Fund Facts  

Inception Date: Sep 3, 1996
Ticker Symbol: FMKAX
Morningstar Category:Emerging Markets Bond
As of Mar 31, 2014
Fund Net Assets ($millions) $2,187

Documents for Fund or Underlying Fund(s)  

Description

Objective  

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

Principal Investment Strategies  

The fund normally invests at least 80% of 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 Jun 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Fidelity Adv Emerging Mkts Inca7.02%11.89%9.34%5.51%5.89%7.72%10.20%
JP Morgan Emerging Markets Bond Index Globala,b5.40%10.90%10.32%6.44%6.25%7.91%N/A
Morningstar Emerging Markets Bonda,c4.54%9.33%4.83%2.53%3.31%6.71%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.

Annual Fund Operating Expenses
Total Expensesa1.18%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 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 Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Morningstar Information

Morningstar Rating   As of Mar 31, 2014
Period Stars Category Size
Overall 3 Stars211
3-Year 4 Stars211
5-Year 3 Stars116
10-Year 3 Stars54

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Allocation of Assets As of Feb 28, 2014
Type of Asset Percent
Equity6%
Fixed Income90%
Cash/Other5%

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

 
 

Characteristics

Allocation of Assets As of Feb 28, 2014
Asset ClassPercent
Domestic Stock0.2%
Foreign Stock5.5%
Domestic Bond1.8%
Foreign Bond87.6%
Preferred0.2%
Convertible0.0%
Cash4.8%
Other0.0%

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

 
Fixed Income Sector As of Feb 28, 2014
SectorPercent
Government57.6%
Corporate31.5%
Cash & Equivalents4.8%
Securitized0.2%

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

 
Credit Quality As of Feb 28, 2014
Quality LevelPercent
AAA4.2%
AA0.3%
A4.8%
BBB43.2%
BB17.2%
B11.9%
Below B6.6%
Not Rated11.8%

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

 
Top Ten Holdings As of Feb 28, 2014
Holding NamePercent
iShares MSCI Emerging Markets3.5%
Russian Fedn 12.75%2.0%
Slovenia Rep 5.5%1.9%
Russian Federation 7.5%1.4%
Philippines Rep 10.625%1.3%
United Mexican Sts Mtn Be 6.05%1.0%
Armenia Rep 6%1.0%
Hutchison Whampoa Intl 144A FRN1.0%
Republic Of Congo 3%1.0%
Romanian Ministry Of Fin 6.75%1.0%
 

Statistics

Portfolio Statistics As of Mar 31, 2014
Statistic3-Year5-Year
Beta0.971.08
Alpha0.110.60
Standard Deviation7.868.52
 
 

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 © 2016 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.