Fidelity Series Emerging Markets Debt Local Currency Fund is a mutual fund that primarily aims to deliver a high total return by investing at least 80% of its assets in debt securities issued by governments, agencies, and corporations located in emerging market countries. This fund is designed to provide investors with exposure to the fixed income markets of developing economies, focusing specifically on instruments denominated in local currencies rather than hard currencies like the US dollar. By investing in local currency bonds, the fund seeks to capture both yield opportunities and potential currency appreciation within emerging markets. The fund’s portfolio may include sovereign and quasi-sovereign debt, offering diversification across various geographies and sectors with developing financial systems. Its role in the financial market is to provide investors with a vehicle for diversifying away from traditional developed market debt, while offering potential for enhanced returns and risk characteristics associated with emerging market economic growth and currency dynamics.