485BPOS 1 main.htm

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

REGISTRATION STATEMENT (No. 002-75010)
		UNDER THE SECURITIES ACT OF 1933	[X]
		Pre-Effective Amendment No.	[ ]
		Post-Effective Amendment No. 57	[X]
and
REGISTRATION STATEMENT (No. 811-03329)
		UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
		Amendment No. 57	[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, 2004) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
	( )	60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
	( )	75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
	( )	on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

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

Growth Stock Portfolio

High Income Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Mid Cap Portfolio

Money Market Portfolio

Overseas Portfolio

Real Estate Portfolio

Value Portfolio

Value Leaders Portfolio

Value Strategies Portfolio

Prospectus

April 30, 2004

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
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
	<Click Here>	Additional Performance Information
	<Click Here>	Prior Performance of Similar Funds
	<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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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^®).

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 80% of assets in equity securities.
Normally investing primarily in income-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 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 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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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.

Prospectus

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Growth Stock Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 80% of assets in stocks.
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.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 primarily 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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

Prospectus

Fund Summary - continued

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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

Geode Capital Management, LLC (Geode)'s 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 (P/B) 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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 at least 80% of assets in investment-grade debt securities (those of medium and high quality) 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, 2003, 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.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Midcap^® Index or 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.

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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 of domestic and foreign issuers and repurchase agreements.
Potentially 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 80% of assets in non-U.S. 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.
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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Real Estate Portfolio seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.
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.

Prospectus

Fund Summary - continued

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.
Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.
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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
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).
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.
"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Leaders Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks of well-known and established companies.
Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500 or the Dow Jones Industrial Average (DJIA), and companies with market capitalizations of at least $1 billion if not included in either index).
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).
Investing in securities of 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.

Prospectus

"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Strategies Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies that it believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, or growth potential (stocks of these companies are often called "value" 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.
"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Performance

The following information illustrates VIP Growth Stock's, VIP Real Estate's, and VIP Value Strategies' performance over the past year, as represented by the performance of Initial Class, and the changes in each fund's (other than VIP Value Leaders) performance from year to year, as represented by the performance of Initial Class, compares the performance of Initial Class of each fund (other than VIP Money Market and VIP Value Leaders) to the performance of a market index over various periods of time, and compares the performance of Initial Class of each fund (other than VIP Asset Manager, VIP Asset Manager: Growth, VIP Money Market, and VIP Value Leaders) 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. Initial Class of VIP Real Estate also compares its performance to the performance of an additional index over various periods of time. Returns for Initial Class of each fund (other than VIP Value Leaders) 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 VIP Value Leaders) 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 VIP Value Leaders after VIP Value Leaders 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 Years	2001	2002	2003</R>
<R>	-17.89%	-26.40%	30.58%</R>

During the periods shown in the chart for Initial Class of VIP Aggressive Growth:	Returns	Quarter ended
<R>Highest Quarter Return	25.00%	June 30, 2001</R>
<R>Lowest Quarter Return	-26.70%	September 30, 2001</R>
<R>Year-to-Date Return	4.43%	March 31, 2004</R>

<R>VIP Asset Manager - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	-6.09%	16.96%	14.60%	20.65%	15.05%	11.09%	-3.87%	-4.15%	-8.73%	17.97%</R>

During the periods shown in the chart for Initial Class of VIP Asset Manager:	Returns	Quarter ended
<R>Highest Quarter Return	12.80%	December 31, 1998</R>
<R>Lowest Quarter Return	-8.22%	September 30, 2001</R>
<R>Year-to-Date Return	1.56%	March 31, 2004</R>

<R>VIP Asset Manager: Growth - Initial Class</R>

<R>Calendar Years			1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>			20.04%	25.07%	17.57%	15.26%	-12.47%	-7.39%	-15.53%	23.34%</R>

During the periods shown in the chart for Initial Class of VIP Asset Manager: Growth:	Returns	Quarter ended
<R>Highest Quarter Return	17.69%	December 31, 1998</R>
<R>Lowest Quarter Return	-11.97%	June 30, 2002</R>
<R>Year-to-Date Return	1.59%	March 31, 2004</R>

<R>VIP Balanced - Initial Class</R>

<R>Calendar Years			1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>			9.98%	22.18%	17.64%	4.55%	-4.30%	-1.58%	-8.72%	17.72%</R>

During the periods shown in the chart for Initial Class of VIP Balanced:	Returns	Quarter ended
<R>Highest Quarter Return	11.83%	June 30, 1997</R>
<R>Lowest Quarter Return	-8.20%	September 30, 2001</R>
<R>Year-to-Date Return	1.06%	March 31, 2004</R>

<R>VIP Contrafund - Initial Class</R>

<R>Calendar Years			1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>			21.22%	24.14%	29.98%	24.25%	-6.58%	-12.28%	-9.35%	28.46%</R>

During the periods shown in the chart for Initial Class of VIP Contrafund:	Returns	Quarter ended
<R>Highest Quarter Return	23.56%	December 31, 1998</R>
<R>Lowest Quarter Return	-13.07%	March 31, 2001</R>
<R>Year-to-Date Return	3.85%	March 31, 2004</R>

<R>VIP Dynamic Capital Appreciation - Initial Class</R>

<R>Calendar Years								2001	2002	2003</R>
<R>								-28.32%	-7.21%	25.49%</R>

During the periods shown in the chart for Initial Class of VIP Dynamic Capital Appreciation:	Returns	Quarter ended
<R>Highest Quarter Return	21.27%	December 31, 2001</R>
<R>Lowest Quarter Return	-29.02%	March 31, 2001</R>
<R>Year-to-Date Return	-0.56%	March 31, 2004</R>

<R>VIP Equity-Income - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	7.07%	35.09%	14.28%	28.11%	11.63%	6.33%	8.42%	-4.96%	-16.95%	30.33%</R>

During the periods shown in the chart for Initial Class of VIP Equity-Income:	Returns	Quarter ended
<R>Highest Quarter Return	18.12%	June 30, 2003</R>
<R>Lowest Quarter Return	-19.10%	September 30, 2002</R>
<R>Year-to-Date Return	1.81%	March 31, 2004</R>

<R>VIP Growth - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	-0.02%	35.36%	14.71%	23.48%	39.49%	37.44%	-10.96%	-17.67%	-30.10%	32.85%</R>

During the periods shown in the chart for Initial Class of VIP Growth:	Returns	Quarter ended
<R>Highest Quarter Return	24.29%	December 31, 1998</R>
<R>Lowest Quarter Return	-21.99%	September 30, 2001</R>
<R>Year-to-Date Return	1.31%	March 31, 2004</R>

<R>VIP Growth & Income - Initial Class</R>

<R>Calendar Years				1997	1998	1999	2000	2001	2002	2003</R>
<R>				30.09%	29.59%	9.17%	-3.62%	-8.75%	-16.61%	23.77%</R>

During the periods shown in the chart for Initial Class of VIP Growth & Income:	Returns	Quarter ended
<R>Highest Quarter Return	20.97%	December 31, 1998</R>
<R>Lowest Quarter Return	-13.69%	June 30, 2002</R>
<R>Year-to-Date Return	0.32%	March 31, 2004</R>

<R>VIP Growth Opportunities - Initial Class</R>

<R>Calendar Years			1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>			18.27%	29.95%	24.61%	4.27%	-17.07%	-14.42%	-21.84%	29.87%</R>

During the periods shown in the chart for Initial Class of VIP Growth Opportunities:	Returns	Quarter ended
<R>Highest Quarter Return	20.74%	December 31, 1998</R>
<R>Lowest Quarter Return	-16.62%	September 30, 2002</R>
<R>Year-to-Date Return	0.19%	March 31, 2004</R>

<R>VIP Growth Stock - Initial Class</R>
<R>Calendar Year										2003</R>
<R>										29.05%</R>

During the periods shown in the chart for Initial Class of VIP Growth Stock:	Returns	Quarter ended
<R>Highest Quarter Return	14.24%	June 30, 2003</R>
<R>Lowest Quarter Return	-1.96%	March 31, 2003</R>
<R>Year-to-Date Return	0.70%	March 31, 2004</R>

<R>VIP High Income - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	-1.64%	20.72%	14.03%	17.67%	-4.33%	8.25%	-22.54%	-11.73%	3.44%	27.26%</R>

During the periods shown in the chart for Initial Class of VIP High Income:	Returns	Quarter ended
<R>Highest Quarter Return	10.15%	June 30, 2003</R>
<R>Lowest Quarter Return	-14.17%	December 31, 2000</R>
<R>Year-to-Date Return	1.45%	March 31, 2004</R>

<R>VIP Index 500 - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	1.04%	37.19%	22.71%	32.83%	28.31%	20.52%	-9.30%	-12.09%	-22.25%	28.41%</R>

During the periods shown in the chart for Initial Class of VIP Index 500:	Returns	Quarter ended
<R>Highest Quarter Return	21.36%	December 31, 1998</R>
<R>Lowest Quarter Return	-17.29%	September 30, 2002</R>
<R>Year-to-Date Return	1.64%	March 31, 2004</R>

<R>VIP Investment Grade Bond - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	-3.76%	17.32%	3.19%	9.06%	8.85%	-1.05%	11.22%	8.46%	10.34%	5.20%</R>

During the periods shown in the chart for Initial Class of VIP Investment Grade Bond:	Returns	Quarter ended
<R>Highest Quarter Return	6.23%	June 30, 1995</R>
<R>Lowest Quarter Return	-2.80%	March 31, 1994</R>
<R>Year-to-Date Return	2.64%	March 31, 2004</R>

<R>VIP Mid Cap - Initial Class</R>
<R>Calendar Years	1999	2000	2001	2002	2003</R>
<R>	49.04%	33.78%	-3.26%	-9.82%	38.64%</R>

During the periods shown in the chart for Initial Class of VIP Mid Cap:	Returns	Quarter ended
<R>Highest Quarter Return	32.12%	December 31, 1999</R>
<R>Lowest Quarter Return	-10.49%	September 30, 2002</R>
<R>Year-to-Date Return	6.00%	March 31, 2004</R>

<R>VIP Money Market - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	4.25%	5.87%	5.41%	5.51%	5.46%	5.17%	6.30%	4.18%	1.69%	1.00%</R>

During the periods shown in the chart for Initial Class of VIP Money Market:	Returns	Quarter ended
<R>Highest Quarter Return	1.60%	September 30, 2000</R>
<R>Lowest Quarter Return	0.23%	September 30, 2003</R>
<R>Year-to-Date Return	0.23%	March 31, 2004</R>

<R>VIP Overseas - Initial Class</R>
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	1.72%	9.74%	13.15%	11.56%	12.81%	42.55%	-19.07%	-21.21%	-20.28%	43.37%</R>

During the periods shown in the chart for Initial Class of VIP Overseas:	Returns	Quarter ended
<R>Highest Quarter Return	24.78%	December 31, 1999</R>
<R>Lowest Quarter Return	-21.22%	September 30, 2002</R>
<R>Year-to-Date Return	5.79%	March 31, 2004</R>

<R>VIP Real Estate - Initial Class</R>
<R>Calendar Year										2003</R>
<R>										33.21%</R>

During the periods shown in the chart for Initial Class of VIP Real Estate:	Returns	Quarter ended
<R>Highest Quarter Return	9.91%	September 30, 2003</R>
<R>Lowest Quarter Return	1.38%	March 31, 2003</R>
<R>Year-to-Date Return	12.42%	March 31, 2004</R>

<R>VIP Value - Initial Class</R>
<R>Calendar Years	2002	2003</R>
<R>	-15.66%	34.16%</R>

During the periods shown in the chart for Initial Class of VIP Value:	Returns	Quarter ended
<R>Highest Quarter Return	20.59%	June 30, 2003</R>
<R>Lowest Quarter Return	-17.38%	September 30, 2002</R>
<R>Year-to-Date Return	0.09%	March 31, 2004</R>

<R>VIP Value Strategies - Initial Class</R>
<R>Calendar Year										2003</R>
<R>										57.91%</R>

During the periods shown in the chart for Initial Class of VIP Value Strategies:	Returns	Quarter ended
<R>Highest Quarter Return	29.48%	June 30, 2003</R>
<R>Lowest Quarter Return	-6.07%	March 31, 2003</R>
<R>Year-to-Date Return	7.26%	March 31, 2004</R>

