SUPPLEMENT TO THE PROSPECTUS OF
FIDELITY LIFETIME RESERVES®
ISSUED BY FIDELITY INVESTMENTS
LIFE INSURANCE COMPANY ("FILI")
SUPPLEMENT TO THE PROSPECTUS OF
LIFETIME RESERVES ISSUED BY EMPIRE
FIDELITY INVESTMENTS
LIFE INSURANCE COMPANY ("EFILI")
EACH DATED JULY 1, 2005
The following disclosure replaces "Investment Options and Funds" section in your prospectus:
INVESTMENT OPTIONS AND FUNDS
There are currently forty-four Investment Options in the Variable Account. Each Investment Option invests exclusively in a single Fund. Each Fund is part of a trust that is registered with the SEC as an open-end management investment company under the 1940 Act. This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund's assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund.
The following table describes the Funds' investment objective and lists each Fund's investment adviser or principal sub-adviser. This information is just a summary for each underlying Fund. There is, of course, no assurance that any Fund will meet its investment objective. You should read the Fund's prospectus for more information about that particular Fund.
|
Fund |
Investment Objective |
Investment Adviser or any Sub-Adviser |
|
FIDELITY |
|
|
|
VIP Overseas |
Seeks long-term growth of capital |
Fidelity Management & Research Company |
|
VIP International Capital Appreciation |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Dynamic Capital Appreciation |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Real Estate |
Seeks above-average incoem and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500 |
Fidelity Management & Research Company |
|
VIP Strategic Income |
Seeks a high level of current income. The fund may also seek capital appreciation |
Fidelity Management & Research Company |
|
VIP Freedom Income |
Seeks high total return with a secondary objective of principal preservation |
Strategic Advisers, Inc. |
|
VIP Freedom 2005 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Strategic Advisers, Inc. |
|
VIP Freedom 2010 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Strategic Advisers, Inc. |
|
VIP Freedom 2015 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Strategic Advisers, Inc. |
|
VIP Freedom 2020 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Strategic Advisers, Inc. |
|
VIP Freedom 2025 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Stratetic Advisers, Inc. |
|
VIP Freedom 2030 |
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond |
Strategic Advisers, Inc. |
|
VIP High Income |
Seeks a high level of current income, while also considering growth of capital |
Fidelity Management & Research Company |
|
VIP Aggressive Growth |
Seeks captial appreciation |
Fidelity Management & Research Company |
|
VIP Growth Stock |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Value |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Value Leaders |
Seeks captial appreciation |
Fidelity Management & Research Company |
|
VIP Money Market |
Seeks high level of current income consistent with the preservation of capital and liquidity |
Fidelity Management & Research Company |
|
VIP Equity-Income |
Seeks reasonable income while also considering capital appreciation |
Fidelity Management & Research Company |
|
VIP Growth |
Seeks to achieve capital appreciation |
Fidelity Management & Research Company |
|
VIP Value Strategies |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Asset ManagerSM |
Seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments |
Fidelity Management & Research Company |
|
VIP Investment Grade Bond |
Seeks high level of current income as is consistent with the preservation of capital |
Fidelity Management & Research Company |
|
VIP Index 500 |
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, while keeping transaction costs and other expenses low |
Geode Capital Management, LLC |
|
VIP Asset Manager: Growth® |
Seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments |
Fidelity Management & Research Company |
|
VIP Contrafund® |
Seeks long-term capital appreciation |
Fidelity Management & Research Company |
|
VIP Growth & Income |
Seeks high total return through a combination of current income and capital appreciation |
Fidelity Management & Research Company |
|
VIP Growth Opportunities |
Seeks to provide capital growth |
Fidelity Management & Research Company |
|
VIP Balanced |
Seeks both income and capital growth |
Fidelity Management & Research Company |
|
VIP Mid Cap |
Seeks long-term growth of capital |
Fidelity Management & Research Company |
|
VIP Consumer Industries |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Cyclical Industries |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Financial Services |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Health Care |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Natural Resources |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Technology |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
VIP Telecommunications & Utilities Growth |
Seeks capital appreciation |
Fidelity Management & Research Company |
|
MORGAN STANLEY |
|
|
|
Emerging Markets Debt |
Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries |
Morgan Stanley Asset Management |
|
Emerging Markets Equity |
Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries |
Morgan Stanley Asset Management |
|
Global Value Equity |
Seeks long-term capital appreciation by investing primarily in equity securities of issuers throughout the world including U.S. issuers |
Morgan Stanley Asset Management |
|
International Magnum |
Seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers domiciled in EAFE countries |
Morgan Stanley Asset Management |
|
CREDIT SUISSE |
|
|
|
International Focus |
Seeks long-term capital appreciation by investing in equity securities of issuers from at least three foreign countries |
Credit Suisse Asset Management, LLC |
|
Global Small Cap* |
Seeks long-term growth of capital by investing in equity securities of small companies from at least three countries, including U.S. |
Credit Suisse Asset Management, LLC |
|
Small Cap Growth |
Seeks capital growth by investing in equity securities of small U.S. growth companies |
Credit Suisse Asset Management, LLC |