497 1 main.htm

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.

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.

Fidelity^®

Variable Insurance Products

Service Class

Aggressive Growth Portfolio

Asset Manager^SM Portfolio

Asset Manager: Growth^® Portfolio

Balanced Portfolio

Contrafund^® Portfolio

Dynamic Capital Appreciation Portfolio

Equity-Income Portfolio

Growth Portfolio

Growth & Income Portfolio

Growth Opportunities Portfolio

High Income Portfolio

Mid Cap Portfolio

Overseas Portfolio

Prospectus

April 30, 2001

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Operating Expenses
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here>	Buying and Selling Shares
	<Click Here>	Dividends and Capital Gain Distributions
	<Click Here>	Tax Consequences
Fund Services	<Click Here>	Fund Management
	<Click Here>	Fund Distribution
Appendix	<Click Here>	Financial Highlights

Prospectus

Fund Summary

Investment Summary

Investment Objective

VIP Aggressive Growth Portfolio seeks capital appreciation.

Principal Investment Strategies

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

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Prospectus

Fund Summary - continued

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies whose value it believes is not fully recognized by the public.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

Prospectus

Fund Summary - continued

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

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

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 65% of total assets 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

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

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.

Prospectus

Fund Summary - continued

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 65% of total assets 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.

Prospectus

Fund Summary - continued

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

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

Investment Objective

VIP 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 65% of total assets in securities of companies with medium market capitalizations (those with market capitalizations similar to companies in the Standard & Poor's^® MidCap 400 Index (S&P^® MidCap 400)).
Potentially investing in companies with smaller or larger market capitalizations.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 65% of total assets in foreign 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 of the fund, they could be worth more or less than what the shareholder paid for them.

Performance

The following information illustrates the changes in each fund's (other than VIP Aggressive Growth's and VIP Dynamic Capital Appreciation's) performance from year to year, compares the performance of Service Class of each fund (other than VIP Aggressive Growth and VIP Dynamic Capital Appreciation) 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 Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, and VIP Dynamic Capital Appreciation) to an average of the performance of similar funds over various periods of time. Service Class of VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced also compares its performance to the performance of a combination of market indexes over various periods of time. Returns for Service Class of each fund (other than VIP Aggressive Growth and VIP Dynamic Capital Appreciation) 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 Aggressive Growth and VIP Dynamic Capital Appreciation) 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.

Prospectus

Fund Summary - continued

Performance history will be available for VIP Aggressive Growth and VIP Dynamic Capital Appreciation after VIP Aggressive Growth and VIP Dynamic Capital Appreciation have been in operation for one calendar year.

Year-by-Year Returns

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

During the periods shown in the chart for Service Class of VIP Asset Manager, the highest return for a quarter was 12.77% (quarter ended December 31, 1998) and the lowest return for a quarter was -6.69% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Asset Manager was -6.57%.

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

<R>Calendar Years								1998	1999	2000</R>
<R>								17.18%	15.13%	-12.54%</R>

During the periods shown in the chart for Service Class of VIP Asset Manager: Growth, the highest return for a quarter was 17.61% (quarter ended December 31, 1998) and the lowest return for a quarter was -10.10% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Asset Manager: Growth was -10.39%.

Prospectus

Fund Summary - continued

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

During the periods shown in the chart for Service Class of VIP Balanced, the highest return for a quarter was 11.37% (quarter ended December 31, 1998) and the lowest return for a quarter was -5.87% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Balanced was -5.03%.

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

During the periods shown in the chart for Service Class of VIP Contrafund, the highest return for a quarter was 23.52% (quarter ended December 31, 1998) and the lowest return for a quarter was -9.93% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Contrafund was -13.06%.

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

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

The year-to-date return as of March 31, 2001 for Service Class of VIP Equity-Income was -6.09%.

Prospectus

Fund Summary - continued

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

During the periods shown in the chart for Service Class of VIP Growth, the highest return for a quarter was 24.26% (quarter ended December 31, 1998) and the lowest return for a quarter was -12.31% (quarter ended December 31, 2000).

The year-to-date return as of March 31, 2001 for Service Class of VIP Growth was -16.64%.

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

During the periods shown in the chart for Service Class of VIP Growth & Income, the highest return for a quarter was 20.95% (quarter ended December 31, 1998) and the lowest return for a quarter was -8.39% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Growth & Income was -10.10%.

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

During the periods shown in the chart for Service Class of VIP Growth Opportunities, the highest return for a quarter was 20.70% (quarter ended December 31, 1998) and the lowest return for a quarter was -11.09% (quarter ended December 31, 2000).

The year-to-date return as of March 31, 2001 for Service Class of VIP Growth Opportunities was -15.28%.

Prospectus

Fund Summary - continued

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

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

The year-to-date return as of March 31, 2001 for Service Class of VIP High Income was -0.16%.

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

During the periods shown in the chart for Service Class of VIP Mid Cap, the highest return for a quarter was 32.15% (quarter ended December 31, 1999) and the lowest return for a quarter was -1.27% (quarter ended September 30, 1999).

The year-to-date return as of March 31, 2001 for Service Class of VIP Mid Cap was -10.04%.

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

During the periods shown in the chart for Service Class of VIP Overseas, the highest return for a quarter was 24.78% (quarter ended December 31, 1999) and the lowest return for a quarter was -17.66% (quarter ended September 30, 1998).

The year-to-date return as of March 31, 2001 for Service Class of VIP Overseas was -11.08%.

Prospectus

Fund Summary - continued

Average Annual Returns

<R>For the periods ended December 31, 2000	Past 1 year	Life of class</R>
<R>VIP Asset Manager - Service Class	-4.06%	7.31%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Fidelity Asset Manager Composite Index	0.58%	9.99%^A</R>
<R>VIP Asset Manager: Growth - Service Class	-12.54%	6.22%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Fidelity Asset Manager: Growth Composite Index	-3.29%	11.25%^A</R>
<R>VIP Balanced - Service Class	-4.38%	6.12%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Lipper Variable Annuity Balanced Funds Average	2.25%	^--</R>
<R>Fidelity Balanced 60/40 Composite Index	-1.00%	10.73%^A</R>
<R>VIP Contrafund - Service Class	-6.71%	13.69%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Lipper Variable Annuity Growth Funds Average	-9.22%	--</R>
<R>VIP Equity-Income - Service Class	8.30%	9.41%^A</R>
<R>Russell 3000^® Value Index	8.04%	10.52%^A</R>
<R>Lipper Variable Annuity Equity Income Funds Average	6.74%	--</R>
<R>VIP Growth - Service Class	-11.05%	18.49%^A</R>
<R>Russell 3000 Growth Index	-22.42%	11.95%^A</R>
<R>Lipper Variable Annuity Growth Funds Average	-9.22%	--</R>
<R>VIP Growth & Income - Service Class	-3.69%	11.63%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Lipper Variable Annuity Growth & Income Funds Average	1.15%	^--</R>
<R>VIP Growth Opportunities - Service Class	-17.13%	3.64%^A</R>
<R>S&P 500	-9.10%	12.87%^A</R>
<R>Lipper Variable Annuity Growth Funds Average	-9.22%	--</R>
<R>VIP High Income - Service Class	-22.68%	-6.42%^A</R>
<R>Merrill Lynch High Yield Master II	-5.12%	0.64%^A</R>
<R>Lipper Variable Annuity High Current Yield Funds Average	-7.03%	--</R>
<R>VIP Mid Cap - Service Class	33.54%	42.92%^B</R>
<R>S&P MidCap 400	17.51%	19.12%^B</R>
<R>Lipper Variable Annuity Mid Cap Funds Average	5.21%	--</R>
<R>VIP Overseas - Service Class	-19.18%	8.30%^A</R>
<R>Morgan Stanley Capital International Europe, Australasia and Far East Index	-14.01%	8.60%^A</R>
<R>Lipper Variable Annuity International Funds Average	-14.72%	^--</R>

^AFrom November 3, 1997.