Prospectus

Average Annual Returns

<R>For the periods ended December 31, 2003	Past 1 year	Past 5 years	Past 10 years/Life of class</R>
<R>VIP Aggressive Growth			</R>
<R>Initial Class	30.58%	--	-7.50%^A</R>
<R>Russell Midcap Growth Index	42.71%	--	-6.13%^A</R>
<R>Lipper^SM Variable Annuity Mid-Cap Funds Average	35.40%	--	--</R>
<R>VIP Asset Manager			</R>
<R>Initial Class	17.97%	1.97%	6.77%</R>
<R>S&P 500 Index	28.69%	-0.57%	11.07%</R>
<R>Fidelity Asset Manager Composite Index	15.67%	3.11%	8.61%</R>
<R>VIP Asset Manager: Growth			</R>
<R>Initial Class	23.34%	-0.54%	8.67%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	12.21%^B</R>
<R>Fidelity Asset Manager: Growth Composite Index	20.80%	1.75%	10.70%^B</R>
<R>VIP Balanced			</R>
<R>Initial Class	17.72%	1.14%	7.43%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	12.21%^B</R>
<R>Fidelity Balanced 60/40 Composite Index	18.48%	2.67%	10.94%^B</R>
<R>Lipper Variable Annuity Balanced Funds Average	18.96%	2.98%	--</R>
<R>VIP Contrafund			</R>
<R>Initial Class	28.46%	3.47%	13.96%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	12.21%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	--</R>
<R>VIP Dynamic Capital Appreciation			</R>
<R>Initial Class	25.49%	--	-9.91%^C</R>
<R>S&P 500 Index	28.69%	--	-6.15%^C</R>
<R>Lipper Variable Annuity Capital Appreciation Funds Average	32.75%	--	--</R>
<R>VIP Equity-Income			</R>
<R>Initial Class	30.33%	3.47%	10.86%</R>
<R>Russell 3000^® Value Index	31.14%	4.16%	11.85%</R>
<R>Lipper Variable Annuity Equity Income Objective Funds Average	27.46%	3.08%	9.89%</R>
<R>VIP Growth			</R>
<R>Initial Class	32.85%	-1.32%	9.60%</R>
<R>Russell 3000 Growth Index	30.97%	-4.69%	8.81%</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	8.96%</R>
<R>VIP Growth & Income			</R>
<R>Initial Class	23.77%	-0.18%	7.45%^D</R>
<R>S&P 500 Index	28.69%	-0.57%	7.57%^D</R>
<R>Lipper Variable Annuity Growth & Income Funds Average	28.54%	1.70%	--</R>
<R>VIP Growth Opportunities			</R>
<R>Initial Class	29.87%	-5.56%	7.44%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	12.21%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	--</R>
<R>VIP Growth Stock			</R>
<R>Initial Class	29.05%	--	23.48%^E</R>
<R>Russell 1000^® Growth Index	29.75%	--	23.47%^E</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	--	--</R>
<R>VIP High Income			</R>
<R>Initial Class	27.26%	-0.52%	4.03%</R>
<R>Merrill Lynch^® U.S. High Yield Master II Index	28.15%	5.02%	7.05%</R>
<R>Lipper Variable Annuity High Current Yield Funds Average	23.98%	3.51%	5.52%</R>
<R>VIP Index 500			</R>
<R>Initial Class	28.41%	-0.83%	10.77%</R>
<R>S&P 500 Index	28.69%	-0.57%	11.07%</R>
<R>Lipper Variable Annuity S&P 500 Index Objective Funds Average	27.96%	-0.94%	10.68%</R>
<R>VIP Investment Grade Bond			</R>
<R>Initial Class	5.20%	6.74%	6.72%</R>
<R>Lehman Brothers Aggregate Bond Index	4.10%	6.62%	6.95%</R>
<R>Lipper Variable Annuity Intermediate Investment Grade Debt Funds Average	5.14%	5.83%	6.56%</R>
<R>VIP Mid Cap			</R>
<R>Initial Class	38.64%	19.25%	19.93%^F</R>
<R>S&P MidCap 400 Index	35.62%	9.21%	10.35%^F</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	35.40%	4.91%	--</R>
<R>VIP Money Market			</R>
<R>Initial Class	1.00%	3.65%	4.47%</R>
<R>VIP Overseas			</R>
<R>Initial Class	43.37%	0.77%	5.15%</R>
<R>Morgan Stanley Capital International^SM Europe, Australasia and Far East Index	38.97%	0.17%	4.63%</R>
<R>Lipper Variable Annuity International Funds Average	35.11%	1.27%	5.09%</R>
<R>VIP Real Estate			</R>
<R>Initial Class	33.21%	--	31.19%^G</R>
<R>S&P 500 Index	28.69%	--	19.65%^G</R>
<R>Wilshire^® Real Estate Securities Index	37.08%	--	34.66%^G</R>
<R>Lipper Variable Annuity Real Estate Funds Average	36.44%	--	--</R>
<R>VIP Value			</R>
<R>Initial Class	34.16%	--	3.41%^H</R>
<R>Russell 3000 Value Index	31.14%	--	2.51%^H</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	--	--</R>
<R>VIP Value Strategies			</R>
<R>Initial Class	57.91%	--	12.70%^I</R>
<R>Russell Midcap Value Index	38.07%	--	12.40%^I</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	35.40%	--	--</R>

^AFrom December 27, 2000.

^BFrom January 3, 1995.

^CFrom September 25, 2000.

^DFrom December 31, 1996.

Prospectus

^EFrom December 11, 2002.

^FFrom December 28, 1998.

^GFrom November 6, 2002.

^HFrom May 9, 2001.

^IFrom February 20, 2002.

If FMR were to reimburse certain expenses, returns would be higher during these periods.

<R>Russell Midcap Growth Index is a market capitalization-weighted index of the smallest 800 companies included in the Russell 1000^® Index that exhibit growth-oriented characteristics. The Russell 1000 Index comprises the 1,000 largest U.S. domiciled companies.</R>

Standard & Poor's 500 Index (S&P 500) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Russell 3000^® Value Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit value-oriented characteristics.

Russell 3000 Growth Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit growth-oriented characteristics.

Russell 1000 Growth Index is a market capitalization-weighted index of those stocks of the 1,000 largest U.S. domiciled companies that exhibit growth-oriented characteristics.

<R>Merrill Lynch^® U.S. 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.</R>

Lehman Brothers Aggregate Bond Index is a market value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. The index is designed to represent the performance of the U.S. investment-grade fixed-rate bond market.

Standard & Poor's MidCap 400 Index (S&P MidCap 400) is a market capitalization-weighted index of 400 medium-capitalization stocks chosen for market size, liquidity, and industry group representation.

Morgan Stanley Capital International^SM Europe, Australasia and Far East (MSCI^® EAFE^®) Index is a market capitalization-weighted index of equity securities of companies domiciled in various countries. The Index is designed to represent the performance of developed stock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. Index returns for periods after January 1, 1997 are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

Russell Midcap Value Index is a market capitalization-weighted index of the smallest 800 companies included in the Russell 1000 Index that exhibit value-oriented characteristics. The Russell 1000 Index comprises the 1,000 largest U.S. domiciled companies.

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 represent VIP Asset Manager's asset classes when calculating 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.

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 represent VIP Asset Manager: Growth's asset classes when calculating 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.

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 represent VIP Balanced's investment categories when calculating the composite index: equity - the S&P 500, and bond - the Lehman Brothers Aggregate Bond Index.

<R>Wilshire^® Real Estate Securities Index is a market capitalization-weighted index of publicly traded real estate securities such as real estate investment trusts (REITs) and real estate operating companies (REOCs).</R>

Lehman Brothers 3-Month Treasury Bill Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months. It excludes zero coupon strips.

Lehman Brothers U.S. Treasury Index is a market value-weighted index of investment-grade fixed-rate 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.

Prospectus

Fund Summary - continued

Fee Table

<R>The following table describes the fees and expenses that are incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interests in a separate account that invests in a class of a fund, but does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product. The annual class operating expenses provided below for Initial Class of VIP Index 500 do not reflect the effect of any expense reimbursements during the period. The annual class operating expenses provided below for Initial Class of VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Growth Stock, VIP Real Estate, VIP Value, and VIP Value Leaders 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 Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Equity-Income, VIP Growth, VIP Growth Opportunities, VIP Mid Cap, VIP Overseas, and VIP Value Strategies 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 Growth & Income, VIP High Income, VIP Investment Grade Bond, and VIP Money Market are based on historical expenses.</R>

Fees (paid by the variable product owner directly)

Initial

Class

Sales charge (load) on purchases and reinvested distributions

Not Applicable

Deferred sales charge (load) on redemptions

Not Applicable

Annual operating expenses (paid from class assets)

<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	2.24%</R>
<R>	Total annual class operating expenses^A	2.87%</R>
<R>VIP Asset Manager	Management fee	0.53%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.63%</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	0.16%</R>
<R>	Total annual class operating expenses^A	0.59%</R>
<R>VIP Contrafund	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.67%</R>
<R>VIP Dynamic Capital Appreciation	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	1.25%</R>
<R>	Total annual class operating expenses^A	1.83%</R>
<R>VIP Equity-Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.57%</R>
<R>VIP Growth	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.67%</R>
<R>VIP Growth & Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.59%</R>
<R>VIP Growth Opportunities	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.14%</R>
<R>	Total annual class operating expenses^A	0.72%</R>
<R>VIP Growth Stock	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	2.10%</R>
<R>	Total annual class operating expenses^A	2.68%</R>
<R>VIP High Income	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 Index 500	Management fee	0.24%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.34%</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	0.12%</R>
<R>	Total annual class operating expenses^A	0.70%</R>
<R>VIP Money Market	Management fee	0.20%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses	0.29%</R>
<R>VIP Overseas	Management fee	0.73%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.17%</R>
<R>	Total annual class operating expenses^A	0.90%</R>
<R>VIP Real Estate	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	1.14%</R>
<R>	Total annual class operating expenses^A	1.72%</R>
<R>VIP Value	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	3.74%</R>
<R>	Total annual class operating expenses^A	4.32%</R>
<R>VIP Value Leaders	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	3.05%</R>
<R>	Total annual class operating expenses^A	3.63%</R>
<R>VIP Value Strategies	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	None</R>
<R>	Other expenses	0.18%</R>
<R>	Total annual class operating expenses^A	0.76%</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

<R>	Initial Class	Effective Date</R>
<R>VIP Aggressive Growth	1.00%	8/1/03</R>
<R>VIP Asset Manager	1.00%	8/1/03</R>
<R>VIP Asset Manager: Growth	1.00%	1/3/95</R>
<R>VIP Balanced	1.00%	8/1/03</R>
<R>VIP Contrafund	1.00%	1/3/95</R>
<R>VIP Dynamic Capital Appreciation	1.00%	8/1/03</R>
<R>VIP Equity-Income	1.00%	8/1/03</R>
<R>VIP Growth	1.00%	8/1/03</R>
<R>VIP Growth & Income	1.00%	12/31/96</R>
<R>VIP Growth Opportunities	1.00%	8/1/03</R>
<R>VIP Growth Stock	1.00%	8/1/03</R>
<R>VIP High Income	1.00%	1/1/86</R>
<R>VIP Index 500	0.28%	4/18/97</R>
<R>VIP Investment Grade Bond	0.80%	12/5/88</R>
<R>VIP Mid Cap	1.00%	12/29/98</R>
<R>VIP Overseas	1.50%	1/28/87</R>
<R>VIP Real Estate	1.00%	8/1/03</R>
<R>VIP Value	1.00%	8/1/03</R>
<R>VIP Value Leaders	1.00%	8/1/03</R>
<R>VIP Value Strategies	1.00%	2/20/02</R>

These arrangements may be discontinued by FMR at any time.

<R>A portion of the brokerage commissions that each fund pays may be reimbursed and used to reduce that fund's expenses. In addition, through arrangements with each fund's (other than VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Growth, VIP Value, and VIP Value Strategies) custodian, credits realized as a result of uninvested cash balances are used to reduce custodian expenses. Including these reductions, the total Initial Class operating expenses are shown in the table below.</R>

<R>	Total Operating Expenses</R>
<R>VIP Aggressive Growth - Initial Class	0.94%^A</R>
<R>VIP Asset Manager - Initial Class	0.62%</R>
<R>VIP Asset Manager: Growth - Initial Class	0.72%</R>
<R>VIP Balanced - Initial Class	0.58%</R>
<R>VIP Contrafund - Initial Class	0.65%</R>
<R>VIP Dynamic Capital Appreciation - Initial Class	0.90%^A</R>
<R>VIP Equity-Income - Initial Class	0.56%</R>
<R>VIP Growth - Initial Class	0.64%</R>
<R>VIP Growth Opportunities - Initial Class	0.70%</R>
<R>VIP Growth Stock - Initial Class	0.95%^A</R>
<R>VIP Mid Cap - Initial Class	0.68%</R>
<R>VIP Overseas - Initial Class	0.86%</R>
<R>VIP Real Estate - Initial Class	0.97%^A</R>
<R>VIP Value - Initial Class	0.94%^A</R>
<R>VIP Value Leaders - Initial Class	0.98%^A</R>
<R>VIP Value Strategies - Initial Class	0.73%</R>

^AAfter reimbursement.

This example helps compare the cost of investing in the funds with the cost of investing in other mutual funds.

<R>Let's say, hypothetically, that Initial Class's annual return is 5% and that the fees and Initial Class's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product. For every $10,000 invested, here's how much a variable product owner would pay in total expenses if all interests in the separate account that invests in a class of a fund were redeemed at the end of each time period indicated:</R>

		Initial Class
<R>VIP Aggressive Growth	1 year	$ 290</R>
<R>	3 years	$ 889</R>
<R>	5 years	$ 1,513</R>
<R>	10 years	$ 3,195</R>
<R>VIP Asset Manager	1 year	$ 64</R>
<R>	3 years	$ 202</R>
<R>	5 years	$ 351</R>
<R>	10 years	$ 786</R>
<R>VIP Asset Manager: Growth	1 year	$ 75</R>
<R>	3 years	$ 233</R>
<R>	5 years	$ 406</R>
<R>	10 years	$ 906</R>
<R>VIP Balanced	1 year	$ 60</R>
<R>	3 years	$ 189</R>
<R>	5 years	$ 329</R>
<R>	10 years	$ 738</R>
<R>VIP Contrafund	1 year	$ 68</R>
<R>	3 years	$ 214</R>
<R>	5 years	$ 373</R>
<R>	10 years	$ 835</R>
<R>VIP Dynamic Capital Appreciation	1 year	$ 186</R>
<R>	3 years	$ 576</R>
<R>	5 years	$ 990</R>
<R>	10 years	$ 2,148</R>
<R>VIP Equity-Income	1 year	$ 58</R>
<R>	3 years	$ 183</R>
<R>	5 years	$ 318</R>
<R>	10 years	$ 714</R>
<R>VIP Growth	1 year	$ 68</R>
<R>	3 years	$ 214</R>
<R>	5 years	$ 373</R>
<R>	10 years	$ 835</R>
<R>VIP Growth & Income	1 year	$ 60</R>
<R>	3 years	$ 189</R>
<R>	5 years	$ 329</R>
<R>	10 years	$ 738</R>
<R>VIP Growth Opportunities	1 year	$ 74</R>
<R>	3 years	$ 230</R>
<R>	5 years	$ 401</R>
<R>	10 years	$ 894</R>
<R>VIP Growth Stock	1 year	$ 271</R>
<R>	3 years	$ 832</R>
<R>	5 years	$ 1,420</R>
<R>	10 years	$ 3,012</R>
<R>VIP High Income	1 year	$ 70</R>
<R>	3 years	$ 221</R>
<R>	5 years	$ 384</R>
<R>	10 years	$ 859</R>
<R>VIP Index 500	1 year	$ 35</R>
<R>	3 years	$ 109</R>
<R>	5 years	$ 191</R>
<R>	10 years	$ 431</R>
<R>VIP Investment Grade Bond	1 year	$ 55</R>
<R>	3 years	$ 173</R>
<R>	5 years	$ 302</R>
<R>	10 years	$ 677</R>
<R>VIP Mid Cap	1 year	$ 72</R>
<R>	3 years	$ 224</R>
<R>	5 years	$ 390</R>
<R>	10 years	$ 871</R>
<R>VIP Money Market	1 year	$ 30</R>
<R>	3 years	$ 93</R>
<R>	5 years	$ 163</R>
<R>	10 years	$ 368</R>
<R>VIP Overseas	1 year	$ 92</R>
<R>	3 years	$ 287</R>
<R>	5 years	$ 498</R>
<R>	10 years	$ 1,108</R>
<R>VIP Real Estate	1 year	$ 175</R>
<R>	3 years	$ 542</R>
<R>	5 years	$ 933</R>
<R>	10 years	$ 2,030</R>
<R>VIP Value	1 year	$ 433</R>
<R>	3 years	$ 1,309</R>
<R>	5 years	$ 2,197</R>
<R>	10 years	$ 4,470</R>
<R>VIP Value Leaders	1 year	$ 365</R>
<R>	3 years	$ 1,112</R>
<R>	5 years	$ 1,878</R>
<R>	10 years	$ 3,889</R>
<R>VIP Value Strategies	1 year	$ 78</R>
<R>	3 years	$ 243</R>
<R>	5 years	$ 422</R>
<R>	10 years	$ 942</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 or P/B 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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also 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.

