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced. FMRC may provide investment advisory services for VIP Index 500.

<R>FMRC is an affiliate of FMR. As of March 28, 2002, FMRC had approximately $543.8 billion in discretionary assets under management.</R>

Prospectus

Fund Services - continued

<R>Tom Allen is manager of VIP Mid Cap, which he has managed since June 2001. Since joining Fidelity in 1995, Mr. Allen has worked as a research analyst and manager.</R>

Will Danoff is vice president and manager of VIP Contrafund, which he has managed since January 1995. He also manages another Fidelity fund. Since joining Fidelity in 1986, Mr. Danoff has worked as a research analyst and manager.

Bettina Doulton is vice president and manager of VIP Growth Opportunities, which she has managed since February 2000. She also manages another Fidelity fund. Since joining Fidelity in 1986, Ms. Doulton has worked as aresearch analyst and manager.

<R>Stephen DuFour is vice president and manager of VIP Value, which he has managed since May 2001. Mr. DuFour also manages other Fidelity funds. Since joining Fidelity in 1992, Mr. DuFour has worked as a research analyst and manager.</R>

<R>Dick Habermann is vice president and co-manager of VIP Asset Manager and VIP Asset Manager: Growth, both of which he has managed since October 2001. He also manages other Fidelity funds. Since joining Fidelity in 1968,</R> Mr. Habermann has held several positions including portfolio manager, director of research for FMR Co., division head for international equities and director of international research, and chief investment officer for Fidelity International, Limited.

<R>Rajiv Kaul is manager of VIP Aggressive Growth, which he has managed since June 2001. He also manages another Fidelity fund. Since joining Fidelity in 1996, Mr. Kaul has worked as a research analyst and manager.</R>

Richard Mace is vice president and manager of VIP Overseas, which he has managed since March 1996. He also manages other Fidelity funds. Since joining Fidelity in 1987, Mr. Mace has worked as a research analyst and manager.

<R>Mark Notkin is vice president and manager of VIP High Income, which he has managed since October 2001. He also manages the high-yield portions of other Fidelity funds. Since joining Fidelity in 1994, Mr. Notkin has worked as a research analyst and manager.</R>

<R>Ford O'Neil is vice president and co-manager of VIP Asset Manager and VIP Asset Manager: Growth, vice president and manager of VIP Investment Grade Bond, and vice president of VIP Balanced and manager of its fixed-income investments, all of which he has managed since October 2001. He also manages other Fidelity funds. Since joining Fidelity in 1990, Mr. O'Neil has worked as a research analyst and manager.</R>

Stephen Petersen is vice president and manager of VIP Equity-Income, which he has managed since January 1997. He also manages other Fidelity funds. Since joining Fidelity in 1980, Mr. Petersen has worked as a research analyst and manager.

<R>Louis Salemy is vice president and lead manager of VIP Balanced and vice president and manager of VIP Growth & Income, which he has managed since February 2002 and September 1998, respective</R>ly. He also manages other Fidelity funds. Since joining Fidelity in 1992, Mr. Salemy has worked as a research analyst and manager.

J. Fergus Shiel is vice president and manager of VIP Dynamic Capital Appreciation, which he has managed since September 2000. He also manages other Fidelity funds. Since joining Fidelity in 1989, Mr. Shiel has worked as a research analyst and manager.

Jennifer Uhrig is vice president and manager of VIP Growth, which she has managed since January 1997. She also manages <R>another</R> Fidelity <R>fund</R>. Since joining Fidelity in 1987, Ms. Uhrig has worked as a research analyst and manager.

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Each fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month.

VIP Index 500's annual management fee rate is 0.24% of its average net assets.

For VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Investment Grade Bond, VIP Mid Cap, VIP Overseas<R>, and VIP Value</R>, the fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund's average net assets throughout the month.

The monthly management fee for VIP Money Market is calculated by adding a group fee to an income-related fee. The income-related fee varies depending on the level of the fund's monthly gross income from an annualized rate of 0.05% (at a fund annualized gross yield of 0%) to 0.27% (at a fund annualized gross yield of 15%) of the fund's average net assets throughout the month. For VIP Money Market, the group fee rate is divided by twelve and multiplied by the fund's average net assets throughout the month.

The group fee rate is based on the average net assets of all the mutual funds advised by FMR. This rate cannot rise above 0.52% for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP Mid Cap, VIP Overseas<R>, and VIP Value</R> or 0.37% for VIP High Income, VIP Investment Grade Bond, and VIP Money Market, and it drops as total assets under management increase.

Prospectus

<R>For December 2001, the group fee rate was 0.28% for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP Mid Cap, VIP Overseas, and VIP Value and the group fee rate was 0.13% for VIP High Income, VIP Investment Grade Bond, and VIP Money Market. </R>The individual fund fee rate is 0.15% for VIP Balanced; 0.20% for VIP Equity-Income and VIP Growth & Income; 0.25% for VIP Asset Manager; 0.30% for VIP Asset Manager: Growth, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth, VIP Growth Opportunities, VIP Investment Grade Bond, VIP Mid Cap, and VIP Value; 0.35% for VIP Aggressive Growth; and 0.45% for VIP High Income and VIP Overseas.

The total management fee, as a percentage of a fund's average net assets, for the fiscal year ended December 31, <R>2001,</R> for each fund (other than VIP Index 500 and VIP Value) is shown in the table below.

	Total Management Fee
<R>VIP Aggressive Growth	0.63%</R>
<R>VIP Asset Manager	0.53%</R>
<R>VIP Asset Manager: Growth	0.58%</R>
<R>VIP Balanced	0.43%</R>
<R>VIP Contrafund	0.58%</R>
<R>VIP Dynamic Capital Appreciation	0.58%</R>
<R>VIP Equity-Income	0.48%</R>
<R>VIP Growth	0.58%</R>
<R>VIP Growth & Income	0.48%</R>
<R>VIP Growth Opportunities	0.58%</R>
<R>VIP High Income	0.58%</R>
<R>VIP Investment Grade Bond	0.43%</R>
<R>VIP Mid Cap	0.58%</R>
<R>VIP Money Market	0.18%^A</R>
<R>VIP Overseas	0.73%</R>

^A<R>Prior to May 1, 2001,</R> VIP Money Market paid FMR a management fee composed of a group fee, an individual fund feeof 0.03% of the fund's average net assets, and an income-based fee of 6% of the fund's monthly gross income in excess of an annualized 5% yield.

FMR pays FIMM, FMRC, FMR U.K., FMR Far East, and FIIA for providing sub-advisory services, and FIIA in turn pays FIIA(U.K.)L. FIIA or FMR Far East in turn pays FIJ for providing sub-advisory services.

FMR paysDAMI for providing investment management services.

FMR may, from time to time, agree to reimburse a class for management fees and other expenses above a specified limit. FMR retains the ability to be repaid by a class if expenses fall below the specified limit prior to the end of the fiscal year. Reimbursement arrangements, which may be discontinued by FMR at any time, can decrease a class's expenses and boost its performance.

<R>As of February 28, 2002, approximately 68.76% and 27.40% of VIP Aggressive Growth's and VIP Value's total outstanding shares, respectively, were held by an FMR affiliate.</R>

Fund Distribution

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

Fidelity Distributors Corporation (FDC) distributes Initial Class's shares.

Initial Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 that recognizes that FMR may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Initial Class shares and/or support services that benefit variable product owners. FMR, directly or through FDC, may pay significant amounts to intermediaries, such as insurance companies, broker-dealers, and other service-providers, that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Initial Class.

If payments made by FMR to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of Initial Class's assets on an ongoing basis, they might increase the cost of a shareholder's investment and might cost a shareholder more than paying other types of sales charges.

To receive payments made pursuant to a Distribution and Service Plan, intermediaries must sign the appropriate agreement with FDC in advance.

Prospectus

Fund Services - continued

FMR may allocate brokerage transactions in a manner that takes into account the sale of shares of the Fidelity^® Variable Insurance Product funds, provided that a fund receives brokerage services and commission rates comparable to those of other broker-dealers.

<R>DAMI</R> may allocate brokerage transactions in a manner that takes into account the sale of shares of VIP Index 500, provided that the fund receives brokerage services and commission rates comparable to those of other broker-dealers.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related statement of additional information (SAI), in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus and the related SAI do not constitute an offer by the funds or by FDC to sell shares of the funds to or to buy shares of the funds from any person to whom it is unlawful to make such offer.

Prospectus

Appendix

Financial Highlights

The financial highlights tables are intended to help you understand Initial Class's financial history for the past 5 years or, if shorter, the period of the class's operations. Certain information reflects financial results for a single class share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the class (assuming reinvestment of all dividends and distributions). This information has been audited by <R>Price-waterhouseCoopers LLP (for VIP Equity-Income, VIP Growth, VIP High Income, VIP Mid Cap, VIP Money Market, and VIP Overseas) and Deloitte & Touche LLP (for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP Index 500, VIP Investment Grade Bond, and VIP Value)</R>, independent accountants, whose reports, along with each fund's financial highlights and financial statements, are included in each fund's annual report. A free copy of each annual report is available upon request.

