Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Debt Local Currency Fund
September 30, 2024
LCC-NPRT3-1124
1.9899865.103
Foreign Government and Government Agency Obligations - 86.9%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 8.4%
 
  
  
Brazilian Federative Republic 10% 1/1/2027
BRL
38,000,000
6,675,190
Brazilian Federative Republic 10% 1/1/2029
BRL
34,000,000
5,783,893
Brazilian Federative Republic 10% 1/1/2031
BRL
1,750,000
289,148
Brazilian Federative Republic 10% 1/1/2033
BRL
11,950,000
1,944,759
Brazilian Federative Republic 10% 1/1/2035
BRL
5,500,000
879,159
Brazilian Federative Republic Treasury Bills 0% 1/1/2026
BRL
51,000,000
8,098,233
Brazilian Federative Republic Treasury Bills 0% 1/1/2030
BRL
10,500,000
1,038,909
Brazilian Federative Republic Treasury Bills 0% 7/1/2026
BRL
39,250,000
5,879,266
Brazilian Federative Republic Treasury Bills 0% 7/1/2027
BRL
12,000,000
1,600,616
Brazilian Government International Bond 10% 1/1/2025
BRL
28,750,000
5,260,600
TOTAL BRAZIL
  
  
37,449,773
CHILE - 1.7%
 
  
  
Chilean Republic 4.7% 9/1/2030 (b)(c)
CLP
1,725,000,000
1,870,128
Chilean Republic 5% 3/1/2035
CLP
1,000,000,000
1,107,951
Chilean Republic 6% 1/1/2043
CLP
1,275,000,000
1,598,524
Chilean Republic 6% 4/1/2033 (b)(c)
CLP
2,650,000,000
3,116,505
TOTAL CHILE
  
  
7,693,108
CHINA - 4.6%
 
  
  
Peoples Republic of China 2.68% 5/21/2030
CNY
48,750,000
7,176,401
Peoples Republic of China 2.88% 2/25/2033
CNY
28,000,000
4,215,217
Peoples Republic of China 2.91% 10/14/2028
CNY
13,000,000
1,930,346
Peoples Republic of China 3.12% 10/25/2052
CNY
17,750,000
2,914,292
Peoples Republic of China 3.81% 9/14/2050
CNY
23,250,000
4,216,772
TOTAL CHINA
  
  
20,453,028
COLOMBIA - 4.6%
 
  
  
Colombian Republic 5.75% 11/3/2027
COP
31,100,000,000
6,806,593
Colombian Republic 6% 4/28/2028
COP
1,850,000,000
399,558
Colombian Republic 7% 3/26/2031
COP
5,000,000,000
1,047,354
Colombian Republic 7% 6/30/2032
COP
26,300,000,000
5,335,598
Colombian Republic 7.25% 10/18/2034
COP
11,500,000,000
2,254,757
Colombian Republic 7.25% 10/26/2050
COP
8,500,000,000
1,391,601
Colombian Republic 7.5% 8/26/2026
COP
5,075,000,000
1,191,543
Colombian Republic 9.25% 5/28/2042
COP
10,650,000,000
2,222,674
TOTAL COLOMBIA
  
  
20,649,678
CZECH REPUBLIC - 4.3%
 
  
  
Czech Republic 0.95% 5/15/2030 (b)
CZK
175,750,000
6,771,954
Czech Republic 1.2% 3/13/2031
CZK
185,120,000
7,097,240
Czech Republic 1.5% 4/24/2040
CZK
21,500,000
673,367
Czech Republic 1.95% 7/30/2037
CZK
38,500,000
1,358,779
Czech Republic 2% 10/13/2033
CZK
55,000,000
2,104,403
Czech Republic 2.75% 7/23/2029
CZK
26,000,000
1,114,522
TOTAL CZECH REPUBLIC
  
  
19,120,265
DOMINICAN REPUBLIC - 0.3%
 
  
  