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.

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:

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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts, swaps, and exchange traded funds, 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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

FMR may also use various techniques, such as buying and selling futures contracts, swaps, and exchange traded funds, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. FMR may invest the fund's assets in investment-grade debt securities by investing in other funds. 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 it 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.

Prospectus

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

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.

In addition to the principal investment strategies discussed above, 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 80% of the fund's assets in equity securities. FMR normally invests the fund's assets primarily 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'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.

In addition to the principal investment strategies discussed above, 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 it 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.

In addition to the principal investment strategies discussed above, 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 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.

Prospectus

Fund Basics - continued

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

In addition to the principal investment strategies discussed above, 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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Growth Stock Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests at least 80% of the fund's assets in stocks. 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.

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

Because the fund is considered non-diversified, FMR may invest a significant percentage of the fund's assets in a single issuer.

In addition to the principal investment strategies discussed above, 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 primarily 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.

Prospectus

In addition to the principal investment strategies discussed above, 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, interest rates, or other factors that affect security values. FMR may invest the fund's assets in investment-grade debt securities by investing in other funds. 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

Geode 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. Geode 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, P/B 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.

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

In addition to the principal investment strategies discussed above, Geode may use various techniques, such as buying and selling futures contracts, swaps, and exchange traded funds, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If Geode's 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.

Principal Investment Strategies

FMR normally invests at least 80% of the fund's assets in investment-grade debt securities (those of medium and high quality) 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, 2003, FMR was using the Lehman Brothers Aggregate Bond Index in managing the fund's investments. As of December 31, 2003, the fund's dollar-weighted average maturity was approximately 5.6 years and the index's dollar-weighted average maturity was approximately 7.6 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 substantially shorter than its stated maturity.</R>

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 (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage 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.

In addition to the principal investment strategies discussed above, FMR may use various techniques, such as buying and selling futures contracts, swaps, and exchange traded funds, to increase or decrease the fund's exposure to changing security prices, interest rates, or other factors that affect security values. FMR may invest the fund's assets in investment-grade debt securities by investing in other funds. 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 80% of the fund's assets in securities of companies with medium market capitalizations. Although a universal definition of medium market capitalization companies does not exist, for purposes of this fund, FMR generally defines medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Midcap Index or the S&P MidCap 400. A company's market capitalization is based on its current market capitalization or its market capitalization 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 80% policy. The size of the companies in each index 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.

Prospectus

Fund Basics - continued

In addition to the principal investment strategies discussed above, 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 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 80% of the fund's assets in non-U.S. 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.

In addition to the principal investment strategies discussed above, 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 the fund's assets primarily in common stocks.

FMR normally invests at least 80% of the fund's assets in securities of companies principally engaged in the real estate industry and other real estate related investments. Companies in the real estate industry and real estate related investments may include, for example, real estate investment trusts (REITs) that either own properties or make construction or mortgage loans, real estate developers, companies with substantial real estate holdings, and other companies whose products and services are related to the real estate industry, such as building supply manufacturers, mortgage lenders, or mortgage servicing companies.

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

Because the fund is considered non-diversified, FMR may invest a significant percentage of the fund's assets in a single issuer.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Value Portfolio seeks capital appreciation.

Principal Investment Strategies

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

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.

Prospectus

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

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Value Leaders Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR normally invests the fund's assets primarily in common stocks of well-known and established companies.

FMR normally invests at least 80% of the fund's assets in blue chip companies. Blue chip companies include companies whose stock is included in the S&P 500 or the DJIA, and companies with market capitalizations of at least $1 billion if not included in either index. A company's market capitalization is based on its current market capitalization or its market capitalization at the time of the fund's investment.

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, P/S ratio, P/E ratio, earnings relative to enterprise value (the total value of a company's outstanding equity and debt), 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.

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

Because the fund is considered non-diversified, FMR may invest a significant percentage of the fund's assets in a single issuer.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Investment Objective

VIP Value Strategies Portfolio seeks capital appreciation.

Principal Investment Strategies

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

FMR focuses on securities of companies that it believes are undervalued in the marketplace in relation to factors such as the company's assets, sales, earnings, or growth potential. Companies with these characteristics tend to have lower than average P/B, P/S, or P/E ratios. The stocks of these companies are often called "value" 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 addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

Prospectus

Fund Basics - continued

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, repurchase agreements, 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. Certain issuers of U.S. Government securities, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury.

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.

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. Because FMR concentrates VIP Real Estate's investments in a particular industry, the fund's performance could depend heavily on the performance of that industry and could be more volatile than the performance of less concentrated funds. Because FMR may invest a significant percentage of VIP Growth Stock's, VIP Real Estate's, and VIP Value Leaders' assets in a single issuer, the fund's performance could be closely tied to that one issuer and could be more volatile than the performance of more diversified funds. When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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.

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 providing credit support or a maturity-shortening structure that are located in foreign countries 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.

Prospectus

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.

Industry Concentration. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry, and the securities of companies in that industry could react similarly to these or other developments.

The real estate industry is particularly sensitive to economic downturns. The value of securities of issuers in the real estate industry can be affected by changes in real estate values and rental income, property taxes, interest rates, and tax and regulatory requirements. In addition, the value of a REIT can depend on the structure of and cash flow generated by the REIT.

Prepayment. Many types of debt securities, including mortgage securities, are subject to prepayment risk. Prepayment risk 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 or counterparty, 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 a security's or instrument's credit quality or value. 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.

Mid Cap Investing. The value of securities of medium size, less well-known issuers can be more volatile than that of relatively larger issuers and can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks.

In response to market, economic, political, or other conditions, FMR or Geode may temporarily use a different investment strategy for defensive purposes. If FMR or Geode 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.

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.

Prospectus

Fund Basics - continued

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.

VIP Growth Stock Portfolio seeks capital appreciation.

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.

VIP Real Estate Portfolio seeks above-average income and long-term capital growth, consistent with reasonable investment risk, by investing primarily in the equity securities of companies in the real estate industry. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500.

VIP Value Portfolio seeks capital appreciation.

VIP Value Leaders Portfolio seeks capital appreciation.

VIP Value Strategies Portfolio seeks capital appreciation.

Shareholder Notice

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

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

VIP Growth Stock Portfolio normally invests at least 80% of its assets in stocks.

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

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.

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

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

VIP Real Estate Portfolio normally invests at least 80% of its assets in securities of companies principally engaged in the real estate industry and other real estate related investments.

Country or Geographic Region

FMR considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S. FMR considers a number of factors to determine whether an investment is tied economically 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.

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 fund is not open for business, the value of the fund's assets may be affected on those days. 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, official closing prices, 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, official closing prices, 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.

A fund may reject or cancel any purchase orders for any reason.

For example, the funds do not permit market timing because short-term or 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 that, 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.

Under applicable anti-money laundering regulations and other federal regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

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.

<R>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, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.</R>

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.

Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

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.

Variable product owners may be asked to provide additional information in order for Fidelity to verify their identities in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations.

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 Growth Stock, VIP High Income, VIP Index 500, VIP Investment Grade Bond, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies 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. The address of FMR and its affiliates, unless otherwise indicated below, is 82 Devonshire Street, Boston, Massachusetts 02109.

<R>As of March 30, 2004, FMR had approximately $8.8 billion in discretionary assets under management.</R>

Pursuant to an SEC exemptive order, FMR intends to act as a manager of managers with respect to VIP Index 500, meaning that FMR has the responsibility to oversee sub-advisers and recommend their hiring, termination, and replacement. Subject to approval by the Board of Trustees of VIP Index 500 but without shareholder approval, FMR may replace or hire unaffiliated sub-advisers or amend the terms of their existing sub-advisory agreements, if any. In the event of approval of a new unaffiliated sub-adviser, shareholders of VIP Index 500 will be provided with information about the new sub-adviser and sub-advisory agreement within ninety days of appointment.

As the manager, FMR has overall responsibility for directing investments for each fund (except VIP Index 500) and handling each fund's business affairs.

Geode, at 53 State Street, Boston, Massachusetts 02109, serves as a sub-adviser for VIP Index 500. Geode chooses VIP Index 500's investments and places orders to buy and sell the fund's investments.

<R>As of March 25, 2004, Geode had approximately $34.8 billion in discretionary assets under management.</R>

Prior to January 13, 2003, Deutsche Asset Management, Inc. (DAMI) served as a sub-adviser for VIP Index 500.

Affiliates assist FMR with foreign investments:

Fidelity Management & Research (U.K.) Inc. (FMR U.K.), at 25 Lovat Lane, London, EC3R 8LL, 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies.
Fidelity Management & Research (Far East) Inc. (FMR Far East), at Shiroyama JT Mori Bldg., 4-3-1 Toranomon Minato-ku, Tokyo 105, 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies.
<R>Fidelity International Investment Advisors (FIIA), at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, 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 Growth Stock, VIP High Income, VIP Investment Grade Bond, VIP Mid Cap, VIP Money Market, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. As of September 26, 2003, FIIA had approximately $8.9 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. For VIP Investment Grade Bond and VIP Money Market, FIIA may provide investment research and advice on issuers based outside the United States, and in particular, will make minimal credit risk and comparable quality determinations for foreign issuers that issue U.S. dollar-denominated securities. FIIA may also provide investment advisory services for VIP Overseas.</R>
<R>Fidelity International Investment Advisors (U.K.) Limited (FIIA(U.K.)L), at 25 Cannon Street, London, EC4M 5TA, 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 Growth Stock, VIP High Income, VIP Investment Grade Bond, VIP Mid Cap, VIP Money Market, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. As of September 26, 2003, FIIA(U.K.)L had approximately $5.6 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. For VIP Investment Grade Bond and VIP Money Market, FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States, and in particular, will make minimal credit risk and comparable quality determinations for foreign issuers that issue U.S. dollar-denominated securities. FIIA(U.K.)L may also provide investment advisory services for VIP Overseas.</R>

Prospectus

Fund Services - continued

<R>Fidelity Investments Japan Limited (FIJ), at 8-8 Shinkawa, 1-Chome, Chuo-ku, Tokyo 104-0033, 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. As of September 26, 2003, FIJ had approximately $38.1 billion 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies from time to time.</R>

Fidelity Investments Money Management, Inc. (FIMM), at One Spartan Way, Merrimack, New Hampshire 03054, serves as a sub-adviser for VIP Investment Grade Bond and VIP Money Market. FIMM has day-to-day responsibility 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 has day-to-day responsibility for choosing certain types of investments for VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced.

<R>FIMM is an affiliate of FMR. As of March 30, 2004, FIMM had approximately $268.3 billion in discretionary assets under management.</R>

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 Growth Stock, VIP High Income, VIP Index 500, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. FMRC has day-to-day responsibility 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 Growth Stock, VIP High Income, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies. FMRC has day-to-day responsibility 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 30, 2004, FMRC had approximately $601.2 billion in discretionary assets under management.</R>

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

Steve Buller is vice president and manager of VIP Real Estate Portfolio, which he has managed since November 2002. He also manages other Fidelity funds. Since joining Fidelity Investments in 1992, Mr. Buller has worked as a research analyst and manager.

Matthew Conti is vice president and manager of VIP High Income Portfolio, which he has managed since July 2003. He also manages other Fidelity funds. Since joining Fidelity Investments in 1995, Mr. Conti has worked as an analyst and manager.

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

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

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

Dick Habermann is vice president and co-manager of VIP Asset Manager Portfolio and VIP Asset Manager: Growth Portfolio, both of which he has managed since October 2001. He also manages other Fidelity funds. Since joining Fidelity Investments in 1968, 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.

Brian Hanson is manager of VIP Growth Stock Portfolio, which he has managed since December 2002. He also manages other Fidelity funds. Since joining Fidelity Investments in 1996, Mr. Hanson has worked as a research analyst and manager.

Brian Hogan is manager of VIP Value Leaders Portfolio, which he has managed since June 2003. He also manages other Fidelity funds. Since joining Fidelity Investments in 1994, Mr. Hogan has worked as a research analyst and manager.

Rajiv Kaul is manager of VIP Aggressive Growth Portfolio, which he has managed since June 2001. He also manages other Fidelity funds. Since joining Fidelity Investments in 1996, Mr. Kaul has worked as a research analyst and manager.

Harris Leviton is vice president and manager of VIP Value Strategies Portfolio, which he has managed since February 2002. He also manages other Fidelity funds. Since joining Fidelity Investments in 1986, he has worked as a research analyst and manager.

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

Prospectus

Ford O'Neil is vice president and co-manager of VIP Asset Manager Portfolio and VIP Asset Manager: Growth Portfolio, vice president and manager of VIP Investment Grade Bond Portfolio, and vice president of VIP Balanced Portfolio 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 Investments in 1990, Mr. O'Neil has worked as a research analyst and manager.

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

John Porter is manager of VIP Dynamic Capital Appreciation Portfolio, which he has managed since April 2003. He also manages another Fidelity fund. Since joining Fidelity Investments in 1995, Mr. Porter has worked as a research analyst and manager.