VIP Aggressive Growth - Initial Class

<R>Years ended December 31,	2001	2000^F</R>
<R>Selected Per-Share Data		</R>
<R>Net asset value, beginning of period	$ 10.02	$ 10.00</R>
<R>Income from Investment Operations		</R>
<R>Net investment income^E	.03^H	.00</R>
<R>Net realized and unrealized gain (loss)	(1.82)^H	.02</R>
<R>Total from investment operations	(1.79)	.02</R>
<R>Less Distributions		</R>
<R>From net investment income	(.01)	-</R>
<R>Net asset value, end of period	$ 8.22	$ 10.02</R>
<R>Total Return^{B, C, D}	(17.89)%	.20%</R>
<R>Ratios to Average Net Assets^G		</R>
<R>Expenses before expense reductions	3.00%	146.41%^A</R>
<R>Expenses net of voluntary waivers, if any	1.50%	1.50%^A</R>
<R>Expenses net of all reductions	1.45%	1.50%^A</R>
<R>Net investment income	.34%^H	5.50%^A</R>
<R>Supplemental Data		</R>
<R>Net assets, end of period (000 omitted)	$ 864	$ 301</R>
<R>Portfolio turnover rate	526%	26%^A</R>

^A <R>Annualized</R>

^B <R>Total returns for periods of less than one year are not annualized.</R>

^C <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^D <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^E <R>Calculated based on average shares outstanding during the period.</R>

^F <R>For the period December 27, 2000 (commencement of operations) to December 31, 2000.</R>

^G <R>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. </R>

^H <R>Effective January 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The effect of this change during the period was to increase net investment income per share by $.05 and decrease net realized and unrealized gain (loss) per share by $.05. Without this change the ratio of net investment income (loss) to average net assets would have been (.24)%. Per share data, ratios and supplemental data for prior periods have not been restated to reflect this change. </R>

Prospectus

Appendix - continued

VIP Asset Manager - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 16.01	$ 18.67	$ 18.16	$ 18.01	$ 16.93</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.51	.62	.59	.59	.57</R>
<R>Net realized and unrealized gain (loss)	(1.13)	(1.30)	1.28	1.84	2.58</R>
<R>Total from investment operations	(.62)	(.68)	1.87	2.43	3.15</R>
<R>Less Distributions					</R>
<R>From net investment income	(.64)	(.60)^D	(.60)	(.57)	(.59)</R>
<R>From net realized gain	(.24)	(1.38)^D	(.76)	(1.71)	(1.48)</R>
<R> Total distributions	(.88)	(1.98)	(1.36)	(2.28)	(2.07)</R>
<R>Net asset value, end of period	$ 14.51	$ 16.01	$ 18.67	$ 18.16	$ 18.01</R>
<R>Total Return^A,B	(4.15)%	(3.87)%	11.09%	15.05%	20.65%</R>
<R>Ratios to Average Net Assets^E					</R>
<R>Expenses before expense reductions	.64%	.61%	.63%	.64%	.65%</R>
<R>Expenses net of voluntary waivers, if any	.64%	.61%	.63%	.64%	.65%</R>
<R>Expenses net of all reductions	.63%	.61%	.62%	.63%	.64%</R>
<R>Net investment income	3.53%	3.73%	3.36%	3.46%	3.43%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 3,547,730	$ 4,128,169	$ 4,936,926	$ 4,905,468	$ 4,399,937</R>
<R>Portfolio turnover rate	108%	76%	94%	113%	101%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

^D <R>The amounts shown reflect certain reclassifications related to book to tax differences.</R>

^E <R>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

Prospectus

VIP Asset Manager: Growth - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 14.41	$ 18.38	$ 17.03	$ 16.36	$ 13.10</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.32	.42	.40	.41	.36</R>
<R>Net realized and unrealized gain (loss)	(1.31)	(2.52)	2.04	2.19	2.92</R>
<R>Total from investment operations	(.99)	(2.10)	2.44	2.60	3.28</R>
<R>Less Distributions					</R>
<R>From net investment income	(.39)	(.37)	(.41)	(.34)	-</R>
<R>From net realized gain	(.47)	(1.50)	(.68)	(1.59)	(.02)</R>
<R> Total distributions	(.86)	(1.87)	(1.09)	(1.93)	(.02)</R>
<R>Net asset value, end of period	$ 12.56	$ 14.41	$ 18.38	$ 17.03	$ 16.36</R>
<R>Total Return^A,B	(7.39)%	(12.47)%	15.26%	17.57%	25.07%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.73%	.69%	.71%	.73%	.77%</R>
<R>Expenses net of voluntary waivers, if any	.73%	.69%	.71%	.73%	.77%</R>
<R>Expenses net of all reductions	.72%	.68%	.70%	.72%	.76%</R>
<R>Net investment income	2.55%	2.61%	2.38%	2.60%	2.44%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 399,273	$ 482,165	$ 580,555	$ 528,874	$ 483,231</R>
<R>Portfolio turnover rate	111%	147%	92%	98%	90%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

^D <R>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

Prospectus

Appendix - continued

VIP Balanced - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 14.45	$ 16.00	$ 16.11	$ 14.58	$ 12.23</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.42	.48	.45	.44	.44</R>
<R>Net realized and unrealized gain (loss)	(.63)	(1.15)	.24	2.00	2.22</R>
<R>Total from investment operations	(.21)	(.67)	.69	2.44	2.66</R>
<R>Less Distributions					</R>
<R>From net investment income	(.52)	(.48)	(.37)	(.36)	(.31)</R>
<R>From net realized gain	-	(.35)	(.43)	(.55)	-</R>
<R>In excess of net realized gain	-	(.05)	-	-	-</R>
<R> Total distributions	(.52)	(.88)	(.80)	(.91)	(.31)</R>
<R>Net asset value, end of period	$ 13.72	$ 14.45	$ 16.00	$ 16.11	$ 14.58</R>
<R>Total Return^A,B	(1.58)%	(4.30)%	4.55%	17.64%	22.18%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.57%	.58%	.57%	.59%	.61%</R>
<R>Expenses net of voluntary waivers, if any	.57%	.58%	.57%	.59%	.61%</R>
<R>Expenses net of all reductions	.55%	.56%	.55%	.58%	.60%</R>
<R>Net investment income	3.11%	3.18%	2.87%	2.94%	3.28%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 264,608	$ 250,802	$ 325,371	$ 307,681	$ 214,538</R>
<R>Portfolio turnover rate	126%	126%	108%	94%	98%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

VIP Contrafund - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 23.75	$ 29.15	$ 24.44	$ 19.94	$ 16.56</R>
<R>Income from Investment Operations					</R>
<R>Net investment income ^C	.16	.17	.12	.13	.16</R>
<R>Net realized and unrealized gain (loss)	(3.01)	(1.84)	5.59	5.54	3.73</R>
<R>Total from investment operations	(2.85)	(1.67)	5.71	5.67	3.89</R>
<R>Less Distributions					</R>
<R>From net investment income	(.17)	(.11)	(.12)	(.14)	(.14)</R>
<R>From net realized gain	(.60)	(3.62)	(.88)	(1.03)	(.37)</R>
<R> Total distributions	(.77)	(3.73)	(1.00)	(1.17)	(.51)</R>
<R>Net asset value, end of period	$ 20.13	$ 23.75	$ 29.15	$ 24.44	$ 19.94</R>
<R>Total Return ^A,B	(12.28)%	(6.58)%	24.25%	29.98%	24.14%</R>
<R>Ratios to Average Net Assets ^D					</R>
<R>Expenses before expense reductions	.68%	.66%	.67%	.70%	.71%</R>
<R>Expenses net of voluntary waivers, if any	.68%	.66%	.67%	.70%	.71%</R>
<R>Expenses net of all reductions	.64%	.63%	.65%	.66%	.68%</R>
<R>Net investment income	.77%	.69%	.48%	.62%	.90%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 6,972,615	$ 8,516,464	$ 9,005,129	$ 6,388,592	$ 4,107,868</R>
<R>Portfolio turnover rate	140%	177%	172%	201%	142%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

Appendix - continued

VIP Dynamic Capital Appreciation - Initial Class

<R>Years ended December 31,	2001	2000 ^F</R>
<R>Selected Per-Share Data		</R>
<R>Net asset value, beginning of period	$ 8.52	$ 10.00</R>
<R>Income from Investment Operations		</R>
<R>Net investment income ^E	.00	.01</R>
<R>Net realized and unrealized gain (loss)	(2.41)	(1.49)</R>
<R>Total from investment operations	(2.41)	(1.48)</R>
<R>Less Distributions		</R>
<R>From net investment income	(.01)	-</R>
<R>Net asset value, end of period	$ 6.10	$ 8.52</R>
<R>Total Return ^{B, C, D}	(28.32)%	(14.80)%</R>
<R>Ratios to Average Net Assets ^G		</R>
<R>Expenses before expense reductions	3.59%	10.18% ^A</R>
<R>Expenses net of voluntary waivers, if any	1.50%	1.50% ^A</R>
<R>Expenses net of all reductions	1.43%	1.50% ^A</R>
<R>Net investment income	.02%	.47% ^A</R>
<R>Supplemental Data		</R>
<R>Net assets, end of period (000 omitted)	$ 390	$ 256</R>
<R>Portfolio turnover rate	432%	295% ^A</R>

