Fund Facts  

Inception Date: Sep 3, 1996
CUSIP: 315920876
Ticker Symbol: FMKAX
Morningstar Category:Emerging Markets Bond
As of Sep 30, 2017
Fund Net Assets ($millions) $5,140

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income; capital appreciation is the secondary objective.

Principal Investment Strategies  

The fund normally invests at least 80% of its assets in 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 investments that are tied economically to emerging markets. It invests primarily in debt securities of issuers in emerging markets. The fund is non-diversified.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Sep 30, 2017
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Fidelity Adv Emerging Mkts Inca2.72%9.33%6.77%6.43%4.63%7.53%10.15%
JP Morgan Emerging Markets Bond Index Globala,b2.38%8.73%4.15%6.05%4.32%7.28%N/A
Morningstar Emerging Markets Bonda,c2.83%9.42%6.49%4.56%3.44%6.35%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa
Gross Expenses1.17%
Net Expenses1.17%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2017 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The JP Morgan Emerging Markets Bond Index Global is a traditional, market-capitalization-weighted index, which tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, including Brady bonds, loans and Eurobonds.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Sep 1, 2017 to Sep 29, 2017Sep 29, 2017$0.068552509
Aug 1, 2017 to Aug 31, 2017Aug 31, 2017$0.070351598
Jul 1, 2017 to Jul 31, 2017Jul 31, 2017$0.065690019
Jun 1, 2017 to Jun 30, 2017Jun 30, 2017$0.071952375
Apr 29, 2017 to May 31, 2017May 31, 2017$0.072538671
Apr 1, 2017 to Apr 28, 2017Apr 28, 2017$0.067396548
Mar 1, 2017 to Mar 31, 2017Mar 31, 2017$0.080508494
Feb 1, 2017 to Feb 28, 2017Feb 28, 2017$0.068222853
Dec 31, 2016 to Jan 31, 2017Jan 31, 2017$0.071917017
Dec 1, 2016 to Dec 30, 2016Dec 30, 2016$0.080640288
Dec 2, 2016Dec 2, 2016$0.077000000
Nov 1, 2016 to Nov 30, 2016Nov 30, 2016$0.069399211
Oct 1, 2016 to Oct 31, 2016Oct 31, 2016$0.068333258
Sep 1, 2016 to Sep 30, 2016Sep 30, 2016$0.071940998
Jul 30, 2016 to Aug 31, 2016Aug 31, 2016$0.073109894
Jul 1, 2016 to Jul 29, 2016Jul 29, 2016$0.072522730
Jun 1, 2016 to Jun 30, 2016Jun 30, 2016$0.072594762
Apr 30, 2016 to May 31, 2016May 31, 2016$0.065891319
 

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2017
Period Stars Category Size
Overall 4 Stars226
3-Year 4 Stars226
5-Year 4 Stars128
10-Year 4 Stars49

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Allocation of Assets As of Jul 31, 2017
Type of Asset Percent
Equity1%
Fixed Income90%
Cash/Other9%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Jul 31, 2017
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.6%
Domestic Bond6.2%
Foreign Bond83.6%
Preferred0.0%
Convertible0.1%
Cash9.5%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Jul 31, 2017
SectorPercent
Government64.8%
Corporate24.9%
Cash & Equivalents9.1%
Derivative0.3%
Municipal0.1%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Jul 31, 2017
Quality LevelPercent
AAA15.0%
AA1.2%
A2.0%
BBB18.3%
BB21.6%
B25.8%
Below B10.5%
Not Rated5.6%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Jul 31, 2017
Holding NamePercent
US Treasury Bond 2.875%4.6%
Petrobras Glbl Fin B V 8.375%2.0%
Petroleos Mexicanos 6.5%1.9%
Saudi Arabia (Kingdom Of) 4.5%1.6%
US Treasury Bond 3%1.4%
Petrobras Glbl Fin B V 8.75%1.3%
Southern Gas Corridor 144A 6.875%1.3%
Pemex Proj Fdg Master Tr 6.625%1.2%
Russian Fedn 12.75%1.2%
Lebanon(Rep Of) 5.15%1.2%
 

Statistics

Portfolio Statistics As of Sep 30, 2017
Statistic3-Year5-Year
Beta1.161.06
Alpha-0.480.11
Standard Deviation7.107.25
 
 

Trading Restrictions

Redemption Fee  
Holding PeriodFee
90 days1.0%
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2017 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.