Fidelity® Series Emerging Markets Debt Local Currency Fund
September 30, 2023
LCC-NPRT3-1123
1.9899865.102
Foreign Government and Government Agency Obligations - 81.3%
Principal
Amount (a)
Value ($)
Brazil - 10.9%
Brazil Letras Do Tesouro Nacio, yield at date of purchase 9.9654% to 13.7798% 1/1/24 to 7/1/26
BRL
129,520,000
21,919,494
Brazilian Federative Republic:
10% 1/1/25
BRL
28,750,000
5,658,236
10% 1/1/27
BRL
38,000,000
7,375,248
10% 1/1/29
BRL
14,250,000
2,691,388
10% 1/1/31
BRL
12,000,000
2,215,831
10% 1/1/33
BRL
12,550,000
2,272,440
TOTAL BRAZIL
42,132,637
Chile - 1.4%
Chilean Republic:
4.5% 3/1/26
CLP
1,025,000,000
1,097,678
4.7% 9/1/30 (Reg. S) (b)
CLP
1,000,000,000
1,025,238
6% 4/1/33(Reg. S) (b)
CLP
1,500,000,000
1,658,382
6% 1/1/43
CLP
1,275,000,000
1,435,191
TOTAL CHILE
5,216,489
China - 4.2%
Peoples Republic of China:
2.68% 5/21/30
CNY
48,750,000
6,671,940
2.88% 2/25/33
CNY
28,000,000
3,888,332
3.12% 10/25/52
CNY
15,000,000
2,074,239
3.81% 9/14/50
CNY
23,250,000
3,596,614
TOTAL CHINA
16,231,125
Colombia - 3.9%
Colombian Republic:
5.75% 11/3/27
COP
31,100,000,000
6,339,730
6% 4/28/28
COP
1,850,000,000
373,155
7% 6/30/32
COP
20,800,000,000
3,814,727
7.25% 10/18/34
COP
11,500,000,000
2,043,043
7.25% 10/26/50
COP
8,500,000,000
1,298,156
7.5% 8/26/26
COP
5,075,000,000
1,142,016
9.25% 5/28/42
COP
900,000,000
175,400
TOTAL COLOMBIA
15,186,227
Czech Republic - 4.5%
Czech Republic:
0.45% 10/25/23
CZK
19,750,000
851,697
0.95% 5/15/30 (Reg. S)
CZK
175,750,000
5,986,821
1.2% 3/13/31
CZK
45,000,000
1,527,350
1.5% 4/24/40
CZK
40,000,000
1,065,867
2% 10/13/33
CZK
155,500,000
5,269,520
5.7% 5/25/24
CZK
66,500,000
2,891,979
TOTAL CZECH REPUBLIC
17,593,234
Dominican Republic - 0.3%
Dominican Republic:
9.75% 6/5/26 (Reg. S)
DOP
26,500,000
465,509
13.625% 2/3/33 (b)
DOP
38,500,000
795,413
TOTAL DOMINICAN REPUBLIC
1,260,922
Egypt - 0.3%
Arab Republic of Egypt:
14.556% 10/13/27
EGP
36,000,000
889,421
16.1% 5/7/29
EGP
12,000,000
291,313
TOTAL EGYPT
1,180,734
Hungary - 3.2%
Hungarian Republic:
2.25% 6/22/34
HUF
470,000,000
817,320
2.75% 12/22/26
HUF
1,144,000,000
2,655,435
3% 6/26/24
HUF
750,000,000
1,955,935
3% 10/27/38
HUF
500,000,000
835,092
3.25% 10/22/31
HUF
442,000,000
918,590
5.5% 6/24/25
HUF
400,000,000
1,036,219
6.75% 10/22/28
HUF
1,653,000,000
4,342,715
TOTAL HUNGARY
12,561,306
Indonesia - 8.1%
Indonesian Republic:
5.125% 4/15/27
IDR
15,000,000,000
928,340
6.375% 4/15/32
IDR
66,000,000,000
4,131,673
6.5% 2/15/31
IDR
48,500,000,000
3,059,689
7.125% 6/15/42
IDR
22,500,000,000
1,464,945
7.125% 6/15/43
IDR
20,000,000,000
1,298,609
7.5% 4/15/40
IDR
41,750,000,000
2,812,148
8.25% 5/15/29
IDR
123,500,000,000
8,571,164
8.25% 5/15/36
IDR
44,750,000,000
3,192,292
8.375% 9/15/26
IDR
66,750,000,000
4,540,771
8.375% 3/15/34
IDR
19,788,000,000
1,409,679
TOTAL INDONESIA
31,409,310
Kazakhstan - 0.2%
Kazakhstan Republic 10.5% 8/4/26
KZT
440,000,000
847,034
Malaysia - 8.3%
Malaysian Government:
3.519% 4/20/28
MYR
40,750,000
8,600,526
3.582% 7/15/32
MYR
25,750,000
5,325,716
3.757% 5/22/40
MYR
5,000,000
1,000,895
3.828% 7/5/34
MYR
14,300,000
2,983,622
3.885% 8/15/29
MYR
13,000,000
2,765,461
3.906% 7/15/26
MYR
23,500,000
5,051,605
4.065% 6/15/50
MYR
9,750,000
1,942,337
4.696% 10/15/42
MYR
6,450,000
1,441,412
4.762% 4/7/37
MYR
