Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Debt Local Currency Fund
March 31, 2025
LCC-NPRT1-0525
1.9899866.104
Foreign Government and Government Agency Obligations - 86.3%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 6.8%
 
  
  
Brazilian Federative Republic 10% 1/1/2027
BRL
38,000,000
6,194,915
Brazilian Federative Republic 10% 1/1/2029
BRL
34,000,000
5,195,779
Brazilian Federative Republic 10% 1/1/2031
BRL
1,750,000
251,647
Brazilian Federative Republic 10% 1/1/2033
BRL
11,950,000
1,645,152
Brazilian Federative Republic 10% 1/1/2035
BRL
5,500,000
730,505
Brazilian Federative Republic Treasury Bills 0% 1/1/2026 (b)
BRL
23,250,000
3,664,112
Brazilian Federative Republic Treasury Bills 0% 1/1/2030 (b)
BRL
29,000,000
2,637,118
Brazilian Federative Republic Treasury Bills 0% 7/1/2026 (b)
BRL
39,250,000
5,774,728
Brazilian Federative Republic Treasury Bills 0% 7/1/2027 (b)
BRL
12,000,000
1,542,283
Brazilian Federative Republic Treasury Bills 0% 7/1/2028 (b)
BRL
10,500,000
1,178,872
TOTAL BRAZIL
  
  
28,815,111
CHILE - 1.6%
 
  
  
Chilean Republic 4.7% 9/1/2030 (c)(d)
CLP
1,725,000,000
1,727,380
Chilean Republic 5% 3/1/2035
CLP
1,000,000,000
993,220
Chilean Republic 6% 1/1/2043
CLP
1,275,000,000
1,377,962
Chilean Republic 6% 4/1/2033 (c)(d)
CLP
2,650,000,000
2,814,401
TOTAL CHILE
  
  
6,912,963
CHINA - 4.3%
 
  
  
Peoples Republic of China 2.04% 11/25/2034
CNY
13,250,000
1,853,686
Peoples Republic of China 2.57% 5/20/2054
CNY
7,500,000
1,133,356
Peoples Republic of China 2.68% 5/21/2030
CNY
42,000,000
6,055,701
Peoples Republic of China 2.88% 2/25/2033
CNY
28,000,000
4,159,843
Peoples Republic of China 3.12% 10/25/2052
CNY
17,750,000
2,944,977
Peoples Republic of China 3.81% 9/14/2050
CNY
12,000,000
2,195,930
TOTAL CHINA
  
  
18,343,493
COLOMBIA - 4.3%
 
  
  
Colombian Republic 5.75% 11/3/2027
COP
31,100,000,000
6,734,801
Colombian Republic 6% 4/28/2028
COP
1,850,000,000
392,467
Colombian Republic 7% 3/26/2031
COP
5,000,000,000
958,348
Colombian Republic 7% 6/30/2032
COP
26,300,000,000
4,832,594
Colombian Republic 7.25% 10/18/2034
COP
11,500,000,000
1,988,507
Colombian Republic 7.25% 10/26/2050
COP
8,500,000,000
1,178,862
Colombian Republic 9.25% 5/28/2042
COP
10,650,000,000
1,929,867
TOTAL COLOMBIA
  
  
18,015,446
CZECH REPUBLIC - 4.0%
 
  
  
Czech Republic 0.95% 5/15/2030 (c)
CZK
175,750,000
6,610,383
Czech Republic 1.2% 3/13/2031
CZK
185,120,000
6,877,160
Czech Republic 1.5% 4/24/2040
CZK
21,500,000
627,501
Czech Republic 1.95% 7/30/2037
CZK
38,500,000
1,275,163
Czech Republic 2% 10/13/2033
CZK
15,000,000
548,164
Czech Republic 2.75% 7/23/2029
CZK
26,000,000
1,082,340
TOTAL CZECH REPUBLIC
  
  
17,020,711
DOMINICAN REPUBLIC - 0.7%
 
  
  
Dominican Republic 10.75% 6/1/2036 (c)
DOP
51,000,000
835,287
Dominican Republic 13.625% 2/3/2033 (d)
DOP
38,500,000
717,999
Dominican Republic 9.75% 6/5/2026 (c)
DOP
88,500,000
1,400,510
TOTAL DOMINICAN REPUBLIC
  
