SUPPLEMENTTOTHE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES

Deutsche Alternative Asset Allocation VIP

The followinTT g information replaces the disclosure contained under “Management process” in the ”PRINCIPAL INVESTMENTSTRATEGY” section of the fund’s summary prospectus:

Management process. Portfolio management utilizes a stra-tegic asset allocation process to determine the non-traditionalor alternative investment strategies that should be repre-sented in the fund’s portfolio. Investment strategies generallywill fall into the following categories: Real Assets, Alterna-tive Fixed Income, Alternative Equity, Absolute Return andOpportunistic.RealAsset investmentshavea tangibleorphysicalaspect such as real estate or commodities. Alternative FixedIncome investments seek to offer exposure to foreign invest-ments, many of which are not denominated in US dollars,and to categories generally not included in investors’ alloca-tions. Alternative Equity investments are investments primarily

in convertible and preferred instruments that offer equity expo-sure. Absolute Return investments seek positive returns inall market environments or seek to increase the diversifica-tion or liquidity of the fund’s portfolio. Opportunistic investmentsare investments outside the other categories that may beidentified by portfolio management as representing an oppor-tunity to utilize a new alternative investment strategy. Portfoliomanagement also utilizes a tactical asset allocation processto adjust allocations in response to short-term market changes.

As of August 31, 2017, the fund’s allocation among investment strategies and the underlying funds was:

Real Assets 46.3%

Deutsche Global Inflation Fund 14.4%

Deutsche Enhanced Commodity Strategy Fund 13.0%

Deutsche Global Infrastructure Fund 12.4%

Deutsche Real Estate Securities Fund 5.6%

Deutsche Global Real Estate Securities Fund 0.9%

Alternative Fixed Income 30.5%

Deutsche Emerging Markets Fixed Income Fund 12.7%

Deutsche Floating Rate Fund 9.1%

VanEck Vectors J.P. MorPP gan Emerging Markets ETF 6.7%

Wisdom TreeTT Emerging Markets Local Debt ETF 2.0%

Alternative Equity 12.6%

SPDR Bloomberg Barclays Convertible Securities ETF 8.0%

IShares US Preferred Stock ETF 4.6%

Absolute Return 10.6%

Deutsche Central Cash Management Government Fund 8.7%

Powershares DB US Dollar Index 1.9%

Opportunistic 0.0%

The fund’s allocations among investment strategies and underlying funds will change over time and there should be noexpectation that current or past positions will be maintained in the future.

Please Retain This Supplement for Future Reference

October 31, 2017PROSTKR-974

14135U (10/17)

NI030

416044 v.3

MAINSTAY VP FUNDS TRUST

MainStay VP Balanced Portfolio MainStay VP Bond Portfolio

MainStay VP Indexed Bond Portfolio(the “Portfolios” )

Supplement dated November 6, 2017 (“Supplement”) to the Summary Prospectus and Prospectus dated May 1, 2017, as supplemented

Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectus.

Effective immediately, George Cherpelis will no longer serve as a portfolio manager of the Portfolios. All references to Mr. Cherpelis are deleted in their entirety. Also effective immediately, Kenneth Sommer is aportfolio manager of the Portfolios.

1. In the section of the Prospectus entitled “Know With Whom You Are Investing,” the subsection entitled “Portfolio Manager Biographies,” is amended to add the following:

Kenneth Sommer Mr. Sommer is a Senior Director at the Fixed Income Investors division within NYL Investors LLC and has been a portfolio manager for MainStay VP Balanced Portfolio, MainStay VP Bond Portfolio and MainStay VP Indexed Bond Portfolio since November 2017. Mr. Sommer joined New York Life Investments in 2005 and has 15 years of investment experience. Prior to joining New York Life Investments,Mr. Sommer was an investment analyst at MetLife Investments. Mr. Sommer received a BS from Binghamton University and an M.B.A. from Fordham University.

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE

14135V (11/17)

SUPPLEMENT TO THE PROSPECTUSThe date of this supplement is November 10, 2017.

