Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Debt Local Currency Fund
September 30, 2025
LCC-NPRT3-1125
1.9899865.104
Foreign Government and Government Agency Obligations - 84.2%
 
 
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 7.6%
 
 
 
Brazilian Federative Republic 10% 1/1/2027
BRL
38,000,000
6,834,832
Brazilian Federative Republic 10% 1/1/2029
BRL
34,000,000
5,869,628
Brazilian Federative Republic 10% 1/1/2031
BRL
19,250,000
3,165,232
Brazilian Federative Republic 10% 1/1/2033
BRL
19,450,000
3,080,147
Brazilian Federative Republic 10% 1/1/2035
BRL
16,000,000
2,459,955
Brazilian Federative Republic Treasury Bills 0% 1/1/2029 (b)
BRL
11,000,000
1,380,167
Brazilian Federative Republic Treasury Bills 0% 1/1/2030 (b)
BRL
30,250,000
3,339,431
Brazilian Federative Republic Treasury Bills 0% 7/1/2026 (b)
BRL
25,250,000
4,289,529
Brazilian Federative Republic Treasury Bills 0% 7/1/2027 (b)
BRL
17,000,000
2,558,854
Brazilian Federative Republic Treasury Bills 0% 7/1/2028 (b)
BRL
19,500,000
2,606,095
TOTAL BRAZIL
 
 
35,583,870
CHILE - 1.2%
 
 
 
Chilean Republic 5% 3/1/2035
CLP
2,250,000,000
2,243,472
Chilean Republic 6% 1/1/2043
CLP
675,000,000
725,390
Chilean Republic 6% 4/1/2033 (c)(d)
CLP
2,650,000,000
2,828,664
TOTAL CHILE
 
 
5,797,526
CHINA - 3.8%
 
 
 
Peoples Republic of China 1.88% 4/25/2055
CNY
16,000,000
2,112,516
Peoples Republic of China 2.04% 11/25/2034
CNY
25,500,000
3,639,506
Peoples Republic of China 2.57% 5/20/2054
CNY
11,750,000
1,756,194
Peoples Republic of China 2.68% 5/21/2030
CNY
23,500,000
3,453,121
Peoples Republic of China 2.88% 2/25/2033
CNY
28,000,000
4,239,587
Peoples Republic of China 3.12% 10/25/2052
CNY
13,250,000
2,179,954
Peoples Republic of China 3.81% 9/14/2050
CNY
1,950,000
354,706
TOTAL CHINA
 
 
17,735,584
COLOMBIA - 4.4%
 
 
 
Colombian Republic 12.75% 11/28/2040
COP
7,000,000,000
1,866,410
Colombian Republic 5.75% 11/3/2027
COP
21,950,000,000
5,226,161
Colombian Republic 6% 4/28/2028
COP
1,850,000,000
431,036
Colombian Republic 7% 3/26/2031
COP
5,000,000,000
1,062,933
Colombian Republic 7% 6/30/2032
COP
14,550,000,000
2,965,959
Colombian Republic 7.25% 10/18/2034
COP
12,750,000,000
2,504,040
Colombian Republic 7.25% 10/26/2050
COP
13,000,000,000
2,128,036
Colombian Republic 9.25% 5/28/2042
COP
19,650,000,000
4,088,876
TOTAL COLOMBIA
 
 
20,273,451
CZECH REPUBLIC - 4.2%
 
 
 
Czech Republic 0.95% 5/15/2030 (c)
CZK
175,750,000
7,395,946
Czech Republic 1.2% 3/13/2031
CZK
185,120,000
7,657,987
Czech Republic 1.5% 4/24/2040
CZK
21,500,000
680,518
Czech Republic 1.95% 7/30/2037
CZK
38,500,000
1,401,768
Czech Republic 2% 10/13/2033
CZK
35,500,000
1,431,327
Czech Republic 2.75% 7/23/2029
CZK
26,000,000
1,202,431
TOTAL CZECH REPUBLIC
 