^BFrom December 28, 1998.

Prospectus

Fund Summary - continued

If FMR had not reimbursed certain class expenses during these periods, VIP Mid Cap's Service Class returns would have been lower.

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

Russell 3000^® Value Index is a market capitalization-weighted index of value-oriented stocks of U.S. domiciled corporations.

Russell 3000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of U.S. domiciled corporations.

Merrill Lynch High Yield Master II Index is a market value-weighted index of all domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default.

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

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index is a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of December 31, 2000, the index included over 893 equity securities of companies domiciled in 20 countries.

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

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

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

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

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

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

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

Operating Expenses

The annual class operating expenses provided below for Service Class of each fund (other than VIP Aggressive Growth, VIP Dynamic Capital Appreciation, and VIP High Income) 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 High Income are based on historical expenses. The annual class operating expenses provided below for Service Class of VIP Aggressive Growth and VIP Dynamic Capital Appreciation are based on estimated expenses. The annual class operating expenses do not take into account any fees or other expenses of any variable annuity or variable life insurance product.

<R>		Service Class</R>
<R>VIP Aggressive Growth	Management fee	0.63%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.48%</R>
<R>	Total annual class operating expenses^A	1.21%</R>
<R>VIP Asset Manager	Management fee	0.53%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.72%</R>
<R>		Service Class</R>
<R>VIP Asset Manager: Growth	Management fee	0.58%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.12%</R>
<R>	Total annual class operating expenses^A	0.80%</R>
<R>VIP Balanced	Management fee	0.43%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.15%</R>
<R>	Total annual class operating expenses^A	0.68%</R>
<R>VIP Contrafund	Management fee	0.57%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.76%</R>
<R>VIP Dynamic Capital Appreciation	Management fee	0.57%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.61%</R>
<R>	Total annual class operating expenses^A	1.28%</R>
<R>VIP Equity-Income	Management fee	0.48%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.08%</R>
<R>	Total annual class operating expenses^A	0.66%</R>
<R>VIP Growth	Management fee	0.57%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.09%</R>
<R>	Total annual class operating expenses^A	0.76%</R>
<R>VIP Growth & Income	Management fee	0.48%</R>
<R>	Distribution and Service (12b-1) fee	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 Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.11%</R>
<R>	Total annual class operating expenses^A	0.79%</R>
<R>VIP High Income	Management fee	0.58%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.10%</R>
<R>	Total annual class operating expenses^A	0.78%</R>
<R>VIP Mid Cap	Management fee	0.57%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.17%</R>
<R>	Total annual class operating expenses^A	0.84%</R>
<R>VIP Overseas	Management fee	0.72%</R>
<R>	Distribution and Service (12b-1) fee	0.10%</R>
<R>	Other expenses	0.17%</R>
<R>	Total annual class operating expenses^A	0.99%</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:

Prospectus

Fund Summary - continued

<R>	Service Class	Effective Date</R>
<R>VIP Aggressive Growth	1.60%	12/27/00</R>
<R>VIP Asset Manager	1.35%	11/3/97</R>
<R>VIP Asset Manager: Growth	1.10%	11/3/97</R>
<R>VIP Balanced	1.60%	11/3/97</R>
<R>VIP Contrafund	1.10%	11/3/97</R>
<R>VIP Dynamic Capital Appreciation	1.60%	9/25/00</R>
<R>VIP Equity-Income	1.60%	11/3/97</R>
<R>VIP Growth	1.60%	11/3/97</R>
<R>VIP Growth & Income	1.10%	11/3/97</R>
<R>VIP Growth Opportunities	1.60%	11/3/97</R>
<R>VIP High Income	1.10%	11/3/97</R>
<R>VIP Mid Cap	1.10%	12/29/98</R>
<R>VIP Overseas	1.60%	11/3/97</R>

These arrangements may be discontinued by FMR at any time.

A portion of the brokerage commissions that a fund pays is used to reduce that fund's expenses. In addition, through arrangements with each fund's 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>
<R>VIP Asset Manager - Service Class	0.71%</R>
<R>VIP Asset Manager: Growth - Service Class	0.79%</R>
<R>VIP Balanced - Service Class	0.66%</R>
<R>VIP Contrafund - Service Class	0.74%</R>
<R>VIP Equity-Income - Service Class	0.65%</R>
<R>VIP Growth - Service Class	0.74%</R>
<R>VIP Growth & Income - Service Class	0.68%</R>
<R>VIP Growth Opportunities - Service Class	0.76%</R>
<R>VIP Mid Cap - Service Class	0.79%</R>
<R>VIP Overseas - Service Class	0.97%</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 ratios. Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a strong industry or market position. The stocks of these companies are often called "growth" stocks.

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

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

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

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

FMR may use various techniques, such as buying and selling futures contracts, 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 below:

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

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

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

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

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

Investment Objective

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

Principal Investment Strategies

Prospectus

Fund Basics - continued

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

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

Investment Objective

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

Principal Investment Strategies

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

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

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

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

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

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

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

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

Prospectus

Fund Basics - continued

Investment Objective

VIP Dynamic Capital Appreciation Portfolio seeks capital appreciation.

Principal Investment Strategies

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

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

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

Investment Objective

Principal Investment Strategies

FMR normally invests at least 65% of the fund's total assets 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.

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 FMR believes have above-average growth potential. Growth may be measured by factors such as earnings or revenue.

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

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

Investment Objective

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

Principal Investment Strategies

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

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

Prospectus

Fund Basics - continued

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

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

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

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

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

Investment Objective

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

Principal Investment Strategies

FMR normally invests at least 65% of the fund's total assets 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.

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 65% of the fund's total assets in securities of companies with medium market capitalizations. Medium market capitalization companies are those whose market capitalization is similar to the capitalization of companies in the S&P MidCap 400 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 65% policy. As of December 31, 2000, the S&P MidCap 400 included companies with capitalizations between $102.5 million and $13.2 billion. The size of companies in the S&P MidCap 400 changes with market conditions and the composition of the index. FMR may also invest the fund's assets in companies with smaller or larger market capitalizations.

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

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

Prospectus

Fund Basics - continued

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests at least 65% of the fund's total assets in foreign 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.

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

Description of Principal Security Types

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

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

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

Principal Investment Risks

Many factors affect each fund's performance.

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

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

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

Interest Rate Changes. Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities 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. 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

Fund Basics - continued

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

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

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

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

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

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

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

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

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

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

VIP Overseas Portfolio seeks long-term growth of capital.

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 Service 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 Service Class's NAV.