MFS® Variable Insurance Trust:

1031788 1 VIT-SUP-I-111017

MFS® GLOBAL EQUITY SERIES ® MFS® RESEARCH SERIES®

MFS® GROWTH SERIES ® MFS® TOTAL RETURN BOND SERIES®

MFS® INVESTORS TRUST SERIES ® MFS® TOTAL RETURN SERIES ®

MFS® MID CAP GROWTH SERIES ® MFS® UTILITIES SERIES®

MFS® NEW DISCOVERY SERIES ® MFS® VALUE SERIES®

Effective after the close of business on November 10, 2017, the second paragraph of the sub-section entitled "Disclosure of Portfolio Holdings" under the sub-heading entitled "Investment Adviser" beneath the main heading entitled "Management of the Fund" isrestated in its entirety as follows:

The following information is generally available to you on the MFS website at mfs.com/vit1 by choosing the fund's name:

14135W (ITT11/17)

11

SUPPLEMENT TO THE PROSPECTUS The date of this supplement is November 10, 2017.

MFS® Variable Insurance Trust II:

1031790 1 VITII-SUP-I-111017

MFS® BLENDED RESEARCH® ® CORE EQUITY PORTFOLIO®

MFS® CORE EQUITY PORTFOLIO ®MFS® HIGH YIELD PORTFOLIO ®

MFS® INTERNATIONAL GROWTH PORTFOLIO ®

MFS® CORPORATE BOND PORTFOLIO® MFS® INTERNATIONAL VALUE PORTFOLIO®

MFS® EMERGING MARKETS EQUITY PORTFOLIO ® MFS® MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO ®

MFS® GLOBAL GOVERNMENTS PORTFOLIO ® MFS® RESEARCH INTERNATIONAL PORTFOLIO ®

MFS® GLOBAL GROWTH PORTFOLIO ® MFS® STRATEGIC INCOME PORTFOLIO ®

MFS® GLOBAL RESEARCH PORTFOLIO® MFS® TECHNOLOGY PORTFOLIO ®

MFS® GLOBAL TACTICAL ALLOCATION PORTFOLIO ® MFS® U.S. GOVERNMENT MONEY MARKET PORTFOLIO ®

MFS® GOVERNMENT SECURITIES PORTFOLIO ®

Effective after the close of business on November 10, 2017, the second paragraph of the sub-section entitled "Disclosure of Portfolio Holdings" under the sub-heading entitled "Investment Adviser" beneath the main heading entitled "Management of the Fund" isrestated in its entirety as follows:

The following information is generally available to you on the MFS website at mfs.com/vit2 by choosing the fund's name:

14135X (ITT11/17)

Supplement to theFidelity®yy Variable Insurance Products®

Contrafund® Portfolio Initial Class, Service ®

Class and Service Class 2April 30, 2017ProspectusTobias Welo no longer serves as a co-manager ofo the f fundff .

Peter Dixon no longer serves as a co-manager oPP fo the f fundff .

The following information replaces similar information found in the “Fund Summary”section under the “Portfolio Manager(s)” heading.

The fund is managed by members off f FMRf ’s Stock Selector LargeCap Group.

Robert Stansky (co-manager), Steven Kaye (co-manager), RobertLee (co-manager), Douglas Simmons (co-manager), and PierreSorel (co-manager) have managed the fund since October 2007.

Jonathan Kasen (co-manager) has managed the fund since July 2013.

Brian Lempel (co-manager) has managed the fund since April2013.

John Mirshekari (co-manager) has managed the fund since October 2016.

Chip Perrone (co-manager) has managed the fund since August2017.

Richard Malnight (co-manager) has managed the fund sinceNovember 2017.

The following information replaces the biographical information for Peter Dixon found inthe “Fund Management” section under the “Portfolio Manager(s)” heading.

Chip Perrone is a member of FMR’s Stock Selector Large CapGroup and co-manager of the fund (consumer discretionarysector), which he has managed since August 2017. He also man-ages other funds. Since joining Fidelity Investments in 2007, Mr.Perrone has worked as a research analyst and portfolio manager.

The following information replaces the biographical information for Tobias Welo found inthe “Fund Management” section under the “Portftt olio Manager(s)” heading.

Richard Malnight is a member of FMR’s Stock Selector Large CapGroup and co-manager of the fund (materials sector), which he has managed since November 2017. He also manages other funds. Since joining Fidelity Investments in 2007, Mr. Malnight hasworked as a research analyst and portfolio manager.