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

Jennifer Uhrig is vice president and manager of VIP Growth Portfolio, which she has managed since January 1997. She also manages another Fidelity fund. Since joining Fidelity Investments 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 Growth Stock, VIP High Income, VIP Investment Grade Bond, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies, 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 Growth Stock, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies or 0.37% for VIP High Income, VIP Investment Grade Bond, and VIP Money Market, and it drops as total assets under management increase.

For December 2003, 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 Growth Stock, VIP Mid Cap, VIP Overseas, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies and the group fee rate was 0.13% for VIP High Income, VIP Investment Grade Bond, and VIP Money Market. 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 Growth Stock, VIP Investment Grade Bond, VIP Mid Cap, VIP Real Estate, VIP Value, VIP Value Leaders, and VIP Value Strategies; 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, 2003, for each fund (other than VIP Index 500 and VIP Value Leaders) is shown in the following table.

Prospectus

Fund Services - continued

	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 Growth Stock	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	0.20%</R>
<R>VIP Overseas	0.73%</R>
<R>VIP Real Estate	0.58%</R>
<R>VIP Value	0.58%</R>
<R>VIP Value Strategies	0.58%</R>

FMR pays FIMM, FMRC, FMR U.K., and FMR Far East for providing sub-advisory services. FMR or FIMM pays 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 pays Geode 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 29, 2004, approximately 49.69%, 99.73%, 99.88%, 100.00%, and 45.15% of VIP Aggressive Growth's, VIP Growth Stock's, VIP Real Estate's, VIP Value Leaders', and VIP Value Strategies' total outstanding shares, respectively, were held by FMR affiliates.</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.

<R>Initial Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the 1940 Act) 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.</R>

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.

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 PricewaterhouseCoopers LLP (for VIP Equity-Income, VIP Growth, VIP Growth Stock, VIP High Income, VIP Mid Cap, VIP Money Market, VIP Overseas, VIP Real Estate, and VIP Value Leaders) 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, VIP Value, and VIP Value Strategies), 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.

<R>Aggressive Growth Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001	2000^F</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 6.05	$ 8.22	$ 10.02	$ 10.00</R>
<R>Income from Investment Operations				</R>
<R>Net investment income (loss)^E	(.04)	(.06)	.03^H	-^I</R>
<R>Net realized and unrealized gain (loss)	1.89	(2.11)	(1.82)^H	.02</R>
<R>Total from investment operations	1.85	(2.17)	(1.79)	.02</R>
<R>Distributions from net investment income	-	-	(.01)	-</R>
<R>Net asset value, end of period	$ 7.90	$ 6.05	$ 8.22	$ 10.02</R>
<R>Total Return^B,C,D	30.58%	(26.40)%	(17.89)%	.20%</R>
<R>Ratios to Average Net Assets^G				</R>
<R>Expenses before expense reductions	2.87%	2.51%	3.00%	146.41%^A</R>
<R>Expenses net of voluntary waivers, if any	1.26%	1.50%	1.50%	1.50%^A</R>
<R>Expenses net of all reductions	1.20%	1.35%	1.45%	1.50%^A</R>
<R>Net investment income (loss)	(.62)%	(.85)%	.34%^H	5.50%^A</R>
<R>Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 907	$ 689	$ 864	$ 301</R>
<R>Portfolio turnover rate	150%	460%	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 brokerage service arrangements 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements 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. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.</R>

^I <R>Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

<R>Asset Manager Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 12.75	$ 14.51	$ 16.01	$ 18.67	$ 18.16</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.36	.46	.51	.62	.59</R>
<R>Net realized and unrealized gain (loss)	1.83	(1.69)	(1.13)	(1.30)	1.28</R>
<R>Total from investment operations	2.19	(1.23)	(.62)	(.68)	1.87</R>
<R>Distributions from net investment income	(.48)	(.53)	(.64)	(.60)	(.60)</R>
<R>Distributions from net realized gain	-	-	(.24)	(1.38)	(.76)</R>
<R>Total distributions	(.48)	(.53)	(.88)	(1.98)	(1.36)</R>
<R>Net asset value, end of period	$ 14.46	$ 12.75	$ 14.51	$ 16.01	$ 18.67</R>
<R>Total Return^A,B	17.97%	(8.73)%	(4.15)%	(3.87)%	11.09%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.63%	.63%	.64%	.61%	.63%</R>
<R>Expenses net of voluntary waivers, if any	.63%	.63%	.64%	.61%	.63%</R>
<R>Expenses net of all reductions	.62%	.61%	.63%	.61%	.62%</R>
<R>Net investment income (loss)	2.71%	3.49%	3.53%	3.73%	3.36%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 3,011,837	$ 2,784,945	$ 3,547,730	$ 4,128,169	$ 4,936,926</R>
<R>Portfolio turnover rate	82%	140%	108%	76%	94%</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 brokerage service arrangements 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

Prospectus

<R>Asset Manager: Growth Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 10.33	$ 12.56	$ 14.41	$ 18.38	$ 17.03</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.26	.32	.32	.42	.40</R>
<R>Net realized and unrealized gain (loss)	2.06	(2.23)	(1.31)	(2.52)	2.04</R>
<R>Total from investment operations	2.32	(1.91)	(.99)	(2.10)	2.44</R>
<R>Distributions from net investment income	(.32)	(.32)	(.39)	(.37)	(.41)</R>
<R>Distributions from net realized gain	-	-	(.47)	(1.50)	(.68)</R>
<R>Total distributions	(.32)	(.32)	(.86)	(1.87)	(1.09)</R>
<R>Net asset value, end of period	$ 12.33	$ 10.33	$ 12.56	$ 14.41	$ 18.38</R>
<R>Total Return^{A, B}	23.34%	(15.53)%	(7.39)%	(12.47)%	15.26%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.73%	.73%	.73%	.69%	.71%</R>
<R>Expenses net of voluntary waivers, if any	.73%	.73%	.73%	.69%	.71%</R>
<R>Expenses net of all reductions	.72%	.69%	.72%	.68%	.70%</R>
<R>Net investment income (loss)	2.33%	2.88%	2.55%	2.61%	2.38%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 335,285	$ 284,298	$ 399,273	$ 482,165	$ 580,555</R>
<R>Portfolio turnover rate	65%	149%	111%	147%	92%</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

Balanced Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 12.16	$ 13.72	$ 14.45	$ 16.00	$ 16.11</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.30	.36	.42	.48	.45</R>
<R>Net realized and unrealized gain (loss)	1.78	(1.53)	(.63)	(1.15)	.24</R>
<R>Total from investment operations	2.08	(1.17)	(.21)	(.67)	.69</R>
<R>Distributions from net investment income	(.36)	(.39)	(.52)	(.48)	(.37)</R>
<R>Distributions from net realized gain	-	-	-	(.35)	(.43)</R>
<R>Distributions in excess of net realized gain	-	-	-	(.05)	-</R>
<R>Total distributions	(.36)	(.39)	(.52)	(.88)	(.80)</R>
<R>Net asset value, end of period	$ 13.88	$ 12.16	$ 13.72	$ 14.45	$ 16.00</R>
<R>Total Return^{A, B}	17.72%	(8.72)%	(1.58)%	(4.30)%	4.55%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.59%	.57%	.57%	.58%	.57%</R>
<R>Expenses net of voluntary waivers, if any	.59%	.57%	.57%	.58%	.57%</R>
<R>Expenses net of all reductions	.58%	.55%	.55%	.56%	.55%</R>
<R>Net investment income (loss)	2.32%	2.84%	3.11%	3.18%	2.87%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 295,656	$ 235,064	$ 264,608	$ 250,802	$ 325,371</R>
<R>Portfolio turnover rate	102%	134%	126%	126%	108%</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

Contrafund Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 18.10	$ 20.13	$ 23.75	$ 29.15	$ 24.44</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss) ^C	.07	.10	.16	.17	.12</R>
<R>Net realized and unrealized gain (loss)	5.05	(1.97)	(3.01)	(1.84)	5.59</R>
<R>Total from investment operations	5.12	(1.87)	(2.85)	(1.67)	5.71</R>
<R>Distributions from net investment income	(.09)	(.16)	(.17)	(.11)	(.12)</R>
<R>Distributions from net realized gain	-	-	(.60)	(3.62)	(.88)</R>
<R>Total distributions	(.09)	(.16)	(.77)	(3.73)	(1.00)</R>
<R>Redemption fees added to paid in capital ^C,E	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 23.13	$ 18.10	$ 20.13	$ 23.75	$ 29.15</R>
<R>Total Return ^A,B	28.46%	(9.35)%	(12.28)%	(6.58)%	24.25%</R>
<R>Ratios to Average Net Assets ^D					</R>
<R>Expenses before expense reductions	.67%	.68%	.68%	.66%	.67%</R>
<R>Expenses net of voluntary waivers, if any	.67%	.68%	.68%	.66%	.67%</R>
<R>Expenses net of all reductions	.65%	.64%	.64%	.63%	.65%</R>
<R>Net investment income (loss)	.34%	.50%	.77%	.69%	.48%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 7,665,424	$ 5,956,028	$ 6,972,615	$ 8,516,464	$ 9,005,129</R>
<R>Portfolio turnover rate	66%	84%	140%	177%	172%</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>Amount represents less than $ .01 per share.</R>

Prospectus

Appendix - continued

Dynamic Capital Appreciation Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000^F</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 5.65	$ 6.10	$ 8.52	$ 10.00</R>
<R>Income from Investment Operations				</R>
<R>Net investment income (loss)^E	(.02)	.02	- ^H	.01</R>
<R>Net realized and unrealized gain (loss)	1.46	(.46)	(2.41)	(1.49)</R>
<R>Total from investment operations	1.44	(.44)	(2.41)	(1.48)</R>
<R>Distributions from net investment income	-	(.01)	(.01)	-</R>
<R>Net asset value, end of period	$ 7.09	$ 5.65	$ 6.10	$ 8.52</R>
<R>Total Return^B,C,D	25.49%	(7.21)%	(28.32)%	(14.80)%</R>
<R>Ratios to Average Net Assets^G				</R>
<R>Expenses before expense reductions	1.83%	2.64%	3.59%	10.18%^A</R>
<R>Expenses net of voluntary waivers, if any	1.06%	1.50%	1.50%	1.50%^A</R>
<R>Expenses net of all reductions	.96%	1.38%	1.43%	1.50%^A</R>
<R>Net investment income (loss)	(.30)%	.32%	.02%	.47%^A</R>
<R>Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 16,684	$ 719	$ 390	$ 256</R>
<R>Portfolio turnover rate	307%	349%	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>

^H <R>Amount represents less than $.01 per share.</R>

Prospectus

Equity-Income Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 18.16	$ 22.75	$ 25.52	$ 25.71	$ 25.42</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.36	.34	.34	.40	.41</R>
<R>Net realized and unrealized gain (loss)	5.01	(4.08)	(1.51)	1.46	1.10</R>
<R>Total from investment operations	5.37	(3.74)	(1.17)	1.86	1.51</R>
<R>Distributions from net investment income	(.35)	(.36)	(.42)	(.44)	(.38)</R>
<R>Distributions from net realized gain	-	(.49)	(1.18)	(1.61)	(.84)</R>
<R>Total distributions	(.35)	(.85)	(1.60)	(2.05)	(1.22)</R>
<R>Redemption fees added to paid in capital	-^{C, E}	-^{C, E}	-	-	-</R>
<R>Net asset value, end of period	$ 23.18	$ 18.16	$ 22.75	$ 25.52	$ 25.71</R>
<R>Total Return^{A, B}	30.33%	(16.95)%	(4.96)%	8.42%	6.33%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.57%	.57%	.58%	.56%	.57%</R>
<R>Expenses net of voluntary waivers, if any	.57%	.57%	.58%	.56%	.57%</R>
<R>Expenses net of all reductions	.56%	.56%	.57%	.55%	.56%</R>
<R>Net investment income (loss)	1.83%	1.70%	1.47%	1.68%	1.57%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 8,402,963	$ 6,895,940	$ 9,256,205	$ 9,969,086	$ 11,014,291</R>
<R>Portfolio turnover rate	26%	25%	24%	22%	27%</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>Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

<R>Growth Portfolio - Initial Class </R>
<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 23.44	$ 33.61	$ 43.66	$ 54.93	$ 44.87</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.07	.07	.07	.03	.07</R>
<R>Net realized and unrealized gain (loss)	7.60	(10.17)	(7.27)	(5.27)	15.10</R>
<R>Total from investment operations	7.67	(10.10)	(7.20)	(5.24)	15.17</R>
<R>Distributions from net investment income	(.07)	(.07)	(.03)	(.06)	(.08)</R>
<R>Distributions from net realized gain	-	-	(2.82)	(5.97)	(5.03)</R>
<R>Total distributions	(.07)	(.07)	(2.85)	(6.03)	(5.11)</R>
<R>Redemption fees added to paid in capital^{C , E}	-	-	-	-	-</R>
<R>Net asset value, end of period	$ 31.04	$ 23.44	$ 33.61	$ 43.66	$ 54.93</R>
<R>Total Return^{A, B}	32.85%	(30.10)%	(17.67)%	(10.96)%	37.44%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.67%	.67%	.68%	.65%	.66%</R>
<R>Expenses net of voluntary waivers, if any	.67%	.67%	.68%	.65%	.66%</R>
<R>Expenses net of all reductions	.64%	.61%	.65%	.64%	.65%</R>
<R>Net investment income (loss)	.28%	.25%	.19%	.07%	.14%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 8,594,509	$ 7,016,147	$ 11,458,659	$ 15,517,271	$ 17,142,411</R>
<R>Portfolio turnover rate	61%	90%	105%	103%	84%</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>Amount represents less than $.01 per share.</R>

