Fund Description

The fund was incepted in March 1994 and is managed by Fidelity Group. The objective of this fund is to seek high level of current income. As a secondary objective, the fund seeks capital appreciation. The fund invests at least 80% of assets in securities of issuers in emerging markets (countries that have an emerging stock market as defined by Standard & Poor's (S&P): 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 investments that are tied economically to emerging markets. The fund normally invests primarily in debt securities of issuers in emerging markets. The fund invests in other types of securities, including equity securities of emerging market issuers, debt securities of non-emerging market foreign issuers, and lower quality debt securities of U.S. issuers. The fund allocates investments across countries considering the size of the market in each country relative to the size of the markets in countries considered emerging markets as a whole. The strategy of the fund includes 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. The fund offers dividends monthly. Capital gains are offered twice a year in February and December.