  
2,953,796
EGYPT - 1.6%
 
  
  
Arab Republic of Egypt 14.556% 10/13/2027
EGP
36,000,000
589,171
Arab Republic of Egypt 16.1% 5/7/2029
EGP
12,000,000
189,242
Arab Republic of Egypt Treasury Bills 0% 4/22/2025 (b)
EGP
54,000,000
1,050,304
Arab Republic of Egypt Treasury Bills 0% 4/29/2025 (b)
EGP
57,250,000
1,107,460
Arab Republic of Egypt Treasury Bills 0% 5/13/2025 (b)
EGP
111,800,000
2,141,201
Arab Republic of Egypt Treasury Bills 0% 6/3/2025 (b)
EGP
90,225,000
1,701,143
TOTAL EGYPT
  
  
6,778,521
HUNGARY - 2.3%
 
  
  
Hungary Government 2.25% 4/20/2033
HUF
680,000,000
1,297,988
Hungary Government 2.75% 12/22/2026
HUF
969,000,000
2,449,951
Hungary Government 3.25% 10/22/2031
HUF
257,000,000
557,540
Hungary Government 4.75% 11/24/2032
HUF
425,000,000
987,985
Hungary Government 6.75% 10/22/2028
HUF
1,653,000,000
4,432,347
TOTAL HUNGARY
  
  
9,725,811
INDIA - 4.9%
 
  
  
Republic of India 6.67% 12/17/2050
INR
529,000,000
6,012,067
Republic of India 6.79% 10/7/2034
INR
265,000,000
3,144,588
Republic of India 7.1% 4/18/2029
INR
85,000,000
1,016,113
Republic of India 7.1% 4/8/2034
INR
175,000,000
2,113,474
Republic of India 7.18% 7/24/2037
INR
275,000,000
3,347,078
Republic of India 7.18% 8/14/2033
INR
85,000,000
1,030,374
Republic of India 7.3% 6/19/2053
INR
340,500,000
4,168,296
TOTAL INDIA
  
  
20,831,990
INDONESIA - 9.0%
 
  
  
Indonesia Government 5.125% 4/15/2027
IDR
15,000,000,000
880,814
Indonesia Government 6.375% 4/15/2032
IDR
65,250,000,000
3,812,287
Indonesia Government 6.5% 2/15/2031
IDR
65,000,000,000
3,856,885
Indonesia Government 6.625% 2/15/2034
IDR
69,000,000,000
4,063,687
Indonesia Government 7% 2/15/2033
IDR
29,000,000,000
1,746,830
Indonesia Government 7% 9/15/2030
IDR
16,250,000,000
989,621
Indonesia Government 7.125% 6/15/2038 (e)
IDR
50,500,000,000
3,039,878
Indonesia Government 7.125% 6/15/2042 (e)
IDR
24,750,000,000
1,487,795
Indonesia Government 7.125% 6/15/2043
IDR
11,000,000,000
662,045
Indonesia Government 7.5% 4/15/2040
IDR
40,750,000,000
2,519,874
Indonesia Government 8.25% 5/15/2029
IDR
91,500,000,000
5,823,732
Indonesia Government 8.25% 5/15/2036
IDR
44,750,000,000
2,904,967
Indonesia Government 8.375% 3/15/2034
IDR
34,788,000,000
2,281,802
Indonesia Government 8.375% 9/15/2026
IDR
66,750,000,000
4,127,536
TOTAL INDONESIA
  
  
38,197,753
MALAYSIA - 9.7%
 
  
  
