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Series | Fidelity Series Emerging Markets Debt Fund
Fund Summary
Fund/Class:
Fidelity® Series Emerging Markets Debt Fund/Fidelity Series Emerging Markets Debt Fund
Investment Objective
The fund seeks high total return.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees (fees paid directly from your investment)
Shareholder Fees (USD $)
Series
Fidelity Series Emerging Markets Debt Fund
Class: Fidelity Series Emerging Markets Debt Fund
Shareholder fees (fees paid directly from your investment) none
Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Class Operating Expenses
Series
Fidelity Series Emerging Markets Debt Fund
Class: Fidelity Series Emerging Markets Debt Fund
Management fee 0.66%
Distribution and/or Service (12b-1) fees none
Other expenses 0.24%
Total annual operating expenses 0.90%

This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Expense Example (USD $)
Series
Fidelity Series Emerging Markets Debt Fund
Class: Fidelity Series Emerging Markets Debt Fund
1 year 92
3 years 287
5 years 498
10 years 1,108
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. For the period from March 17, 2011 to December 31, 2011, the fund's portfolio turnover rate was 45% (annualized) of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing at least 80% of assets in debt securities of issuers in emerging markets (countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar emerging characteristics) and other debt investments that are tied economically to emerging markets.
  • Potentially investing in other types of securities, including debt securities of non-emerging market foreign issuers and lower-quality debt securities of U.S. issuers.
  • Allocating investments across different emerging market countries.
  • Analyzing a security's structural features and current pricing, trading opportunities, and the credit, currency, and economic risks of the security and its issuer to select investments.
Principal Investment Risks
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign and Emerging Market Risk. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.