Prospectus

Growth & Income Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 10.86	$ 13.19	$ 15.26	$ 17.30	$ 16.15</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.12	.15	.18	.20	.18</R>
<R>Net realized and unrealized gain (loss)	2.42	(2.32)	(1.45)	(.81)	1.27</R>
<R>Total from investment operations	2.54	(2.17)	(1.27)	(.61)	1.45</R>
<R>Distributions from net investment income	(.14)	(.16)	(.19)	(.19)	(.10)</R>
<R>Distributions from net realized gain	-	-	(.61)	(1.24)	(.20)</R>
<R>Total distributions	(.14)	(.16)	(.80)	(1.43)	(.30)</R>
<R>Net asset value, end of period	$ 13.26	$ 10.86	$ 13.19	$ 15.26	$ 17.30</R>
<R>Total Return^{A, B}	23.77%	(16.61)%	(8.75)%	(3.62)%	9.17%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.59%	.59%	.58%	.58%	.60%</R>
<R>Expenses net of voluntary waivers, if any	.59%	.59%	.58%	.58%	.60%</R>
<R>Expenses net of all reductions	.59%	.58%	.56%	.57%	.59%</R>
<R>Net investment income (loss)	1.02%	1.30%	1.34%	1.26%	1.08%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 785,494	$ 638,124	$ 893,359	$ 1,011,393	$ 1,259,396</R>
<R>Portfolio turnover rate	25%	43%	58%	72%	58%</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

<R>Growth Opportunities Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 11.71	$ 15.13	$ 17.74	$ 23.15	$ 22.88</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.08	.09	.12	.06	.27</R>
<R>Net realized and unrealized gain (loss)	3.38	(3.37)	(2.67)	(3.77)	.66</R>
<R>Total from investment operations	3.46	(3.28)	(2.55)	(3.71)	.93</R>
<R>Distributions from net investment income	(.10)	(.14)	(.06)	(.29)	(.23)</R>
<R>Distributions from net realized gain	-	-	-	(1.41)	(.43)</R>
<R>Total distributions	(.10)	(.14)	(.06)	(1.70)	(.66)</R>
<R>Net asset value, end of period	$ 15.07	$ 11.71	$ 15.13	$ 17.74	$ 23.15</R>
<R>Total Return^A,B	29.87%	(21.84)%	(14.42)%	(17.07)%	4.27%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.72%	.70%	.69%	.68%	.69%</R>
<R>Expenses net of voluntary waivers, if any	.72%	.70%	.69%	.68%	.69%</R>
<R>Expenses net of all reductions	.70%	.66%	.67%	.66%	.68%</R>
<R>Net investment income (loss)	.64%	.68%	.79%	.31%	1.20%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 490,710	$ 403,476	$ 652,493	$ 951,875	$ 1,541,587</R>
<R>Portfolio turnover rate	62%	60%	89%	117%	42%</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

<R>Growth Stock Portfolio - Initial Class</R>

<R>Years ended December 31,	2003	2002 ^F</R>
<R>Selected Per-Share Data		</R>
<R>Net asset value, beginning of period	$ 9.68	$ 10.00</R>
<R>Income from Investment Operations		</R>
<R>Net investment income (loss) ^E	(.01)	- ^H</R>
<R>Net realized and unrealized gain (loss)	2.81	(.32)</R>
<R>Total from investment operations	2.80	(.32)</R>
<R>Distributions from net investment income	(.01)	-</R>
<R>Distributions from net realized gain	(.68)	-</R>
<R>Total distributions	(.69)	-</R>
<R>Net asset value, end of period	$ 11.79	$ 9.68</R>
<R>Total Return ^B,C,D	29.05%	(3.20)%</R>
<R>Ratios to Average Net Assets ^G		</R>
<R>Expenses before expense reductions	2.68%	9.76% ^A</R>
<R>Expenses net of voluntary waivers, if any	1.14%	1.25% ^A</R>
<R>Expenses net of all reductions	1.09%	1.22% ^A </R>
<R>Net investment income (loss)	(.07)%	.35% ^A </R>
<R>Supplemental Data		</R>
<R>Net assets, end of period (000 omitted)	$ 1,885	$ 1,452</R>
<R>Portfolio turnover rate	149%	108% ^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 11, 2002 (commencement of operations) to December 31, 2002.</R>

^H <R>Amount represents less than $ .01 per share.</R>

Prospectus

Appendix - continued

High Income Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 5.93	$ 6.41	$ 8.18	$ 11.32	$ 11.53</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.520	.496^F	.774^E,F	1.123	1.095</R>
<R>Net realized and unrealized gain (loss)	.980	(.306)^F	(1.544)^E,F	(3.513)	(.195)</R>
<R>Total from investment operations	1.500	.190	(.770)	(2.390)	.900</R>
<R>Distributions from net investment income	(.480)	(.670)	(1.000)	(.750)	(1.075)</R>
<R>Distributions from net realized gain	-	-	-	-	(.030)</R>
<R>Distributions in excess of net realized gain	-	-	-	-	(.005)</R>
<R>Total distributions	(.480)	(.670)	(1.000)	(.750)	(1.110)</R>
<R>Net asset value, end of period	$ 6.95	$ 5.93	$ 6.41	$ 8.18	$ 11.32</R>
<R>Total Return^A,B	27.26%	3.44%	(11.73) %	(22.54) %	8.25%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.69%	.70%	.71%	.68%	.69%</R>
<R>Expenses net of voluntary waivers, if any	.69%	.70%	.71%	.68%	.69%</R>
<R>Expenses net of all reductions	.69%	.70%	.70%	.68%	.69%</R>
<R>Net investment income (loss)	8.25%	8.65%^F	11.00%^E,F	11.38%	9.80%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,593,714	$ 1,145,562	$ 1,201,085	$ 1,467,250	$ 2,257,610</R>
<R>Portfolio turnover rate	130%	96%	138%	68%	82%</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. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.</R>

^F <R>As a result of a revision to reflect accretion of market discount using the interest method, certain amounts for the years ended December 31, 2002 and 2001 have been reclassified from what was previously reported. The impact of this change for the years ended December 31, 2002 and 2001 was a decrease to net investment income of $0.017 and $0.075 per share with a corresponding increase to net realized and unrealized gain (loss) per share, respectively. The ratio of net investment income to average net assets decreased from 8.95% and 12.08% to 8.65% and 11.00%, respectively. The reclassification has no impact on the net assets of the fund.</R>

Prospectus

Index 500 Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 99.92	$ 130.08	$ 149.53	$ 167.41	$ 141.24</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	1.63	1.51	1.48	1.51	1.64</R>
<R>Net realized and unrealized gain (loss)	26.18	(30.18)	(19.34)	(16.99)	26.88</R>
<R>Total from investment operations	27.81	(28.67)	(17.86)	(15.48)	28.52</R>
<R>Distributions from net investment income	(1.60)	(1.49)	(1.59)	(1.67)	(1.40)</R>
<R>Distributions from net realized gain	-	-	-	(.73)	(.95)</R>
<R>Total distributions	(1.60)	(1.49)	(1.59)	(2.40)	(2.35)</R>
<R>Net asset value, end of period	$ 126.13	$ 99.92	$ 130.08	$ 149.53	$ 167.41</R>
<R>Total Return^A,B	28.41%	(22.25)%	(12.09)%	(9.30)%	20.52%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.34%	.33%	.35%	.33%	.34%</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 (loss)	1.50%	1.34%	1.09%	.94%	1.09%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 3,031,540	$ 2,497,252	$ 3,475,357	$ 4,148,728	$ 5,538,735</R>
<R>Portfolio turnover rate	6%	7%	9%	10%	8%</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

<R>Investment Grade Bond Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 13.70	$ 12.92	$ 12.59	$ 12.16	$ 12.96</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.467	.610	.685^E	.771	.743</R>
<R>Net realized and unrealized gain (loss)	.213	.680	.335^E	.499	(.873)</R>
<R>Total from investment operations	.680	1.290	1.020	1.270	(.130)</R>
<R>Distributions from net investment income	(.540)	(.510)	(.690)	(.840)	(.510)</R>
<R>Distributions from net realized gain	(.190)	-	-	-	(.160)</R>
<R>Total distributions	(.730)	(.510)	(.690)	(.840)	(.670)</R>
<R>Net asset value, end of period	$ 13.65	$ 13.70	$ 12.92	$ 12.59	$ 12.16</R>
<R>Total Return^{A, B}	5.20%	10.34%	8.46%	11.22%	(1.05)%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.54%	.54%	.54%	.54%	.54%</R>
<R>Expenses net of voluntary waivers, if any	.54%	.54%	.54%	.54%	.54%</R>
<R>Expenses net of all reductions	.54%	.53%	.54%	.54%	.54%</R>
<R>Net investment income (loss)	3.48%	4.71%	5.47%^E	6.50%	6.07%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,528,417	$ 1,965,036	$ 1,445,925	$ 739,911	$ 658,852</R>
<R>Portfolio turnover rate	218%	192%	278%	154%	87%</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

Mid Cap Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 17.51	$ 19.60	$ 20.26	$ 15.25	$ 10.31</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	(.01)	.09	.20	.19	-^E</R>
<R>Net realized and unrealized gain (loss)	6.74	(2.00)	(.86)	4.95	5.05</R>
<R>Total from investment operations	6.73	(1.91)	(.66)	5.14	5.05</R>
<R>Distributions from net investment income	(.08)	(.18)	-	(.08)	-</R>
<R>Distributions from net realized gain	-	-	-	-	(.09)</R>
<R>Distributions in excess of net realized gain	-	-	-	(.05)	(.02)</R>
<R>Total distributions	(.08)	(.18)	-	(.13)	(.11)</R>
<R>Net asset value, end of period	$ 24.16	$ 17.51	$ 19.60	$ 20.26	$ 15.25</R>
<R>Total Return^A,B	38.64%	(9.82)%	(3.26)%	33.78%	49.04%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.70%	.70%	.69%	.74%	3.34%</R>
<R>Expenses net of voluntary waivers, if any	.70%	.70%	.69%	.74%	1.00%</R>
<R>Expenses net of all reductions	.68%	.63%	.62%	.69%	.97%</R>
<R>Net investment income (loss)	(.04)%	.51%	1.06%	1.01%	.01%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 678,480	$ 499,557	$ 574,934	$ 589,026	$ 1,744</R>
<R>Portfolio turnover rate	51%	135%	144%	245%	163%</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>Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Money Market Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00</R>
<R>Income from Investment Operations					</R>
<R>Net investment income	.010	.017	.041	.062	.050</R>
<R>Distributions from net investment income	(.010)	(.017)	(.041)	(.062)	(.050)</R>
<R>Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00</R>
<R>Total Return^A,B	1.00%	1.69%	4.18%	6.30%	5.17%</R>
<R>Ratios to Average Net Assets^C					</R>
<R>Expenses before expense reductions	.29%	.29%	.28%	.33%	.27%</R>
<R>Expenses net of voluntary waivers, if any	.29%	.29%	.28%	.33%	.27%</R>
<R>Expenses net of all reductions	.29%	.29%	.28%	.33%	.27%</R>
<R>Net investment income	1.00%	1.68%	3.99%	6.18%	5.06%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,817,440	$ 2,705,069	$ 2,753,379	$ 2,233,342	$ 1,939,491</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>Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements 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 any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.</R>

Overseas Portfolio - Initial Class

<R>Years ended December 31,	2003	2002	2001	2000	1999</R>
<R>Selected Per-Share Data					</R>
<R>Net asset value, beginning of period	$ 10.98	$ 13.88	$ 20.00	$ 27.44	$ 20.06</R>
<R>Income from Investment Operations					</R>
<R>Net investment income (loss)^C	.11	.10	.14	.19^F	.24</R>
<R>Net realized and unrealized gain (loss)	4.60	(2.90)	(3.86)	(4.93)	7.95</R>
<R>Total from investment operations	4.71	(2.80)	(3.72)	(4.74)	8.19</R>
<R>Distributions from net investment income	(.10)	(.10)	(.93)	(.31)	(.31)</R>
<R>Distributions in excess of net investment income	-	-	-	(.06)	-</R>
<R>Distributions from net realized gain	-	-	(1.47)	(2.33)	(.50)</R>
<R>Total distributions	(.10)	(.10)	(2.40)	(2.70)	(.81)</R>
<R>Redemption fees added to paid in capital^C	-^E	-^E	-	-	-</R>
<R>Net asset value, end of period	$ 15.59	$ 10.98	$ 13.88	$ 20.00	$ 27.44</R>
<R>Total Return^{A, B}	43.37%	(20.28)%	(21.21)%	(19.07)%	42.55%</R>
<R>Ratios to Average Net Assets^D					</R>
<R>Expenses before expense reductions	.90%	.90%	.92%	.89%	.91%</R>
<R>Expenses net of voluntary waivers, if any	.90%	.90%	.92%	.89%	.91%</R>
<R>Expenses net of all reductions	.86%	.86%	.87%	.87%	.87%</R>
<R>Net investment income (loss)	.87%	.79%	.91%	.84%	1.10%</R>
<R>Supplemental Data					</R>
<R>Net assets, end of period (000 omitted)	$ 1,436,137	$ 1,031,489	$ 1,496,873	$ 2,267,507	$ 2,736,851</R>
<R>Portfolio turnover rate	99%	77%	98%	136%	78%</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>Amount represents less than $.01 per share.</R>

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

Prospectus

<R>Real Estate Portfolio - Initial Class</R>

<R>Years ended December 31,	2003	2002^F</R>
<R>Selected Per-Share Data		</R>
<R>Net asset value, beginning of period	$ 10.15	$ 10.00</R>
<R>Income from Investment Operations		</R>
<R>Net investment income (loss)^E	.48 ^H	.08</R>
<R>Net realized and unrealized gain (loss)	2.89	.18</R>
<R>Total from investment operations	3.37	.26</R>
<R>Distributions from net investment income	(.15)	(.11)</R>
<R>Distributions from net realized gain	(.07)	-</R>
<R>Total distributions	(.22)	(.11)</R>
<R>Net asset value, end of period	$ 13.30	$ 10.15</R>
<R>Total Return^B,C,D	33.21%	2.61%</R>
<R>Ratios to Average Net Assets^G		</R>
<R>Expenses before expense reductions	1.72%	4.89%^A</R>
<R>Expenses net of voluntary waivers, if any	1.03%	1.25%^A</R>
<R>Expenses net of all reductions	1.00%	1.22%^A</R>
<R>Net investment income (loss)	4.44%	5.38%^A</R>
<R>Supplemental Data		</R>
<R>Net assets, end of period (000 omitted)	$ 45,320	$ 2,052</R>
<R>Portfolio turnover rate	46%	44%^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 November 6, 2002 (commencement of operations) to December 31, 2002.</R>