Malaysia Government 3.502% 5/31/2027
MYR
3,033,000
684,997
Malaysia Government 3.519% 4/20/2028
MYR
40,750,000
9,187,048
Malaysia Government 3.582% 7/15/2032
MYR
20,500,000
4,576,108
Malaysia Government 3.757% 5/22/2040
MYR
5,000,000
1,099,313
Malaysia Government 3.828% 7/5/2034
MYR
14,300,000
3,234,120
Malaysia Government 3.885% 8/15/2029
MYR
13,000,000
2,964,718
Malaysia Government 3.906% 7/15/2026
MYR
18,000,000
4,085,949
Malaysia Government 4.065% 6/15/2050
MYR
17,000,000
3,779,957
Malaysia Government 4.18% 5/16/2044
MYR
5,000,000
1,154,462
Malaysia Government 4.457% 3/31/2053
MYR
4,500,000
1,061,016
Malaysia Government 4.504% 4/30/2029
MYR
9,750,000
2,276,194
Malaysia Government 4.642% 11/7/2033
MYR
4,250,000
1,017,979
Malaysia Government 4.696% 10/15/2042
MYR
6,450,000
1,578,858
Malaysia Government 4.736% 3/15/2046
MYR
4,500,000
1,109,256
Malaysia Government 4.762% 4/7/2037
MYR
8,750,000
2,131,648
Malaysia Government 4.893% 6/8/2038
MYR
2,000,000
495,500
TOTAL MALAYSIA
  
  
40,437,123
MEXICO - 9.1%
 
  
  
United Mexican States 10% 11/20/2036
MXN
10,000,000
510,572
United Mexican States 5.75% 3/5/2026
MXN
140,000,000
6,674,226
United Mexican States 7.5% 5/26/2033
MXN
113,000,000
4,968,891
United Mexican States 7.5% 6/3/2027
MXN
59,250,000
2,833,618
United Mexican States 7.75% 11/13/2042
MXN
88,750,000
3,557,373
United Mexican States 7.75% 11/23/2034
MXN
42,500,000
1,866,494
United Mexican States 8% 7/31/2053
MXN
118,250,000
4,708,721
United Mexican States 8.5% 11/18/2038
MXN
26,000,000
1,160,735
United Mexican States 8.5% 5/31/2029
MXN
249,750,000
12,050,747
TOTAL MEXICO
  
  
38,331,377
PERU - 1.9%
 
  
  
Peruvian Republic 5.35% 8/12/2040
PEN
2,250,000
505,763
Peruvian Republic 5.4% 8/12/2034
PEN
1,850,000
458,037
Peruvian Republic 6.15% 8/12/2032
PEN
3,750,000
1,023,130
Peruvian Republic 6.9% 8/12/2037
PEN
8,250,000
2,212,406
Peruvian Republic 6.95% 8/12/2031
PEN
11,500,000
3,341,588
Peruvian Republic 7.3% 8/12/2033 (c)(d)
PEN
1,750,000
501,738
TOTAL PERU
  
  
8,042,662
POLAND - 6.6%
 
  
  
Republic of Poland  0.25% 10/25/2026
PLN
35,250,000
8,472,779
Republic of Poland  1.25% 10/25/2030
PLN
11,700,000
2,435,735
Republic of Poland  1.75% 4/25/2032
PLN
9,750,000
1,971,424
Republic of Poland  2.75% 10/25/2029
PLN
11,250,000
2,616,382
Republic of Poland  2.75% 4/25/2028
PLN
10,500,000
2,532,591
Republic of Poland  4.75% 7/25/2029
PLN
17,000,000
4,301,818
Republic of Poland  5% 10/25/2034
PLN
6,000,000
1,467,892
Republic of Poland  6% 10/25/2033
PLN
15,000,000
3,959,058
TOTAL POLAND
  
  
27,757,679
ROMANIA - 4.8%
 
  
  
Romanian Republic 3.25% 6/24/2026
RON
36,500,000
7,621,581
Romanian Republic 3.65% 9/24/2031
RON
4,250,000
751,056
Romanian Republic 4.25% 4/28/2036
RON
2,500,000
419,767
Romanian Republic 4.75% 10/11/2034
RON
2,750,000
492,716
Romanian Republic 5% 2/12/2029
RON
30,950,000
6,238,304
Romanian Republic 5.8% 7/26/2027
RON
7,500,000
1,586,399
Romanian Republic 6.7% 2/25/2032
RON
3,750,000
786,762
Romanian Republic 7.2% 10/30/2033
RON
10,500,000
2,252,266
TOTAL ROMANIA
  
  
20,148,851
SOUTH AFRICA - 7.8%
 
  
  
