Variable Insurance Portfolios

A Note about Risk Equity securities - Investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies and/or sectors in the economy. Fixed-income securities - The value of fixed-income securities will change as interest rates fluctuate. As interest rates fall, the prices of fixed-income securities tend to rise. As rates rise, prices tend to fall.

Investors should be aware that investments in lower-rated securities, sometimes called "junk bonds," carry increased risks of price volatility, illiquidity and the possibility of default in the timely payment of interest and principal. Investors should be aware that investments in mid- and small-cap companies typically have higher risks, and historically have experienced a greater degree of illiquidity and market volatility than investments in large-cap companies. These factors can affect fund performance.