^H <R>Investment income per share reflects a special dividend which amounted to $.11 per share.</R>

Prospectus

Appendix - continued

<R>Value Fund Portfolio - Initial Class</R>
<R>Years ended December 31,	2003	2002	2001^F</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 8.12	$ 9.64	$ 10.00</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss)^E	.05	.03	.03</R>
<R>Net realized and unrealized gain (loss)	2.72	(1.54)	(.37)</R>
<R>Total from investment operations	2.77	(1.51)	(.34)</R>
<R>Distributions from net investment income	(.03)	(.01)	(.02)</R>
<R>Net asset value, end of period	$ 10.86	$ 8.12	$ 9.64</R>
<R>Total Return^{B, C, D}	34.16%	(15.66)%	(3.40)%</R>
<R>Ratios to Average Net Assets^G			</R>
<R>Expenses before expense reductions	4.32%	3.60%	7.11%^A</R>
<R>Expenses net of voluntary waivers, if any	1.28%	1.50%	1.50%^A</R>
<R>Expenses net of all reductions	1.22%	1.45%	1.46%^A</R>
<R>Net investment income (loss)	.57%	.31%	.50%^A</R>
<R>Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 413	$ 261	$ 290</R>
<R>Portfolio turnover rate	164%	192%	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

Value Leaders Portfolio - Initial Class

<R>Year ended December 31,	2003^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 (loss)^E	.04</R>
<R>Net realized and unrealized gain (loss)	1.21</R>
<R>Total from investment operations	1.25</R>
<R>Distributions from net investment income	(.04)</R>
<R>Distributions from net realized gain	(.01)</R>
<R>Total distributions	(.05)</R>
<R>Net asset value, end of period	$ 11.20</R>
<R>Total Return^B,C,D	12.51%</R>
<R>Ratios to Average Net Assets^G	</R>
<R>Expenses before expense reductions	3.63%^A</R>
<R>Expenses net of voluntary waivers, if any	1.06%^A</R>
<R>Expenses net of all reductions	1.04%^A</R>
<R>Net investment income (loss)	.78%^A</R>
<R>Supplemental Data	</R>
<R>Net assets, end of period (000 omitted)	$ 1,687</R>
<R>Portfolio turnover rate	119%^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 June 17, 2003 (commencement of operations) to December 31, 2003.</R>

Value Strategies Portfolio - Initial Class

<R>Years ended December 31,	2003	2002^F</R>
<R>Selected Per-Share Data		</R>
<R>Net asset value, beginning of period	$ 7.91	$ 10.00</R>
<R>Income from Investment Operations		</R>
<R>Net investment income (loss)^E	-^H	.01</R>
<R>Net realized and unrealized gain (loss)	4.58	(2.10)</R>
<R>Total from investment operations	4.58	(2.09)</R>
<R>Distributions from net realized gain	(.08)	-</R>
<R>Net asset value, end of period	$ 12.41	$ 7.91</R>
<R>Total Return^B,C,D	57.91%	(20.90)%</R>
<R>Ratios to Average Net Assets^G		</R>
<R>Expenses before expense reductions	.76%	1.43%^A</R>
<R>Expenses net of voluntary waivers, if any	.76%	1.00%^A</R>
<R>Expenses net of all reductions	.73%	.95%^A</R>
<R>Net investment income (loss)	.02%	.13%^A</R>
<R>Supplemental Data		</R>
<R>Net assets, end of period (000 omitted)	$ 161,705	$ 1,191</R>
<R>Portfolio turnover rate	47%	65%^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 February 20, 2002 (commencement of operations) to December 31, 2002.</R>

^H <R>Amount represents less than $.01 per share.</R>

Prospectus

Appendix - continued

Additional Performance Information

Lipper has created additional comparison categories that group funds according to portfolio characteristics and capitalization. The Lipper^SM Variable Annuity Multi-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 Core Funds Average, Lipper Variable Annuity S&P 500 Index Classification Funds Average, Lipper Variable Annuity Mid-Cap Core Funds Average, Lipper Variable Annuity Multi-Cap Value Funds Average, and Lipper Variable Annuity Mid-Cap Value Funds Average reflect the performance (excluding sales charges) of mutual funds with similar portfolio characteristics and 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, VIP Mid Cap, VIP Value, and VIP Value Strategies to an additional Lipper comparison category.

Average Annual Returns

For the periods ended December 31, 2003	Past 1 year	Past 5 years	Past 10 years/Life of class
<R>VIP Aggressive Growth - Initial Class	30.58%	--	-7.50%^A</R>
<R>Lipper Variable Annuity Multi-Cap Growth Funds Average	35.23%	--	--</R>
<R>VIP Contrafund - Initial Class	28.46%	3.47%	13.96%^B</R>
<R>Lipper Variable Annuity Multi-Cap Growth Funds Average	35.23%	-0.52%	--</R>
<R>VIP Dynamic Capital Appreciation - Initial Class	25.49%	--	-9.91%^C</R>
<R>Lipper Variable Annuity Multi-Cap Core Funds Average	31.51%	--	--</R>
<R>VIP Equity-Income - Initial Class	30.33%	3.47%	10.86%</R>
<R>Lipper Variable Annuity Equity Income Classification Funds Average	26.75%	3.12%	9.73%</R>
<R>VIP Growth - Initial Class	32.85%	-1.32%	9.60%</R>
<R>Lipper Variable Annuity Multi-Cap Core Funds Average	31.51%	2.69%	10.67%</R>
<R>VIP Growth & Income - Initial Class	23.77%	-0.18%	7.45%^D</R>
<R>Lipper Variable Annuity Large-Cap Core Funds Average	26.43%	-1.19%	--</R>
<R>VIP Growth Opportunities - Initial Class	29.87%	-5.56%	7.44%^B</R>
<R>Lipper Variable Annuity Large-Cap Core Funds Average	26.43%	-1.19%	--</R>
<R>VIP Index 500 - Initial Class	28.41%	-0.83%	10.77%</R>
<R>Lipper Variable Annuity S&P 500 Index Classification Funds Average	27.96%	-0.94%	10.68%</R>
<R>VIP Mid Cap - Initial Class	38.64%	19.25%	19.93%^E</R>
<R>Lipper Variable Annuity Mid-Cap Core Funds Average	35.06%	8.79%	--</R>
<R>VIP Value - Initial Class	34.16%	--	3.41%^F</R>
<R>Lipper Variable Annuity Multi-Cap Value Funds Average	31.56%	--	--</R>
<R>VIP Value Strategies - Initial Class	57.91%	--	12.70%^G</R>
<R>Lipper Variable Annuity Mid-Cap Value Funds Average	36.17%	--	--</R>

^AFrom December 27, 2000.

^BFrom January 3, 1995.

^CFrom September 25, 2000.

^DFrom December 31, 1996.

^EFrom December 28, 1998.

^FFrom May 9, 2001.

^GFrom February 20, 2002.

If FMR were to reimburse certain expenses, returns would be higher during these periods.

Prospectus

Prior Performance of Similar Funds

VIP Real Estate Investment Portfolio

<R>FMR began managing VIP Real Estate on November 6, 2002, and its asset size as of March 31, 2004 was approximately $96 million. VIP Real Estate has an investment objective and policies that are substantially identical in all material respects to Fidelity Real Estate Investment Portfolio, which is managed by FMR. FMR began managing Fidelity Real Estate Investment Portfolio on November 17, 1986, and its asset size as of March 31, 2004 was approximately $3.4 billion. FMR also may manage other substantially similar funds and accounts that may have better or worse performance than Fidelity Real Estate Investment Portfolio. Performance of other funds and accounts is not included due to factors such as differences in their policies and/or portfolio management strategies and/or because these accounts are not mutual funds.</R>

Below you will find information about the prior performance of Fidelity Real Estate Investment Portfolio, not the performance of Initial Class of VIP Real Estate. Fidelity Real Estate Investment Portfolio has different expenses and is sold through different distribution channels than Initial Class of VIP Real Estate. Returns are based on past results and are not an indication of future performance.

The performance of Fidelity Real Estate Investment Portfolio does not represent the past performance of Initial Class of VIP Real Estate and is not an indication of the future performance of Initial Class of VIP Real Estate. You should not assume that Initial Class of VIP Real Estate will have the same performance as Fidelity Real Estate Investment Portfolio. The performance of Initial Class of VIP Real Estate may be better or worse than the performance of Fidelity Real Estate Investment Portfolio due to, among other things, differences in portfolio holdings, sales charges, expenses, asset sizes, and cash flows between Initial Class of VIP Real Estate and Fidelity Real Estate Investment Portfolio. Initial Class of VIP Real Estate may have higher total expenses than Fidelity Real Estate Investment Portfolio, which would have resulted in lower performance if VIP Real Estate's Initial Class expenses had been applied to the performance of Fidelity Real Estate Investment Portfolio.

The following information illustrates the changes in the performance of Fidelity Real Estate Investment Portfolio from year to year, and compares the performance of Fidelity Real Estate Investment Portfolio to the performance of a market index and an average of the performance of similar funds over various periods of time. Returns for Fidelity Real Estate Investment Portfolio do not include the effect of any sales charge or other expenses of any variable annuity or variable life insurance product. Returns for Fidelity Real Estate Investment Portfolio would be lower if the effect of those sales charges and expenses were included.

Year-by-Year Returns

Fidelity Real Estate Investment Portfolio
Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003
<R>	2.04%	10.92%	36.23%	21.39%	-18.60%	-0.97%	31.38%	9.50%	5.77%	33.78%</R>

During the periods shown in the chart for Fidelity Real Estate Investment Portfolio:	Returns	Quarter ended
<R>Highest Quarter Return	18.99%	December 31, 1996</R>
<R>Lowest Quarter Return	-11.54%	September 30, 1998</R>
<R>Year-to-Date Return	12.15%	March 31, 2004</R>

Prospectus

Appendix - continued

Average Annual Returns

For the periods ended December 31, 2003	Past 1 year	Past 5 years	Part 10 years
<R>Fidelity Real Estate Investment Portfolio	33.78%	15.05%	11.87%</R>
<R>S&P 500 Index	28.69%	-0.57%	11.07%</R>
<R>Wilshire Real Estate Securities Index	37.08%	14.49%	11.91%</R>
<R>Lipper Real Estate Funds Average	36.75%	13.92%	11.03%</R>

If FMR were to reimburse certain expenses, returns would be higher during these periods.

Wilshire Real Estate Securities Index is a market capitalization-weighted index of publicly traded real estate securities such as real estate investment trusts (REITs) and real estate operating companies (REOCs).

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

VIP Value Strategies Portfolio

<R>FMR began managing VIP Value Strategies on February 20, 2002, and its asset size as of March 31, 2004 was approximately $548 million. VIP Value Strategies has an investment objective and policies that are substantially identical in all material respects to Advisor Value Strategies, which is managed by FMR. FMR began managing Advisor Value Strategies on December 31, 1983, and its asset size as of March 31, 2004 was approximately $2.2 billion. FMR also may manage other substantially similar funds and accounts that may have better or worse performance than Advisor Value Strategies. Performance of other funds and accounts is not included due to factors such as differences in their policies and/or portfolio management strategies and/or because these accounts are not mutual funds.</R>

Below you will find information about the prior performance of Class T of Advisor Value Strategies, not the performance of Initial Class of VIP Value Strategies. Class T of Advisor Value Strategies has different expenses and is sold through different distribution channels than Initial Class of VIP Value Strategies. Prior to July 1, 1999, Advisor Value Strategies operated under certain different investment policies. Accordingly, Advisor Value Strategies' historical performance may not represent its current investment policies. Returns are based on past results and are not an indication of future performance.

The performance of Class T of Advisor Value Strategies does not represent the past performance of Initial Class of VIP Value Strategies and is not an indication of the future performance of Initial Class of VIP Value Strategies. You should not assume that Initial Class of VIP Value Strategies will have the same performance as Class T of Advisor Value Strategies. The performance of Initial Class of VIP Value Strategies may be better or worse than the performance of Class T of Advisor Value Strategies due to, among other things, differences in portfolio holdings, sales charges, expenses, asset sizes, and cash flows between Initial Class of VIP Value Strategies and Class T of Advisor Value Strategies. Initial Class of VIP Value Strategies may have lower total expenses than Class T of Advisor Value Strategies, which would have resulted in higher performance if VIP Value Strategies' Initial Class expenses had been applied to the performance of Class T of Advisor Value Strategies.

The following information illustrates the changes in the performance of Class T of Advisor Value Strategies from year to year, and compares the performance of Class T of Advisor Value Strategies to the performance of a market index and an average of the performance of similar funds over various periods of time. Returns for Class T of Advisor Value Strategies do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product. Returns for Class T of Advisor Value Strategies would be lower if the effect of those sales charges and expenses were included.

Year-by-Year Returns

The returns in the following chart do not include the effect of Class T of Advisor Value Strategies' front-end sales charge. If the effect of the sales charge were reflected, returns would be lower than those shown.

Prospectus

Advisor Value Strategies - Class T
<R>Calendar Years	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003</R>
<R>	-7.17%	38.16%	1.53%	26.01%	0.84%	18.78%	11.24%	12.11%	-26.27%	59.99%</R>

During the periods shown in the chart for Class T of Advisor Value Strategies:	Returns	Quarter ended
<R>Highest Quarter Return	30.57%	June 30, 2003</R>
<R>Lowest Quarter Return	-28.69%	September 30, 2001</R>
<R>Year-to-Date Return	7.33%	March 31, 2004</R>

Average Annual Returns

The returns in the following table include the effect of Class T of Advisor Value Strategies' maximum applicable front-end sales charge.

For the periods ended December 31, 2003	Past 1 year	Past 5 years	Past 10 years
<R>Advisor Value Strategies - Class T^A	54.39%	11.01%	10.80%</R>
<R>Russell Midcap Value Index	38.07%	8.73%	13.04%</R>
<R>Lipper Mid-Cap Funds Average	36.53%	5.33%	9.10%</R>

^A Initial Class of VIP Strategies offered through this prospectus does not charge a 12b-1 fee, while Class T of Advisor Value Strategies charges 12b-1 fee of 0.50%. Initial Class of VIP Value Strategies offered through this prospectus sells its shares without a front-end sales charge, while Class T of Advisor Value Strategies sells its shares with a maximum front-end sales charge of 3.50%. Including any applicable sales charge and/or 12b-1 fee in a performance calculation produces a lower return.

