Fidelity Investments last Thursday announced the launch of its Variable Insurance Product Freedom Funds, a series of seven lifecycle "funds-of-funds" that help investors choose an asset allocation strategy based on their stage in life and their expected retirement date.

The move comes at a time when the nearly $77 billion in assets under management by lifecycle mutual funds are rising at a fervent pace due to increasing demand. The VIP Freedom Fund Portfolios--VIP Freedom Income Portfolio, VIP Freedom 2005, VIP Freedom 2010, VIP Freedom 2015, VIP Freedom 2020, VIP Freedom 2025, and VIP Freedom 2030--are among the first insurance-dedicated lifecycle portfolios. They will be offered as part of insurance companies' variable insurance products.

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