^A <R>Annualized</R>

^B <R>Total returns for periods of less than one year are not annualized.</R>

^C <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^D <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^E <R>Calculated based on average shares outstanding during the period.</R>

^F <R>For the period September 25, 2000 (commencement of operations) to December 31, 2000.</R>

Prospectus

VIP Equity-Income - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 25.52	$ 25.71	$ 25.42	$ 24.28	$ 21.03</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.34	.40	.41	.38	.36</R>
<R>Net realized and unrealized gain (loss)	(1.51)	1.46	1.10	2.31	5.06</R>
<R>Total from investment operations	(1.17)	1.86	1.51	2.69	5.42</R>
<R>Less Distributions					</R>
<R>From net investment income	(.42)	(.44)^D	(.38)	(.34)	(.36)</R>
<R>From net realized gain	(1.18)	(1.61)^D	(.84)	(1.21)	(1.81)</R>
<R> Total distributions	(1.60)	(2.05)	(1.22)	(1.55)	(2.17)</R>
<R>Net asset value, end of period	$ 22.75	$ 25.52	$ 25.71	$ 25.42	$ 24.28</R>
<R>Total Return^A,B	(4.96)%	8.42%	6.33%	11.63%	28.11%</R>
<R>Ratios to Average Net Assets^E					</R>
<R>Expenses before expense reductions	.58%	.56%	.57%	.58%	.58%</R>
<R>Expenses net of voluntary waivers, if any	.58%	.56%	.57%	.58%	.58%</R>
<R>Expenses net of all reductions	.57%	.55%	.56%	.57%	.57%</R>
<R>Net investment income	1.47%	1.68%	1.57%	1.58%	1.65%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 9,256,205	$ 9,969,086	$ 11,014,291	$ 11,409,912	$ 10,106,742</R>
<R>Portfolio turnover rate	24%	22%	27%	28%	44%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

^D <R>The amounts shown reflect certain reclassifications related to book to tax differences.</R>

Prospectus

Appendix - continued

VIP Growth - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 43.66	$ 54.93	$ 44.87	$ 37.10	$ 31.14</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.07	.03	.07	.08	.20</R>
<R>Net realized and unrealized gain (loss)	(7.27)	(5.27)	15.10	12.85	6.91</R>
<R>Total from investment operations	(7.20)	(5.24)	15.17	12.93	7.11</R>
<R>Less Distributions					</R>
<R>From net investment income	(.03)	(.06)	(.08)	(.19)	(.21)</R>
<R>From net realized gain	(2.82)	(5.97)	(5.03)	(4.97)	(.94)</R>
<R> Total distributions	(2.85)	(6.03)	(5.11)	(5.16)	(1.15)</R>
<R>Net asset value, end of period	$ 33.61	$ 43.66	$ 54.93	$ 44.87	$ 37.10</R>
<R>Total Return^A,B	(17.67)%	(10.96)%	37.44%	39.49%	23.48%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.68%	.65%	.66%	.68%	.69%</R>
<R>Expenses net of voluntary waivers, if any	.68%	.65%	.66%	.68%	.69%</R>
<R>Expenses net of all reductions	.65%	.64%	.65%	.66%	.67%</R>
<R>Net investment income	.19%	.07%	.14%	.21%	.58%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 11,458,659	$ 15,517,271	$ 17,142,411	$ 11,243,824	$ 7,727,132</R>
<R>Portfolio turnover rate	105%	103%	84%	123%	113%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

VIP Growth & Income - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 15.26	$ 17.30	$ 16.15	$ 12.53	$ 9.90</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.18	.20	.18	.15	.13</R>
<R>Net realized and unrealized gain (loss)	(1.45)	(.81)	1.27	3.54	2.84</R>
<R>Total from investment operations	(1.27)	(.61)	1.45	3.69	2.97</R>
<R>Less Distributions					</R>
<R>From net investment income	(.19)	(.19)	(.10)	-	(.08)</R>
<R>From net realized gain	(.61)	(1.24)	(.20)	(.07)	(.26)</R>
<R> Total distributions	(.80)	(1.43)	(.30)	(.07)	(.34)</R>
<R>Net asset value, end of period	$ 13.19	$ 15.26	$ 17.30	$ 16.15	$ 12.53</R>
<R>Total Return^A,B	(8.75)%	(3.62)%	9.17%	29.59%	30.09%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.58%	.58%	.60%	.61%	.70%</R>
<R>Expenses net of voluntary waivers, if any	.58%	.58%	.60%	.61%	.70%</R>
<R>Expenses net of all reductions	.56%	.57%	.59%	.60%	.70%</R>
<R>Net investment income	1.34%	1.26%	1.08%	1.08%	1.14%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 893,359	$ 1,011,393	$ 1,259,396	$ 1,141,806	$ 345,287</R>
<R>Portfolio turnover rate	58%	72%	58%	66%	81%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

Appendix - continued

VIP Growth Opportunities - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 17.74	$ 23.15	$ 22.88	$ 19.27	$ 15.40</R>
<R>Income from Investment Operations					</R>
<R>Net investment income ^C	.12	.06	.27	.26	.29</R>
<R>Net realized and unrealized gain (loss)	(2.67)	(3.77)	.66	4.29	4.18</R>
<R>Total from investment operations	(2.55)	(3.71)	.93	4.55	4.47</R>
<R>Less Distributions					</R>
<R>From net investment income	(.06)	(.29)	(.23)	(.21)	(.25)</R>
<R>From net realized gain	-	(1.41)	(.43)	(.73)	(.35)</R>
<R> Total distributions	(.06)	(1.70)	(.66)	(.94)	(.60)</R>
<R>Net asset value, end of period	$ 15.13	$ 17.74	$ 23.15	$ 22.88	$ 19.27</R>
<R>Total Return ^A,B	(14.42)%	(17.07)%	4.27%	24.61%	29.95%</R>
<R>Ratios to Average Net Assets ^D					</R>
<R>Expenses before expense reductions	.69%	.68%	.69%	.71%	.74%</R>
<R>Expenses net of voluntary waivers, if any	.69%	.68%	.69%	.71%	.74%</R>
<R>Expenses net of all reductions	.67%	.66%	.68%	.70%	.73%</R>
<R>Net investment income	.79%	.31%	1.20%	1.27%	1.68%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 652,493	$ 951,875	$ 1,541,587	$ 1,570,011	$ 1,025,766</R>
<R>Portfolio turnover rate	89%	117%	42%	29%	26%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

VIP High Income - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 8.180	$ 11.320	$ 11.530	$ 13.580	$ 12.520</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.849^E	1.123	1.095	1.111	1.124</R>
<R>Net realized and unrealized gain (loss)	(1.619)^E	(3.513)	(.195)	(1.591)	.936</R>
<R>Total from investment operations	(.770)	(2.390)	.900	(.480)	2.060</R>
<R>Less Distributions					</R>
<R>From net investment income	(1.000)	(.750)	(1.075)	(.970)	(.890)</R>
<R>From net realized gain	-	-	(.030)	(.600)	(.110)</R>
<R>In excess of net realized gain	-	-	(.005)	-	-</R>
<R>Total distributions	(1.000)	(.750)	(1.110)	(1.570)	(1.000)</R>
<R>Net asset value, end of period	$ 6.410	$ 8.180	$ 11.320	$ 11.530	$ 13.580</R>
<R>Total Return^A,B	(11.73)%	(22.54)%	8.25%	(4.33)%	17.67%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.71%	.68%	.69%	.70%	.71%</R>
<R>Expenses net of voluntary waivers, if any	.71%	.68%	.69%	.70%	.71%</R>
<R>Expenses net of all reductions	.70%	.68%	.69%	.70%	.71%</R>
<R>Net investment income	12.08%^E	11.38%	9.80%	9.14%	8.88%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,201,085	$ 1,467,250	$ 2,257,610	$ 2,348,954	$ 2,329,516</R>
<R>Portfolio turnover rate	138%	68%	82%	92%	118%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

^E <R>Effective January 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The effect of this change during the period was to increase net investment income per share by $.127 and decrease net realized and unrealized gain (loss) per share by $.127. Without this change the ratio of net investment income to average net assets would have been 10.27%. Per share data, ratios and supplemental data for prior periods have not been restated to reflect this change. </R>

