Morgan Stanley Emerging Markets Debt

  • Trading Symbol: FPRMC

Morningstar® Snapshot*

Returns 5 out of 5, High Returns
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher

*Data provided by Morningstar.


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AS OF 9/30/2016
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
FPRMC +14.29% +16.67% +5.37% +5.55% +6.07%
*AS OF 10/26/2016; Value is cumulative

Hypothetical Growth of $10,000

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Shows growth of hypothetical $10,000 investment in Morgan Stanley Emerging Markets Debt fund over the selected time period

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
This Fund -- 6.26% -15.19% 29.88% 9.47% 6.77% 17.66% -8.98% 2.67% -1.36% 15.02%
Benchmark 9.88% 6.28% -10.91% 28.18% 12.04% 8.46% 18.54% -6.58% 5.53% 1.23% 15.04%
Category 8.71% 4.75% -15.98% 27.85% 9.72% 3.90% 16.49% -9.00% -0.37% -4.79% 14.70%
+/- Benchmark -- -0.02% -4.28% 1.70% -2.57% -1.69% -0.88% -2.40% -2.86% -2.59% -0.02%
+/- Category -- 1.51% 0.79% 2.03% -0.25% 2.87% 1.17% 0.02% 3.04% 3.43% 0.32%

Fund Manager(s)

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Eric J. Baurmeister since 4/30/2002 Jens Nystedt since 12/1/2014 Warren Mar since 12/1/2014 Sahil Tandon since 10/30/2015

Fund Overview


The investment seeks high total return.


The fund invests at least 80% of the fund's assets in debt securities of issuers located in emerging market or developing countries. It may invest, to a lesser extent, in securities denominated in currencies other than U.S. dollars. The fund may invest in fixed income securities that are rated below "investment grade" or are not rated, but are of equivalent quality. It may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The fund is non-diversified.


Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Additional risk information for this product may be found in the prospectus or other product materials, if available.


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Morningstar Category
Emerging Markets Bond
Net Assets ($M)
12 Month Low-High
$15.55 - $18.63

Top 10 Holdings

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AS OF 6/30/2016
Top 10 Holdings
Russian Federation Sr Unsecured Regs 04/22 4.5 6.61%
Petroleos De Venezuela Sa 6% 4.64%
Us 10yr Note (Cbt)sep16 Xcbt 20160921 3.49%
Republic Of Turkey 5.625% 3.10%
Morgan Stanley Treasury Sec Morgan Stanley Treas Msuxx 2.99%
Philippines Rep 9.5% 2.71%
Ukraine Government Sr Unsecured Regs 09/26 7.75 2.56%
Sinopec Grp Overseas Dev2013 4.375% 2.27%
Indonesia Rep 5.875% 2.09%
Serbia Rep 7.25% 2.01%
% of Total Portfolio 32.45%
Total # of holdings: 123 as of 6/30/2016

Quarter-End Average Annual Total Returns

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AS OF 9/30/2016; *SUBACCOUNT INCEPTION 5/1/2006 Glossary definition opens in new window.

1.09% AS OF 4/29/2016
1 Yr 3 Yr 5 Yr 10 Yr Life*
Morgan Stanley Emerging Markets Debt 16.67% 5.37% 5.55% 6.07% 6.09%
JPM EMBI Global 16.82% 7.44% 7.42% 7.62% --
Emerging Markets Bond 15.81% 3.25% 3.60% 4.39% --

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