13,000,000
2,943,160
TOTAL MALAYSIA
32,054,734
Mexico - 10.4%
United Mexican States:
5.75% 3/5/26
MXN
275,000,000
14,154,824
7.75% 11/23/34
MXN
91,000,000
4,471,845
7.75% 11/13/42
MXN
141,750,000
6,581,930
8% 9/5/24
MXN
53,000,000
2,948,400
8% 7/31/53
MXN
22,000,000
1,032,974
8.5% 5/31/29
MXN
205,250,000
11,044,959
TOTAL MEXICO
40,234,932
Peru - 2.4%
Peruvian Republic:
5.35% 8/12/40
PEN
2,250,000
477,007
5.4% 8/12/34(Reg. S)
PEN
4,850,000
1,094,859
5.94% 2/12/29
PEN
5,250,000
1,345,226
6.35% 8/12/28
PEN
9,900,000
2,615,611
6.9% 8/12/37
PEN
2,500,000
629,467
6.95% 8/12/31
PEN
11,500,000
3,013,936
TOTAL PERU
9,176,106
Philippines - 0.1%
Philippine Republic 6.25% 1/14/36
PHP
30,000,000
504,431
Poland - 4.9%
Polish Government:
1.25% 10/25/30
PLN
5,700,000
985,635
1.75% 4/25/32
PLN
16,500,000
2,754,803
2.25% 10/25/24
PLN
8,500,000
1,893,284
2.5% 7/25/26
PLN
19,500,000
4,171,968
2.5% 7/25/27
PLN
22,000,000
4,585,925
2.75% 4/25/28
PLN
10,500,000
2,171,816
2.75% 10/25/29
PLN
7,000,000
1,390,915
6% 10/25/33
PLN
3,750,000
865,127
TOTAL POLAND
18,819,473
Romania - 3.6%
Romanian Republic:
3.65% 9/24/31
RON
7,000,000
1,201,304
4.25% 4/28/36
RON
2,500,000
410,683
4.75% 2/24/25
RON
23,800,000
4,956,911
4.75% 10/11/34
RON
2,250,000
396,772
5% 2/12/29
RON
28,950,000
5,714,314
5.8% 7/26/27
RON
2,750,000
569,120
6.7% 2/25/32
RON
3,750,000
778,631
TOTAL ROMANIA
14,027,735
South Africa - 8.4%
South African Republic:
6.25% 3/31/36
ZAR
93,000,000
3,003,594
6.5% 2/28/41
ZAR
59,000,000
1,758,306
7% 2/28/31
ZAR
98,750,000
4,090,997
8% 1/31/30
ZAR
259,000,000
11,931,991
8.25% 3/31/32
ZAR
17,750,000
765,228
8.75% 2/28/48
ZAR
118,750,000
4,350,321
8.875% 2/28/35
ZAR
155,500,000
6,475,208
TOTAL SOUTH AFRICA
32,375,645
Thailand - 4.7%
Kingdom of Thailand:
1.585% 12/17/35
THB
82,750,000
1,868,621
1.6% 6/17/35
THB
180,750,000
4,118,732
2% 12/17/31
THB
58,250,000
1,459,456
2% 6/17/42
THB
85,000,000
1,815,805
2.875% 6/17/46
THB
44,400,000
1,057,756
3.3% 6/17/38
THB
209,750,000
5,589,758
3.775% 6/25/32
THB
78,000,000
2,223,397
TOTAL THAILAND
18,133,525
Turkey - 0.6%
Turkish Republic:
10.5% 8/11/27
TRY
27,000,000
632,201
10.6% 2/11/26
TRY
26,000,000
677,251
11.7% 11/13/30
TRY
13,000,000
315,298
12.6% 10/1/25
TRY
19,500,000
552,388
TOTAL TURKEY
2,177,138
Uruguay - 0.9%
Uruguay Republic:
8.25% 5/21/31
UYU
31,500,000
756,172
8.5% 3/15/28 (Reg. S)
UYU
70,000,000
1,739,101
9.75% 7/20/33
UYU
34,298,120
899,770
TOTAL URUGUAY
3,395,043
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $336,256,151)
314,517,780
Supranational Obligations - 0.8%
Principal
Amount (a)
Value ($)
Asian Infrastructure Investment Bank 2.375% 2/10/25 (Reg. S)
PHP
57,900,000
964,318
Inter-American Development Bank:
5.1% 11/17/26
IDR
15,000,000,000
943,236
5.7% 11/12/24
INR
105,000,000
1,240,162
TOTAL SUPRANATIONAL OBLIGATIONS
(Cost $3,654,770)
3,147,716
Money Market Funds - 16.9%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (c)
(Cost $65,315,483)
65,302,422
65,315,483
TOTAL INVESTMENT IN SECURITIES - 99.0%
(Cost $405,226,404)
382,980,979
NET OTHER ASSETS (LIABILITIES) - 1.0% (d)
3,794,872
NET ASSETS - 100.0%
386,775,851
Forward Foreign Currency Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation) ($)
IDR
14,749,575,000
USD
953,203
Citigroup Global Markets, Inc.