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

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

Prospectus

Shareholder Information

Buying and Selling Shares

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

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

The price to buy one share of Service Class is the class's NAV. Service 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.

Short-term or 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, particularly from market timers or investors who, in FMR's opinion, have a pattern of short-term or excessive trading or whose trading has been or may be disruptive to that fund. For these purposes, FMR may consider an investor's trading history in that fund or other Fidelity funds, and accounts under common ownership or control.

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

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

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

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

Normally, Fidelity will process redemptions by the next business day, but Fidelity may take up to seven business days to process redemptions if making immediate payment would adversely affect a fund.

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

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

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

Dividends and Capital Gain Distributions

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

Each of VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas normally pays dividends and capital gain distributions at least annually, in February.

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

Tax Consequences

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

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

Prospectus

Fund Services

Fund Management

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

FMR is each fund's manager.

As of January 31, 2001, FMR and its affiliate, FMR Co., Inc. (FMRC), had approximately $612 billion in discretionary assets under management.

As the manager, FMR is responsible for choosing each fund's investments and handling its business affairs.

Affiliates assist FMR with foreign investments:

Fidelity Management & Research (U.K.) Inc. (FMR U.K.), in London, England, serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas. FMR U.K. was organized in 1986 to provide investment research and advice to FMR. FMR U.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas.
Fidelity Management & Research (Far East) Inc. (FMR Far East) serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas. FMR Far East was organized in 1986 to provide investment research and advice to FMR. FMR Far East may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas.
Fidelity International Investment Advisors (FIIA), in Pembroke, Bermuda, serves as a sub-adviser for VIP Overseas. As of September 28, 2000, FIIA had approximately $6.5 billion in discretionary assets under management. FIIA may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Overseas.
Fidelity International Investment Advisors (U.K.) Limited (FIIA(U.K.)L), in London, England, serves as a sub-adviser for VIP Overseas. As of September 28, 2000, FIIA(U.K.)L had approximately $4.1 billion in discretionary assets under management. FIIA(U.K.)L may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for VIP Overseas.
Fidelity Investments Japan Limited (FIJ), in Tokyo, Japan, serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas. As of September 28, 2000, FIJ had approximately $28.3 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 services for VIP Overseas. FIJ 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 High Income, and VIP Mid Cap.

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

FIMM is an affiliate of FMR. As of January 31, 2001, FIMM had approximately $300 billion in discretionary assets under management.

FMRC serves as a sub-adviser for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas. FMRC is primarily responsible for choosing investments for VIP Aggressive Growth, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP High Income, VIP Mid Cap, and VIP Overseas. FMRC is primarily responsible for choosing certain types of investments for VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced.

John Avery is vice president and manager of VIP Balanced, which he has managed since January 1998. He also manages other Fidelity funds. Since joining Fidelity in 1995, Mr. Avery has worked as a research analyst and manager.

Barry Coffman is vice president and manager of VIP High Income, which he has managed since August 1990. Since joining Fidelity in 1986, Mr. Coffman has worked as a research analyst and manager.

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

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

Prospectus

Fund Services - continued

David Felman is vice president and manager of VIP Mid Cap, which he has managed since August 1999. He also manages other Fidelity funds. Since joining Fidelity in 1993, Mr. Felman has worked as a research analyst and manager.

Kevin Grant is vice president of VIP Balanced and manager of its fixed-income investments since March 1996. He also manages other Fidelity funds. Mr. Grant joined Fidelity in 1993 as a portfolio manager.

Bart Grenier is vice president and manager of VIP Asset Manager and VIP Asset Manager: Growth, both of which he has managed since May 2000. Since joining Fidelity in 1991, Mr. Grenier has worked as a senior analyst and research director.

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

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

Louis Salemy is vice president and manager of VIP Growth & Income, which he has managed since September 1998. He also manages another Fidelity fund. Since joining Fidelity in 1992, Mr. Salemy has worked as a research analyst and manager.

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

Beso Sikharulidze is vice president and manager of VIP Aggressive Growth, which he has managed since December 2000. Since joining Fidelity in 1992, Mr. Sikharulidze has worked as a research analyst and manager.

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

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

Each fund pays a management fee to FMR. The management fee is calculated and paid to FMR every month. 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 group fee rate is based on the average net assets of all the mutual funds advised by FMR. This rate cannot rise above 0.52% for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP Mid Cap, and VIP Overseas or 0.37% for VIP High Income and it drops as total assets under management increase.

For December 2000, the group fee rate was 0.2769% for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Equity-Income, VIP Growth, VIP Growth & Income, VIP Growth Opportunities, VIP Mid Cap, and VIP Overseas and the group fee rate was 0.1268% for VIP High Income. 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, and VIP Mid Cap; 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, 2000, for each fund is shown in the table below.

Prospectus

Fund Services - continued

	Total Management Fee
VIP Aggressive Growth	0.63%^A
VIP Asset Manager	0.53%
VIP Asset Manager: Growth	0.58%
VIP Balanced	0.43%
VIP Contrafund	0.57%
VIP Dynamic Capital Appreciation	0.58%^A
VIP Equity-Income	0.48%
VIP Growth	0.57%
VIP Growth & Income	0.48%
VIP Growth Opportunities	0.58%
VIP High Income	0.58%
VIP Mid Cap	0.57%
VIP Overseas	0.72%

^AAnnualized.

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

FMR 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.

As of February 28, 2001, approximately 72.19%, 41.15%, and 36.18% of VIP Aggressive Growth's, VIP Balanced's, and VIP Growth & Income's total outstanding shares, respectively, were held by FMR affiliates.

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 Service Class's shares.

Service Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the plan, Service Class of each fund is authorized to pay FDC a 12b-1 fee as compensation for providing services intended to result in the sale of Service Class shares and/or support services that benefit variable product owners. Service Class of each fund may pay FDC a 12b-1 fee at an annual rate of 0.25% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Service Class of each fund currently pays FDC a 12b-1 fee at an annual rate of 0.10% of its average net assets throughout the month. Service Class's 12b-1 fee rate for each fund may be increased only when the Trustees believe that it is in the best interests of variable product owners to do so.

FDC may reallow to intermediaries (such as insurance companies, broker-dealers, and other service-providers), including its affiliates, up to the full amount of the Service Class 12b-1 fee, for providing services intended to result in the sale of Service Class shares and/or support services that benefit variable product owners.

In addition, each Service Class plan specifically recognizes that FMR may make payments from its management fee revenue, past profits, or other resources to FDC for expenses incurred in connection with providing services intended to result in the sale of Service Class shares and/or support services that benefit variable product owners, including payments of significant amounts made to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Service Class.

Because 12b-1 fees are paid out of Service Class's assets on an ongoing basis, they will increase the cost of a shareholder's investment and may 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.

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

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 Service Class's financial history for 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 High Income, VIP Mid Cap, and VIP Overseas) and Deloitte & Touche LLP (for VIP Aggressive Growth, VIP Asset Manager, VIP Asset Manager: Growth, VIP Balanced, VIP Contrafund, VIP Dynamic Capital Appreciation, VIP Growth & Income, and VIP Growth Opportunities), independent accountants, whose reports, along with each fund's financial highlights and financial statements, are included in each fund's annual report. A free copy of each annual report is available upon request.