Prospectus

Appendix - continued

VIP Index 500 - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 149.53	$ 167.41	$ 141.24	$ 114.40	$ 89.05</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	1.48	1.51	1.64	1.65	1.80</R>
<R>Net realized and unrealized gain (loss)	(19.34)	(16.99)	26.88	29.70	26.67</R>
<R>Total from investment operations	(17.86)	(15.48)	28.52	31.35	28.47</R>
<R>Less Distributions					</R>
<R>From net investment income	(1.59)	(1.67)	(1.40)	(1.36)	(1.03)</R>
<R>From net realized gain	-	(.73)	(.95)	(3.15)	(2.09)</R>
<R> Total distributions	(1.59)	(2.40)	(2.35)	(4.51)	(3.12)</R>
<R>Net asset value, end of period	$ 130.08	$ 149.53	$ 167.41	$ 141.24	$ 114.40</R>
<R>Total Return^A,B	(12.09)%	(9.30)%	20.52%	28.31%	32.83%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.35%	.33%	.34%	.35%	.40%</R>
<R>Expenses net of voluntary waivers, if any	.28%	.28%	.28%	.28%	.28%</R>
<R>Expenses net of all reductions	.28%	.28%	.28%	.28%	.28%</R>
<R>Net investment income	1.09%	.94%	1.09%	1.33%	1.74%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 3,475,357	$ 4,148,728	$ 5,538,735	$ 3,772,068	$ 2,098,042</R>
<R>Portfolio turnover rate	9%	10%	8%	4%	9%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

Prospectus

VIP Investment Grade Bond - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 12.590	$ 12.160	$ 12.960	$ 12.560	$ 12.240</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^B	.685^D	.771	.743	.725	.759</R>
<R>Net realized and unrealized gain (loss)	.335^D	.499	(.873)	.335	.291</R>
<R>Total from investment operations	1.020	1.270	(.130)	1.060	1.050</R>
<R>Less Distributions					</R>
<R>From net investment income	(.690)	(.840)	(.510)	(.590)	(.730)</R>
<R>From net realized gain	-	-	(.160)	(.070)	-</R>
<R>Total distributions	(.690)	(.840)	(.670)	(.660)	(.730)</R>
<R>Net asset value, end of period	$ 12.920	$ 12.590	$ 12.160	$ 12.960	$ 12.560</R>
<R>Total Return^A	8.46%	11.22%	(1.05)%	8.85%	9.06%</R>
<R>Ratios to Average Net Assets^C					</R>
<R>Expenses before expense reductions	.54%	.54%	.54%	.57%	.58%</R>
<R>Expenses net of voluntary waivers, if any	.54%	.54%	.54%	.57%	.58%</R>
<R>Expenses net of all reductions	.54%	.54%	.54%	.57%	.58%</R>
<R>Net investment income	5.47%^D	6.50%	6.07%	5.85%	6.34%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,445,925	$ 739,911	$ 658,852	$ 674,813	$ 324,525</R>
<R>Portfolio turnover rate	278%	154%	87%	239%	191%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Calculated based on average shares outstanding during the period.</R>

^C <R>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

^D <R>Effective January 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The effect of this change during the period was to decrease net investment income per share by $.009 and increase net realized and unrealized gain (loss) per share by $.009. Without this change the ratio of net investment income to average net assets would have been 5.54%. Per share data, ratios and supplemental data for prior periods have not been restated to reflect this change. </R>

Prospectus

Appendix - continued

VIP Mid Cap - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998^F</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 20.26	$ 15.25	$ 10.31	$ 10.00</R>
<R>Income from Investment Operations				</R>
<R>Net investment income (loss)^E	.20	.19	.00	.00</R>
<R>Net realized and unrealized gain (loss)	(.86)	4.95	5.05	.31</R>
<R>Total from investment operations	(.66)	5.14	5.05	.31</R>
<R>Less Distributions				</R>
<R>From net investment income	-	(.08)	-	-</R>
<R>From net realized gain	-	-	(.09)	-</R>
<R>In excess of net realized gain	-	(.05)	(.02)	-</R>
<R> Total distributions	-	(.13)	(.11)	-</R>
<R>Net asset value, end of period	$ 19.60	$ 20.26	$ 15.25	$ 10.31</R>
<R>Total Return^{B, C, D}	(3.26)%	33.78%	49.04%	3.10%</R>
<R>Ratios to Average Net Assets^G				</R>
<R>Expenses before expense reductions	.69%	.74%	3.34%	115.88%^A</R>
<R>Expenses net of voluntary waivers, if any	.69%	.74%	1.00%	1.00%^A</R>
<R>Expenses net of all reductions	.62%	.69%	.97%	1.00%^A</R>
<R>Net investment income (loss)	1.06%	1.01%	.01%	(.27)%^A</R>
<R>Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 574,934	$ 589,026	$ 1,744	$ 516</R>
<R>Portfolio turnover rate	144%	245%	163%	125%^A</R>

^A <R>Annualized</R>

^B <R>Total returns for periods of less than one year are not annualized.</R>

^C <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^D <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^E <R>Calculated based on average shares outstanding during the period.</R>

^F <R>For the period December 28, 1998 (commencement of sale of shares) to December 31, 1998.</R>

Prospectus

VIP Money Market - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data	</R>
<R>Net asset value, beginning of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000</R>
<R>Income from Investment Operations					</R>
<R>Net investment income	.041	.062	.050	.053	.053</R>
<R>Less Distributions					</R>
<R>From net investment income	(.041)	(.062)	(.050)	(.053)	(.053)</R>
<R>Net asset value, end of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000</R>
<R>Total Return^A	4.18%	6.30%	5.17%	5.46%	5.51%</R>
<R>Ratios to Average Net Assets^B					</R>
<R>Expenses before expense reductions	.28%	.33%	.27%	.30%	.31%</R>
<R>Expenses net of voluntary waivers, if any	.28%	.33%	.27%	.30%	.31%</R>
<R>Expenses net of all reductions	.28%	.33%	.27%	.30%	.31%</R>
<R>Net investment income	3.99%	6.18%	5.06%	5.33%	5.32%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 2,753,379	$ 2,233,342	$ 1,939,491	$ 1,507,489	$ 1,020,794</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of voluntary waivers reflects expenses after reimbursements by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

VIP Overseas - Initial Class

<R>Years ended December 31,	2001	2000	1999	1998	1997</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 20.00	$ 27.44	$ 20.06	$ 19.20	$ 18.84</R>
<R>Income from Investment Operations					</R>
<R>Net investment income^C	.14	.19^D	.24	.23	.30</R>
<R>Net realized and unrealized gain (loss)	(3.86)	(4.93)	7.95	2.13	1.70</R>
<R>Total from investment operations	(3.72)	(4.74)	8.19	2.36	2.00</R>
<R>Less Distributions					</R>
<R>From net investment income	(.93)	(.31)	(.31)	(.38)	(.33)</R>
<R>In excess of net investment income	-	(.06)	-	-	-</R>
<R>From net realized gain	(1.47)	(2.33)	(.50)	(1.12)	(1.31)</R>
<R> Total distributions	(2.40)	(2.70)	(.81)	(1.50)	(1.64)</R>
<R>Net asset value, end of period	$ 13.88	$ 20.00	$ 27.44	$ 20.06	$ 19.20</R>
<R>Total Return^A,B	(21.21)%	(19.07)%	42.55%	12.81%	11.56%</R>
<R>Ratios to Average Net Assets^E					</R>
<R>Expenses before expense reductions	.92%	.89%	.91%	.91%	.92%</R>
<R>Expenses net of voluntary waivers, if any	.92%	.89%	.91%	.91%	.92%</R>
<R>Expenses net of all reductions	.87%	.87%	.87%	.89%	.90%</R>
<R>Net investment income	.91%	.84%	1.10%	1.19%	1.55%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,496,873	$ 2,267,507	$ 2,736,851	$ 2,074,843	$ 1,926,322</R>
<R>Portfolio turnover rate	98%	136%	78%	84%	67%</R>

^A <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^B <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^C <R>Calculated based on average shares outstanding during the period.</R>

^D <R>Investment income per share reflects a special dividend which amounted to $.04 per share.</R>

Prospectus

Appendix - continued

VIP Value - Initial Class

<R>	2001^F</R>
<R>Selected Per-Share Data	</R>
<R>Net asset value, beginning of period	$ 10.00</R>
<R>Income from Investment Operations	</R>
<R>Net investment income^E	.03</R>
<R>Net realized and unrealized gain (loss)	(.37)</R>
<R>Total from investment operations	(.34)</R>
<R>Less Distributions	</R>
<R>From net investment income	(.02)</R>
<R>Net asset value, end of period	$ 9.64</R>
<R>Total Return^{B, C, D}	(3.40)%</R>
<R>Ratios to Average Net Assets^G	</R>
<R>Expenses before expense reductions	7.11%^A</R>
<R>Expenses net of voluntary waivers, if any	1.50%^A</R>
<R>Expenses net of all reductions	1.46%^A</R>
<R>Net investment income	.50%^A</R>
<R>Supplemental Data	</R>
<R>Net assets, end of period (000 omitted)	$ 290</R>
<R>Portfolio turnover rate	115%^A</R>

