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Supplement to the  
Fidelity® Series Emerging Markets Debt Fund and
Fidelity® Series Emerging Markets Debt Local Currency Fund
March 1, 2023
Prospectus
 
Effective May 22, 2023, Fidelity® Series Emerging Market Debt Fund has been reclassified from non-diversified to diversified.
The following information supplements information for Fidelity® Series Emerging Markets Debt Fund found in the "Fund Summary" section under the "Principal Investment Strategies" heading.
The following information replaces similar information for Fidelity® Series Emerging Markets Debt Local Currency Fund found in the "Fund Summary" section under the "Principal Investment Strategies" heading.
The following information supplements information for Fidelity® Series Emerging Markets Debt Fund found in the "Fund Summary" section under the "Principal Investment Risks" heading.
The fund may enter into forward foreign currency exchange contracts for both hedging and non-hedging purposes. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Foreign exchange rates can be extremely volatile and the degree of volatility of the market or in the direction of the market from that anticipated by the Adviser may result in losses to the fund.
Derivatives, forward-settling securities and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.
The following information supplements information for Fidelity® Series Emerging Markets Debt Local Currency Fund found in the "Fund Summary" section under the "Principal Investment Risks" heading.
Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
The following information supplements information for Fidelity® Series Emerging Markets Debt Fund found in the "Investment Details" section under the "Principal Investment Strategies" heading.
The Adviser invests the fund's assets in both U.S. dollar-denominated and non-U.S. dollar-denominated securities, and from time to time will, but is not required to, hedge the fund's foreign currency exposures utilizing forward foreign currency exchange contracts.
The Adviser may engage in transactions that have a leveraging effect on the fund, including investments in derivatives, regardless of whether the fund may own the asset, instrument, currency, or components of the index underlying the derivative, and forward-settling securities, including forward foreign currency exchange contracts. The Adviser may invest up to 20% of the fund's net assets in these types of investments. As a result, the fund's investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. In addition to forward foreign currency exchange contracts, the fund's derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. Depending on the Adviser's outlook and market conditions, the Adviser may engage in these transactions to increase or decrease the fund's exposure to changing security prices, interest rates, credit qualities, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index.
The following information replaces a similar strategy for Fidelity® Series Emerging Markets Debt Local Currency Fund found in the "Investment Details" section under the "Principal Investment Strategies" heading.
The Adviser may engage in transactions that have a leveraging effect on the fund, including investments in derivatives, regardless of whether the fund may own the asset, instrument, currency, or components of the index underlying the derivative, and forward-settling securities, including forward foreign currency exchange contracts. The Adviser may invest up to 20% of the fund's net assets in these types of investments. As a result, the fund's investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. In addition to forward foreign currency exchange contracts, the fund's derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. Depending on the Adviser's outlook and market conditions, the Adviser may engage in these transactions to increase or decrease the fund's exposure to changing security prices, interest rates, credit qualities, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index.
The following information supplements information for Fidelity® Series Emerging Markets Debt Fund found in the "Investment Details" section under the "Description of Principal Security Types" heading.
Derivatives are investments whose values are tied to an underlying asset, instrument, currency, or index. Derivatives include futures, options, forwards, and swaps, such as interest rate swaps (exchanging a floating rate for a fixed rate), total return swaps (exchanging a floating rate for the total return of an index, security, or other instrument or investment) and credit default swaps (buying or selling credit default protection).
Foreign currency exchange contracts are investments whose values are tied to an underlying currency. Foreign currency exchange contracts include foreign exchange (FX) transactions such as spot FX trades, FX forwards, non-deliverable forwards, and cross-currency FX trades.
The following information supplements information for Fidelity® Series Emerging Markets Debt Local Currency Fund found in the "Investment Details" section under the "Description of Principal Security Types" heading.
Derivatives are investments whose values are tied to an underlying asset, instrument, currency, or index. Derivatives include futures, options, forwards, and swaps, such as interest rate swaps (exchanging a floating rate for a fixed rate), total return swaps (exchanging a floating rate for the total return of an index, security, or other instrument or investment) and credit default swaps (buying or selling credit default protection).
The following information supplements information for Fidelity® Series Emerging Markets Debt Fund found in the "Investment Details" section under the "Principal Investment Risks" heading.
Foreign Currency Transactions.   The fund may enter into forward foreign currency exchange contracts for both hedging and non-hedging purposes. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Foreign exchange rates can be extremely volatile and the degree of volatility of the market or in the direction of the market from that anticipated by the Adviser may result in losses to the fund.
Leverage Risk. Derivatives, forward-settling securities and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.
The following information supplements information for Fidelity® Series Emerging Markets Debt Local Currency Fund found in the "Investment Details" section under the "Principal Investment Risks" heading.
Leverage Risk. Derivatives, forward-settling securities and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.
SED-PSTK-0523-102
1.966359.102
May 30, 2023
Supplement to the
Fidelity® Series Emerging Markets Debt Fund and Fidelity® Series Emerging Markets Debt Local Currency Fund
March 1, 2023
STATEMENT OF ADDITIONAL INFORMATION
 
The following information supplements the information found in the "Investment Policies and Limitations" section.
Diversification
For Fidelity ® Series Emerging Markets Debt Fund:
The fund may not with respect to 75% of the fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of the fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer.
The following information replaces similar information found in the "Investment Policies and Limitations" section.
Diversification
For Fidelity ® Series Emerging Markets Debt Local Currency Fund:
In order to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, the fund currently intends to comply with certain diversification limits imposed by Subchapter M.
Subchapter M generally requires a fund to invest no more than 25% of its total assets in securities of any one issuer or in the securities of certain publicly-traded partnerships and to invest at least 50% of its total assets so that (a) no more than 5% of the fund's total assets are invested in securities of any one issuer, and (b) the fund does not hold more than 10% of the outstanding voting securities of that issuer. However, Subchapter M allows unlimited investments in cash, cash items, government securities (as defined in Subchapter M) and securities of other regulated investment companies. These tax requirements are generally applied at the end of each quarter of the fund's taxable year.
 
SED-SSTK-0523-102-1.9883857.102
May 30, 2023