Dominican Republic International Bond 13.625% 2/3/2033 (c)
DOP
38,500,000
774,384
Dominican Republic International Bond 9.75% 6/5/2026 (b)
DOP
26,500,000
439,846
TOTAL DOMINICAN REPUBLIC
  
  
1,214,230
EGYPT - 0.7%
 
  
  
Arab Republic of Egypt 14.556% 10/13/2027
EGP
36,000,000
579,641
Arab Republic of Egypt 16.1% 5/7/2029
EGP
12,000,000
184,327
Arab Republic of Egypt Treasury Bills 0% 11/12/2024
EGP
77,175,000
1,520,338
Arab Republic of Egypt Treasury Bills 0% 4/29/2025
EGP
57,250,000
1,020,006
TOTAL EGYPT
  
  
3,304,312
HUNGARY - 2.7%
 
  
  
Hungary Government 2.25% 4/20/2033
HUF
505,000,000
1,062,058
Hungary Government 2.75% 12/22/2026
HUF
1,419,000,000
3,743,970
Hungary Government 3% 10/27/2038
HUF
450,000,000
876,574
Hungary Government 3.25% 10/22/2031
HUF
257,000,000
611,938
Hungary Government 4.75% 11/24/2032
HUF
425,000,000
1,093,409
Hungary Government 6.75% 10/22/2028
HUF
1,653,000,000
4,801,162
TOTAL HUNGARY
  
  
12,189,111
INDIA - 1.6%
 
  
  
India Government Bond 6.67% 12/17/2050
INR
315,000,000
3,661,983
India Government Bond 7.1% 4/18/2029
INR
85,000,000
1,026,478
India Government Bond 7.18% 7/24/2037
INR
190,000,000
2,340,175
TOTAL INDIA
  
  
7,028,636
INDONESIA - 10.0%
 
  
  
Indonesia Government 5.125% 4/15/2027
IDR
15,000,000,000
967,208
Indonesia Government 6.375% 4/15/2032
IDR
115,250,000,000
7,598,480
Indonesia Government 6.5% 2/15/2031
IDR
65,000,000,000
4,325,651
Indonesia Government 6.625% 2/15/2034
IDR
69,000,000,000
4,606,950
Indonesia Government 7% 2/15/2033
IDR
29,000,000,000
1,985,660
Indonesia Government 7.125% 6/15/2038
IDR
35,000,000,000
2,403,416
Indonesia Government 7.125% 6/15/2042
IDR
15,750,000,000
1,075,723
Indonesia Government 7.125% 6/15/2043
IDR
11,000,000,000
750,151
Indonesia Government 7.5% 4/15/2040
IDR
56,750,000,000
4,014,343
Indonesia Government 8.25% 5/15/2029
IDR
91,500,000,000
6,527,213
Indonesia Government 8.25% 5/15/2036
IDR
44,750,000,000
3,344,427
Indonesia Government 8.375% 3/15/2034
IDR
34,788,000,000
2,596,263
Indonesia Government 8.375% 9/15/2026
IDR
66,750,000,000
4,587,409
TOTAL INDONESIA
  
  
44,782,894
MALAYSIA - 10.2%
 
  
  
Malaysia Government 3.519% 4/20/2028
MYR
40,750,000
9,899,677
Malaysia Government 3.582% 7/15/2032
MYR
15,750,000
3,776,333
Malaysia Government 3.757% 5/22/2040
MYR
5,000,000
1,179,968
Malaysia Government 3.828% 7/5/2034
MYR
19,300,000
4,715,454
Malaysia Government 3.885% 8/15/2029
MYR
13,000,000
3,206,036
Malaysia Government 3.906% 7/15/2026
MYR
18,000,000
4,411,539
Malaysia Government 4.065% 6/15/2050
MYR
17,000,000
4,046,812
Malaysia Government 4.18% 5/16/2044
MYR
5,000,000
1,232,921
Malaysia Government 4.457% 3/31/2053
MYR
4,500,000
1,138,047
Malaysia Government 4.504% 4/30/2029
MYR
9,750,000
2,463,238
Malaysia Government 4.642% 11/7/2033
MYR
4,250,000
1,100,352
Malaysia Government 4.696% 10/15/2042
MYR
6,450,000
1,697,319
Malaysia Government 4.736% 3/15/2046
MYR
4,500,000
1,186,784
Malaysia Government 4.762% 4/7/2037
MYR
13,000,000
3,423,790
Malaysia Government 4.893% 6/8/2038
MYR
6,250,000
1,668,773
TOTAL MALAYSIA
  
