Portfolio Initial Class Fidelity Variable Insurance ...
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Allocation
03-31-2017
This fact sheet is provided because the Investment Division is available within a variable universal life policy issued by New York Life Insurance and Annuity Corporation. Variable Universal Life (VUL) is a type of permanent insurance which provides a death benefit in exchange for flexible premiums. The policy's cash value, including any assets allocated to the Investment Divisions, is subject to market risks and fluctuates in value. VUL policies are subject to insurance related fees and charges such as mortality and expense risk charges, cost of insurance, administrative fees, and underlyingfund expenses. This material is authorized for distribution to the general public only if preceded or accompanied by an effective policy prospectus and fund prospectus. Policyowners should consider the investment objectives, risks, charges, and expenses of the policy and the Investment Divisions carefully before investing. The prospectus for the policy and the underlying fund prospectus contain this and other information. Please read the prospectuses carefully before investing. To obtain a copy of the prospectuses, please contact your Registered Representative or call (888) 695-4748.
Investment Information
Investment Strategy
The investment seeks high total return with a secondary objective of principal preservation.
The fund invests in a combination of underlying Fidelity? Variable Insurance Products (VIP) domestic equity funds, international equity funds, bond funds, and short-term funds. It allocates assets among underlying Fidelity? Funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the year 2030).
Benchmark Description: S&P 500 TR USD
The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted.
Category Description: Target-Date 2030
Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2026-2030) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to moreconservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.
Morningstar Style BoxTM
Morningstar Style BoxTM as of 02-28-17(EQ) ; 01-31-17(F-I)
High Med Low Large Mid Small
Value Blend Growth
.G..i.a..n..t...............................3..9....1..6..
Large
32.57
Medium
21.84
S...m...a..l.l................................5....7..3..
Micro
0.71
Ltd Mod Ext
Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price
5.79 .
4.03 101.05
Risk Level
Low - Moderate - High - Highest
The Risk Levels are based on an analysis of the 10-Year Average Standard Deviation (10-Year ASD) of the Morningstar Inc. investment company categories in which the Investment Division resides. The Risk Levels are defined by Morningstar Inc. benchmarks which are assigned grades of Low, Moderate, High and Highest based on their 10-Year ASDs as of December 31, 2016. The Risk Levels are analyzed and updated at least on an annual basis. Morningstar Inc. is a widely recognized independent research firm which ranks mutual funds and other investment companies by overall performance, investment objective and assets.
Principal Risks Investments in equities are subject to the risk of loss due to changing economic, stock market, industry, and company conditions. Stock prices have been volatile historically. Investments in non-US equities are subject to currency fluctuation risks. Their prices can also be affected by political or economic instability in the country in which the company is based. Non-US equities have been volatile historically. Issuers of convertible securities may not be as strong financially as companies issuing bonds with higher credit ratings. Such companies may be more vulnerable to changes in the economy. Fixed-income securities fluctuate in value in response to changes in interest rates; if interest rates rise, bond prices are expected to fall. Bonds are also subject to varying degrees of credit risk based on the claims-paying ability of the issuer. The principal value of the fund is not guaranteed at any time, including at the target date.
Fees and Expenses
Fees and Expenses as of 04-28-16
Management Fee Prospectus Net Expense Ratio
0.00% 0.66%
Fund Facts Inception Date Primary Benchmark Portfolio Manager(s)
Firm Name Advisor Subadvisor Total Number of Holdings Avg Market Cap ($M) Annual Turnover Ratio % Total Net Assets ($mil)
04-26-05 S&P 500 TR USD Andrew Dierdorf. Since 06-11. Brett F. Sumsion. Since 01-14. FMR Co., Inc. (FMRC) FMR Co., Inc. (FMRC) . 12 31,233 25 282.02
Morningstar Proprietary Statistics
3 Year 5 Year 10 Year Overall
Morningstar RatingTM
QQQ QQQQ QQQQ QQQQ
Out of # of Investments
181 147 79 .
Note
An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings.
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
?
Page 1 of 6
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Allocation
03-31-2017
Risk Evaluation
3-Yr Risk Measures as of 03-31-17
Standard Deviation Sharpe Ratio Information Ratio R-Squared Tracking Error Excess Return Beta Alpha Number of Positive Months Positive Month Average % Number of Negative Months Negative Month Average %
Port Avg
9.36 0.60 -1.34 90.22 3.29 -4.87 0.85 -3.15
22 2.13
14 -2.10
Rel Bmark
0.90
0.61
. . . . . . . . . .