South African Republic 6.25% 3/31/2036
ZAR
49,500,000
1,909,887
South African Republic 6.5% 2/28/2041
ZAR
30,250,000
1,063,357
South African Republic 7% 2/28/2031
ZAR
61,750,000
2,987,971
South African Republic 8% 1/31/2030
ZAR
248,750,000
12,990,068
South African Republic 8.25% 3/31/2032
ZAR
17,750,000
889,671
South African Republic 8.5% 1/31/2037
ZAR
80,000,000
3,620,537
South African Republic 8.75% 2/28/2048
ZAR
130,250,000
5,505,078
South African Republic 8.875% 2/28/2035
ZAR
79,500,000
3,878,470
TOTAL SOUTH AFRICA
  
  
32,845,039
THAILAND - 4.6%
 
  
  
Kingdom of Thailand 1.585% 12/17/2035
THB
127,750,000
3,599,116
Kingdom of Thailand 1.6% 6/17/2035
THB
135,750,000
3,838,490
Kingdom of Thailand 2% 6/17/2042
THB
66,000,000
1,826,003
Kingdom of Thailand 2.8% 6/17/2034
THB
40,000,000
1,257,412
Kingdom of Thailand 2.875% 6/17/2046
THB
44,400,000
1,367,230
Kingdom of Thailand 3.3% 6/17/2038
THB
66,750,000
2,205,216
Kingdom of Thailand 3.39% 6/17/2037
THB
72,500,000
2,415,030
Kingdom of Thailand 3.45% 6/17/2043
THB
91,000,000
3,040,121
TOTAL THAILAND
  
  
19,548,618
TURKEY - 1.4%
 
  
  
Turkish Republic 10.5% 8/11/2027
TRY
27,500,000
427,519
Turkish Republic 17.3% 7/19/2028
TRY
35,500,000
618,180
Turkish Republic 17.8% 7/13/2033
TRY
23,500,000
380,775
Turkish Republic 26.2% 10/5/2033
TRY
61,500,000
1,385,616
Turkish Republic 30% 9/12/2029
TRY
55,250,000
1,290,198
Turkish Republic 31.08% 11/8/2028
TRY
49,500,000
1,175,908
Turkish Republic 36% 8/12/2026
TRY
35,000,000
846,235
TOTAL TURKEY
  
  
6,124,431
URUGUAY - 0.7%
 
  
  
Uruguay Republic 8.25% 5/21/2031
UYU
31,500,000
703,321
Uruguay Republic 8.5% 3/15/2028 (c)
UYU
60,025,000
1,395,053
Uruguay Republic 9.75% 7/20/2033
UYU
34,298,120
823,417
TOTAL URUGUAY
  
  
2,921,791
UZBEKISTAN - 0.2%
 
  
  
Republic of Uzbekistan 15.5% 2/25/2028 (c)
UZS
13,410,000,000
1,047,940
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $379,169,185)
  
  
  
364,801,106
 
  
  
  
Non-Convertible Corporate Bonds - 4.2%
 
  
Principal
Amount (a)
 
Value ($)
 
MULTI-NATIONAL - 4.2%
 
  
  
Financials - 4.2%
  
  
  
Banks - 2.8%
  
  
  
Corp Andina de Fomento 7.65% 3/5/2031 (c)
INR
234,500,000
2,771,276
European Bank for Reconstruction & Development 6.25% 4/11/2028
INR
171,000,000
1,979,797
Inter-American Development Bank 5.1% 11/17/2026
IDR
15,000,000,000
886,444
Inter-American Development Bank 7% 1/25/2029
INR
170,000,000
2,002,801
Inter-American Development Bank 7% 8/8/2033
INR
89,000,000
1,057,825
Inter-American Development Bank 7.35% 10/6/2030
INR
250,000,000
2,995,906
 
  
  
11,694,049
Capital Markets - 0.7%
  
  
  
Asian Infrastructure Investment Bank/The 6.65% 6/30/2033 (c)
INR
65,000,000
749,412
Asian Infrastructure Investment Bank/The 6.96% 1/14/2035 (c)
INR
181,000,000
2,148,069
 
  
  
2,897,481
Financial Services - 0.7%
  
  
  
International Bank for Reconstruction & Development 10% 9/16/2026
KZT
550,000,000
1,004,037
International Bank for Reconstruction & Development 7.05% 7/22/2029
INR
172,000,000
2,034,674
 