  
45,147,043
MEXICO - 9.8%
 
  
  
United Mexican States 10% 11/20/2036
MXN
10,000,000
530,807
United Mexican States 5.75% 3/5/2026
MXN
248,000,000
11,962,946
United Mexican States 7.5% 5/26/2033
MXN
113,000,000
5,133,537
United Mexican States 7.5% 6/3/2027
MXN
59,250,000
2,894,320
United Mexican States 7.75% 11/13/2042
MXN
157,750,000
6,676,174
United Mexican States 7.75% 11/23/2034
MXN
42,500,000
1,933,270
United Mexican States 8% 7/31/2053
MXN
78,750,000
3,341,266
United Mexican States 8.5% 11/18/2038
MXN
26,000,000
1,216,731
United Mexican States 8.5% 5/31/2029
MXN
205,250,000
10,167,511
TOTAL MEXICO
  
  
43,856,562
PARAGUAY - 0.2%
 
  
  
Republic of Paraguay 7.9% 2/9/2031 (c)
PYG
7,750,000,000
1,015,500
PERU - 2.6%
 
  
  
Peruvian Republic 5.35% 8/12/2040
PEN
2,250,000
531,525
Peruvian Republic 5.4% 8/12/2034
PEN
10,100,000
2,554,713
Peruvian Republic 5.94% 2/12/2029
PEN
5,250,000
1,464,508
Peruvian Republic 6.35% 8/12/2028
PEN
4,150,000
1,176,713
Peruvian Republic 6.9% 8/12/2037
PEN
4,500,000
1,248,212
Peruvian Republic 6.95% 8/12/2031
PEN
11,500,000
3,315,288
Peruvian Republic 7.3% 8/12/2033 (b)(c)
PEN
3,750,000
1,091,044
TOTAL PERU
  
  
11,382,003
POLAND - 4.6%
 
  
  
Republic of Poland  1.25% 10/25/2030
PLN
18,200,000
3,832,249
Republic of Poland  1.75% 4/25/2032
PLN
18,750,000
3,868,265
Republic of Poland  2.75% 10/25/2029
PLN
21,000,000
4,942,066
Republic of Poland  2.75% 4/25/2028
PLN
10,500,000
2,553,834
Republic of Poland  4.75% 7/25/2029
PLN
8,500,000
2,180,071
Republic of Poland  5% 10/25/2034
PLN
6,000,000
1,527,693
Republic of Poland  6% 10/25/2033
PLN
5,500,000
1,511,128
TOTAL POLAND
  
  
20,415,306
ROMANIA - 4.8%
 
  
  
Romanian Republic 3.65% 9/24/2031
RON
24,250,000
4,560,753
Romanian Republic 4.25% 4/28/2036
RON
2,500,000
455,219
Romanian Republic 4.75% 10/11/2034
RON
2,750,000
534,055
Romanian Republic 4.75% 2/24/2025
RON
26,050,000
5,799,977
Romanian Republic 5% 2/12/2029
RON
30,950,000
6,575,954
Romanian Republic 5.8% 7/26/2027
RON
7,500,000
1,662,677
Romanian Republic 6.7% 2/25/2032
RON
3,750,000
844,038
Romanian Republic 7.2% 10/30/2033
RON
3,500,000
816,183
TOTAL ROMANIA
  
  
21,248,856
SOUTH AFRICA - 9.0%
 
  
  