10/02/23
1,153
MXN
17,710,460
USD
1,018,445
BNP Paribas S.A.
10/03/23
(2,209)
BRL
7,219,000
USD
1,445,419
Bank of America, N.A.
12/07/23
(21,380)
CLP
906,952,000
USD
1,015,055
BNP Paribas S.A.
12/07/23
364
CLP
987,426,000
USD
1,100,809
State Street Bank and Trust Co
12/07/23
4,709
CNY
7,450,000
USD
1,033,502
BNP Paribas S.A.
12/07/23
(6,587)
CNY
7,832,000
USD
1,084,314
Bank of America, N.A.
12/07/23
(4,744)
CNY
157,493,000
USD
21,837,632
Goldman Sachs Bank USA
12/07/23
(128,655)
COP
1,568,500,000
USD
383,215
Bank of America, N.A.
12/07/23
(5,353)
COP
4,247,300,000
USD
1,067,697
State Street Bank and Trust Co
12/07/23
(44,493)
COP
3,052,600,000
USD
742,725
State Street Bank and Trust Co
12/07/23
(7,332)
CZK
17,963,000
USD
777,760
BNP Paribas S.A.
12/07/23
(1,042)
CZK
45,658,000
USD
2,002,070
Goldman Sachs Bank USA
12/07/23
(27,823)
CZK
23,405,000
USD
1,014,454
Goldman Sachs Bank USA
12/07/23
(2,425)
CZK
18,627,000
USD
811,346
Goldman Sachs Bank USA
12/07/23
(5,916)
CZK
24,794,000
USD
1,076,158
Goldman Sachs Bank USA
12/07/23
(4,069)
CZK
47,254,000
USD
2,064,179
State Street Bank and Trust Co
12/07/23
(20,921)
EGP
22,065,000
USD
683,127
Citibank, N. A.
12/07/23
8,225
HUF
94,629,000
USD
250,485
Goldman Sachs Bank USA
12/07/23
3,483
HUF
263,918,000
USD
724,896
JPMorgan Chase Bank, N.A.
12/07/23
(16,584)
IDR
20,989,900,000
USD
1,365,641
BNP Paribas S.A.
12/07/23
(7,699)
IDR
59,798,500,000
USD
3,886,300
Citibank, N. A.
12/07/23
(17,636)
IDR
23,510,700,000
USD
1,527,909
State Street Bank and Trust Co
12/07/23
(6,884)
INR
221,825,000
USD
2,667,609
Citibank, N. A.
12/07/23
(4,163)
MXN
5,442,000
USD
314,378
JPMorgan Chase Bank, N.A.
12/07/23
(5,598)
MXN
33,887,000
USD
1,904,522
JPMorgan Chase Bank, N.A.
12/07/23
18,230
MYR
9,711,000
USD
2,089,286
Goldman Sachs Bank USA
12/07/23
(11,228)
MYR
7,742,000
USD
1,657,638
Royal Bank of Canada
12/07/23
(927)
MYR
6,702,000
USD
1,442,842
State Street Bank and Trust Co
12/07/23
(8,680)
PEN
6,854,000
USD
1,848,187
BNP Paribas S.A.
12/07/23
(45,206)
PHP
54,303,000
USD
959,078
Citibank, N. A.
12/07/23
(224)
PLN
26,701,000
USD
6,159,140
Citibank, N. A.