  
  
3,038,711
TOTAL FINANCIALS
  
  
17,630,241
 
  
  
  
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $17,921,378)
  
  
  
17,630,241
 
  
  
  
U.S. Treasury Obligations - 0.5%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/15/2025 (g)
 (Cost $2,118,838)
  
4.38
2,130,000
2,118,977
 
  
  
  
  
Money Market Funds - 6.6%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 (Cost $28,012,199)
  
4.32
28,006,597
28,012,199
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 97.6%
 (Cost $427,221,600)
 
  
 
412,562,523
NET OTHER ASSETS (LIABILITIES) - 2.4%  
10,057,947
NET ASSETS - 100.0%
422,620,470
 
  
 Forward Foreign Currency Contracts
Currency
Purchased
 
Currency
Sold
 
Counterparty
Settlement
Date
Unrealized  
Appreciation/
(Depreciation) ($)
 
  
  
  
  
  
  
BRL
6,446,000
USD
1,119,078
BNP Paribas SA
5/22/25
(890)
BRL
6,466,000
USD
1,086,704
Citibank NA
5/22/25
34,953
BRL
6,426,000
USD
1,104,408
Goldman Sachs Bank USA
5/22/25
10,310
BRL
7,007,000
USD
1,182,416
Goldman Sachs Bank USA
5/22/25
33,088
CLP
1,010,962,000
USD
1,059,931
BNP Paribas SA
5/22/25
4,441
CLP
784,414,000
USD
839,035
Bank of America NA
5/22/25
(13,180)
CLP
998,800,000
USD
1,086,195
Citibank NA
5/22/25
(34,628)
CNY
89,410,000
USD
12,458,719
Bank of America NA
5/22/25
(96,428)
CNY
7,440,000
USD
1,039,832
Citibank NA
5/22/25
(11,139)
CNY
5,433,000
USD
755,896
Goldman Sachs Bank USA
5/22/25
(4,701)
CZK
25,124,000
USD
1,099,887
Goldman Sachs Bank USA
5/22/25
(10,283)
CZK
47,731,000
USD
1,988,986
HSBC BANK USA
5/22/25
81,062
CZK
50,657,000
USD
2,113,824
JPMorgan Chase Bank NA
5/22/25
83,122
CZK
23,847,000
USD
1,036,822
Royal Bank of Canada
5/22/25
(2,600)
CZK
36,270,000
USD
1,570,983
Royal Bank of Canada
5/22/25
2,012
EUR
2,092,000
USD
2,278,253
Bank of America NA
5/22/25
(9,852)
EUR
995,000
USD
1,082,652
JPMorgan Chase Bank NA
5/22/25
(3,751)
EUR
3,070,000
USD
3,212,488
JPMorgan Chase Bank NA
5/22/25
116,381
HUF
411,193,000
USD
1,074,580
Canadian Imperial Bank of Commerce
5/22/25
26,382
HUF
565,106,000
USD
1,442,491
Goldman Sachs Bank USA
5/22/25
70,572
HUF
350,071,000
USD
906,478
Royal Bank of Canada
5/22/25
30,832
IDR
9,106,335,000
USD
550,162
CITIGROUP GLOBAL MKTS INC (ID)
4/08/25
(467)
IDR
34,079,200,000
USD
2,087,035
Royal Bank of Canada
5/22/25
(34,786)
IDR
16,888,600,000
USD
1,038,404
Royal Bank of Canada
5/22/25
(21,372)
IDR
10,670,800,000
USD
650,143
Royal Bank of Canada
5/22/25
(7,548)
IDR
25,500,300,000
USD
1,569,056
Royal Bank of Canada
5/22/25
(33,428)
INR
100,359,000
USD
1,156,596
BNP Paribas SA
5/22/25
13,079
INR
280,915,000
USD
3,274,068
Bank of America NA
5/22/25
(29)
INR
219,626,000
USD
2,498,021
Goldman Sachs Bank USA
5/22/25
61,700
INR
283,779,000
USD
3,237,971
Royal Bank of Canada
5/22/25
69,447
KZT
554,367,000
USD
1,092,349
Goldman Sachs Bank USA
5/22/25
(6,986)
MXN
22,353,000
USD
1,104,188
Citibank NA
5/22/25
(19,357)
MXN
42,744,000
USD
2,104,269
Citibank NA
5/22/25
(29,827)
MXN
20,486,000
USD
1,005,501
State Street Bank & Trust Co
5/22/25
(11,279)
MXN
66,217,000
USD
3,223,407
State Street Bank & Trust Co
5/22/25
(9,778)
MXN
5,352,000
USD
259,150
State Street Bank & Trust Co
5/22/25
592
MYR
6,351,000
USD
1,438,342
Royal Bank of Canada
5/22/25
(4,411)
PEN
7,079,000
USD
1,902,957
Bank of America NA
5/22/25
21,364
PHP
61,441,000
USD
1,061,983
Royal Bank of Canada
5/22/25
9,660
PLN
4,164,955
USD
1,079,675
Bank of America NA
4/01/25
(4,265)
PLN
4,014,000
USD
1,038,551
Bank of America NA
5/22/25
(4,095)
PLN
12,037,000
USD
2,976,878
Royal Bank of Canada
5/22/25
125,203
PLN
6,236,000
USD
1,613,805
State Street Bank & Trust Co
5/22/25
(6,713)
RON
5,063,000
USD
1,064,371
Goldman Sachs Bank USA
5/22/25
33,676
RON