VCON-17-021.797984.115

November 17, 2017(PAGE 1 OF 1)14135Y (11/17)

,

SUPPLEMENTTOTHE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES

Deutsche Alternative Asset Allocation VIP

The followinTT g sentence replaces the similar sentence contained under “Main Investments” in the “PRINCIPAL INVESTMENTSTRATEGY” section of the fund’s summary prospectuses:

The fund may also invest in securities of unaffiliated mutual funds, ETFs or exchange-traded notes (ETNs) to gain a desiredeconomic exposure to a particular asset category or investment strategy that is not available through a Deutsche fund(Deutsche funds and unaffiliated mutual funds, ETFs and ETNs are collectively referred to as “underlying funds”).

The followinTT g disclosure is added under the “MAIN RISKSKK ” section of the fund’s summary prospectuses:

ETN risk. Because ETNs are senior, unsecured, unsubordinated debt securities of an issuer (typically a bank or bank holdingcompany), ETNs are subject to the credit risk of the issuer and may lose value due to a downgrade in the issuer’s creditrating. The returns of an ETN are linked to the performance of an underlying instrument (typically an index), minus applicablefees. ETNs typically do not make periodic interest payments and principal typically is not protected. The value of an ETNmay fluctuate based on factors such as time to maturity, level of supply and demand for the ETN, volatility and lack of liquidityin the underlying assets, changes in the applicable interest rates, and economic, legal, political or geographic events thataffect the underlying assets. The fund bears its proportionate share of any fees and expenses borne by the ETN. BecauseETNs trade on a securities exchange, their shares may trade at a premium or discount to their net asset value.

Please Retain This Supplement for Future Reference

December 8, 2017PROSTKR-984

14135Z (12/17)

416065 v.3

MAINSTAY VP FUNDS TRUST

MainStay VP Absolute Return Multi-Strategy Portfolio(the “Portfolio”)

Supplement dated December 15, 2017 (“Supplement”) to the Summary Prospectus and Prospectus, each dated May 1, 2017, as supplemented

Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement,have the meanings assigned to them in the Summary Prospectus and Prospectus.

Effective January 15, 2018, the second to last sentence of the second paragraph in the “Principal InvestmentStrategies” section is deleted and replaced with the following:

Under normal market conditions, the Manager will not allocate more than30% of the Portfolio’s assets to any one strategy with each Subadvisor.

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

14135 AA (12/17)

418513 v.3

MAINSTAY VP FUNDS TRUST

Supplement dated December 15, 2017 (“Supplement”) to:

MainStay VP Funds Trust Prospectus, Summary Prospectuses and Statement of AdditionalInformation, each dated May 1, 2017, as supplemented

Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in thisSupplement, have the meanings assigned to them in the applicable Prospectus, Summary Prospectuses and Statement of Additional Information.

At meetings held on December 11-13, 2017, the Board of Trustees of the MainStay VP Funds Trustapproved name changes with respect to the following Portfolios. Accordingly, effective May 1, 2018, allreferences to the Portfolios’ current names will be replaced with their new names as listed below.

Current Name New Name

MainStay VP Common Stock Portfolio MainStay VP MacKay Common Stock PortfolioMainStay VP Convertible Portfolio MainStay VP MacKay Convertible PortfolioMainStay VP Cornerstone Growth Portfolio MainStay VP MacKay Growth PortfolioMainStay VP Government Portfolio MainStay VP MacKay Government PortfolioMainStay VP High Yield Corporate Bond Portfolio MainStay VP MacKay High Yield Corporate Bond PortfolioMainStay VP International Equity Portfolio MainStay VP MacKay International Equity PortfolioMainStay VP Mid Cap Core Portfolio MainStay VP MacKay Mid Cap Core Portfolio MainStay VP S&P 500 Index Portfolio MainStay VP MacKay S&P 500 Index PortfolioMainStay VP Small Cap Core Portfolio MainStay VP MacKay Small Cap Core PortfolioMainStay VP Unconstrained Bond Portfolio MainStay VP MacKay Unconstrained Bond Portfolio

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

14135 BB (12/17)

Supplement to theFidelity®yy Variable Insurance Products®

Equitytt -Income Portfolio Initial Class,Service Class and Service Class 2April 30, 2017ProspectusJames Morrow no longer serves as lead portJJ ft olio manager off fo the ffund. Ramona Persaud serves as lead portff ft olio manager off fo theffundff .

The following information replaces similar information found in the “Fund Summary”section under the “Portfolio Manager(s)” heading.