 
19,769,977
DOMINICAN REPUBLIC - 0.7%
 
 
 
Dominican Republic 10.75% 6/1/2036 (c)
DOP
51,000,000
887,911
Dominican Republic 13.625% 2/3/2033 (d)
DOP
38,500,000
743,574
Dominican Republic 9.75% 6/5/2026 (c)
DOP
88,500,000
1,415,326
TOTAL DOMINICAN REPUBLIC
 
 
3,046,811
EGYPT - 1.3%
 
 
 
Arab Republic of Egypt 14.556% 10/13/2027
EGP
36,000,000
646,492
Arab Republic of Egypt 16.1% 5/7/2029
EGP
12,000,000
210,344
Arab Republic of Egypt Treasury Bills 0% 12/9/2025 (b)
EGP
100,525,000
1,989,723
Arab Republic of Egypt Treasury Bills 0% 2/24/2026 (b)
EGP
132,000,000
2,490,869
Arab Republic of Egypt Treasury Bills 0% 2/3/2026 (b)
EGP
30,000,000
573,934
TOTAL EGYPT
 
 
5,911,362
HUNGARY - 2.7%
 
 
 
Hungary Government 2% 5/23/2029
HUF
275,000,000
712,035
Hungary Government 2.25% 4/20/2033
HUF
680,000,000
1,516,002
Hungary Government 2.75% 12/22/2026
HUF
969,000,000
2,803,880
Hungary Government 3.25% 10/22/2031
HUF
110,000,000
279,215
Hungary Government 4.75% 11/24/2032
HUF
425,000,000
1,141,234
Hungary Government 6.75% 10/22/2028
HUF
2,053,000,000
6,234,644
TOTAL HUNGARY
 
 
12,687,010
INDIA - 7.2%
 
 
 
Republic of India 6.54% 1/17/2032
INR
264,000,000
2,978,367
Republic of India 6.67% 12/17/2050
INR
475,000,000
5,031,811
Republic of India 6.79% 10/7/2034
INR
440,000,000
5,004,870
Republic of India 7.1% 4/18/2029
INR
85,000,000
987,129
Republic of India 7.1% 4/8/2034
INR
175,000,000
2,027,052
Republic of India 7.17% 4/17/2030
INR
94,500,000
1,097,870
Republic of India 7.18% 7/24/2037
INR
471,500,000
5,445,985
Republic of India 7.18% 8/14/2033
INR
190,000,000
2,207,994
Republic of India 7.3% 6/19/2053
INR
535,500,000
6,093,206
Republic of India 7.32% 11/13/2030
INR
136,500,000
1,604,807
Republic of India 7.38% 6/20/2027
INR
90,000,000
1,038,961
TOTAL INDIA
 
 
33,518,052
INDONESIA - 8.6%
 
 
 
Indonesia Government 6.375% 4/15/2032
IDR
55,500,000,000
3,409,778
Indonesia Government 6.5% 2/15/2031
IDR
65,000,000,000
4,052,505
Indonesia Government 6.5% 7/15/2030
IDR
46,750,000,000
2,912,208
Indonesia Government 6.625% 2/15/2034
IDR
89,000,000,000
5,417,643
Indonesia Government 6.75% 7/15/2035
IDR
17,000,000,000
1,045,571
Indonesia Government 6.875% 4/15/2029
IDR
24,500,000,000
1,542,148
Indonesia Government 7% 2/15/2033
IDR
29,000,000,000
1,822,938
Indonesia Government 7% 9/15/2030
IDR
16,250,000,000
1,033,289
Indonesia Government 7.125% 6/15/2038
IDR
15,500,000,000
961,716
Indonesia Government 7.125% 6/15/2042
IDR
24,750,000,000
1,527,470
Indonesia Government 7.125% 6/15/2043
IDR
11,000,000,000
676,606
Indonesia Government 7.5% 4/15/2040
IDR
58,250,000,000
3,697,582
Indonesia Government 8.25% 5/15/2029
IDR
91,500,000,000
6,011,243
Indonesia Government 8.25% 5/15/2036
IDR
51,000,000,000
3,479,775
Indonesia Government 8.375% 3/15/2034
IDR
34,788,000,000
2,354,497
TOTAL INDONESIA
 