4,966,000
USD
1,075,217
JPMorgan Chase Bank NA
5/22/25
1,793
SGD
1,253,000
USD
927,927
Bank of America NA
5/22/25
7,190
SGD
2,611,000
USD
1,949,137
Brown Brothers Harriman & Co
5/22/25
(542)
SGD
228,000
USD
171,962
Goldman Sachs Bank USA
5/22/25
(1,805)
THB
703,306,000
USD
20,672,137
JPMorgan Chase Bank NA
5/22/25
108,910
TRY
259,774,000
USD
6,596,678
Goldman Sachs Bank USA
5/22/25
(185,498)
TRY
19,358,000
USD
479,428
JPMorgan Chase Bank NA
5/22/25
(1,675)
USD
2,103,382
BRL
12,358,000
BNP Paribas SA
5/22/25
(40,361)
USD
1,045,054
BRL
6,170,000
Bank of America NA
5/22/25
(25,256)
USD
992,402
BRL
5,825,000
State Street Bank & Trust Co
5/22/25
(18,061)
USD
1,055,050
BRL
6,200,000
State Street Bank & Trust Co
5/22/25
(20,464)
USD
1,074,660
CLP
999,971,000
Bank of America NA
5/22/25
21,859
USD
1,059,598
CLP
1,010,962,000
Goldman Sachs Bank USA
5/22/25
(4,775)
USD
3,567,787
COP
15,073,900,000
Citibank NA
5/22/25
(11,887)
USD
1,624,522
CZK
39,110,000
BNP Paribas SA
5/22/25
(71,641)
USD
2,178,045
CZK
50,217,000
Bank of America NA
5/22/25
182
USD
883,265
CZK
21,167,000
Goldman Sachs Bank USA
5/22/25
(34,728)
USD
1,045,555
EUR
1,001,000
Bank of America NA
5/22/25
(39,852)
USD
2,157,815
EUR
2,063,000
Bank of America NA
5/22/25
(79,141)
USD
5,276,903
EUR
5,061,000
JPMorgan Chase Bank NA
5/22/25
(210,851)
USD
1,098,501
HUF
403,193,000
Bank of America NA
5/22/25
18,958
USD
296,707
HUF
109,802,000
Goldman Sachs Bank USA
5/22/25
2,714
USD
2,089,418
HUF
813,375,000
Royal Bank of Canada
5/22/25
(88,380)
USD
1,156,368
IDR
19,068,500,000
Bank of America NA
5/22/25
8,062
USD
1,092,735
IDR
18,049,800,000
Royal Bank of Canada
5/22/25
5,776
USD
640,426
IDR
10,495,300,000
Royal Bank of Canada
5/22/25
8,399
USD
403,362
IDR
6,695,400,000
State Street Bank & Trust Co
5/22/25
165
USD
1,124,952
INR
98,833,000
Citibank NA
5/22/25
(26,937)
USD
1,134,063
INR
97,587,000
Citibank NA
5/22/25
(3,305)
USD
1,103,218
KZT
554,367,000
Goldman Sachs Bank USA
5/22/25
17,855
USD
3,169,594
MXN
64,669,934
State Street Bank & Trust Co
4/01/25
9,491
USD
1,499,431
MXN
31,125,000
Bank of America NA
5/22/25
(11,120)
USD
1,110,133
MXN
22,466,000
Canadian Imperial Bank of Commerce
5/22/25
19,819
USD
2,176,394
MXN
44,944,000
State Street Bank & Trust Co
5/22/25
(4,818)
USD
1,424,151
MYR
6,351,000
Goldman Sachs Bank USA
5/22/25
(9,781)
USD
710,451
PEN
2,607,000
Bank of America NA
5/22/25
1,777
USD
1,421,731
PEN
5,226,000
Citibank NA
5/22/25
1,121
USD
1,070,028
PHP
61,441,000
Bank of America NA
5/22/25
(1,615)
USD
1,061,696
PHP
61,159,000
Royal Bank of Canada
5/22/25
(5,028)
USD
1,069,281
PLN
4,297,000
Bank of America NA
5/22/25
(38,108)
USD
2,066,562
PLN
8,035,000
Bank of America NA
5/22/25
(4,155)
USD
1,351,968
PLN
5,254,000
JPMorgan Chase Bank NA
5/22/25
(2,051)
USD
1,975,726
RON
9,485,000
Bank of America NA
5/22/25
(81,350)
USD
652,375
RON
2,981,000
Goldman Sachs Bank USA
5/22/25
5,866
USD
1,025,049
RON
4,714,000
Goldman Sachs Bank USA
5/22/25
2,692
USD
188,064
RON
865,000
Royal Bank of Canada
5/22/25
465
USD
936,372
SGD
1,253,000
Brown Brothers Harriman & Co
5/22/25
1,255
USD
1,634,682
THB
55,877,000
JPMorgan Chase Bank NA
5/22/25
(16,352)
USD
1,061,473
THB
35,862,000
JPMorgan Chase Bank NA
5/22/25
1,835
USD
2,428,039
TRY
101,055,000
Bank of America NA
5/22/25
(65,981)
USD
2,122,666
TRY
82,417,000
State Street Bank & Trust Co
5/22/25
88,628
USD
869,314
ZAR
16,057,000
BNP Paribas SA
5/22/25
(2,908)
USD
681,791
ZAR
12,754,000
Brown Brothers Harriman & Co
5/22/25
(11,011)
USD
1,059,056
ZAR
19,411,000
Canadian Imperial Bank of Commerce
5/22/25
4,643
USD
1,396,122
ZAR
26,099,000
Citibank NA
5/22/25
(21,586)
ZAR
18,797,000
USD
1,015,607
State Street Bank & Trust Co
5/22/25
5,454
 