If FMR were to reimburse certain expenses, returns would be higher during these periods.

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

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

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

For variable product owners: When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license.

For insurance separate accounts: When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and social security number. You may also be asked to provide documents, such as driver's licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.

<R>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 also include additional information. Each fund's (other than VIP Money Market's) annual report includes a discussion of the fund's holdings and recent market conditions and the fund's investment strategies that affected performance.</R>

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-800-221-5207.

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, 811-03329, 811-05511, 811-07205, 811-03759

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.

1.700547.106 VIPIC-pro-0404

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

Growth Stock Portfolio

High Income Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Mid Cap Portfolio

Money Market Portfolio

Overseas Portfolio

Real Estate Portfolio

Value Portfolio

Value Leaders Portfolio

Value Strategies Portfolio

Prospectus

April 30, 2004

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Fee Table
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
	<Click Here>	Additional Performance Information
	<Click Here>	Prior Performance of Similar Funds
	<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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 80% of assets in equity securities.
Normally investing primarily in income-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 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 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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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.

Prospectus

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Growth Stock Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 80% of assets in stocks.
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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 primarily 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 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

Prospectus

Fund Summary - continued

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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

Geode Capital Management, LLC (Geode^SM )'s 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 (P/B) 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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 at least 80% of assets in investment-grade debt securities (those of medium and high quality) 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, 2003, 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.

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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Midcap^® Index or 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.

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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.

When a shareholder sells shares they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

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 of domestic and foreign issuers and repurchase agreements.
Potentially 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 80% of assets in non-U.S. 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.
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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments.
Investing in domestic and foreign issuers.

Prospectus

Fund Summary - continued

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.
Real Estate Industry Concentration. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry.
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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
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).
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.
"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Leaders Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks of well-known and established companies.
Normally investing at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500 or the Dow Jones Industrial Average^SM (DJIA^SM ), and companies with market capitalizations of at least $1 billion if not included in either index).
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).
Investing in securities of 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.

Prospectus

"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Investment Objective

VIP Value Strategies Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies that it believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, or growth potential (stocks of these companies are often called "value" 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.
"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 they may be worth more or less than what the shareholder paid for them, which means that the shareholder could lose money.

Performance

The following information illustrates VIP Growth Stock's, VIP Real Estate's, and VIP Value Strategies' performance over the past year, as represented by the performance of Service Class and the changes in each fund's (other than VIP Value Leaders') performance from year to year, as represented by the performance of Service Class, compares the performance of Service Class of each fund (other than VIP Money Market and VIP Value Leaders) 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, VIP Money Market, and VIP Value Leaders) 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. Service Class of VIP Real Estate also compares its performance to the performance of an additional index over various periods of time. Returns for Service Class of each fund (other than VIP Value Leaders) 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 (other than VIP Value Leaders) 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 VIP Value Leaders after VIP Value Leaders has been in operation for one calendar year.

Prospectus

Fund Summary - continued

Year-by-Year Returns

VIP Aggressive Growth - Service Class
Calendar Years	2001	2002	2003
<R>	-17.59%	-26.42%	30.48%</R>

<R>During the periods shown in the chart for Service Class of VIP Aggressive Growth:	Returns	Quarter ended</R>
<R>Highest Quarter Return	25.07%	June 30, 2001</R>
<R>Lowest Quarter Return	-26.72%	September 30, 2001</R>
<R>Year-to-Date Return	4.55%	March 31, 2004</R>

VIP Asset Manager - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	14.82%	11.01%	-4.06%	-4.24%	-8.85%	17.91%</R>

<R>During the periods shown in the chart for Service Class of VIP Asset Manager:	Returns	Quarter ended</R>
<R>Highest Quarter Return	12.77%	December 31, 1998</R>
<R>Lowest Quarter Return	-8.27%	September 30, 2001</R>
<R>Year-to-Date Return	1.57%	March 31, 2004</R>

VIP Asset Manager: Growth - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	17.18%	15.13%	-12.54%	-7.57%	-15.54%	23.15%</R>

<R>During the periods shown in the chart for Service Class of VIP Asset Manager: Growth:	Returns	Quarter ended</R>
<R>Highest Quarter Return	17.61%	December 31, 1998</R>
<R>Lowest Quarter Return	-11.96%	September 30, 2001</R>
<R>Year-to-Date Return	1.60%	March 31, 2004</R>

VIP Balanced - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	17.27%	4.43%	-4.38%	-1.72%	-8.75%	17.53%</R>

<R>During the periods shown in the chart for Service Class of VIP Balanced:	Returns	Quarter ended</R>
<R>Highest Quarter Return	11.37%	December 31, 1998</R>
<R>Lowest Quarter Return	-8.30%	September 30, 2001</R>
<R>Year-to-Date Return	1.07%	March 31, 2004</R>

VIP Contrafund - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	29.94%	24.15%	-6.71%	-12.36%	-9.42%	28.35%</R>

<R>During the periods shown in the chart for Service Class of VIP Contrafund:	Returns	Quarter ended</R>
<R>Highest Quarter Return	23.52%	December 31, 1998</R>
<R>Lowest Quarter Return	-13.06%	March 31, 2001</R>
<R>Year-to-Date Return	3.82%	March 31, 2004</R>

VIP Dynamic Capital Appreciation - Service Class
Calendar Years	2001	2002	2003
<R>	-28.44%	-7.22%	25.18%</R>

<R>During the periods shown in the chart for Service Class of VIP Dynamic Capital Appreciation:	Returns	Quarter ended</R>
<R>Highest Quarter Return	21.31%	December 31, 2001</R>
<R>Lowest Quarter Return	-29.14%	March 31, 2001</R>
<R>Year-to-Date Return	-0.57%	March 31, 2004</R>

VIP Equity-Income - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	11.54%	6.25%	8.30%	-5.09%	-17.00%	30.22%</R>

<R>During the periods shown in the chart for Service Class of VIP Equity-Income:	Returns	Quarter ended</R>
<R>Highest Quarter Return	18.10%	June 30, 2003</R>
<R>Lowest Quarter Return	-19.11%	September 30, 2002</R>
<R>Year-to-Date Return	1.78%	March 31, 2004</R>

VIP Growth - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	39.38%	37.29%	-11.05%	-17.74%	-30.20%	32.78%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.26%	December 31, 1998</R>
<R>Lowest Quarter Return	-22.03%	September 30, 2001</R>
<R>Year-to-Date Return	1.29%	March 31, 2004</R>

VIP Growth & Income - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	29.27%	9.06%	-3.69%	-8.85%	-16.69%	23.60%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth & Income:	Returns	Quarter ended</R>
<R>Highest Quarter Return	20.95%	December 31, 1998</R>
<R>Lowest Quarter Return	-13.69%	June 30, 2002</R>
<R>Year-to-Date Return	0.32%	March 31, 2004</R>

VIP Growth Opportunities - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	24.51%	4.18%	-17.13%	-14.49%	-21.92%	29.66%</R>

<R>During the periods shown in the chart for Service Class of VIP Growth Opportunities:	Returns	Quarter ended</R>
<R>Highest Quarter Return	20.70%	December 31, 1998</R>
<R>Lowest Quarter Return	-16.63%	September 30, 2002</R>
<R>Year-to-Date Return	0.19%	March 31, 2004</R>

VIP Growth Stock - Service Class
Calendar Year										2003
<R>										28.85%</R>

<R>During the period shown in the chart for Service Class of VIP Growth Stock:	Returns	Quarter ended</R>
<R>Highest Quarter Return	14.36%	June 30, 2003</R>
<R>Lowest Quarter Return	-2.06%	March 31, 2003</R>
<R>Year-to-Date Return	0.70%	March 31, 2004</R>

VIP High Income - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	-4.34%	8.08%	-22.68%	-11.90%	3.62%	26.97%</R>

<R>During the periods shown in the chart for Service Class of VIP High Income:	Returns	Quarter ended</R>
<R>Highest Quarter Return	10.19%	June 30, 2003</R>
<R>Lowest Quarter Return	-14.21%	December 31, 2000</R>
<R>Year-to-Date Return	1.46%	March 31, 2004</R>

VIP Index 500 - Service Class
Calendar Years	2001	2002	2003
<R>	-12.18%	-22.32%	28.27%</R>

<R>During the periods shown in the chart for Service Class of VIP Index 500:	Returns	Quarter ended</R>
<R>Highest Quarter Return	15.34%	June 30, 2003</R>
<R>Lowest Quarter Return	-17.31%	September 30, 2002</R>
<R>Year-to-Date Return	1.62%	March 31, 2004</R>

VIP Investment Grade Bond - Service Class
Calendar Years	2001	2002	2003
<R>	8.30%	10.20%	5.06%</R>

<R>During the periods shown in the chart for Service Class of VIP Investment Grade Bond:	Returns	Quarter ended</R>
<R>Highest Quarter Return	4.55%	September 30, 2001</R>
<R>Lowest Quarter Return	-0.15%	September 30, 2003</R>
<R>Year-to-Date Return	2.66%	March 31, 2004</R>

VIP Mid Cap - Service Class
Calendar Years	1999	2000	2001	2002	2003
<R>	48.94%	33.54%	-3.36%	-9.90%	38.52%</R>

<R>During the periods shown in the chart for Service Class of VIP Mid Cap:	Returns	Quarter ended</R>
<R>Highest Quarter Return	32.15%	December 31, 1999</R>
<R>Lowest Quarter Return	-10.51%	September 30, 2002</R>
<R>Year-to-Date Return	5.98%	March 31, 2004</R>

VIP Money Market - Service Class
Calendar Years	2001	2002	2003
<R>	4.10%	1.61%	0.90%</R>

<R>During the periods shown in the chart for Service Class of VIP Money Market:	Returns	Quarter ended</R>
<R>Highest Quarter Return	1.43%	March 31, 2001</R>
<R>Lowest Quarter Return	0.20%	September 30, 2003</R>
<R>Year-to-Date Return	0.21%	March 31, 2004</R>

VIP Overseas - Service Class
Calendar Years	1998	1999	2000	2001	2002	2003
<R>	12.69%	42.44%	-19.18%	-21.27%	-20.34%	43.20%</R>

<R>During the periods shown in the chart for Service Class of VIP Overseas:	Returns	Quarter ended</R>
<R>Highest Quarter Return	24.78%	December 31, 1999</R>
<R>Lowest Quarter Return	-21.28%	September 30, 2002</R>
<R>Year-to-Date Return	5.74%	March 31, 2004</R>

VIP Real Estate - Service Class
Calendar Year										2003
<R>										33.01%</R>

<R>During the period shown in the chart for Service Class of VIP Real Estate:	Returns	Quarter ended</R>
<R>Highest Quarter Return	9.92%	June 30, 2003</R>
<R>Lowest Quarter Return	1.28%	March 31, 2003</R>
<R>Year-to-Date Return	12.44%	March 31, 2004</R>

VIP Value - Service Class
Calendar Years	2002	2003
<R>	-15.66%	33.91%</R>

<R>During the periods shown in the chart for Service Class of VIP Value:	Returns	Quarter ended</R>
<R>Highest Quarter Return	20.62%	June 30, 2003</R>
<R>Lowest Quarter Return	-17.40%	September 30, 2002</R>
<R>Year-to-Date Return	0.09%	March 31, 2004</R>

VIP Value Strategies - Service Class
Calendar Year										2003
<R>										57.79%</R>

<R>During the period shown in the chart for Service Class of VIP Value Strategies:	Returns	Quarter ended</R>
<R>Highest Quarter Return	29.38%	June 30, 2003</R>
<R>Lowest Quarter Return	-6.08%	March 31, 2003</R>
Year-to-Date Return	7.19%	March 31, 2004