 
39,944,969
KOREA (SOUTH) - 0.2%
 
 
 
Korean Republic 3.5% 6/10/2034
KRW
1,500,000,000
1,110,443
MALAYSIA - 8.1%
 
 
 
Malaysia Government 2.632% 4/15/2031
MYR
5,000,000
1,145,503
Malaysia Government 3.336% 5/15/2030
MYR
4,250,000
1,015,198
Malaysia Government 3.519% 4/20/2028
MYR
11,250,000
2,698,998
Malaysia Government 3.582% 7/15/2032
MYR
20,500,000
4,921,437
Malaysia Government 3.757% 5/22/2040
MYR
250,000
59,584
Malaysia Government 3.828% 7/5/2034
MYR
23,300,000
5,678,922
Malaysia Government 3.885% 8/15/2029
MYR
13,000,000
3,165,130
Malaysia Government 4.054% 4/18/2039
MYR
4,000,000
989,474
Malaysia Government 4.065% 6/15/2050
MYR
17,000,000
4,117,809
Malaysia Government 4.127% 4/15/2032
MYR
2,000,000
495,153
Malaysia Government 4.18% 5/16/2044
MYR
5,000,000
1,243,317
Malaysia Government 4.457% 3/31/2053
MYR
4,500,000
1,152,133
Malaysia Government 4.504% 4/30/2029
MYR
9,750,000
2,418,398
Malaysia Government 4.642% 11/7/2033
MYR
4,250,000
1,092,160
Malaysia Government 4.696% 10/15/2042
MYR
12,700,000
3,351,762
Malaysia Government 4.736% 3/15/2046
MYR
4,500,000
1,196,609
Malaysia Government 4.762% 4/7/2037
MYR
8,750,000
2,301,675
Malaysia Government 4.893% 6/8/2038
MYR
2,000,000
535,131
TOTAL MALAYSIA
 
 
37,578,393
MEXICO - 8.7%
 
 
 
United Mexican States 10% 11/20/2036
MXN
10,000,000
590,456
United Mexican States 7.5% 5/26/2033
MXN
113,000,000
5,814,608
United Mexican States 7.5% 6/3/2027
MXN
17,250,000
941,631
United Mexican States 7.75% 11/13/2042
MXN
151,250,000
7,164,524
United Mexican States 7.75% 11/23/2034
MXN
100,500,000
5,179,233
United Mexican States 8% 7/31/2053
MXN
92,000,000
4,352,185
United Mexican States 8.5% 11/18/2038
MXN
26,000,000
1,361,715
United Mexican States 8.5% 2/28/2030
MXN
18,000,000
992,592
United Mexican States 8.5% 5/31/2029
MXN
249,750,000
13,816,269
TOTAL MEXICO
 
 
40,213,213
PERU - 2.2%
 
 
 
Peruvian Republic 5.35% 8/12/2040
PEN
2,250,000
573,289
Peruvian Republic 5.4% 8/12/2034
PEN
1,850,000
515,476
Peruvian Republic 6.15% 8/12/2032
PEN
3,750,000
1,143,604
Peruvian Republic 6.85% 8/12/2035 (c)(d)
PEN
4,750,000
1,445,191
Peruvian Republic 6.9% 8/12/2037
PEN
4,250,000
1,279,492
Peruvian Republic 6.95% 8/12/2031
PEN
11,500,000
3,666,274
Peruvian Republic 7.3% 8/12/2033 (c)(d)
PEN
1,750,000
561,377
Peruvian Republic 7.6% 8/12/2039 (c)(d)
PEN
3,250,000
1,023,078
TOTAL PERU
 
 
10,207,781
POLAND - 4.8%
 
 
 