^A <R>Annualized</R>

^B <R>Total returns for periods of less than one year are not annualized.</R>

^C <R>Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.</R>

^D <R>Total returns would have been lower had certain expenses not been reduced during the periods shown.</R>

^E <R>Calculated based on average shares outstanding during the period.</R>

^F <R>For the period May 9, 2001 (commencement of operations) to December 31, 2001.</R>

Prospectus

<R>Additional Performance Information</R>

<R>Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization, as well as by capitalization only. The Lipper^SM Variable Annuity Mid-Cap Growth Funds Average, Lipper Variable Annuity Multi-Cap Core Funds Average, Lipper Variable Annuity Equity-Income Classification Funds Average, Lipper Variable Annuity Large-Cap Growth Funds Average, Lipper Variable Annuity Large-Cap Core Funds Average, and Lipper Variable Annuity S&P 500 Index Classification Funds Average reflect the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and capitalization. The Lipper Variable Annuity Mid-Cap Supergroup Average, Lipper Variable Annuity Multi-Cap Supergroup Average, and Lipper Variable Annuity Large-Cap Supergroup Average reflect the performance (excluding sales charges) of mutual funds with similar capitalization. The following information compares the performance of Initial Class of VIP Aggressive Growth, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP Index 500, and VIP Mid Cap to additional Lipper comparison categories. Performance information will be available for VIP Value after VIP Value has been in operation for one calendar year.</R>

<R>Average Annual Returns</R>

<R>For the periods ended December 31, 2001	Past 1 year	Past 5 years	Past 10 years/Life of class</R>
<R>VIP Aggressive Growth - Initial Class	-17.89%	--	-17.55%^A</R>
<R>Lipper Variable Annuity Mid-Cap Growth Funds Average	-23.03%	--	--</R>
<R>Lipper Variable Annuity Mid-Cap Supergroup Average	-10.90%	--	--</R>
<R>VIP Contrafund - Initial Class	-12.28%	10.44%	15.75%^B</R>
<R>Lipper Variable Annuity Multi-Cap Core Funds Average	-12.92%	8.65%	--</R>
<R>Lipper Variable Annuity Multi-Cap Supergroup Average	-12.48%	9.28%	--</R>
<R>VIP Dynamic Capital Appreciation - Initial Class	-28.32%	--	-32.26%^C</R>
<R>Lipper Variable Annuity Multi-Cap Core Funds Average	-12.92%	--	--</R>
<R>Lipper Variable Annuity Multi-Cap Supergroup Average	-12.48%	--	--</R>
<R>VIP Equity-Income - Initial Class	-4.96%	9.40%	13.61%</R>
<R>Lipper Variable Annuity Equity Income Classification Funds Average	-4.26%	9.82%	11.76%</R>
<R>VIP Growth - Initial Class	-17.67%	11.66%	13.40%</R>
<R>Lipper Variable Annuity Large-Cap Growth Funds Average	-21.88%	8.75%	10.79%</R>
<R>Lipper Variable Annuity Large-Cap Supergroup Average	-15.64%	8.41%	11.13%</R>
<R>VIP Growth & Income - Initial Class	-8.75%	10.11%	9.88%^D</R>
<R>Lipper Variable Annuity Large-Cap Core Funds Average	-12.94%	7.97%	--</R>
<R>Lipper Variable Annuity Large-Cap Supergroup Average	-15.64%	8.41%	--</R>
<R>VIP Growth Opportunities - Initial Class	-14.42%	3.69%	9.43%^B</R>
<R>Lipper Variable Annuity Large-Cap Core Funds Average	-12.94%	7.97%	--</R>
<R>Lipper Variable Annuity Large-Cap Supergroup Average	-15.64%	8.41%	--</R>
<R>VIP Index 500 - Initial Class	-12.09%	10.37%	13.43%^E</R>
<R>Lipper Variable Annuity S&P 500 Index Classification Funds Average	-12.27%	10.34%	--</R>
<R>VIP Mid Cap - Initial Class	-3.26%	--	25.65%^F</R>
<R>Lipper Variable Annuity Multi-Cap Core Funds Average	-12.92%	--	--</R>
<R>Lipper Variable Annuity Multi-Cap Supergroup Average	-12.48%	--	--</R>

^<R>AFrom December 27, 2000.</R>

^<R>BFrom January 3, 1995.</R>

^<R>CFrom September 25, 2000.</R>

^<R>DFrom December 31, 1996.</R>

^<R>EFrom August 27, 1992.</R>

^<R>FFrom December 28, 1998.</R>

<R>If FMR had not reimbursed certain class expenses during these periods, VIP Aggressive Growth's, VIP Dynamic Capital Appreciation's, VIP Growth & Income's, VIP Growth Opportunities', VIP Index 500's, and VIP Mid Cap's Initial Class returns would have been lower.</R>

Prospectus

Appendix - continued

Additional Information About the Standard & Poor's 500 Index

S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, express or implied, as to results to be obtained by licensee, owners of the product, or any other person or entity from the use of the S&P 500 Index or any data included therein. S&P makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P 500 Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

The product is not sponsored, endorsed, sold, or promoted by S&P. S&P makes no representation or warranty, express or implied, to the owners of the product or any member of the public regarding the advisability of investing in securities generally or in the product particularly or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the licensee is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed, and calculated by S&P without regard to the licensee or the product. S&P has no obligation to take the needs of the licensee or the owners of the product into consideration in determining, composing, or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the product to be issued or in the determination or calculation of the equation by which the product is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing, or trading of the product.

"Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Prospectus

You can obtain additional information about the funds. The funds' SAI includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports include a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-888-622-3175.

The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-0102. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-942-8090 for information on the operation of the SEC's Public Reference Room.

Investment Company Act of 1940, File Numbers, 811-3329, 811-5511, and 811-7205

Fidelity, Asset Manager: Growth, Contrafund, and Fidelity Investments & (Pyramid) Design are registered trademarks of FMR Corp.

Asset Manager is a service mark of FMR Corp.

The third party marks appearing above are the marks of their respective owners.

The term "VIP" as used in this document refers to Fidelity Variable Insurance Products.

<R>1.700547.104</R> VIPIC-pro-0402

Fidelity^®

Variable Insurance Products

Service Class

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

High Income Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Mid Cap Portfolio

Money Market Portfolio

Overseas Portfolio

<R>Value Portfolio</R>

Prospectus

April 30, 200<R>2</R>

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Operating Expenses
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling Shares
	<Click Here>	Dividends and Capital Gain Distributions
	<Click Here>	Tax Consequences
Fund Services	<Click Here>	Fund Management
	<Click Here>	Fund Distribution
Appendix	<Click Here>	Financial Highlights
<R>	<Click Here>	Additional Performance Information</R>
	<Click Here>	Additional Information About the Standard & Poor's 500^SM Index

Prospectus

Fund Summary

Investment Summary

Investment Objective

VIP Aggressive Growth Portfolio seeks capital appreciation.

Principal Investment Strategies

Fidelity Management & Research Company (FMR)'s principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing in companies it believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks).
Focusing investments in medium-sized companies, but may also invest substantially in larger or smaller companies.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.
"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Asset Manager Portfolio seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

FMR's principal investment strategies include:

Allocating the fund's assets among stocks, bonds, and short-term and money market instruments.
Maintaining a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term and money market instruments.
Adjusting allocation among asset classes gradually within the following ranges: stock class (30%-70%), bond class (20%-60%), and short-term/money market class (0%-50%).
Investing in domestic and foreign issuers.
Analyzing an issuer using fundamental and/or quantitative factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Asset Manager: Growth Portfolio seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

FMR's principal investment strategies include:

Allocating the fund's assets among stocks, bonds, and short-term and money market instruments.

Prospectus

Fund Summary - continued

Maintaining a neutral mix over time of 70% of assets in stocks, 25% of assets in bonds, and 5% of assets in short-term and money market instruments.
Adjusting allocation among asset classes gradually within the following ranges: stock class (50%-100%), bond class (0%-50%), and short-term/money market class (0%-50%).
Investing in domestic and foreign issuers.
Analyzing an issuer using fundamental and/or quantitative factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Balanced Portfolio seeks income and capital growth consistent with reasonable risk.

Principal Investment Strategies

FMR's principal investment strategies include:

Investing approximately 60% of assets in stocks and other equity securities and the remainder in bonds and other debt securities, including lower-quality debt securities, when its outlook is neutral.
Investing at least 25% of total assets in fixed-income senior securities (including debt securities and preferred stock).
Investing in domestic and foreign issuers.
With respect to equity investments, emphasizing above-average income-producing equity securities, which tends to lead to investments in stocks that have more "value" characteristics than "growth" characteristics.
Analyzing an issuer using fundamental factors and evaluating each security's current price relative to estimated long-term value to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies whose value it believes is not fully recognized by the public.
Investing in domestic and foreign issuers.