Ramona Persaud (lead portfolio manager) has managed the fundsince April 2017.

Adam Kramer (co-manager) has managed the fund since April2011.

The following information supplements the biographical information found in the “Fund Management” section under the “Portftt olio Manager(s)” heading.

Ramona Persaud is lead portfolio manager of the f fund, which sheffhas managed since April 2017. She also manages other funds.Since joining Fidelity Investments in 2003, Ms. Persaud has workedas a research analyst and portfolio manager.

VIPEI-18-011.797988.109

January 18, 2018(PAGE 1 OF 1) 14135 CC(PAGE 1 OF 1) (01/18)

PIMCO Variable Insurance Trust

Supplement dated December 22, 2017 to the Administrative Class Prospectus, InstitutionalClass Prospectus and Advisor Class and Class M Prospectus, each dated April 28, 2017, as supplemented

from time to time (the “Prospectuses”ff )

Disclosure Related to the PIMCO Balanced Allocation Portfolio, PIMCO CommodityRealReturn®

Strategy Portfolio, PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged), PIMCO Foreign BondPortfolio (Unhedged), PIMCO Global Bond Portfolio (Unhedged), PIMCO Global Multi-AssetManaged Allocation Portfolio, PIMCO Income Portfolio, PIMCO Low Duration Portfolio and

PIMCO Total Return Portfolio (the “Portfolios”)

PIMCO Balanced Allocation Portfolff io

Effective January 22, 2018, the second sentence of the third paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Administrative Class Prospectus and theAdvisor Class Prospectus is deleted in its entirety and replaced with the following:

Within the Fixed Income Sleeve, the Portfolio invests primarily in investment grade debt securities, but mayinvest up to 10% of its total assets in high yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service,Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, asdetermined by PIMCO.

PIMCO CommodityRealReturn® Strategy Portfolio

Effective January 22, 2018, the fourth sentence of the fifth paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfoff lio may invest up to 10% of its total assets in high yield securities (“j“ unk bonds”), as rated by Moody’sInvestors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, ifunrated, as determined by PIMCO.

PIMCO Foreign Bond Portfolio (U.S. Dollar-Hedged)

Effective January 22, 2018, the sixth sentence of the second paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio invests primarily in investment grade debt securities, but may invest up to 10% of its total assets inhigh yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’sRatings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO.

PIMCO Foreign Bond Portfolio (Unhedged)

Effective January 22, 2018, the fifth sentence of the second paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio invests primarily in investment grade debt securities, but may invest up to 10% of its total assets inhigh yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’sRatings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO.

14135 DD (01/18)

PIMCO Global Bond Portfolio (Unhedged)

Effective January 22, 2018, tE he seventh sentence of the second paragraph of the “Principal InvestmentStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio invests primarily in investment grade debt securities, but may invest up to 20% of its total assets inhigh yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’sRatings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO.

PIMCO Global Multi-Asset Managed Allocation Portfolff io

Effective January 22, 2018, the third sentence of the fourth paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio may invest up to 10% of its total assets in high yield securities (“j“ unk bonds”), as rated by Moody’sInvestors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, ifunrated, as determined by PIMCO.

PIMCO Income Portfolio

Effective January 22, 2018, the first sentence of the third paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio may invest up to 50% of its total assets in high yield securities rated below investment grade byMoody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) or Fitch, Inc.(“Fitch”), or if unrated, as determined by PIMCO (except such 50% limitation shall not apply to the Portfolio’sinvestments in mortgage- and asset-backed securities).

PIMCO Low Duration Portfolff io

Effective January 22, 2018, tE he first sentence of the second paragraph of the “Principal InvestmentStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio invests primarily in investment grade debt securities, but may invest up to 10% of its total assets inhigh yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’sRatings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by PIMCO.

PIMCO Total Return Portfolff io

Effective January 22, 2018, the first sentence of the second paragraph of the “Principal InvestmenE tStrategies” section of the Portfolio’s Portfolio Summary in each of the Prospectuses is deleted in its entirety andreplaced with the following:

The Portfolio invests primarily in investment-grade debt securities, but may invest up to 20% of its total assets inhigh yield securities (“j“ unk bonds”), as rated by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’sRatings Services (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, as determined by Pacific InvestmentManagement Company LLC (“PIMCO”).

Investors Should Retain This Supplement for Future Reference

PVIT_SUPP1_122217