Republic of Poland  1.25% 10/25/2030
PLN
11,700,000
2,706,389
Republic of Poland  1.75% 4/25/2032
PLN
9,750,000
2,195,531
Republic of Poland  2.75% 10/25/2029
PLN
15,750,000
4,033,342
Republic of Poland  4.75% 7/25/2029
PLN
8,750,000
2,414,751
Republic of Poland  5% 1/25/2030
PLN
7,900,000
2,193,064
Republic of Poland  5% 10/25/2034
PLN
10,500,000
2,812,682
Republic of Poland  5% 10/25/2035
PLN
2,500,000
662,251
Republic of Poland  6% 10/25/2033
PLN
11,500,000
3,315,609
Republic of Poland  7.5% 7/25/2028
PLN
6,000,000
1,783,067
TOTAL POLAND
 
 
22,116,686
ROMANIA - 3.8%
 
 
 
Romanian Republic 3.25% 6/24/2026
RON
16,500,000
3,717,624
Romanian Republic 3.65% 9/24/2031
RON
4,500,000
857,864
Romanian Republic 4.25% 4/28/2036
RON
2,500,000
449,708
Romanian Republic 4.75% 10/11/2034
RON
2,750,000
530,491
Romanian Republic 5% 2/12/2029
RON
29,950,000
6,436,754
Romanian Republic 5.8% 7/26/2027
RON
5,750,000
1,297,182
Romanian Republic 6.7% 2/25/2032
RON
3,750,000
835,525
Romanian Republic 6.85% 7/29/2030
RON
5,000,000
1,131,118
Romanian Republic 7.2% 10/30/2033
RON
10,500,000
2,411,480
TOTAL ROMANIA
 
 
17,667,746
SOUTH AFRICA - 6.7%
 
 
 
South African Republic 11.625% 3/31/2053
ZAR
17,000,000
1,114,251
South African Republic 6.25% 3/31/2036
ZAR
49,500,000
2,271,443
South African Republic 6.5% 2/28/2041
ZAR
30,000,000
1,257,894
South African Republic 7% 2/28/2031
ZAR
43,750,000
2,402,642
South African Republic 8% 1/31/2030
ZAR
86,750,000
5,040,105
South African Republic 8.25% 3/31/2032
ZAR
17,750,000
1,014,240
South African Republic 8.5% 1/31/2037
ZAR
80,000,000
4,264,241
South African Republic 8.75% 2/28/2048
ZAR
128,750,000
6,442,606
South African Republic 8.875% 2/28/2035
ZAR
126,750,000
7,210,444
TOTAL SOUTH AFRICA
 
 
31,017,866
THAILAND - 4.3%
 
 
 
Kingdom of Thailand 1.585% 12/17/2035
THB
127,750,000
3,987,340
Kingdom of Thailand 1.6% 6/17/2035
THB
175,750,000
5,496,758
Kingdom of Thailand 2% 6/17/2042
THB
66,000,000
2,071,489
Kingdom of Thailand 2.875% 6/17/2046
THB
44,400,000
1,544,660
Kingdom of Thailand 3.3% 6/17/2038
THB
15,750,000
577,827
Kingdom of Thailand 3.39% 6/17/2037
THB
72,500,000
2,677,104
Kingdom of Thailand 3.45% 6/17/2043
THB
91,000,000
3,453,421
TOTAL THAILAND
 
 
19,808,599
TURKEY - 2.8%
 
 
 
Turkish Republic 10.5% 8/11/2027
TRY
27,500,000
446,830
Turkish Republic 12.6% 10/1/2025
TRY
160,250,000
3,854,271
Turkish Republic 17.3% 7/19/2028
TRY
35,500,000
606,701
Turkish Republic 17.8% 7/13/2033
TRY
23,500,000
375,654
Turkish Republic 26.2% 10/5/2033
TRY
61,500,000
1,363,984
Turkish Republic 30% 9/12/2029
TRY
55,250,000
1,224,537
Turkish Republic 31.08% 11/8/2028
TRY
77,500,000
1,753,209
Turkish Republic 36% 8/12/2026
TRY
104,250,000
2,476,039
Turkish Republic 37.84% 7/14/2027
TRY
42,500,000
1,039,060
TOTAL TURKEY
 