VIP Aggressive Growth - Service Class

<R>Year ended December 31,	2000^D</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^F	.00</R>
<R>Net realized and unrealized gain (loss)	.02</R>
<R>Total from investment operations	.02</R>
<R>Net asset value, end of period	$ 10.02</R>
<R>Total Return^B,C	.20%</R>
<R>Ratios and Supplemental Data	</R>
<R>Net assets, end of period (000 omitted)	$ 301</R>
<R>Ratio of expenses to average net assets	1.60%^A,E</R>
<R>Ratio of net investment income to average net assets	5.37%^A</R>
<R>Portfolio turnover rate	26%^A</R>

^A Annualized

^B Total returns for periods of less than one year are not annualized and do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C The total returns would have been lower had certain expenses not been reduced during the period shown.

^D For the period December 27, 2000 (commencement of operations)to December 31, 2000.

^E FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.

^F Net investment income per share has been calculated based on average shares outstanding during the period.

Prospectus

Appendix - continued

VIP Asset Manager - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 18.59	$ 18.10	$ 17.99	$ 17.60</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.60	.56	.57	.10</R>
<R>Net realized and unrealized gain (loss)	(1.31)	1.29	1.82	.29</R>
<R>Total from investment operations	(.71)	1.85	2.39	.39</R>
<R>Less Distributions				</R>
<R>From net investment income	(.59) ^G	(.60)	(.57)	-</R>
<R>From net realized gain	(1.38) ^G	(.76)	(1.71)	-</R>
<R>Total distributions	(1.97)	(1.36)	(2.28)	-</R>
<R>Net asset value, end of period	$ 15.91	$ 18.59	$ 18.10	$ 17.99</R>
<R>Total Return^{B, C}	(4.06)%	11.01%	14.82%	2.22%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 30,583	$ 23,677	$ 5,801	$ 10</R>
<R>Ratio of expenses to average net assets	.72%	.74%	.78%	.75% ^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.71% ^F	.73% ^F	.77% ^F	.75% ^A</R>
<R>Ratio of net investment income to average net assets	3.62%	3.25%	3.49%	3.52% ^A</R>
<R>Portfolio turnover rate	76%	94%	113%	101%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G The amounts shown reflect certain reclassifications related to book to tax differences.

VIP Asset Manager Growth - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 18.28	$ 16.96	$ 16.35	$ 15.94</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.40	.38	.40	.07</R>
<R>Net realized and unrealized gain (loss)	(2.50)	2.03	2.14	.34</R>
<R>Total from investment operations	(2.10)	2.41	2.54	.41</R>
<R>Less Distributions				</R>
<R>From net investment income	(.36)	(.41)	(.34)	-</R>
<R>From net realized gain	(1.50)	(.68)	(1.59)	-</R>
<R>Total distributions	(1.86)	(1.09)	(1.93)	-</R>
<R>Net asset value, end of period	$ 14.32	$ 18.28	$ 16.96	$ 16.35</R>
<R>Total Return^{B, C}	(12.54)%	15.13%	17.18%	2.57%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 12,449	$ 10,825	$ 3,165	$ 10</R>
<R>Ratio of expenses to average net assets	.80%	.82%	.89%	.87%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.79%^F	.81%^F	.88%^F	.87%^A</R>
<R>Ratio of net investment income to average net assets	2.50%	2.27%	2.65%	2.70%^A</R>
<R>Portfolio turnover rate	147%	92%	98%	90%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

Prospectus

Appendix - continued

VIP Balanced - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 15.94	$ 16.07	$ 14.59	$ 14.16</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.46	.43	.41	.08</R>
<R>Net realized and unrealized gain (loss)	(1.14)	.24	1.98	.35</R>
<R>Total from investment operations	(.68)	.67	2.39	.43</R>
<R>Less Distributions				</R>
<R>From net investment income	(.47)	(.37)	(.36)	-</R>
<R>From net net realized gain	(.35)	(.43)	(.55)	-</R>
<R>In excess of realized gain	(.05)	-	-	-</R>
<R>Total distributions	(.87)	(.80)	(.91)	-</R>
<R>Net asset value, end of period	$ 14.39	$ 15.94	$ 16.07	$ 14.59</R>
<R>Total Return^{B, C}	(4.38)%	4.43%	17.27%	3.04%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 27,563	$ 27,054	$ 9,562	$ 10</R>
<R>Ratio of expenses to average net assets	.68%	.67%	.70%	.71%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.66%^F	.66%^F	.69%^F	.71%^A</R>
<R>Ratio of net investment income to average net assets	3.08%	2.77%	2.79%	3.43%^A</R>
<R>Portfolio turnover rate	126%	108%	94%	98%^A</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

VIP Contrafund - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 29.10	$ 24.42	$ 19.93	$ 19.99</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.15	.10	.11	.03</R>
<R>Net realized and unrealized gain (loss)	(1.85)	5.58	5.55	(.09)</R>
<R>Total from investment operations	(1.70)	5.68	5.66	(.06)</R>
<R>Less Distributions				</R>
<R>From net investment income	(.11)^G	(.12)	(.14)	-</R>
<R>From net realized gain	(3.62)^G	(.88)	(1.03)	-</R>
<R>Total distributions	(3.73)	(1.00)	(1.17)	-</R>
<R>Net asset value, end of period	$ 23.67	$ 29.10	$ 24.42	$ 19.93</R>
<R>Total Return^{B, C}	(6.71)%	24.15%	29.94%	(0.30)%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 1,245,222	$ 775,216	$ 152,553	$ 3,722</R>
<R>Ratio of expenses to average net assets	.76%	.78%	.80%	.81%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.74%^F	.75%^F	.75%^F	.78%^{A, F</R>}
<R>Ratio of net investment income to average net assets	.59%	.37%	.53%	1.14%^A</R>
<R>Portfolio turnover rate	177%	172%	201%	142%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G The amounts shown reflect certain reclassifications related to book to tax differences.

Prospectus

Appendix - continued

VIP Dynamic Capital Appreciation - Service Class

<R>Year ended December 31,	2000^E</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^D	.01</R>
<R>Net realized and unrealized gain (loss)	(1.49)</R>
<R>Total from investment operations	(1.48)</R>
<R>Net asset value, end of period	$ 8.52</R>
<R>Total Return^B,C	(14.80)%</R>
<R>Ratios and Supplemental Data	</R>
<R>Net assets, end of period (000 omitted)	$ 802</R>
<R>Ratio of expenses to average net assets	1.60%^A,F</R>
<R>Ratio of net investment income to average net assets	.36%^A</R>
<R>Portfolio turnover rate	295%^A</R>

^A Annualized

^C The total return would have been lower had certain expenses not been reduced during the period shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period September 25, 2000 (commencement of operations) to December 31, 2000.

^F FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.