  
  
  
  
  
  
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
  
(350,031)
Unrealized Appreciation
  
  
1,172,785
Unrealized Depreciation
  
  
(1,522,816)
 
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
         KZT
-
Kazakhstan Tenge
         MXN
-
Mexican Peso
         MYR
-
Malaysian Ringet
         PEN
-
Peruvian New Sol
         PHP
-
Philippines
         PLN
-
Polish Zloty
         RON
-
Romanian Leu
         SGD
-
Singapore Dollar
         THB
-
Thailand Baht
         TRY
-
New Turkish Lira
         USD
-
United States Dollar
         UYU
-
Uruguay Peso
         UZS
-
Uzbekistan Sum
         ZAR
-
South African Rand
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
(c)
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 $22,001,449 or 5.2% of net assets.
 
(d)
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 $5,761,518 or 1.4% of net assets.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
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.
 
(g)
Security or a portion of the security has been segregated as collateral for open forward foreign currency contracts. At period end, the value of securities pledged amounted to $252,984.
 
(h)
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
39,243,522
35,177,809
46,409,132
275,601
-
-
28,012,199
28,006,597
0.0%
Total
39,243,522
35,177,809
46,409,132
275,601
-
-
28,012,199
  
  
 
  
  
  
  
  
  
  
  
  
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. 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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