 
13,140,285
URUGUAY - 0.7%
 
 
 
Uruguay Republic 8.25% 5/21/2031
UYU
31,500,000
796,488
Uruguay Republic 8.5% 3/15/2028 (c)
UYU
60,025,000
1,526,411
Uruguay Republic 9.75% 7/20/2033
UYU
34,298,120
941,277
TOTAL URUGUAY
 
 
3,264,176
UZBEKISTAN - 0.2%
 
 
 
Republic of Uzbekistan 15.5% 2/25/2028 (c)
UZS
13,410,000,000
1,157,746
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $378,785,700)
 
 
 
391,551,546
 
 
 
 
Non-Convertible Corporate Bonds - 2.4%
 
 
Principal
Amount (a)
 
Value ($)
 
MULTI-NATIONAL - 2.4%
 
 
 
Financials - 2.4%
 
 
 
Banks - 1.8%
 
 
 
Corp Andina de Fomento 7.65% 3/5/2031 (c)
INR
234,500,000
2,666,493
European Bank for Reconstruction & Development 6.25% 4/11/2028
INR
75,000,000
836,175
Inter-American Development Bank 5.1% 11/17/2026
IDR
15,000,000,000
896,357
Inter-American Development Bank 7% 1/25/2029
INR
170,000,000
1,929,679
Inter-American Development Bank 7.35% 10/6/2030
INR
170,000,000
1,959,222
 
 
 
8,287,926
Financial Services - 0.6%
 
 
 
International Bank for Reconstruction & Development 10% 9/16/2026
KZT
550,000,000
942,921
International Bank for Reconstruction & Development 7.05% 7/22/2029
INR
172,000,000
1,955,203
 
 
 
2,898,124
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $11,888,617)
 
 
 
11,186,050
 
 
 
 
U.S. Treasury Obligations - 0.5%
 
 
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 11/13/2025 (g)
 (Cost $2,189,192)
 
4.20
2,200,000
2,189,443
 
 
 
 
 
Money Market Funds - 9.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 (Cost $45,642,668)
 
4.21
45,633,541
45,642,668
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 96.9%
 (Cost $438,506,177)
 
 
 
450,569,707
NET OTHER ASSETS (LIABILITIES) - 3.1% (e)
14,629,887
NET ASSETS - 100.0%
465,199,594
 
 
 Forward Foreign Currency Contracts
Currency
Purchased
 
Currency
Sold
 
Counterparty
Settlement
Date
Unrealized  
Appreciation/
(Depreciation) ($)
 
 
 
 
 
 
 