VIP Equity-Income - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 25.66	$ 25.39	$ 24.27	$ 23.44</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.37	.38	.36	.05</R>
<R>Net realized and unrealized gain (loss)	1.46	1.11	2.31	.78</R>
<R>Total from investment operations	1.83	1.49	2.67	.83</R>
<R>Less Distributions				</R>
<R>From net investment income	(.43)^G	(.38)	(.34)	-</R>
<R>From net realized gain	(1.61)^G	(.84)	(1.21)	-</R>
<R>Total distributions	(2.04)	(1.22)	(1.55)	-</R>
<R>Net asset value, end of period	$ 25.45	$ 25.66	$ 25.39	$ 24.27</R>
<R>Total Return^{B, C}	8.30%	6.25%	11.54%	3.54%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 634,897	$ 437,332	$ 225,145	$ 5,328</R>
<R>Ratio of expenses to average net assets	.66%	.67%	.68%	.68%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.65%^F	.66%^F	.67%^F	.65%^{A, F</R>}
<R>Ratio of net investment income to average net assets	1.58%	1.47%	1.51%	1.63%^A</R>
<R>Portfolio turnover rate	22%	27%	28%	44%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G The amounts shown reflect certain reclassifications related to book to tax differences.

Prospectus

Appendix - continued

VIP Growth - Service Class

<R>Years ended December 31,	2000	1999	1998	1997 ^D</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 54.80	$ 44.82	$ 37.09	$ 36.92</R>
<R>Income from Investment Operations				</R>
<R>Net investment income (loss) ^E	(.02)	.02	.06	.03</R>
<R>Net realized and unrealized gain (loss)	(5.25)	15.07	12.83	.14</R>
<R>Total from investment operations	(5.27)	15.09	12.89	.17</R>
<R>Less Distributions				</R>
<R>From net investment income	(.05)	(.08)	(.19)	-</R>
<R>From net realized gain	(5.97)	(5.03)	(4.97)	-</R>
<R>Total distributions	(6.02)	(5.11)	(5.16)	-</R>
<R>Net asset value, end of period	$ 43.51	$ 54.80	$ 44.82	$ 37.09</R>
<R>Total Return ^{B, C}	(11.05)%	37.29%	39.38%	.46%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 1,847,051	$ 916,330	$ 136,142	$ 2,015</R>
<R>Ratio of expenses to average net assets	.76%	.77%	.80%	.79% ^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.74% ^F	.75% ^F	.75% ^F	.77% ^{A, F</R>}
<R>Ratio of net investment income (loss) to average net assets	(.04)%	.04%	.15%	.70% ^A</R>
<R>Portfolio turnover rate	103%	84%	123%	113%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^E Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

VIP Growth & Income - Service Class

<R>Years ended December 31,	2000	1999	1998	1997 ^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 17.24	$ 16.11	$ 12.53	$ 12.35</R>
<R>Income from Investment Operations				</R>
<R>Net investment income ^D	.18	.16	.15	.03</R>
<R>Net realized and unrealized gain (loss)	(.80)	1.27	3.50	.49</R>
<R>Total from investment operations	(.62)	1.43	3.65	.52</R>
<R>Less Distributions				</R>
<R>From net investment income	(.19)	(.10)	-	(.08)</R>
<R>From net realized gain	(1.24)	(.20)	(.07)	(.26)</R>
<R>Total distributions	(1.43)	(.30)	(.07)	(.34)</R>
<R>Net asset value, end of period	$ 15.19	$ 17.24	$ 16.11	$ 12.53</R>
<R>Total Return ^{B, C}	(3.69)%	9.06%	29.27%	4.29%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 212,994	$ 95,600	$ 18,375	$ 10</R>
<R>Ratio of expenses to average net assets	.69%	.70%	.71%	.80% ^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.68% ^F	.69%^F	.70%^F	.80% ^A</R>
<R>Ratio of net investment income to average net assets	1.16%	.98%	1.05%	1.24% ^A</R>
<R>Portfolio turnover rate	72%	58%	66%	81%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the expenses.

Prospectus

Appendix - continued

VIP Growth Opportunities - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 23.12	$ 22.86	$ 19.27	$ 18.50</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.04	.25	.23	.04</R>
<R>Net realized and unrealized gain (loss)	(3.76)	.66	4.30	.73</R>
<R>Total from investment operations	(3.72)	.91	4.53	.77</R>
<R>Less Distributions				</R>
<R>From net investment income	(.28)^G	(.22)	(.21)	-</R>
<R>From net realized gain	(1.41)^G	(.43)	(.73)	-</R>
<R>Total distributions	(1.69)	(.65)	(.94)	-</R>
<R>Net asset value, end of period	$ 17.71	$ 23.12	$ 22.86	$ 19.27</R>
<R>Total Return^{B, C}	(17.13)%	4.18%	24.51%	4.16%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 345,960	$ 344,778	$ 149,496	$ 2,589</R>
<R>Ratio of expenses to average net assets	.79%	.79%	.80%	.84%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.76%^F	.78%^F	.79%^F	.83%^{A, F</R>}
<R>Ratio of net investment income to average net assets	.21%	1.09%	1.16%	1.72%^A</R>
<R>Portfolio turnover rate	117%	42%	29%	26%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G The amounts shown reflect certain reclassifications related to book to tax differences.

VIP High Income - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 11.290	$ 11.520	$ 13.570	$ 13.380</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	1.102	1.074	1.082	.203</R>
<R>Net realized and unrealized gain (loss)	(3.502)	(.194)	(1.562)	(.013)</R>
<R>Total from investment operations	(2.400)	.880	(.480)	.190</R>
<R>Less Distributions				</R>
<R>From net investment income	(.740)	(1.075)^G	(.970)	-</R>
<R>From net realized gain	-	(.030)^G	(.600)	-</R>
<R>In excess of net realized gain	-	(.005)^G	-	-</R>
<R>Total distributions	(.740)	(1.110)	(1.570)	-</R>
<R>Net asset value, end of period	$ 8.150	$ 11.290	$ 11.520	$ 13.570</R>
<R>Total Return^{B, C}	(22.68)%	8.08%	(4.34)%	1.42%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 227,549	$ 253,972	$ 129,587	$ 2,919</R>
<R>Ratio of expenses to average net assets	.78%	.79%	.82%	.81%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.78%	.79%	.82%	.80%^{A, F</R>}
<R>Ratio of net investment income to average net assets	11.28%	9.69%	9.51%	10.75%^A</R>
<R>Portfolio turnover rate	68%	82%	92%	118%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G The amounts shown reflect certain reclassifications related to book to tax differences.

Prospectus

Appendix - continued

VIP Mid Cap - Service Class

<R>Years ended December 31,	2000	1999	1998^F</R>
<R>Selected Per-Share Data			</R>
<R>Net asset value, beginning of period	$ 15.24	$ 10.31	$ 10.00</R>
<R>Income from Investment Operations			</R>
<R>Net investment income (loss) ^D	.17	(.01)	.00</R>
<R>Net realized and unrealized gain (loss)	4.93	5.05	.31</R>
<R>Total from investment operations	5.10	5.04	.31</R>
<R>Less Distributions			</R>
<R>From net investment income	(.07)	-	-</R>
<R>From net realized gain	-	(.09)	-</R>
<R>In excess of net realized gain	(.05)	(.02)	-</R>
<R>Total distributions	(.12)	(.11)	-</R>
<R>Net asset value, end of period	$ 20.22	$ 15.24	$ 10.31</R>
<R>Total Return^{B, C}	33.54%	48.94%	3.10%</R>
<R>Ratios and Supplemental Data			</R>
<R>Net assets, end of period (000 omitted)	$ 282,941	$ 25,908	$ 516</R>
<R>Ratio of expenses to average net assets	.84%	1.10%^G	1.10%^A,G</R>
<R>Ratio of expenses to average net assets after expense reductions	.79%^E	1.07%^E	1.10%^A</R>
<R>Ratio of net investment income (loss) to average net assets	.92%	(.09)%	(.35)%^A</R>
<R>Portfolio turnover rate	245%	163%	125%^A</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

^E FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^F For the period December 28, 1998 (commencement of sale of Service Class shares) to December 31, 1998.