Prospectus

Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

Principal Investment Strategies

FMR's principal investment strategies include:

<R>Normally investing at least 80% of assets in equity securities.</R>
Normally investing<R> primarily </R>inincome-producing equity securities, which tends to lead to investments in large cap "value" stocks.
Potentially investing in other types of equity securities and debt securities, including lower-quality debt securities.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Prospectus

Fund Summary - continued

Investment Objective

VIP Growth Portfolio seeks to achieve capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in companies that it believes have above-average growth potential (stocks of these companies are often called "growth" stocks).
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Growth & Income Portfolio seeks high total return through a combination of current income and capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation.
Potentially investing in bonds, including lower-quality debt securities, as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

Prospectus

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP High Income Portfolio seeks a high level of current income, while also considering growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing <R>primarily</R> in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.
Potentially investing in non-income producing securities, including defaulted securities and common stocks.
Investing in companies in troubled or uncertain financial condition.
Investing in domestic and foreign issuers.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities i<R>nvolve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities</R> can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Index 500 Portfolio seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.

Principal Investment Strategies

<R>Deutsche Asset Management, Inc. (DAMI)'s</R> principal investment strategies include:

Normally investing at least 80% of assets in common stocks included in the S&P 500.
Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book <R>(P/B)</R> ratio, and earnings growth.
Lending securities to earn income for the fund.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Investment Grade Bond Portfolio seeks as high a level of current income as is consistent with the preservation of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing <R>at least 80% of assets</R> in investment-grade debt securities of all types and repurchase agreements for those securities.
Managing the fund to have similar overall interest rate risk to an index, which as of December 31, <R>2001</R>, was the Lehman Brothers^® Aggregate Bond Index.
Allocating assets across different market sectors and maturities.
Analyzing a security's structural features and current pricing, trading opportunities, and the credit quality of its issuer to select investments.

Prospectus

Fund Summary - continued

Principal Investment Risks

The fund is subject to the following principal investment risks:

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Mid Cap Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing at least <R>80%</R> of assets in securities of companies with medium market capitalizations (those with market capitalizations similar to companies in the <R>Russell Midcap^<M®>®<R> Index or</R> the Standard & Poor's^® MidCap 400 Index (S&P^® MidCap 400).
Potentially investing in companies with smaller or larger market capitalizations.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

VIP Money Market Portfolio seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Principal Investment Strategies

FMR's principal investment strategies include:

Investing in U.S. dollar-denominated money market securities and repurchase agreements, and entering into reverse repurchase agreements.
Investing more than 25% of total assets in the financial services industries.
Investing in compliance with industry-standard requirements for money market funds for the quality, maturity, and diversification of investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Financial Services Exposure. Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector.
Issuer-Specific Changes. A decline in the credit quality of an issuer or the provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least <R>80%</R> of assets in <R>non-U.S.</R> securities.
Normally investing primarily in common stocks.
Allocating investments across countries and regions considering the size of the market in each country and region relative to the size of the international market as a whole.

Prospectus

Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.

<R>Investment Objective</R>

<R></R>VIP Value Portfolio seeks capital appreciation.

<R>Principal Investment Strategies</R>

<R>FMR's principal investment strategies include:</R>

<R>Normally investing primarily in common stocks.</R>
<R>Investing in securities of companies that it believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).</R>
<R>Investing in domestic and foreign issuers.</R>
<R>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</R>

<R>Principal Investment Risks</R>

<R>The fund is subject to the following principal investment risks:</R>

<R></R>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
<R></R>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
<R></R>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
<R></R>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

<R>When a shareholder sells shares of the fund, they could be worth more or less than what the shareholder paid for them.</R>

Performance

The following information illustrates <R>VIP Aggressive Growth's, VIP Dynamic Capital Appreciation's, VIP Index 500's, VIP Investment Grade Bond's, and VIP Money Market's performance over the past year, the changes in VIP Asset Manager's, VIP Asset Manager: Growth's, VIP Balanced's, VIP Contrafund's, VIP Equity-Income's, VIP Growth's, VIP Growth & Income's, VIP Growth Opportunities', VIP High Income's, VIP Mid Cap's, and VIP Overseas' performance</R> from year to year, compares the performance of Service Class of each fund (other than <R>VIP Money Market and </R>VIP Value) to the performance of a market index over various periods of time, and compares the performance of Service Class of each fund (other than VIP Asset Manager, VIP Asset Manager: Growth, <R>VIP Money Market, and VIP Value</R>) to an average of the performance of similar funds over various periods of time. Service Class of VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced also compares its performance to the performance of a combination of market indexes over various periods of time. Returns for Service Class of each fund <R>(other than VIP Value)</R> do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product. Returns for Service Class of each fund <R>(other than VIP Value)</R> would be lower if the effect of those sales charges and expenses were included. Returns are based on past results and are not an indication of future performance.

<R>Performance history will be available for VIP Value after VIP Value has been in operation for one calendar year.</R>

Prospectus

Fund Summary - continued

Year-by-Year Returns

<R>VIP Aggressive Growth - Service Class</R>
<R>Calendar Year										2001</R>
<R>										-17.59%</R>

<R>During the period shown in the chart for Service Class of VIP Aggressive Growth, the highest return for a quarter was 25.07% (quarter ended June 30, 2001) and the lowest return for a quarter was -26.72% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Aggressive Growth was -2.42%.</R>

<R>VIP Asset Manager - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	14.82%	11.01%	-4.06%	-4.24%</R>

<R>During the periods shown in the chart for Service Class of VIP Asset Manager, the highest return for a quarter was 12.77% (quarter ended December 31, 1998) and the lowest return for a quarter was -8.27% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Asset Manager was -0.36%.</R>

<R>VIP Asset Manager: Growth - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	17.18%	15.13%	-12.54%	-7.57%</R>

<R>During the periods shown in the chart for Service Class of VIP Asset Manager: Growth, the highest return for a quarter was 17.61% (quarter ended December 31, 1998) and the lowest return for a quarter was -11.96% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Asset Manager: Growth was -0.90%.</R>

Prospectus

<R>VIP Balanced - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	17.27%	4.43%	-4.38%	-1.72%</R>

<R>During the periods shown in the chart for Service Class of VIP Balanced, the highest return for a quarter was 11.37% (quarter ended December 31, 1998) and the lowest return for a quarter was -8.30% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Balanced was -0.16%.</R>

<R>VIP Contrafund - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	29.94%	24.15%	-6.71%	-12.36%</R>

<R>During the periods shown in the chart for Service Class of VIP Contrafund, the highest return for a quarter was 23.52% (quarter ended December 31, 1998) and the lowest return for a quarter was -13.06% (quarter ended March 31, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Contrafund was 2.88%.</R>

<R>VIP Dynamic Capital Appreciation - Service Class</R>
<R>Calendar Year										2001</R>
<R>										-28.44%</R>

<R>During the period shown in the chart for Service Class of VIP Dynamic Capital Appreciation, the highest return for a quarter was 21.31% (quarter ended December 31, 2001) and the lowest return for a quarter was -29.14% (quarter ended March 31, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Dynamic Capital Appreciation was 5.75%.</R>

Prospectus

Fund Summary - continued

<R>VIP Equity-Income - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	11.54%	6.25%	8.30%	-5.09%</R>

<R>During the periods shown in the chart for Service Class of VIP Equity-Income, the highest return for a quarter was 15.36% (quarter ended December 31, 1998) and the lowest return for a quarter was -12.52% (quarter ended September 30, 1998).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Equity-Income was 3.82%.</R>

<R>VIP Growth - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	39.38%	37.29%	-11.05%	-17.74%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth, the highest return for a quarter was 24.26% (quarter ended December 31, 1998) and the lowest return for a quarter was -22.03% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Growth was -1.13%.</R>

<R>VIP Growth & Income - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	29.27%	9.06%	-3.69%	-8.85%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth & Income, the highest return for a quarter was 20.95% (quarter ended December 31, 1998) and the lowest return for a quarter was -12.07% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Growth & Income was -0.26%.</R>

Prospectus

<R>VIP Growth Opportunities - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	24.51%	4.18%	-17.13%	-14.49%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth Opportunities, the highest return for a quarter was 20.70% (quarter ended December 31, 1998) and the lowest return for a quarter was -16.20% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Growth Opportunities was -0.89%.</R>

<R>VIP High Income - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	-4.34%	8.08%	-22.68%	-11.90%</R>

<R>During the periods shown in the chart for Service Class of VIP High Income, the highest return for a quarter was 5.29% (quarter ended March 31, 1998) and the lowest return for a quarter was -14.21% (quarter ended December 31, 2000).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP High Income was 0.29%.</R>