BRL
4,710,000
USD
852,455
BNP Paribas SA
11/13/2025
23,327
BRL
10,693,000
USD
1,986,070
Bank of America NA
11/13/2025
2,195
BRL
7,815,000
USD
1,448,161
Bank of America NA
11/13/2025
4,967
BRL
4,896,000
USD
872,914
Bank of America NA
11/13/2025
37,452
BRL
6,218,000
USD
1,124,209
Bank of America NA
11/13/2025
31,971
CLP
1,193,983,000
USD
1,220,268
BNP Paribas SA
11/13/2025
21,752
CLP
1,733,220,000
USD
1,810,624
Goldman Sachs Bank USA
11/13/2025
(7,673)
CNY
8,393,000
USD
1,186,985
Citibank NA
11/13/2025
(4,948)
CNY
127,565,000
USD
17,964,371
Goldman Sachs Bank USA
11/13/2025
1,384
CNY
5,577,000
USD
788,659
Goldman Sachs Bank USA
11/13/2025
(3,216)
CNY
13,535,000
USD
1,910,320
State Street Bank & Trust Co
11/13/2025
(4,104)
COP
8,859,600,000
USD
2,266,462
Goldman Sachs Bank USA
11/13/2025
(19,411)
COP
5,490,900,000
USD
1,347,956
Goldman Sachs Bank USA
11/13/2025
44,695
CZK
48,039,000
USD
2,321,244
Bank of America NA
11/13/2025
(2,169)
CZK
41,965,000
USD
1,993,028
Bank of America NA
11/13/2025
32,826
CZK
74,903,000
USD
3,611,633
HSBC Bank USA NA
11/13/2025
4,297
EUR
986,000
USD
1,162,211
JPMorgan Chase Bank NA
11/13/2025
(1,605)
HUF
941,582,000
USD
2,804,667
Bank of America NA
11/13/2025
22,200
HUF
406,364,000
USD
1,226,421
Bank of America NA
11/13/2025
(6,414)
IDR
30,598,300,000
USD
1,831,685
Bank of America NA
11/13/2025
3,723
IDR
22,590,500,000
USD
1,347,882
Bank of America NA
11/13/2025
7,187
IDR
90,006,500,000
USD
5,392,840
Bank of America NA
11/13/2025
6,110
INR
93,096,000
USD
1,051,932
BNP Paribas SA
11/13/2025
(6,555)
INR
89,518,000
USD
1,018,871
Citibank NA
11/13/2025
(13,671)
INR
132,380,000
USD
1,507,745
Citibank NA
11/13/2025
(21,247)
INR
194,520,000
USD
2,218,016
Goldman Sachs Bank USA
11/13/2025
(33,746)
INR
170,011,000
USD
1,949,891
Royal Bank of Canada
11/13/2025
(40,833)
INR
108,940,000
USD
1,241,411
State Street Bank & Trust Co
11/13/2025
(18,121)
KRW
1,649,700,000
USD
1,180,930
Goldman Sachs Bank USA
11/13/2025
(3,834)
KRW
3,129,700,000
USD
2,280,790
Royal Bank of Canada
11/13/2025
(47,683)
KRW
3,229,300,000
USD
2,293,700
State Street Bank & Trust Co
11/13/2025
10,474
KZT
705,061,000
USD
1,274,283
Citibank NA
11/13/2025
(7,203)
MXN
24,395,000
USD
1,287,712
BNP Paribas SA
11/13/2025
38,193
MXN
36,635,000
USD
1,988,656
Goldman Sachs Bank USA
11/13/2025
2,511
MXN
45,069,000
USD
2,444,479
Goldman Sachs Bank USA
11/13/2025
5,088
MXN
128,748,000
USD
6,813,296
JPMorgan Chase Bank NA
11/13/2025
184,351
MXN
45,810,000
USD
2,473,062
State Street Bank & Trust Co
11/13/2025
16,781
MYR
4,935,000
USD
1,174,301
Goldman Sachs Bank USA
11/13/2025
299
MYR
14,554,000
USD
3,477,243
Goldman Sachs Bank USA
11/13/2025
(13,183)
MYR
10,391,000
USD
2,467,585
State Street Bank & Trust Co
11/13/2025
5,621
MYR
6,844,000
USD
1,628,090
State Street Bank & Trust Co
11/13/2025
880
PEN
4,667,000
USD
1,312,098
BNP Paribas SA
11/13/2025
30,565
PEN
1,066,000
USD
307,550
Goldman Sachs Bank USA
11/13/2025
(870)