^G FMR agreed to reimburse a portion of the class' expenses during the period. Without this reimbursement, the class' expense ratio would have been higher.

VIP Overseas - Service Class

<R>Years ended December 31,	2000	1999	1998	1997^E</R>
<R>Selected Per-Share Data				</R>
<R>Net asset value, beginning of period	$ 27.39	$ 20.04	$ 19.20	$ 19.36</R>
<R>Income from Investment Operations				</R>
<R>Net investment income^D	.17^G	.22	.15	.01</R>
<R>Net realized and unrealized gain (loss)	(4.93)	7.94	2.19	(.17)</R>
<R>Total from investment operations	(4.76)	8.16	2.34	(.16)</R>
<R>Less Distributions				</R>
<R>From net investment income	(.30)	(.31)	(.38)	-</R>
<R>In excess of net investment income	(.06)	-	-	-</R>
<R>From net realized gain	(2.33)	(.50)	(1.12)	-</R>
<R>Total distributions	(2.69)	(.81)	(1.50)	-</R>
<R>Net asset value, end of period	$ 19.94	$ 27.39	$ 20.04	$ 19.20</R>
<R>Total Return^B,C	(19.18)%	42.44%	12.69%	(0.83)%</R>
<R>Ratios and Supplemental Data				</R>
<R>Net assets, end of period (000 omitted)	$ 257,257	$ 144,371	$ 34,720	$ 931</R>
<R>Ratio of expenses to average net assets	.99%	1.01%	1.01%	1.02%^A</R>
<R>Ratio of expenses to average net assets after expense reductions	.97%^F	.98%^F	.97%^F	1.01%^A,F</R>
<R>Ratio of net investment income to average net assets	.74%	1.00%	.80%	.31%^A</R>
<R>Portfolio turnover rate	136%	78%	84%	67%</R>

^A Annualized

^C The total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Net investment income per share has been calculated based on average shares outstanding during the period.

^E For the period November 3, 1997 (commencement of sale of Service Class shares) to December 31, 1997.

^F FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the class' expenses.

^G Investment income per share reflects a special dividend (from BCE, Inc.) which amounted to $.04 per share.

Prospectus

Notes

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

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

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

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

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

Asset Manager is a service mark of FMR Corp.

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

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

<R>1.753340.100 VIPSNIM5-pro-</R>MAPS code suffix

Fidelity^®

Variable Insurance Products

Initial Class

Asset Manager^SM Portfolio

Asset Manager: Growth^® Portfolio

Balanced Portfolio

Contrafund^® Portfolio

Equity-Income Portfolio

Growth Portfolio

Growth & Income Portfolio

Growth Opportunities Portfolio

High Income Portfolio

Index 500 Portfolio

Investment Grade Bond Portfolio

Mid Cap Portfolio

Money Market Portfolio

Overseas Portfolio

Prospectus

April 30, 2001

(fidelity_logo_graphic)

82 Devonshire Street, Boston, MA 02109

Fund Summary	<Click Here>	Investment Summary
	<Click Here>	Performance
	<Click Here>	Operating Expenses
Fund Basics	<Click Here>	Investment Details
	<Click Here>	Valuing Shares
Shareholder Information	<Click Here><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 Information About the Standard & Poor's^SM 500 Index

Prospectus

Fund Summary

Investment Summary

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

Fidelity Management & Research Company (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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

Allocating the fund's assets among stocks, bonds, and short-term and money market instruments.
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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

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

Investment Objective

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

Prospectus

Fund Summary - continued

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

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

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Investing in securities of companies whose value it believes is not fully recognized by the public.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing at least 65% of total assets 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.

Prospectus

Fund Summary - continued

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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.
"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

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

Investment Objective

VIP Growth Portfolio seeks to achieve capital appreciation.

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.

Prospectus

Fund Summary - continued

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

VIP 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 at least 65% of total assets 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 can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

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

Investment Objective

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

Principal Investment Strategies

Bankers Trust Company (BT)'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 ratio, and earnings growth.
Lending securities to earn income for the fund.

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

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

Investment Objective

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

Prospectus

Fund Summary - continued

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing in U.S. dollar-denominated investment-grade bonds (those of medium and high quality).
Managing the fund to have similar overall interest rate risk to an index, which as of December 31, 2000, 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 of the fund, they could be worth more or less than what the shareholder paid for them.

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

Normally investing primarily in common stocks.
Normally investing at least 65% of total assets in securities of companies with medium market capitalizations (those with market capitalizations similar to companies in the Standard & Poor's^® MidCap 400 Index (S&P^® MidCap 400).
Potentially investing in companies with smaller or larger market capitalizations.
Investing in domestic and foreign issuers.
Investing in either "growth" stocks or "value" stocks or both.
Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Investment Objective

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

Principal Investment Strategies

FMR's principal investment strategies include:

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

Principal Investment Risks

The fund is subject to the following principal investment risks:

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

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

Prospectus

Fund Summary - continued

Investment Objective

VIP Overseas Portfolio seeks long-term growth of capital.

Principal Investment Strategies

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

Normally investing at least 65% of total assets in foreign 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 of the fund, they could be worth more or less than what the shareholder paid for them.

Performance

The following information illustrates the changes in each fund's performance from year to year, compares the performance of Initial Class of each fund (other than VIP Money Market) 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, and VIP Money Market) to an average of the performance of similar funds over various periods of time. Initial Class of VIP Asset Manager, VIP Asset Manager: Growth, and VIP Balanced also compares its performance to the performance of a combination of market indexes over various periods of time. Returns for Initial Class of each fund 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 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.

Year-by-Year Returns

VIP Asset Manager - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	22.56%	11.71%	21.23%	-6.09%	16.96%	14.60%	20.65%	15.05%	11.09%	-3.87%

During the periods shown in the chart for Initial Class of VIP Asset Manager, the highest return for a quarter was 12.80% (quarter ended December 31, 1998) and the lowest return for a quarter was -6.67% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Asset Manager was -6.59%.

Prospectus

Fund Summary - continued

VIP Asset Manager: Growth - Initial Class

Calendar Years						1996	1997	1998	1999	2000
						20.04%	25.07%	17.57%	15.26%	-12.47%

During the periods shown in the chart for Initial Class of VIP Asset Manager: Growth, the highest return for a quarter was 17.69% (quarter ended December 31, 1998) and the lowest return for a quarter was -10.12% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Asset Manager: Growth was -10.34%.

VIP Balanced - Initial Class

Calendar Years						1996	1997	1998	1999	2000
						9.98%	22.18%	17.64%	4.55%	-4.30%

During the periods shown in the chart for Initial Class of VIP Balanced, the highest return for a quarter was 11.83% (quarter ended June 30, 1997) and the lowest return for a quarter was -5.79% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Balanced was -5.02%.