<R>VIP Index 500 - Service Class</R>
<R>Calendar Year										2001</R>
<R>										-12.18%</R>

<R>During the period shown in the chart for Service Class of VIP Index 500, the highest return for a quarter was 10.62% (quarter ended December 31, 2001) and the lowest return for a quarter was -14.95% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Index 500 was 0.19%.</R>

Prospectus

Fund Summary - continued

<R>VIP Investment Grade Bond - Service Class</R>
<R>Calendar Year										2001</R>
<R>										8.30%</R>

<R>During the period shown in the chart for Service Class of VIP Investment Grade Bond, the highest return for a quarter was 4.55% (quarter ended September 30, 2001) and the lowest return for a quarter was 0.08% (quarter ended December 31, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Investment Grade Bond was 0.11%.</R>

<R>VIP Mid Cap - Service Class</R>
<R>Calendar Years	1999	2000	2001</R>
<R>	48.94%	33.54%	-3.36%</R>

<R>During the periods shown in the chart for Service Class of VIP Mid Cap, the highest return for a quarter was 32.15% (quarter ended December 31, 1999) and the lowest return for a quarter was -10.04% (quarter ended March 31, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Mid Cap was 3.93%.</R>

<R>VIP Money Market - Service Class</R>
<R>Calendar Year										2001</R>
<R>										4.10%</R>

<R>During the period shown in the chart for Service Class of VIP Money Market, the highest return for a quarter was 1.43% (quarter ended March 31, 2001) and the lowest return for a quarter was 0.64% (quarter ended December 31, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Money Market was 0.43%.</R>

Prospectus

<R>VIP Overseas - Service Class</R>
<R>Calendar Years	1998	1999	2000	2001</R>
<R>	12.69%	42.44%	-19.18%	-21.27%</R>

<R>During the periods shown in the chart for Service Class of VIP Overseas, the highest return for a quarter was 24.78% (quarter ended December 31, 1999) and the lowest return for a quarter was -19.04% (quarter ended September 30, 2001).</R>

<R>The year-to-date return as of March 31, 2002 for Service Class of VIP Overseas was 1.79%.</R>

<R>Average Annual Returns</R>

<R>For the periods ended December 31, 2001	Past 1 year	Life of class</R>
<R>VIP Aggressive Growth		</R>
<R>Service Class	-17.59%	-17.25%^A</R>
<R>Russell Midcap^® Growth Index	-20.15%	-20.03%^A</R>
<R>Lipper^SM Variable Annuity Mid-Cap Funds Average	-12.97%	--</R>
<R>VIP Asset Manager		</R>
<R>Service Class	-4.24%	4.41%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Fidelity Asset Manager Composite Index	-2.05%	6.97%^B</R>
<R>VIP Asset Manager: Growth		</R>
<R>Service Class	-7.57%	2.73%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Fidelity Asset Manager: Growth Composite Index	-5.94%	6.85%^B</R>
<R>VIP Balanced		^</R>
<R>Service Class	-1.72%	4.18%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Fidelity Balanced 60/40 Composite Index	-3.71%	7.07%^B</R>
<R>Lipper Variable Annuity Balanced Funds Average	-2.87%	--</R>
<R>VIP Contrafund		</R>
<R>Service Class	-12.36%	6.80%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	--</R>
<R>VIP Dynamic Capital Appreciation		</R>
<R>Service Class	-28.44%	-32.35%^C</R>
<R>S&P 500	-11.89%	-15.26%^C</R>
<R>Lipper Variable Annuity Capital Appreciation Funds Average	-18.75%	--</R>
<R>VIP Equity-Income		</R>
<R>Service Class	-5.09%	5.74%^B</R>
<R>Russell 3000^® Value Index	-4.33%	6.75%^B</R>
<R>Lipper Variable Annuity Equity Income Objective Funds Average	-4.26%	--</R>
<R>VIP Growth		</R>
<R>Service Class	-17.74%	8.54%^B</R>
<R>Russell 3000 Growth Index	-19.63%	3.39%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	--</R>
<R>VIP Growth & Income		</R>
<R>Service Class	-8.85%	6.32%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Lipper Variable Annuity Growth & Income Funds Average	-7.19%	--</R>
<R>VIP Growth Opportunities		</R>
<R>Service Class	-14.49%	-1.04%^B</R>
<R>S&P 500	-11.89%	6.35%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	-17.50%	--</R>
<R>VIP High Income		</R>
<R>Service Class	-11.90%	-7.77%^B</R>
<R>Merrill Lynch High Yield Master II Index	4.48%	1.55%^B</R>
<R>Lipper Variable Annuity High Current Yield Funds Average	1.17%	--</R>
<R>VIP Index 500		</R>
<R>Service Class	-12.18%	-14.87%^D</R>
<R>S&P 500	-11.89%	-14.61%^D</R>
<R>Lipper Variable Annuity S&P 500 Index Objective Funds Average	-12.27%	--</R>
<R>VIP Investment Grade Bond		</R>
<R>Service Class	8.30%	10.17%^D</R>
<R>Lehman Brothers Aggregate Bond Index	8.44%	10.44%^D</R>
<R>Lipper Variable Annuity Intermediate Investment Grade Debt Funds Average	8.11%	^--</R>
<R>VIP Mid Cap		</R>
<R>Service Class	-3.36%	25.50%^E</R>
<R>S&P MidCap 400	-0.60%	12.17%^E</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	-12.97%	--</R>
<R>VIP Money Market		</R>
<R>Service Class	4.10%	4.86%^D</R>
<R>VIP Overseas		</R>
<R>Service Class	-21.27%	0.31%^B</R>
<R>Morgan Stanley Capital International^SM Europe, Australasia and Far East Index	-21.27%	0.52%^B</R>
<R>Lipper Variable Annuity International Funds Average	-21.48%	--</R>

^AFrom December 27, 2000.

^BFrom November 3, 1997.

^CFrom September 25, 2000.

^DFrom July 7, 2000.

^EFrom December 28, 1998.

Prospectus

If FMR had not reimbursed certain class expenses during these periods, <R>VIP Aggressive Growth's, VIP Dynamic Capital Appreciation's, VIP Index 500's, VIP Mid Cap's, and VIP Money Market's</R> Service Class returns would have been lower.

<R>Russell Midcap Growth Index is a market capitalization-weighted index of medium-capitalization growth-oriented stocks of U.S. domiciled companies.</R>

Standard & Poor's 500 Index (S&P 500) is a market capitalization-weighted index of common stocks.

Russell 3000^® Value Index is a market capitalization-weighted index of value-oriented stocks of U.S. domiciled <R>companies</R>.

Russell 3000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of U.S. domiciled <R>companies</R>.

Standard & Poor's MidCap 400 Index (S&P MidCap 400) is a market capitalization-weighted index of 400 medium-capitalization stocks.

Lehman Brothers U.S. Treasury Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one year or more.

Each Lipper Funds Average reflects the performance (excluding sales charges) of mutual funds with similar objectives.

<R>Operating Expenses</R>

<R>The annual class operating expenses provided below for Service Class of each fund (other than VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Index 500, VIP Money Market, and VIP Value) do not reflect the effect of any reduction of certain expenses during the period. The annual class operating expenses provided below for Service Class of VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Index 500, and VIP Value do not reflect the effect of any expense reimbursements or reduction of certain expenses during the period. The annual class operating expenses provided below for Service Class of VIP Money Market are based on historical expenses. The annual class operating expenses do not take into account any fees or other expenses of any variable annuity or variable life insurance product.</R>

Prospectus

Fund Summary - continued

		Service Class
VIP Aggressive Growth	Management fee	0.63%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	2.36%</R>
<R>	Total annual class operating expenses^A	3.09%</R>
VIP Asset Manager	Management fee	0.53%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.74%</R>
VIP Asset Manager: Growth	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.15%</R>
<R>	Total annual class operating expenses^A	0.83%</R>
VIP Balanced	Management fee	0.43%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.14%</R>
<R>	Total annual class operating expenses^A	0.67%</R>
VIP Contrafund	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.78%</R>
VIP Dynamic Capital Appreciation	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	2.95%</R>
<R>	Total annual class operating expenses^A	3.63%</R>
VIP Equity-Income	Management fee	0.48%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.68%</R>
VIP Growth	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.78%</R>
VIP Growth & Income	Management fee	0.48%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.68%</R>
VIP Growth Opportunities	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.79%</R>
VIP High Income	Management fee	0.58%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.13%</R>
<R>	Total annual class operating expenses^A	0.81%</R>
VIP Index 500	Management fee	0.24%
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.22%</R>
<R>	Total annual class operating expenses^A	0.56%</R>
VIP Investment Grade Bond	Management fee	0.43%
	Distribution and/or Service (12b-1) fees	0.10%
	Other expenses	0.11%
	Total annual class operating expenses^A	0.64%
<R>VIP Mid Cap	Management fee	0.58%</R>
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.79%</R>
<R>VIP Money Market	Management fee	0.18%</R>
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.39%</R>
<R>VIP Overseas	Management fee	0.73%</R>
	Distribution and/or Service (12b-1) fees	0.10%
<R>	Other expenses	0.20%</R>
	Total annual class operating expenses^A	1.03%
<R>VIP Value	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	6.55%</R>
<R>	Total annual class operating expenses^A	7.23%</R>