5-Yr Risk Measures as of 03-31-17
Standard Deviation Sharpe Ratio Information Ratio R-Squared Tracking Error Excess Return Beta Alpha Number of Positive Months Positive Month Average % Number of Negative Months Negative Month Average %
Port Avg
8.93 0.96 -1.28 90.60 3.22 -4.69 0.83 -2.23
39 2.21
21 -2.03
Rel Bmark
0.88
0.75
. . . . . . . . . .
10-Yr Risk Measures as of 03-31-17
Standard Deviation Sharpe Ratio Information Ratio R-Squared Tracking Error Excess Return Beta Alpha Number of Positive Months Positive Month Average % Number of Negative Months Negative Month Average %
Port Avg
14.28 0.39 -0.58 94.70 3.58 -2.25 0.91 -1.55
71 3.08
49 -3.20
Rel Bmark
0.93
0.76
. . . . . . . . . .
Rel Cat
1.23 1.00 1.01 1.00 0.83 0.84 1.23 1.23 0.96 1.29 1.08 1.16
Rel Cat
1.16 1.07 0.88 1.01 0.84 0.74 1.16 0.95 1.00 1.19 1.00 1.15
Rel Cat
1.07 1.25 0.69 1.00 0.91 0.63 1.07 0.62 1.01 1.10 0.98 1.08
Portfolio Analysis
Composition as of 02-28-17
U.S. Stocks Non-U.S. Stocks Bonds Cash Other
% Assets
51.9 29.3 15.0 3.1 0.8
Morningstar Sectors as of 02-28-17
% Fund S&P 500 %
h ........C..y.c..l.i.c..a.l...................................................3..7....4..4...........3.2....3..5.
r Basic Materials
4.26 2.90
t Consumer Cyclical
11.08 11.05
y Financial Services
20.05 16.05
u Real Estate
2.05 2.35
j ........S..e..n.s..i.t.i.v..e.................................................3..8....4..3...........4.0....8..5.
i Communication Services
3.83 4.10
o Energy
6.13 6.59
p Industrials
10.91 10.36
a Technology
17.56 19.80
k ........D..e..f.e..n..s.i.v..e................................................2..4....1..2...........2.6....8..0.
s Consumer Defensive
9.88 9.39
d Healthcare
12.09 14.22
f Utilities
2.15 3.19
Morningstar F-I Sectors as of 02-28-17
/ Government > Corporate Securitized < Municipal fi Cash/Cash Equivalents ? Other
% Fund % Category
19.70 33.55
46.86 26.04
14.89 15.46
1.80
0.56
16.36 21.57
0.39
2.82
The Equity Sector Allocations and Top 10 Holdings percentages are based on the total portfolio as of the quarter-end, are shown for informational purposes only, and should not be considered a recommendation to purchase or sell any security.
Historical Asset Allocation
100%
Fixed Income Country Exposure as of 02-28-17
%
United States
83.55
United Kingdom
2.94
Netherlands
1.97
Canada
1.79
M....e..x..i.c..o.............................................1....7...7.
Luxembourg
1.64
Cayman Islands
1.10
Germany
0.84
Brazil
0.70
F..r..a..n..c..e..............................................0....5...1.
Other
3.18
Equity Country Exposure as of 02-28-17
%
United States
63.94
United Kingdom
6.49
Japan
4.76
France
2.48
C...h..i.n..a................................................2....3...2.
Germany
2.32
Switzerland
2.06
India
1.39
Brazil
1.27
S...w...e..d..e..n............................................1....1...4.
Other
11.83
Top 10 Holdings as of 02-28-17
Sector Mkt Value % Assets
Fidelity VIP Overseas Initia
50.49 18.45
Fidelity VIP Investment Grad
33.22 12.14
Fidelity VIP Growth & Income
31.72 11.59
Fidelity VIP Growth Init
27.71 10.13
F..i.d..e..l.i.t.y...V...I.P...E..q..u..i.t.y..-.I.n..c..o..m...e....I..................................2..7....6..4........1...0....1..0.
Fidelity VIP Contrafund Init
26.90 9.83
Fidelity VIP Emerging Market
25.34 9.26
Fidelity VIP Value Init
20.60 7.53
Fidelity VIP High Income Ini
10.21 3.73
Fidelity VIP Value Strategie
10.12 3.70
75
50
25
2012
2013
2014
2015
Most Recent Allocation as of 02-28-17
Stock
81.1%
Bonds
15.0%
Cash
3.1%
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
?