VIP Contrafund - Initial Class

Calendar Years						1996	1997	1998	1999	2000
						21.22%	24.14%	29.98%	24.25%	-6.58%

During the periods shown in the chart for Initial Class of VIP Contrafund, the highest return for a quarter was 23.56% (quarter ended December 31, 1998) and the lowest return for a quarter was -9.89 (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Contrafund was -13.07%.

Prospectus

Fund Summary - continued

VIP Equity-Income - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	31.44%	16.89%	18.29%	7.07%	35.09%	14.28%	28.11%	11.63%	6.33%	8.42%

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

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Equity Income was -6.04%.

VIP Growth - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	45.51%	9.32%	19.37%	-0.02%	35.36%	14.71%	23.48%	39.49%	37.44%	-10.96%

During the periods shown in the chart for Initial Class of VIP Growth, the highest return for a quarter was 24.29% (quarter ended December 31, 1998) and the lowest return for a quarter was -12.29% (quarter ended December 31, 2000).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Growth was -16.64%.

VIP Growth & Income - Initial Class

Calendar Years							1997	1998	1999	2000
							30.09%	29.59%	9.17%	-3.62%

During the periods shown in the chart for Initial Class of VIP Growth & Income, the highest return for a quarter was 20.97% (quarter ended December 31, 1998) and the lowest return for a quarter was -8.37% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Growth & Income was -10.06%.

Prospectus

Fund Summary - continued

VIP Growth Opportunities - Initial Class

Calendar Years						1996	1997	1998	1999	2000
						18.27%	29.95%	24.61%	4.27%	-17.07%

During the periods shown in the chart for Initial Class of VIP Growth Opportunities, the highest return for a quarter was 20.74% (quarter ended December 31, 1998) and the lowest return for a quarter was -11.08% (quarter ended December 31, 2000).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Growth Opportunities was -15.21%.

VIP High Income - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	35.08%	23.17%	20.40%	-1.64%	20.72%	14.03%	17.67%	-4.33%	8.25%	-22.54%

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

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP High Income was -0.16%.

VIP Index 500 - Initial Class

Calendar Years			1993	1994	1995	1996	1997	1998	1999	2000
			9.74%	1.04%	37.19%	22.71%	32.83%	28.31%	20.52%	-9.30%

During the periods shown in the chart for Initial Class of VIP Index 500, the highest return for a quarter was 21.36% (quarter ended December 31, 1998) and the lowest return for a quarter was -9.96% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Index 500 was -11.94%.

Prospectus

Fund Summary - continued

VIP Investment Grade Bond - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	16.38%	6.65%	10.96%	-3.76%	17.32%	3.19%	9.06%	8.85%	-1.05%	11.22%

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

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Investment Grade Bond was 3.09%.

VIP Mid Cap - Initial Class

Calendar Years									1999	2000
									49.04%	33.78%

During the periods shown in the chart for Initial Class of VIP Mid Cap, the highest return for a quarter was 32.12% (quarter ended December 31, 1999) and the lowest return for a quarter was -1.27% (quarter ended September 30, 1999).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Mid Cap was -10.02%.

VIP Money Market - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	6.09%	3.90%	3.23%	4.25%	5.87%	5.41%	5.51%	5.46%	5.17%	6.30%

During the periods shown in the chart for Initial Class of VIP Money Market, the highest return for a quarter was 1.68% (quarter ended March 31, 1991) and the lowest return for a quarter was 0.78% (quarter ended September 30, 1993).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Money Market was 1.45%.

Prospectus

Fund Summary - continued

VIP Overseas - Initial Class
Calendar Years	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
	8.00%	-10.72%	37.35%	1.72%	9.74%	13.15%	11.56%	12.81%	42.55%	-19.07%

During the periods shown in the chart for Initial Class of VIP Overseas, the highest return for a quarter was 24.78% (quarter ended December 31, 1999) and the lowest return for a quarter was -17.65% (quarter ended September 30, 1998).

The year-to-date return as of date of most recent calendar quarter March 31, 2001 for Initial Class of VIP Overseas was -11.1%.

Average Annual Returns

For the periods ended December 31, 2000	Past 1 year	Past 5 years	Past 10 years/Life of class
VIP Asset Manager - Initial Class	-3.87%	11.18%	11.97%
S&P 500	-9.10%	18.33%	17.46%
Fidelity Asset Manager Composite Index	0.58%	12.07%	11.47%
VIP Asset Manager: Growth - Initial Class	-12.47%	12.23%	13.97%^A
S&P 500	-9.10%	18.33%	21.35%^A
Fidelity Asset Manager: Growth Composite Index	-3.29%	14.64%	16.87%^A
VIP Balanced - Initial Class	-4.30%	9.60%	10.32%^A
S&P 500	-9.10%	18.33%	21.35%^A
Lipper Variable Annuity Balanced Funds Average	2.25%	11.32%	--
Fidelity Balanced 60/40 Composite Index	-1.00%	13.78%	16.31%^A
VIP Contrafund - Initial Class	-6.58%	17.82%	21.23%^A
S&P 500	-9.10%	18.33%	21.35%^A
Lipper Variable Annuity Growth Funds Average	-9.22%	17.39%	--
VIP Equity-Income - Initial Class	8.42%	13.51%	17.35%
Russell 3000 Value Index	8.04%	16.48%	17.29%
Lipper Variable Annuity Equity Income Funds Average	6.74%	15.08%	15.80%
VIP Growth - Initial Class	-10.96%	19.31%	20.04%
Russell 3000 Growth Index	-22.42%	17.08%	16.85%
Lipper Variable Annuity Growth Funds Average	-9.22%	17.39%	17.52%
VIP Growth & Income - Initial Class	-3.62%	--	15.10%^B
S&P 500	-9.10%	--	17.20%^B
Lipper Variable Annuity Growth & Income Funds Average	1.15%	--	--
VIP Growth Opportunities - Initial Class	-17.07%	10.62%	14.01%^A
S&P 500	-9.10%	18.33%	21.35%^A
Lipper Variable Annuity Growth Funds Average	-9.22%	17.39%	--
For the periods ended December 31, 2000	Past 1 year	[Past 5 years]	Past 10 years/Life of class
VIP High Income - Initial Class	-22.54%	1.48%	9.86%
Merrill Lynch High Yield Master II Index	-5.12%	4.76%	11.12%
Lipper Variable Annuity High Current Yield Funds Average	-7.03%	4.08%	9.84%
VIP Index 500 - Initial Class	-9.30%	17.98%	16.95%^C
S&P 500	-9.10%	18.33%	17.30%^C
Lipper Variable Annuity S&P 500 Index Objective Funds Average	-9.32%	17.98%	--
VIP Investment Grade Bond - Initial Class	11.22%	6.15%	7.68%
Lehman Brothers Aggregate Bond Index	11.63%	6.46%	7.96%
Lipper Variable Annuity Intermediate Investment Grade Debt Funds Average	9.51%	5.58%	7.50%
VIP Mid Cap - Initial Class	33.78%	--	43.09%^D
S&P MidCap 400	17.51%	--	19.12%^D
Lipper Variable Annuity MidCap Funds Average	5.21%	--	--
VlP Money Market - Initial Class	6.30%	5.57%	5.11%
VIP Overseas - Initial Class	-19.07%	10.44%	9.28%
Morgan Stanley Capital International Europe, Australasia, and Far East Index	-14.01%	7.31%	8.34%
Lipper Variable Annuity International Funds Average	-14.72%	10.15%	10.49%

^AFrom January 3, 1995.