12/07/23
(59,535)
PLN
4,298,000
USD
996,864
JPMorgan Chase Bank, N.A.
12/07/23
(15,024)
PLN
7,907,000
USD
1,823,722
State Street Bank and Trust Co
12/07/23
(17,439)
RON
10,928,000
USD
2,362,324
BNP Paribas S.A.
12/07/23
(42,638)
RON
5,055,000
USD
1,086,710
Citibank, N. A.
12/07/23
(13,685)
THB
42,066,000
USD
1,158,843
JPMorgan Chase Bank, N.A.
12/07/23
(1,698)
THB
762,241,000
USD
21,623,858
JPMorgan Chase Bank, N.A.
12/07/23
(656,260)
TRY
10,159,000
USD
351,741
State Street Bank and Trust Co
12/07/23
(8,074)
USD
1,414,350
BRL
7,219,000
Goldman Sachs Bank USA
12/07/23
(9,688)
USD
1,189,136
BRL
5,998,000
State Street Bank and Trust Co
12/07/23
5,955
USD
660,384
CLP
591,935,000
Bank of America, N.A.
12/07/23
(2,344)
USD
440,252
CNY
3,185,000
Bank of America, N.A.
12/07/23
1,228
USD
990,670
CNY
7,167,000
Citibank, N. A.
12/07/23
2,764
USD
2,967,259
CNY
21,388,000
Citibank, N. A.
12/07/23
19,117
USD
2,010,380
CNY
14,526,000
Goldman Sachs Bank USA
12/07/23
8,103
USD
2,970,537
CZK
68,609,000
Bank of America, N.A.
12/07/23
3,892
USD
959,568
HUF
358,547,000
BNP Paribas S.A.
12/07/23
(2,713)
USD
1,971,883
INR
164,810,000
BNP Paribas S.A.
12/07/23
(6,985)
USD
1,925,288
MXN
33,887,000
Bank of America, N.A.
12/07/23
2,536
USD
308,198
MXN
5,442,000
State Street Bank and Trust Co
12/07/23
(582)
USD
954,837
MYR
4,461,000
Goldman Sachs Bank USA
12/07/23
227
USD
847,742
PEN
3,182,000
Citibank, N. A.
12/07/23
10,700
USD
984,239
PEN
3,672,000
Goldman Sachs Bank USA
12/07/23
18,300
USD
1,259,067
PHP
71,515,000
Citibank, N. A.
12/07/23
(3,707)
USD
1,972,203
PLN
8,585,000
BNP Paribas S.A.
12/07/23
11,036
USD
1,330,960
PLN
5,821,000
Canadian Imperial Bk. of Comm.
12/07/23
1,204
USD
1,375,144
THB
48,907,000
JPMorgan Chase Bank, N.A.
12/07/23
29,819
USD
13,433
TRY
386,000
State Street Bank and Trust Co
12/07/23
375
USD
1,482,113
ZAR
28,275,000
State Street Bank and Trust Co
12/07/23
(2,478)
ZAR
2,832,000
USD
147,082
Bank of America, N.A.
12/07/23
1,614
ZAR
25,443,000
USD
1,338,497
State Street Bank and Trust Co
12/07/23
(2,601)
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
(1,100,195)
Unrealized Appreciation
153,034
Unrealized Depreciation
(1,253,229)
Currency Abbreviations
BRL
-
Brazilian real
CLP
-
Chilean peso
CNY
-
Chinese yuan
COP
-
Colombian peso
CZK
-
Czech koruna
DOP
-
Dominican Republic peso
EGP
-
Egyptian pound
HUF
-
Hungarian forint
IDR
-
Indonesian rupiah
INR
-
Indian rupee
KZT
-
Kazakhstan tenge
MXN
-
Mexican peso
MYR
-
Malaysian ringgit
PEN
-
Peruvian new sol
PHP
-
Philippine peso
PLN
-
Polish zloty
RON
-
Romanian leu (new)
THB
-
Thai baht
TRY
-
Turkish Lira
USD
-
U.S. dollar
UYU
-
Uruguay peso
ZAR
-
South African rand
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,479,033 or 0.9% of net assets.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d)
Includes $1,040,000 of cash collateral segregated for open forward foreign currency contracts.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
52,392,505
177,915,819
164,992,841
1,701,131
-
-
65,315,483
0.2%
Total
52,392,505
177,915,819
164,992,841
1,701,131
-
-
65,315,483
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Foreign Government and Government Agency Obligations and Supranational Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Foreign Exchange Risk - Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund.
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net the amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Forward Foreign Currency Contracts: Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.
The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.
Open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.
Credit Risk
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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