2016
Other
0.8%
Page 2 of 6
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Allocation
Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth or more less than their original cost. See Disclosure page for more information.
Correlation Matrix
Time Period 03-31-12 to 03-31-17
1. Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class 2. S&P 500 TR USD 3. Target-Date 2030
1
2
3
1.00
0.95 1.00 0.98 0.95 1.00
Drawdown
Time Period 03-31-12 to 03-31-17 Portfolio
Bmark Cat Avg
Max Drawdown
-11.25 -8.36 -9.51
Max Drawdown # Periods
9.00 2.00 9.00
Max Drawdown Peak Date 06-01-15 08-01-15 06-01-15
Max Drawdown Valley Date 02-29-16 09-30-15 02-29-16
The performance data contained within this document reflects investment management fees and direct operating expenses of the Investment Division. It does not reflect mortality and expense risk charges, cost of insurance charges, monthly contract charges, sales expense charges, or state and federal premium tax charges. If these charges were reflected, the returns would be significantly lower. We recommend obtaining a personalized illustration which takes into account the amount of insurance purchased, complete fees and charges under the policy, gender, age and underwriting classification of the insured. The performance data shown represents past performance and is no guarantee of future results. The investment returns and the Cash Value of the policy will fluctuate so that the Cash Value of the policy, if surrendered, may be more or less than the value of the premiums paid. Performance reflects the percentage change in net asset value for the period shown with capital gains and dividends reinvested. Visit to obtain performance data current to the most recent month-end. Due to market volatility, current performance may be better or worse than the figures shown. The returns should be considered in light of the investment objectives and policies, characteristics and quality of the Portfolio in which the Investment Division invests and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future. The Cash Value of the policy will depend on a number of factors, including the allocations among Investment Divisions and the different investment rates of return for the Investment Division. The results for the periods from the Portfolio's inception date until the policy's introduction of December 2001 for CEVUL and November 2009 for CEAVUL are hypothetical only in the sense that they will predate the availability of a policy.
03-31-2017
20
Total Return %
15
as of 03-31-17
10
Investment Return
5
Benchmark
0
-5
-10
-15
Average annual, if greater than 1 year
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
6.28
13.81
5.50
8.61
5.26
6.83
Investment Return %
................6....0..7..................1..7....1..7..................1..0....3..7..................1..3....3..0....................7....5..1....................8....4..8....................B..e..n..c.h..m...a..r..k..R..e..t..u.r..n...%......
.
.
QQQ QQQQ QQQQ
.
Morningstar RatingTM
.
.
181
147
79
.
# of Funds in Category
YTD
2011
-2.60 2.11
YTD
2012
15.58 16.00
YTD
2013
21.66 32.39
YTD
2014
4.96 13.69
YTD
2015
-0.24 1.38
40 YTD 30
20 10 0 -10 -20 -30
2016
6.61 11.96
Calendar Year Return % as of 12-31-16
Investment Return Benchmark
Investment Return % Benchmark Return %
Growth of $100 as of 03-31-17 250
Investment : $171
Benchmark: $208
200
150
100
YTD
YTD
YTD
YTD
YTD
YTD
50
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
03 - 17
Return Distribution as of 03-31-17 8
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
6
4
2
0
-10
-8
-6
-4
-2
0
2
4
6
S&P 500 TR USD
8
10
Quarterly Returns as of 03-31-17
2017 2016 2015 2014 2013 2012
1st Qtr
6.28 -0.45 2.80 1.04 6.00 10.40
2nd Qtr
. 1.41 1.12 4.06 0.96 -2.62
3rd Qtr
. 5.30 -8.22 -1.43 6.23 5.67
4th Qtr
. 0.29 4.56 1.27 7.01 1.74
Year
. 6.61 -0.24 4.96 21.66 15.58
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
?
Page 3 of 6
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Definitions
Average Market Cap ($M): Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It's calculated by multiplying the stock's portfolio weight by the natural log of the market cap. The results for each stock are summed and divided by sum of the portfolio weights, and then the exponential of the resulting number is taken. Alpha: Alpha measures a fund's performance after adjusting for the fund's systematic risk as measured by the fund's beta with respect to its benchmark index. An investor could have formed a passive portfolio with the same beta as that of the fund by investing in the index and either borrowing or lending at the risk-free rate of return. Alpha is the difference between the average excess return on the fund and the average excess return on the levered or de-levered index portfolio. For example, if the fund had an average excess return of 6% per year and its beta with respect to the S&P 500 was 0.8 over a period when the S&P 500's average excess return was 7%, its alpha would be 6%-0.8*7%=0.4%. There are limitations to alpha's ability to accurately depict a fund's added or subtracted value. In some cases, a negative alpha can result from the expenses that are present in the fund's figures but are not present in the figures of the comparison index. The usefulness of alpha is completely dependent on the accuracy of beta. If the investor accepts beta as a conclusive definition of risk, a positive alpha would be a conclusive indicator of good fund performance. Beta: Beta is a measure of a fund's sensitivity to movements in its benchmark index. By construction, the beta of the index is 1.00. A fund with a 1.10 beta has tended to have an excess return that is 10% higher than that of the index in up markets and 10% lower in down markets, holding all other factors remain constant. A beta of 0.85 would indicate that the fund has performed 15% worse than the index in up markets and 15% better in down markets. A low beta does not imply that the fund has a low level of volatility, though; rather, a low beta means only that the fund's index-related risk is low. A specialty fund that invests primarily in gold, for example, will usually have a low beta (and a low R-squared), as its performance is tied more closely to the price of gold and gold-mining stocks than to the overall stock market. Thus, although the specialty fund might fluctuate wildly because of rapid changes in gold prices, its beta will be low. Correlation: This indicates the strength and direction of a linear relationship between two random variables. The value will range between -1 and 1. A value of 1 indicates a perfect positive dependency and -1 indicates a perfect negative dependency between the 2 investments. A correlation value of 0 indicates that no relationship between the 2 investments exist, and are said to be independent of each other. The correlation between two investments can be determined based on the returns of the investments or the excess returns of the investments over a risk-free rate. Information Ratio: Information ratio is a risk-adjusted performance measure. The information ratio is a special version of the Sharpe Ratio in that the benchmark doesn't have to be the risk-free rate. The Israelson method is an adjustment of the Information Ratio to take into account the inconsistency of the IR when excess returns are negative. Net Assets - Average: This is a 12-month trailing average as of the Annual Report's date. If this data is not available in the
Annual Report, a 12-month average is calculated using surveyed net assets. Max Drawdown: The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Morningstar RatingTM:The Morningstar RatingTM for funds, or "star rating", is calculated for funds and separate accounts with at least a three-year history. Exchange-traded funds and openended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10year (if applicable) Morningstar Rating metrics. Morningstar Style Box: The Morningstar Style Box reveals a fund's investment style as of the date noted on this report. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). A darkened square in the style box indicates the weighted average style of the portfolio. For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interestrate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (for example, quarterly). In compiling credit rating information, Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations. For a list of all NRSROs, please visit marketreg/ratingagency.htm. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating; and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. Please Note: Morningstar Inc. is not an NRSRO nor does it issue a credit rating on the fund. NRSRO or rating agency ratings can change from time to time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low," "medium," or "high" based on their average credit quality. Funds with a "low" credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; "medium" are those less than "AA-", but greater or equal to "BBB-"; and "high" are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond
portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index, which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal-bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases, static breakpoints are used. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-U.S. taxable and non-U.S. domiciled fixedincome funds, static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: more than 3.5 years but less than or equal to 6 years; (iii) Extensive: more than 6 years. Interest-rate sensitivity for non-U.S. domiciled funds (excluding funds in convertible categories) may be measured with modified duration when effective duration is not available. P/B Ratio: The weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's pershare book value. Stocks with negative book values are excluded from this calculation. In theory, a high P/B ratio indicates that the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates that the stock is a bargain. All P/B ratios greater than 75 are capped at 75 for the calculation. P/E Ratio: A fund's price/earnings ratio can act as a gauge of the fund's investment strategy in the current market climate, and whether it has a value or growth orientation. Companies in those industries enjoying a surge of popularity tend to have high P/E ratios, reflecting a growth orientation. More staid industries tend to have low P/E ratios, reflecting a value orientation. Morningstar generates this figure in-house on a monthly basis, based on the most-recent portfolio holdings submitted by the fund and stock statistics gleaned from our internal U.S. equities databases. Negative P/Es are not used, and any P/E greater than 60 is capped at 60 in the calculation of the average. Return Distribution: A graphical representation, similar to a bar chart in structure, that organizes a group of data points into user-specified ranges. The chart condenses a data series into an easily interpreted visual by taking many data points, in this case, returns and grouping them into logical ranges or bins. R-squared: R-squared is another statistic that is produced by a least-squares regression analysis. R-squared is a number between 0 and 100% that measures the strength of the
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
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Page 4 of 6
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Definitions
relationship between the dependent and independent variables. An R-squared of 0 means that there is no relationship between the two variables and an R-squared of 100% means that the relationship is perfect with every scatter point falling exactly on the regression line. Thus, stock index funds that track the S&P 500 index will have an R-squared very close to 100%. A low R-squared indicates that the fund's movements are not well explained by movements in the benchmark index. An Rsquared measure of 35%, for example, means that only 35% of the fund's movements can be explained by movements in the index. R-squared can be used to ascertain the significance of a particular beta estimate. Generally, a high R-squared will indicate a more reliable beta figure. R-squared ranges from 0 (perfectly uncorrelated) to 100 (perfectly correlated). Correlation (p) is the square root of R-squared. Sharpe Ratio: A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical riskadjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a fund's annualized excess returns by the standard deviation of a fund's annualized excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analyzing a fund that is an investor's sole holding. The Sharpe Ratio can be used to compare two funds directly on how much risk a fund had to bear to earn excess return over the risk-free rate. Standard Deviation: A statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Standard deviation is most appropriate for measuring risk if it is for a fund that is an investor's only holding. The figure cannot be combined for more than one fund because the standard deviation for a portfolio of multiple funds is a function of not only the individual standard deviations, but also of the degree of correlation among the funds' returns. If a fund's returns follow a normal distribution, then approximately 68 percent of the time they will fall within one standard deviation of the mean return for the fund, and 95 percent of the time within two standard deviations. Morningstar computes standard deviation using the trailing monthly total returns for the appropriate time period. All of the monthly standard deviations are then annualized. Tracking Error: Tracking error is a measure of the volatility of excess returns relative to a benchmark. Turnover Ratio: US SEC measures the portfolio manager's trading activity by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio's holdings that have changed over the past year.
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
?
Page 5 of 6
Fidelity Variable Insurance Products Freedom? 2030 Portfolio Initial Class
Disclosures
This material is general in nature and is being provided for informational purposes only. It was not prepared, and is not intended, to address the needs, circumstances and/or objectives of any specific individual or group of individuals. New York Life and its affiliates are not making a recommendation to purchase any specific products. For advice regarding your personal circumstances, you should consult with your own independent financial and tax advisors.
CEVUL VI policy form number is 307-43.27. SMRU1669315 (Exp. 10/17/2017)
Strategic Advisers Inc. is the manager / investment advisor for the Investment Division. New York Life Insurance and Annuity Corporation is the issuer of the variable universal life policy in which this Investment Division is made available. New York Life and Fidelity Investments are not affiliated. Fidelity Investments & Pyramid Design is a registered service mark of FMR Corp.
New York Life Investment Management LLC is the manager/ investment advisor for the Investment Division. New York Life Insurance and Annuity Corporation is the issuer of the variable universal life policy in which this Investment Division is made available.
New York Life Insurance and Annuity Corporation ("NYLIAC") CorpExec Variable Universal Life VI ("CEVUL") and CorpExec Accumulator Variable Universal Life ("CEAVUL") insurance policies are issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation) and are distributed by NYLIFE Distributors LLC, Member FINRA/SIPC. NYLIAC & NYLIFE Distributors LLC are wholly owned subsidiaries of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
Performance values are calculated using the accumulation unit value on the last business day of the prior period and the accumulation unit value of the last business day of the current period. Please note that the last business day of a month may not be the last calendar day of that month.
The Investment Divisions offered within the CEVUL and CEAVUL policies are different from mutual funds that may have similar names but are available directly to the general public. Investment results may differ.
Asset Allocations, Sector Weights, Portfolio characteristics and Performance Results are as of the effective date noted, and are subject to change based on market and other conditions. Information about the portfolio composition is no indication of future holdings. Past performance is no guarantee of future results.
In most jurisdictions, the CEAVUL policy form number is 309-20 and the CEVUL VI policy form number is 307-43. In the State of Oregon, the CEAVUL policy form number is 309-27.27 and the
New York Life Insurance Company New York Life Insurance and Annuity Corporation (A Delaware Corporation) 51 Madison Avenue, New York, NY 10010
?2017 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .
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