South African Republic 6.25% 3/31/2036
ZAR
49,500,000
2,110,859
South African Republic 6.5% 2/28/2041
ZAR
30,000,000
1,198,932
South African Republic 7% 2/28/2031
ZAR
32,750,000
1,696,527
South African Republic 8% 1/31/2030
ZAR
248,750,000
13,889,796
South African Republic 8.25% 3/31/2032
ZAR
17,750,000
962,424
South African Republic 8.5% 1/31/2037
ZAR
80,000,000
4,018,776
South African Republic 8.75% 2/28/2048
ZAR
163,250,000
7,895,456
South African Republic 8.875% 2/28/2035
ZAR
155,500,000
8,326,326
TOTAL SOUTH AFRICA
  
  
40,099,096
THAILAND - 4.7%
 
  
  
Kingdom of Thailand 1.585% 12/17/2035
THB
166,750,000
4,691,252
Kingdom of Thailand 1.6% 6/17/2035
THB
135,750,000
3,846,524
Kingdom of Thailand 2% 6/17/2042
THB
66,000,000
1,823,390
Kingdom of Thailand 2.875% 6/17/2046
THB
44,400,000
1,328,842
Kingdom of Thailand 3.3% 6/17/2038
THB
112,750,000
3,741,172
Kingdom of Thailand 3.39% 6/17/2037
THB
72,500,000
2,428,828
Kingdom of Thailand 3.45% 6/17/2043
THB
91,000,000
3,056,795
TOTAL THAILAND
  
  
20,916,803
TURKEY - 1.7%
 
  
  
Turkish Republic 10.5% 8/11/2027
TRY
27,500,000
501,540
Turkish Republic 12.6% 10/1/2025
TRY
54,000,000
1,246,867
Turkish Republic 17.3% 7/19/2028
TRY
35,500,000
752,549
Turkish Republic 17.8% 7/13/2033
TRY
23,500,000
484,637
Turkish Republic 26.2% 10/5/2033
TRY
61,500,000
1,769,603
Turkish Republic 31.08% 11/8/2028
TRY
55,250,000
1,656,409
Turkish Republic 9.3% 12/4/2024
TRY
40,000,000
1,106,689
TOTAL TURKEY
  
  
7,518,294
URUGUAY - 0.4%
 
  
  
Uruguay Republic 8.25% 5/21/2031
UYU
31,500,000
697,145
Uruguay Republic 8.5% 3/15/2028 (b)
UYU
14,025,000
329,049
Uruguay Republic 9.75% 7/20/2033
UYU
34,298,120
819,145
TOTAL URUGUAY
  
  
1,845,339
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $380,466,595)
  
  
  
387,329,837
 
  
  
  
Non-Convertible Corporate Bonds - 2.9%
 
  
Principal
Amount (a)
 
Value ($)
 
MULTI-NATIONAL - 2.9%
 
  
  
Financials - 2.9%
  
  
  
Banks - 2.5%
  
  
  
Corp Andina de Fomento 7.65% 3/5/2031 (b)
INR
141,000,000
1,682,221
European Bank for Reconstruction & Development 6.25% 4/11/2028
INR
171,000,000
2,016,674
Inter-American Development Bank 5.1% 11/17/2026
IDR
15,000,000,000
974,247
Inter-American Development Bank 5.7% 11/12/2024
INR
105,000,000
1,244,050
Inter-American Development Bank 7% 1/25/2029
INR
170,000,000
2,044,992
Inter-American Development Bank 7.35% 10/6/2030
INR
250,000,000
3,048,205
 
  
  
11,010,389
Capital Markets - 0.2%
  
  
  
Asian Infrastructure Investment Bank/The 6.65% 6/30/2033 (b)
INR
65,000,000
760,497
Financial Services - 0.2%
  
  
  
International Bank for Reconstruction & Development 7.05% 7/22/2029
INR
84,500,000
1,018,823
TOTAL FINANCIALS
  
  
12,789,709
 
  
  
  
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $13,014,732)
  
  
  
12,789,709
 
  
  
  
U.S. Treasury Obligations - 0.4%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 11/14/2024
 
 (Cost $2,186,132)
 
  
5.30
2,200,000
2,187,470
 
  
  
  
  