Average Annual Returns

For the periods ended December 31, 2003	Past 1 year	Past 5 years	Life of class
<R>VIP Aggressive Growth			</R>
<R>Service Class	30.48%	--	-7.42%^A</R>
<R>Russell Midcap Growth Index	42.71%	--	-6.13%^A</R>
<R>Lipper^SM Variable Annuity Mid-Cap Funds Average	35.40%	--	--</R>
<R>VIP Asset Manager			</R>
<R>Service Class	17.91%	1.85%	4.17%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Fidelity Asset Manager Composite Index	15.67%	3.11%	5.83%^B</R>
<R>VIP Asset Manager: Growth			</R>
<R>Service Class	23.15%	-0.65%	2.49%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Fidelity Asset Manager: Growth Composite Index	20.80%	1.75%	5.36%^B</R>
<R>VIP Balanced			</R>
<R>Service Class	17.53%	1.03%	3.98%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Fidelity Balanced 60/40 Composite Index	18.48%	2.67%	5.85%^B</R>
<R>Lipper Variable Annuity Balanced Funds Average	18.96%	2.98%	--</R>
<R>VIP Contrafund			</R>
<R>Service Class	28.35%	3.36%	7.13%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	--</R>
<R>VIP Dynamic Capital Appreciation			</R>
<R>Service Class	25.18%	--	-10.03%^C</R>
<R>S&P 500 Index	28.69%	--	-6.15%^C</R>
<R>Lipper Variable Annuity Capital Appreciation Funds Average	32.75%	--	--</R>
<R>VIP Equity-Income			</R>
<R>Service Class	30.22%	3.38%	5.16%^B</R>
<R>Russell 3000^® Value Index	31.14%	4.16%	6.33%^B</R>
<R>Lipper Variable Annuity Equity Income Objective Funds Average	27.46%	3.08%	--</R>
<R>VIP Growth			</R>
<R>Service Class	32.78%	-1.42%	4.40%^B</R>
<R>Russell 3000 Growth Index	30.97%	-4.69%	1.30%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	--</R>
<R>VIP Growth & Income			</R>
<R>Service Class	23.60%	-0.29%	4.72%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Lipper Variable Annuity Growth & Income Funds Average	28.54%	1.70%	</R>
<R>VIP Growth Opportunities			</R>
<R>Service Class	29.66%	-5.65%	-0.50%^B</R>
<R>S&P 500 Index	28.69%	-0.57%	4.29%^B</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	-0.75%	--</R>
<R>VIP Growth Stock			</R>
<R>Service Class	28.85%	--	23.30%^D</R>
<R>Russell 1000^® Growth Index	29.75%	--	23.47%^D</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	--	--</R>
<R>VIP High Income			</R>
<R>Service Class	26.97%	-0.64%	-1.00%^B</R>
<R>Merrill Lynch^® U.S. High Yield Master II Index	28.15%	5.02%	4.87%^B</R>
<R>Lipper Variable Annuity High Current Yield Funds Average	23.98%	3.51%	--</R>
<R>VIP Index 500			</R>
<R>Service Class	28.27%	--	-6.72%^E</R>
<R>S&P 500 Index	28.69%	--	-6.44%^E</R>
<R>Lipper Variable Annuity S&P 500 Index Objective Funds Average	27.96%	--	--</R>
<R>VIP Investment Grade Bond			</R>
<R>Service Class	5.06%	--	8.69%^E</R>
<R>Lehman Brothers Aggregate Bond Index	4.10%	--	8.53%^E</R>
<R>Lipper Variable Annuity Intermediate Investment Grade Debt Funds Average	5.14%	--	--</R>
<R>VIP Mid Cap			</R>
<R>Service Class	38.52%	19.13%	19.81%^F</R>
<R>S&P MidCap 400 Index	35.62%	9.21%	10.35%^F</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	35.40%	4.91%	--</R>
<R>VIP Money Market			</R>
<R>Service Class	0.90%	--	2.77%^E</R>
<R>VIP Overseas			</R>
<R>Service Class	43.20%	0.67%	2.37%^B</R>
<R>Morgan Stanley Capital International^SM Europe, Australasia and Far East Index	38.97%	0.17%	2.96%^B</R>
<R>Lipper Variable Annuity International Funds Average	35.11%	1.27%	--</R>
<R>VIP Real Estate			</R>
<R>Service Class	33.01%	--	31.02%^G</R>
<R>S&P 500 Index	28.69%	--	19.65%^G</R>
<R>Wilshire^® Real Estate Securities Index	37.08%	--	34.66%^G</R>
<R>Lipper Variable Annuity Real Estate Funds Average	36.44%	--	--</R>
<R>VIP Value			</R>
<R>Service Class	33.91%	--	3.30%^H</R>
<R>Russell 3000 Value Index	31.14%	--	2.51%^H</R>
<R>Lipper Variable Annuity Growth Funds Average	30.23%	--	--</R>
<R>VIP Value Strategies			</R>
<R>Service Class	57.79%	--	12.58%^I</R>
<R>Russell Midcap Value Index	38.07%	--	12.40%^I</R>
<R>Lipper Variable Annuity Mid-Cap Funds Average	35.40%	--	--</R>

^AFrom December 27, 2000.

^BFrom November 3, 1997.

^CFrom September 25, 2000.

^DFrom December 11, 2002.

^EFrom July 7, 2000.

^FFrom December 28, 1998.

^GFrom November 6, 2002.

^HFrom May 9, 2001.

^<R>IFrom February 20, 2002.</R>

If FMR were to reimburse certain expenses, returns would be higher during these periods.

Russell Midcap Growth Index is a market capitalization-weighted index of the smallest 800 companies included in the Russell 1000 Index that exhibit growth-oriented characteristics. The Russell 1000 Index comprises the 1,000 largest U.S. domiciled companies.

Prospectus

Fund Summary - continued

Russell 3000^® Value Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit value-oriented characteristics.

Russell 3000 Growth Index is a market capitalization-weighted index of those stocks of the 3,000 largest U.S. domiciled companies that exhibit growth-oriented characteristics.

Russell 1000^® Growth Index is a market capitalization-weighted index of those stocks of the 1,000 largest U.S. domiciled companies that exhibit growth-oriented characteristics.

Merrill Lynch^® U.S. 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.

Standard & Poor's MidCap 400 Index (S&P MidCap 400) is a market capitalization-weighted index of 400 medium-capitalization stocks chosen for market size, liquidity, and industry group representation.

Wilshire^® Real Estate Securities Index is a market capitalization-weighted index of publicly traded real estate securities such as real estate investment trusts (REITs) and real estate operating companies (REOCs).

Lehman Brothers U.S. Treasury Index is a market value-weighted index of investment-grade fixed-rate 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.

Fee Table

<R>The following table describes the fees and expenses that are incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interests in a separate account that invests in a class of a fund, but does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product. The annual class operating expenses provided below for Service Class of VIP Index 500 do not reflect the effect of any expense reimbursements during the period. The annual class operating expenses provided below for Service Class of VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Growth Stock, VIP Real Estate, VIP Value, and VIP Value Leaders 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 Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Equity-Income, VIP Growth, VIP Growth Opportunities, VIP Mid Cap, VIP Overseas, and VIP Value Strategies 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 Growth & Income, VIP High Income, VIP Investment Grade Bond, and VIP Money Market are based on historical expenses.</R>

Prospectus

Fees (paid by the variable product owner directly)

	Service Class
Sales charge (load) on purchases and reinvested distributions	Not Applicable
Deferred sales charge (load) on redemptions	Not Applicable

Annual operating expenses (paid from class assets)

		Service Class
<R>VIP Aggressive Growth	Management fee	0.63%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	2.21%</R>
<R>	Total annual class operating expenses^A	2.94%</R>
<R>VIP Asset Manager	Management fee	0.53%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.74%</R>
<R>VIP Asset Manager: Growth	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.17%</R>
<R>	Total annual class operating expenses^A	0.85%</R>
<R>VIP Balanced	Management fee	0.43%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.16%</R>
<R>	Total annual class operating expenses^A	0.69%</R>
<R>VIP Contrafund	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.77%</R>
<R>VIP Dynamic Capital Appreciation	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	1.24%</R>
<R>	Total annual class operating expenses^A	1.92%</R>
<R>VIP Equity-Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.67%</R>
<R>VIP Growth	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.77%</R>
<R>VIP Growth & Income	Management fee	0.48%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.69%</R>
<R>VIP Growth Opportunities	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.14%</R>
<R>	Total annual class operating expenses^A	0.82%</R>
<R>VIP Growth Stock	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	2.06%</R>
<R>	Total annual class operating expenses^A	2.74%</R>
<R>VIP High Income	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.79%</R>
<R>VIP Index 500	Management fee	0.24%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.12%</R>
<R>	Total annual class operating expenses^A	0.46%</R>
<R>VIP Investment Grade Bond	Management fee	0.43%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.64%</R>
<R>VIP Mid Cap	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.12%</R>
<R>	Total annual class operating expenses^A	0.80%</R>
<R>VIP Money Market	Management fee	0.20%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.08%</R>
<R>	Total annual class operating expenses^A	0.38%</R>
<R>VIP Overseas	Management fee	0.73%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.17%</R>
<R>	Total annual class operating expenses^A	1.00%</R>
<R>VIP Real Estate	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	1.12%</R>
<R>	Total annual class operating expenses^A	1.80%</R>
<R>VIP Value	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	3.67%</R>
<R>	Total annual class operating expenses^A	4.35%</R>
<R>VIP Value Leaders	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	3.05%</R>
<R>	Total annual class operating expenses^A	3.73%</R>
<R>VIP Value Strategies	Management fee	0.58%</R>
<R>	Distribution and/or Service (12b-1) fees	0.10%</R>
<R>	Other expenses	0.16%</R>
<R>	Total annual class operating expenses^A	0.84%</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	1.10%	8/1/03
VIP Asset Manager	1.10%	8/1/03
VIP Asset Manager: Growth	1.10%	11/3/97
VIP Balanced	1.10%	8/1/03
VIP Contrafund	1.10%	11/3/97
VIP Dynamic Capital Appreciation	1.10%	8/1/03
VIP Equity-Income	1.10%	8/1/03
VIP Growth	1.10%	8/1/03
VIP Growth & Income	1.10%	11/3/97
VIP Growth Opportunities	1.10%	8/1/03
VIP Growth Stock	1.10%	8/1/03
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
VIP Real Estate	1.10%	8/1/03
VIP Value	1.10%	8/1/03
VIP Value Leaders	1.10%	8/1/03
VIP Value Strategies	1.10%	2/20/02

These arrangements may be discontinued by FMR at any time.

<R>A portion of the brokerage commissions that each fund pays may be reimbursed and used to reduce that fund's expenses. In addition, through arrangements with each fund's (other than VIP Aggressive Growth, VIP Dynamic Capital Appreciation, VIP Growth, VIP Value, and VIP Value Strategies) custodian, credits realized as a result of uninvested cash balances are used to reduce custodian expenses. Including these reductions, the total Service Class operating expenses are shown in the table below.</R>

	Total Operating Expenses
<R>VIP Aggressive Growth - Service Class	1.04%^A</R>
<R>VIP Asset Manager - Service Class	0.73%</R>
<R>VIP Asset Manager: Growth - Service Class	0.84%</R>
<R>VIP Balanced - Service Class	0.68%</R>
<R>VIP Contrafund - Service Class	0.75%</R>
<R>VIP Dynamic Capital Appreciation - Service Class	1.01%^A</R>
<R>VIP Equity-Income - Service Class	0.66%</R>
<R>VIP Growth - Service Class	0.74%</R>
<R>VIP Growth Opportunities - Service Class	0.80%</R>
<R>VIP Growth Stock - Service Class	1.05%^A</R>
<R>VIP Mid Cap - Service Class	0.78%</R>
<R>VIP Overseas - Service Class	0.96%</R>
<R>VIP Real Estate - Service Class	1.08%^A</R>
<R>VIP Value - Service Class	1.04%^A</R>
<R>VIP Value Leaders - Service Class	1.08%^A</R>
<R>VIP Value Strategies - Service Class	0.81%</R>

^AAfter reimbursement.

This example helps compare the cost of investing in the funds with the cost of investing in other mutual funds.

<R>Let's say, hypothetically, that Service Class's annual return is 5% and that the fees and Service Class's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product. For every $10,000 invested, here's how much a variable product owner would pay in total expenses if all interests in the separate account that invests in a class of a fund were redeemed at the end of each time period indicated:</R>

		Service Class
<R>VIP Aggressive Growth	1 year	$ 297</R>
<R>	3 years	$ 910</R>
<R>	5 years	$ 1,548</R>
<R>	10 years	$ 3,261</R>
<R>VIP Asset Manager	1 year	$ 76</R>
<R>	3 years	$ 237</R>
<R>	5 years	$ 411</R>
<R>	10 years	$ 918</R>
<R>VIP Asset Manager: Growth	1 year	$ 87</R>
<R>	3 years	$ 271</R>
<R>	5 years	$ 471</R>
<R>	10 years	$ 1,049</R>
<R>VIP Balanced	1 year	$ 70</R>
<R>	3 years	$ 221</R>
<R>	5 years	$ 384</R>
<R>	10 years	$ 859</R>
<R>VIP Contrafund	1 year	$ 79</R>
<R>	3 years	$ 246</R>
<R>	5 years	$ 428</R>
<R>	10 years	$ 954</R>
<R>VIP Dynamic Capital Appreciation	1 year	$ 195</R>
<R>	3 years	$ 603</R>
<R>	5 years	$ 1,037</R>
<R>	10 years	$ 2,243</R>
<R>VIP Equity-Income	1 year	$ 68</R>
<R>	3 years	$ 214</R>
<R>	5 years	$ 373</R>
<R>	10 years	$ 835</R>
<R>VIP Growth	1 year	$ 79</R>
<R>	3 years	$ 246</R>
<R>	5 years	$ 428</R>
<R>	10 years	$ 954</R>
<R>VIP Growth & Income	1 year	$ 70</R>
<R>	3 years	$ 221</R>
<R>	5 years	$ 384</R>
<R>	10 years	$ 859</R>
<R>VIP Growth Opportunities	1 year	$ 84</R>
<R>	3 years	$ 262</R>
<R>	5 years	$ 455</R>
<R>	10 years	$ 1,014</R>
<R>VIP Growth Stock	1 year	$ 277</R>
<R>	3 years	$ 850</R>
<R>	5 years	$ 1,450</R>
<R>	10 years	$ 3,070</R>
<R>VIP High Income	1 year	$ 81</R>
<R>	3 years	$ 252</R>
<R>	5 years	$ 439</R>
<R>	10 years	$ 978</R>
<R>VIP Index 500	1 year	$ 47</R>
<R>	3 years	$ 148</R>
<R>	5 years	$ 258</R>
<R>	10 years	$ 579</R>
<R>VIP Investment Grade Bond	1 year	$ 65</R>
<R>	3 years	$ 205</R>
<R>	5 years	$ 357</R>
<R>	10 years	$ 798</R>
<R>VIP Mid Cap	1 year	$ 82</R>
<R>	3 years	$ 255</R>
<R>	5 years	$ 444</R>
<R>	10 years	$ 990</R>
<R>VIP Money Market	1 year	$ 39</R>
<R>	3 years	$ 122</R>
<R>	5 years	$ 213</R>
<R>	10 years	$ 480</R>
<R>VIP Overseas	1 year	$ 102</R>
<R>	3 years	$ 318</R>
<R>	5 years	$ 552</R>
<R>	10 years	$ 1,225</R>
<R>VIP Real Estate	1 year	$ 183</R>
<R>	3 years	$ 566</R>
<R>	5 years	$ 975</R>
<R>	10 years	$ 2,116</R>
<R>VIP Value	1 year	$ 436</R>
<R>	3 years	$ 1,318</R>
<R>	5 years	$ 2,211</R>
<R>	10 years	$ 4,494</R>
<R>VIP Value Leaders	1 year	$ 375</R>
<R>	3 years	$ 1,140</R>
<R>	5 years	$ 1,925</R>
<R>	10 years	$ 3,976</R>
<R>VIP Value Strategies	1 year	$ 86</R>
<R>	3 years	$ 268</R>
<R>	5 years	$ 466</R>
<R>	10 years	$ 1,037</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.

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 addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

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.

In addition to the principal investment strategies discussed above, FMR may lend the fund's securities to broker-dealers or other institutions to earn income for the fund.

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