^BFrom December 31, 1996.

^CFrom August 27, 1992.

^DFrom December 28, 1998.

If FMR had not reimbursed certain class expenses during these periods, VIP Asset Manager: Growth's, VIP Balanced's, VIP Growth's & Income's, VIP Growth Opportunities', VIP High Income's, VIP Index 500's, VIP Investment Grade Bond's, and VIP Mid-Cap's Initial Class returns would have been lower.

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

Russell 3000^® Value Index is a market capitalization-weighted index of value-oriented stocks of U.S. domiciled corporations.

Russell 3000 Growth Index is a market capitalization-weighted index of growth-oriented stocks of U.S. domiciled corporations.

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

Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE^®) Index is a market capitalization-weighted index that is designed to represent the performance of developed stock markets outside the United States and Canada. As of December 31, 2000, the index included over 893 equity securities of companies domiciled in 20 countries.

Prospectus

Fund Summary - continued

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

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

Operating Expenses

The annual class operating expenses provided below for Initial Class of each fund (other than VIP Asset Manager, VIP Investment Grade Bond, VIP High Income, VIP Index 500, and VIP Money Market) 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 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 Asset Manager, VIP Investment Grade Bond, and VIP High Income are based on historical expenses. The annual class operating expenses provided below for Initial Class of VIP Money Market are based on historical expenses, adjusted to reflect current fees. The annual class operating expenses do not take into account any fees or other expenses of any variable annuity or variable life insurance product.

		Initial Class
VIP Asset Manager	Management fee	0.53%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.08%</R>
	Total annual class operating expenses^A	0.61%
VIP Asset Manager: Growth	Management fee	0.58%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.11%</R>
	Total annual class operating expenses^A	0.69%
VIP Balanced	Management fee	0.43%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.15%</R>
	Total annual class operating expenses^A	0.58%
VIP Contrafund	Management fee	0.57%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.09%</R>
	Total annual class operating expenses^A	0.66%
VIP Equity-Income	Management fee	0.48%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.08%</R>
	Total annual class operating expenses^A	0.56%
VIP Growth	Management fee	0.57%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.08%</R>
	Total annual class operating expenses^A	0.65%
VIP Growth & Income	Management fee	0.48%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.10%</R>
	Total annual class operating expenses^A	0.58%
VIP Growth Opportunities	Management fee	0.58%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.10%</R>
	Total annual class operating expenses^A	0.68%
VIP High Income	Management fee	0.58%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.10%</R>
	Total annual class operating expenses^A	0.68%
VIP Index 500	Management fee	0.24%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.09%</R>
	Total annual class operating expenses^A	0.33%
VIP Investment Grade Bond	Management fee	0.43%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.11%</R>
	Total annual class operating expenses^A	0.54%
VIP Mid Cap	Management fee	0.57%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.17%</R>
	Total annual class operating expenses^A	0.74%
VIP Money Market	Management fee	0.27%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.08%</R>
	Total annual class operating expenses	0.35%
VIP Overseas	Management fee	0.72%
	Distribution and Service (12b-1) fee	None
<R>	Other expenses	0.17%</R>
	Total annual class operating expenses^A	0.89%

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

Prospectus

Fund Summary - continued

	Initial Class	Effective Date
VIP Asset Manager	1.25%	1/1/90
VIP Asset Manager: Growth	1.00%	1/3/95
VIP Balanced	1.50%	1/3/95
VIP Contrafund	1.00%	1/3/95
VIP Equity-Income	1.50%	10/9/86
VIP Growth	1.50%	10/9/86
VIP Growth & Income	1.00%	12/31/96
VIP Growth Opportunities	1.50%	1/3/95
<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>
VIP Mid Cap	1.00%	12/29/98
VIP Overseas	1.50%	1/28/87

These arrangements may be discontinued by FMR at any time.

A portion of the brokerage commissions that a fund pays is used to reduce that fund's expenses. In addition, through arrangements with each fund's 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.

	Total Operating Expenses
VIP Asset Manager: Growth - Initial Class	0.68%
VIP Balanced - Initial Class	0.56%
VIP Contrafund - Initial Class	0.63%
VIP Equity-Income - Initial Class	0.55%
VIP Growth - Initial Class	0.64%
VIP Growth & Income - Initial Class	0.57%
VIP Growth Opportunities - Initial Class	0.66%
VIP Mid Cap - Initial Class	0.69%
VIP Overseas - Initial Class	0.87%

Prospectus

Fund Basics

Investment Details

Investment Objective

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

Principal Investment Strategies

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

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

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

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

Prospectus

Fund Basics - continued

Investment Objective

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

Principal Investment Strategies

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

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

Investment Objective

VIP Contrafund Portfolio seeks long-term capital appreciation.

Principal Investment Strategies

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

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

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

Investment Objective

Principal Investment Strategies

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

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

Prospectus

Fund Basics - continued

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 FMR believes have above-average growth potential. Growth may be measured by factors such as earnings or revenue.

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

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

Investment Objective

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

Principal Investment Strategies

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

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

Investment Objective

VIP Growth Opportunities Portfolio seeks to provide capital growth.

Principal Investment Strategies

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

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

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

Investment Objective

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

Principal Investment Strategies

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

Prospectus

Fund Basics - continued

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.

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

BT 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. BT 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, price/book 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.

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

BT may use various techniques, such as buying and selling futures contracts, to increase or decrease the fund's exposure to changing security prices or other factors that affect security values. If BT'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 the fund's assets in U.S. dollar-denominated investment-grade bonds (those of medium and high quality).

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, 2000, FMR was using the Lehman Brothers Aggregate Bond Index in managing the fund's investments. As of December 31, 2000, the dollar-weighted average maturity of the fund and the index was approximately 9.20 and 8.41 years, respectively. In determining a security's maturity for purposes of calculating the fund's average maturity, an estimate of the average time for its principal to be paid may be used. This can be substantially shorter than its stated maturity.

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

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

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

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

Prospectus

Fund Basics - continued

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

Investment Objective

VIP 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 65% of the fund's total assets in foreign securities. FMR normally invests the fund's assets primarily in common stocks.

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

Description of Principal Security Types

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

Principal Investment Risks

Many factors affect each fund's performance.

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

Although the money market fund is managed to maintain a stable $1.00 share price, there is no guarantee that the fund will be able to do so. For example, a major increase in interest rates or a decrease in the credit quality of the issuer of one of the fund's investments could cause the fund's share price to decrease. While the fund will be charged premiums by a mutual insurance company for coverage of specified types of losses related to default or bankruptcy on certain securities, the fund may incur losses regardless of the insurance.

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

Prospectus

Fund Basics - continued

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

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, the securities of issuers in the financial services sector, and mortgage securities 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 located in foreign countries that provide credit support or a maturity-shortening structure 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.

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.

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.

Prospectus

Fund Basics - continued

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