Money Market Funds - 7.5%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
 (Cost $33,232,200)
 
  
4.89
33,225,555
33,232,200
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 97.7%
 (Cost $428,899,659)
 
  
 
435,539,216
NET OTHER ASSETS (LIABILITIES) - 2.3%  
10,331,269
NET ASSETS - 100.0%
445,870,485
 
  
 Forward Foreign Currency Contracts
Currency
Purchased
Currency
Sold
 
Counterparty
Settlement
Date
Unrealized  
Appreciation/
(Depreciation) ($)
 
  
  
  
  
  
  
USD
661,872
BRL
3,672,000
Bank of America, N.A.
11/19/24
(8,359)
USD
1,179,375
BRL
6,711,000
Goldman Sachs Bank USA
11/19/24
(45,549)
USD
329,352
BRL
1,875,000
BNP Paribas S.A.
11/19/24
(12,882)
USD
1,082,520
BRL
6,098,000
Citibank, N.A.
11/19/24
(30,516)
USD
718,069
BRL
3,932,000
Bank of America, N.A.
11/19/24
381
USD
1,108,168
CLP
1,011,702,000
Goldman Sachs Bank USA
11/19/24
(16,419)
USD
414,609
CLP
380,176,000
BNP Paribas S.A.
11/19/24
(7,986)
USD
1,067,153
CLP
1,012,408,000
Bank of America, N.A.
11/19/24
(58,219)
USD
1,097,188
CLP
1,019,068,000
Royal Bank of Canada
11/19/24
(35,587)
USD
2,716,222
COP
11,071,900,000
BNP Paribas S.A.
11/19/24
100,574
USD
748,880
COP
3,158,400,000
BNP Paribas S.A.
11/19/24
2,733
USD
1,125,210
COP
4,820,400,000
Bank of America, N.A.
11/19/24
(13,571)
USD
1,979,160
CZK
44,671,000
JPMorgan Chase Bank, N.A.
11/19/24
4,996
USD
1,107,360
CZK
25,086,000
State Street Bank and Trust Co
11/19/24
(1,276)
USD
1,158,293
CZK
26,264,000
BNP Paribas S.A.
11/19/24
(2,403)
USD
758,112
CZK
17,113,000
BNP Paribas S.A.
11/19/24
1,830
USD
3,331,363
EUR
2,968,000
Citibank, N.A.
11/19/24
20,866
USD
414,636
EGP
2,195,500
Goldman Sachs Bank USA
3/13/25
(9,617)
USD
613,667
HUF
216,503,000
Canadian Imperial Bk. of Comm.
11/19/24
8,199
USD
787,040
HUF
280,654,000
Bank of America, N.A.
11/19/24
2,169
USD
1,849,129
IDR
28,763,200,000
Bank of America, N.A.
11/19/24
(46,912)
USD
1,095,751
IDR
16,658,700,000
BNP Paribas S.A.
11/19/24
(2,374)
USD
2,586,933
INR
217,768,000
State Street Bank and Trust Co
11/19/24
(6,209)
USD
1,283,573
INR
108,046,000
Goldman Sachs Bank USA
11/19/24
(3,019)
USD
1,051,286
INR
88,061,000
Goldman Sachs Bank USA
11/19/24
2,672
USD
1,100,541
KRW
1,463,500,000
State Street Bank and Trust Co
11/19/24
(12,200)
USD
1,694,424
MXN
32,843,000
Royal Bank of Canada
11/19/24
39,163
USD
1,656,701
MXN
33,198,000
Citibank, N.A.
11/19/24
(16,452)
USD
1,607,751
MXN
32,028,000
State Street Bank and Trust Co
11/19/24
(6,435)
USD
1,230,190
MXN
24,052,000
JPMorgan Chase Bank, N.A.
11/19/24
17,988
USD
1,249,243
MXN
24,633,000
Goldman Sachs Bank USA
11/19/24
7,760
USD
3,689,425
MYR
16,049,000
Goldman Sachs Bank USA
11/19/24
(212,433)
USD
1,689,471
MYR
7,285,000
Goldman Sachs Bank USA
11/19/24
(81,669)
USD
976,136
MYR
4,029,000
Goldman Sachs Bank USA
11/19/24
(3,401)
USD
24,250
MYR
100,283
Euroclear Bank S.A.
10/02/24
(69)
USD
1,302,658
PEN
4,926,000
Citibank, N.A.
11/19/24
(25,366)
USD
1,108,389
PHP
62,031,000
Citibank, N.A.
11/19/24
705
USD
1,190,670
PLN
4,601,000
Goldman Sachs Bank USA
11/19/24
(3,275)
USD
446,543
PLN
1,713,000
BNP Paribas S.A.
11/19/24
2,025
USD
1,614,673
PLN
6,201,000
Bank of America, N.A.
11/19/24
5,532
USD
697,680
THB
23,646,000
JPMorgan Chase Bank, N.A.
11/19/24
(39,225)
USD
1,051,319
THB
33,884,000
JPMorgan Chase Bank, N.A.
11/19/24
(4,643)
USD
804,943
TRY
29,190,000