^AFMR has voluntarily agreed to reimburse Service Class of each fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as a percentage of their respective average net assets, exceed the following rates:

	Service Class	Effective Date
VIP Aggressive Growth	1.60%	12/27/00
VIP Asset Manager	1.35%	11/3/97
VIP Asset Manager: Growth	1.10%	11/3/97
VIP Balanced	1.60%	11/3/97
VIP Contrafund	1.10%	11/3/97
VIP Dynamic Capital Appreciation	1.60%	9/25/00
VIP Equity-Income	1.60%	11/3/97
VIP Growth	1.60%	11/3/97
VIP Growth & Income	1.10%	11/3/97
VIP Growth Opportunities	1.60%	11/3/97
VIP High Income	1.10%	11/3/97
VIP Index 500	0.38%	7/7/00
VIP Investment Grade Bond	0.90%	7/7/00
VIP Mid Cap	1.10%	12/29/98
VIP Money Market	0.45%	7/7/00
VIP Overseas	1.60%	11/3/97
<R>VIP Value	1.60%	5/9/01</R>

These arrangements may be discontinued by FMR at any time.

A portion of the brokerage commissions that <R>each </R>fund<R> (other than VIP Index 500, VIP Investment Grade Bond, and VIP Money Market)</R> pays is used to reduce that fund's expenses. In addition, through arrangements with<R> </R>each fund's<R> (other than VIP Aggressive Growth, VIP Growth Opportunities, VIP Money Market, and VIP Value)</R> custodian, credits realized as a result of uninvested cash balances are used to reduce custodian expenses. Including <R>these </R>reduction<R>s</R>, the total Service Class operating expenses are shown in the table below.

	Total Operating Expenses
<R>VIP Aggressive Growth - Service Class	1.55%^A</R>
<R>VIP Asset Manager - Service Class	0.73%</R>
<R>VIP Asset Manager: Growth - Service Class	0.82%</R>
<R>VIP Balanced - Service Class	0.65%</R>
VIP Contrafund - Service Class	0.74%
<R>VIP Dynamic Capital Appreciation - Service Class	1.53%^A</R>
<R>VIP Equity-Income - Service Class	0.67%</R>
<R>VIP Growth - Service Class	0.75%</R>
<R>VIP Growth & Income - Service Class	0.66%</R>
<R>VIP Growth Opportunities - Service Class	0.77%</R>
<R>VIP High Income - Service Class	0.81%</R>
<R>VIP Index 500 - Service Class	0.38%^A</R>
<R>VIP Investment Grade Bond - Service Class	0.64%</R>
VIP Mid Cap - Service Class	0.72%
VIP Overseas - Service Class	0.97%
<R>VIP Value - Service Class	1.56%^A</R>

^<R>A</R>After reimbursement.

Prospectus

Fund Basics

Investment Details

Investment Objective

VIP Aggressive Growth Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR normally invests the fund's assets in companies it believes offer the potential for accelerated earnings or revenue growth.

Although FMR focuses on investing the fund's assets in securities issued by medium-sized companies, FMR may also make substantial investments in securities issued by larger or smaller companies.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Asset Manager Portfolio seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Asset Manager: Growth Portfolio seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

Prospectus

Fund Basics - continued

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Balanced Portfolio seeks income and capital growth consistent with reasonable risk.

Principal Investment Strategies

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds,</R> to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds.</R> If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

Principal Investment Strategies

FMR normally invests at least <R>80</R>% of the fund's assets <R>in equity securities. FMR normally invests the fund's assets primarily</R> in income-producing equity securities. FMR may also invest the fund's assets in other types of equity securities and debt securities, including lower-quality debt securities.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Growth Portfolio seeks to achieve capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR invests the fund's assets in companies <R>it</R> believes have above-average growth potential. Growth may be measured by factors such as earnings or revenue.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Growth & Income Portfolio seeks high total return through a combination of current income and capital appreciation.

Principal Investment Strategies

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

Prospectus

Fund Basics - continued

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP High Income Portfolio seeks a high level of current income, while also considering growth of capital.

Principal Investment Strategies

FMR normally invests the fund's assets <R>primarily</R> in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Many lower-quality debt securities are subject to legal or contractual restrictions limiting FMR's ability to resell the securities to the general public. FMR may also invest the fund's assets in non-income producing securities, including defaulted securities and common stocks. FMR currently intends to limit common stocks to 10% of the fund's total assets. FMR may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations, or financial restructurings.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

In buying and selling securities for the fund, FMR relies on fundamental analysis of each issuer and its potential for success in light of its current financial condition, its industry position, and economic and market conditions. Factors considered include a security's structural features and current price compared to its long-term value, and the earnings potential, credit standing, and management of the security's issuer.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds.</R> If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Index 500 Portfolio seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.

Principal Investment Strategies

<R>DAMI</R> normally invests at least 80% of the fund's assets in common stocks included in the S&P 500. The S&P 500 is a widely recognized, unmanaged index of common stock prices.

<R>DAMI</R> may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

<R>DAMI</R> may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If <R>DAMI's</R> strategies do not work as intended, the fund may not achieve its objective.

Prospectus

Investment Objective

VIP Investment Grade Bond Portfolio seeks as high a level of current income as is consistent with the preservation of capital.

Principal Investment Strategies

FMR normally invests <R>at least 80% </R>of the fund's assets in investment-grade debt securities of all types and repurchase agreements for those securities.

FMR uses an index that represents the market for the types of securities in which the fund invests as a guide in structuring the fund and selecting its investments. FMR manages the fund to have similar overall interest rate risk to the index. As of December 31, <R>2001</R>, FMR was using the Lehman Brothers Aggregate Bond Index in managing the fund's investments. As of December 31, <R>2001</R>, the <R>fund's</R> dollar-weighted average maturity was approximately <R>7.3</R> years and the index's dollar-weighted average maturity was approximately <R>8.1</R> years. In determining a security's maturity for purposes of calculating the fund's average maturity, an estimate of the average time for its principal to be paid may be used. This can be<R> </R>substantially shorter than its stated maturity.

FMR may use various techniques, such as buying and selling futures contracts <R>and exchange traded funds</R>, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. <R>FMR may invest the fund's assets in investment-grade debt securities by investing in other funds.</R> If FMR's strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

VIP Mid Cap Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks.

FMR normally invests at least <R>80%</R> of the fund's assets in securities of companies with medium market capitalizations. <R>Although a universal definition of medium market capitalization companies does not exist, FMR generally defines </R>medium market capitalization companies <R>as</R> those whose market capitalization is similar to the market capitalization of companies in the <R>Russell Midcap Index or</R> the S&P MidCap 400. <R>A company's market capitalization is based on its current market capitalization or its market capitalization</R> at the time of the fund's investment. Companies whose capitalization no longer meets this definition after purchase continue to be considered to have a medium market capitalization for purposes of the <R>80%</R> policy. The size of <R>the</R> companies in <R>each index</R> changes with market conditions and the composition of the index. FMR may also invest the fund's assets in companies with smaller or larger market capitalizations.

FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Money Market Portfolio seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Principal Investment Strategies

FMR will invest more than 25% of the fund's total assets in the financial services industries.

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests at least <R>80%</R> of the fund's assets in <R>non-U.S.</R> securities. FMR normally invests the fund's assets primarily in common stocks.

Prospectus

Fund Basics - continued

FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

<R>Investment Objective</R>

<R>VIP Value Portfolio seeks capital appreciation.</R>

<R>Principal Investment Strategies</R>

<R>FMR normally invests the fund's assets primarily in common stocks. </R>

<R>FMR may invest the fund's assets in securities of foreign issuers in addition to securities of domestic issuers.</R>

<R>FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.</R>

<R>FMR may use various techniques, such as buying and selling futures contracts, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If FMR's strategies do not work as intended, the fund may not achieve its objective. </R>

Description of Principal Security Types

A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price.

Principal Investment Risks

Many factors affect each fund's performance.

A fund's yield, as applicable, will change daily based on changes in interest rates and other market conditions.

Although the money market fund is managed to maintain a stable $1.00 share price, there is no guarantee that the fund will be able to do so. For example, a major increase in interest rates or a decrease in the credit quality of the issuer of one of the fund's investments could cause the fund's share price to decrease.

The following factors can significantly affect a fund's performance:

Prospectus

Interest Rate Changes. Debt and money market securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt or money market security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities, <R>mortgage securities</R>, and the securities of issuers in the financial services sector can be more sensitive to interest rate changes. In other words, the longer the maturity of a security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates.