Morgan Stanley Emerging Markets Debt

  • Trading Symbol: FPRMC
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Average Annual Total Returns

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AS OF 11/30/2014; MORNINGSTAR CATEGORY: EMERGING MARKETS BOND; *SUBACCOUNT INCEPTION 5/1/2006
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Emerging Markets Debt 6.29% 4.67% 5.88% -- 6.24%
JPM EMBI Global 9.28% 6.77% 7.96% 8.27% --
Emerging Markets Bond 4.17% 3.20% 4.26% 5.28% --
Rank in Morningstar Category 5% 8% 1% 1% --
# of Funds in Morningstar Category 414 251 204 116 --

Hypothetical Growth of $10,000

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AS OF 11/30/2014; MORNINGSTAR CATEGORY: EMERGING MARKETS BOND
Morgan Stanley Emerging Markets Debt
Emerging Markets Bond
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund -- -- -- 6.26% -15.19% 29.88% 9.47% 6.77% 17.66% -8.98% 5.79%
Benchmark 11.73% 10.73% 9.88% 6.28% -10.91% 28.18% 12.04% 8.46% 18.54% -6.58% 8.64%
Category 8.80% 9.68% 8.71% 4.75% -15.98% 27.85% 9.72% 3.90% 16.49% -9.00% 3.75%
+/- Benchmark -- -- -- -0.02% -4.28% 1.70% -2.57% -1.69% -0.88% -2.40% -2.85%
+/- Category -- -- -- 1.51% 0.79% 2.03% -0.25% 2.87% 1.17% 0.02% 2.04%

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
1.06% AS OF 5/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Emerging Markets Debt 6.42% 6.02% 6.21% -- 6.38%
JPM EMBI Global 8.28% 7.69% 7.95% 8.38% --
Emerging Markets Bond 4.25% 4.32% 4.71% 5.64% --

Cumulative Total Returns

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AS OF 11/30/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Morgan Stanley Emerging Markets Debt 1.00% 5.79% -1.23% -2.68% -1.64%
JPM EMBI Global -- 8.64% -0.39% -1.19% 0.18%
Emerging Markets Bond -- 3.75% -1.33% -3.21% -2.60%
*AS OF 12/18/2014

Any returns prior to the subaccount inception have been adjusted to reflect the annuity's annual annuity charge.

Fund Risk and Return

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AS OF 11/30/2014; MORNINGSTAR CATEGORY: EMERGING MARKETS BOND
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWER HIGHER

Volatility Measures

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Beta 1.08
AS OF 6/30/2014

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.99
AS OF 6/30/2014

A measurement of how closely the portfolio's performance correlates with the performance of the fund's primary benchmark index or equivalent. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 0.64
AS OF 11/30/2014

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 7.90
AS OF 11/30/2014

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

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Current year's data as of: 11/30/2014
Year Total Returns Net Assets ($M)
2014 5.79% $72.53
2013 -8.98% $80.60
2012 17.66% $127.32
2011 6.77% $65.24
2010 9.47% $52.06
2009 29.88% $34.88
2008 -15.19% $16.79
2007 6.26% $19.58

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

© 2012 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; 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 this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.