Goldman Sachs Bank USA
11/19/24
(4,408)
USD
1,097,708
TWD
34,715,000
Goldman Sachs Bank USA
11/19/24
(85)
BRL
6,512,000
USD
1,192,303
Royal Bank of Canada
11/19/24
(3,701)
BRL
6,103,000
USD
1,112,876
Citibank, N.A.
11/19/24
1,073
BRL
5,741,000
USD
1,041,640
State Street Bank and Trust Co
11/19/24
6,235
CLP
793,499,000
USD
872,488
BNP Paribas S.A.
11/19/24
9,549
CLP
1,052,501,000
USD
1,123,747
Citibank, N.A.
11/19/24
46,191
CLP
1,029,737,000
USD
1,131,144
BNP Paribas S.A.
11/19/24
13,490
CLP
1,024,499,000
USD
1,143,286
State Street Bank and Trust Co
11/19/24
(4,475)
CNY
115,714,000
USD
16,388,924
Goldman Sachs Bank USA
11/19/24
171,345
CNY
25,470,000
USD
3,626,913
Bank of America, N.A.
11/19/24
18,195
CNY
6,714,000
USD
966,739
State Street Bank and Trust Co
11/19/24
(5,873)
COP
4,932,800,000
USD
1,176,156
Goldman Sachs Bank USA
11/19/24
(10,822)
CZK
123,270,000
USD
5,510,653
HSBC Bank
11/19/24
(62,929)
CZK
1,526,000
USD
68,086
JPMorgan Chase Bank, N.A.
11/19/24
(647)
EUR
1,964,000
USD
2,199,565
Canadian Imperial Bk. of Comm.
11/19/24
(8,926)
EGP
21,955,000
USD
393,812
Goldman Sachs Bank USA
3/13/25
30,442
IDR
33,991,200,000
USD
2,193,405
Bank of America, N.A.
11/19/24
47,261
INR
445,228,000
USD
5,297,811
State Street Bank and Trust Co
11/19/24
3,883
INR
207,557,000
USD
2,472,388
Bank of America, N.A.
11/19/24
(838)
KRW
1,463,500,000
USD
1,101,453
Bank of America, N.A.
11/19/24
11,289
MXN
66,041,000
USD
3,324,246
BNP Paribas S.A.
11/19/24
4,168
MXN
18,098,000
USD
900,900
JPMorgan Chase Bank, N.A.
11/19/24
11,224
MXN
1,287,000
USD
65,954
Goldman Sachs Bank USA
11/19/24
(1,091)
MXN
38,615,000
USD
1,955,415
BNP Paribas S.A.
11/19/24
(9,249)
MYR
4,260,000
USD
990,582
Goldman Sachs Bank USA
11/19/24
45,115
MYR
13,332,000
USD
3,069,414
State Street Bank and Trust Co
11/19/24
171,883
MYR
5,742,000
USD
1,331,015
State Street Bank and Trust Co
11/19/24
64,989
PHP
62,031,000
USD
1,110,870
Bank of America, N.A.
11/19/24
(3,186)
PLN
9,625,000
USD
2,518,577
Canadian Imperial Bk. of Comm.
11/19/24
(20,918)
PLN
7,047,000
USD
1,824,692
Bank of America, N.A.
11/19/24
3,983
PLN
23,326,000
USD
6,066,209
Canadian Imperial Bk. of Comm.
11/19/24
(13,182)
PLN
17,215,000
USD
4,494,648
Canadian Imperial Bk. of Comm.
11/19/24
(27,407)
PLN
2,676,000
USD
695,497
Canadian Imperial Bk. of Comm.
11/19/24
(1,083)
PLN
4,091,000
USD
1,069,324
Canadian Imperial Bk. of Comm.
11/19/24
(7,722)
PLN
1,524,185
USD
397,783
BNP Paribas S.A.
10/01/24
(1,788)
RON
10,196,000
USD
2,290,175
Citibank, N.A.
11/19/24
(10,514)
THB
654,265,000
USD
19,417,273
JPMorgan Chase Bank, N.A.
11/19/24
972,260
THB
64,676,000
USD
1,969,727
Goldman Sachs Bank USA
11/19/24
45,837
TRY
186,360,000
USD
4,988,434
Citibank, N.A.
11/19/24
178,764
TRY
40,167,000
USD
1,075,947
Bank of America, N.A.
11/19/24
37,763
TRY
35,411,000
USD
984,560
BNP Paribas S.A.
11/19/24
(2,720)
TWD
34,715,000
USD
1,096,321
Royal Bank of Canada
11/19/24
1,472
ZAR
8,984,000
USD
501,939
Canadian Imperial Bk. of Comm.
11/19/24
15,882
ZAR
29,350,000
USD
1,644,036
JPMorgan Chase Bank, N.A.
11/19/24
47,644
USD
601,409
ZAR
10,814,000
Bank of America, N.A.
11/19/24
(21,890)
USD
1,074,398
ZAR
19,332,000
Canadian Imperial Bk. of Comm.
11/19/24
(39,863)
USD
132,286
ZAR
2,279,063
Bank of America, N.A.
10/02/24
377
USD
2,487,787
ZAR
43,033,000
Bank of America, N.A.
11/19/24
7,444
 
  
  
  
  
  
  
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
  
1,215,968
Unrealized Appreciation
  
  
2,185,351
Unrealized Depreciation
  
  
(969,383)
 
Currency Abbreviations
         BRL
-
Brazilian Real
         CLP
-
Chilean Peso
         CNY
-
Chinese (Peoples Rep) Yuan
         COP
-
Colombian Peso
         CZK
-
Czech Koruna
         DOP
-
Dominican Republic Peso
         EGP
-
Egyptian Pound
         EUR
-
European Monetary Unit (Euro)
         HUF
-
Hungarian Forint
         IDR
-
Indonesia Rupiatt
         INR
-
Indian Rupee
         KRW
-
Korean Won
         MXN
-
Mexican Peso
         MYR
-
Malaysian Ringet
         PEN
-
Peruvian New Sol
         PHP
-
Philippines
         PLN
-
Polish Zloty
         PYG
-
Paraguay Guarani
         RON
-
Romanian Leu
         THB
-
Thailand Baht
         TRY
-
New Turkish Lira
         TWD
-
Taiwan Dollar
         USD
-
United States Dollar
         UYU
-
Uruguay Peso
         ZAR
-
South African Rand
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $16,061,244 or 3.5% of net assets.
 
(c)
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 $7,867,561 or 1.7% of net assets.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
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.
 
 
 
 
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
51,362,343
137,881,024
156,011,193
1,748,996
26
-
33,232,200
0.1%
Total
51,362,343
137,881,024
156,011,193
1,748,996
26
-
33,232,200
  
 
  
  
  
  
  
  
  
  
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. U.S. Treasury Obligations, Foreign Government and Government Agency Obligations and Non-Convertible Corporate Bonds 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. 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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