PLN
9,138,000
USD
2,491,396
BNP Paribas SA
11/13/2025
21,187
PLN
3,710,000
USD
1,002,440
Bank of America NA
11/13/2025
17,661
PLN
6,198,000
USD
1,657,300
Bank of America NA
11/13/2025
46,901
PLN
1,796,000
USD
490,800
Canadian Imperial Bank of Commerce
11/13/2025
3,027
PLN
26,603,000
USD
7,355,844
JPMorgan Chase Bank NA
11/13/2025
(41,088)
RON
5,179,000
USD
1,182,525
Bank of America NA
11/13/2025
10,763
RON
6,016,000
USD
1,379,570
Goldman Sachs Bank USA
11/13/2025
6,571
RON
4,882,000
USD
1,122,499
Goldman Sachs Bank USA
11/13/2025
2,358
THB
54,791,000
USD
1,704,085
JPMorgan Chase Bank NA
11/13/2025
(9,496)
THB
38,108,000
USD
1,185,239
JPMorgan Chase Bank NA
11/13/2025
(6,626)
THB
49,165,000
USD
1,550,873
JPMorgan Chase Bank NA
11/13/2025
(30,286)
THB
450,839,000
USD
14,006,662
JPMorgan Chase Bank NA
11/13/2025
(63,006)
USD
1,190,797
BRL
6,326,935
CITI BRAZIL
10/1/2025
2,026
USD
1,331,124
BRL
7,181,000
Citibank NA
11/13/2025
(4,117)
USD
4,658,017
BRL
26,710,000
Citibank NA
11/13/2025
(308,463)
USD
1,297,003
CLP
1,250,000,000
BNP Paribas SA
11/13/2025
(3,287)
USD
2,423,923
CLP
2,369,870,000
BNP Paribas SA
11/13/2025
(41,291)
USD
936,494
CLP
909,495,000
Citibank NA
11/13/2025
(9,592)
USD
1,134,866
CLP
1,093,103,000
Citibank NA
11/13/2025
(2,215)
USD
1,791,003
CNY
12,700,000
Royal Bank of Canada
11/13/2025
2,384
USD
2,109,610
COP
8,320,300,000
BNP Paribas SA
11/13/2025
(660)
USD
1,592,788
COP
6,708,300,000
BNP Paribas SA
11/13/2025
(108,632)
USD
1,137,447
COP
4,655,000,000
Citibank NA
11/13/2025
(43,196)
USD
2,169,329
COP
8,827,000,000
Citibank NA
11/13/2025
(69,454)
USD
805,447
CZK
16,945,000
Bank of America NA
11/13/2025
(12,570)
USD
1,185,080
CZK
25,020,000
Royal Bank of Canada
11/13/2025
(22,757)
USD
1,242,093
CZK
26,054,000
Royal Bank of Canada
11/13/2025
(15,659)
USD
1,038,467
CZK
21,910,000
State Street Bank & Trust Co
11/13/2025
(19,234)
USD
1,175,402
EUR
995,000
BNP Paribas SA
11/13/2025
4,203
USD
1,156,482
EUR
986,000
State Street Bank & Trust Co
11/13/2025
(4,123)
USD
1,736,168
HUF
596,168,000
Bank of America NA
11/13/2025
(53,679)
USD
1,096,813
HUF
376,783,000
Canadian Imperial Bank of Commerce
11/13/2025
(34,385)
USD
1,497,821
HUF
509,859,000
State Street Bank & Trust Co
11/13/2025
(32,904)
USD
1,745,568
IDR
28,714,600,000
Royal Bank of Canada
11/13/2025
23,152
USD
838,869
IDR
13,881,600,000
State Street Bank & Trust Co
11/13/2025
6,195
USD
1,116,751
INR
99,335,000
Bank of America NA
11/13/2025
1,316
USD
2,033,912
INR
180,467,000
Citibank NA
11/13/2025
7,444
USD
1,079,885
INR
96,126,000
Goldman Sachs Bank USA
11/13/2025
484
USD
3,567,058
INR
315,756,000
State Street Bank & Trust Co
11/13/2025
21,427
USD
1,154,257
KRW
1,589,700,000
Bank of America NA
11/13/2025
19,972
USD
1,170,844
KRW
1,620,800,000
Citibank NA
11/13/2025
14,370
USD
1,146,223
KRW
1,576,400,000
Citibank NA
11/13/2025
21,428
USD
1,159,685
KRW
1,598,800,000
Goldman Sachs Bank USA
11/13/2025
18,908
USD
1,171,697
KRW
1,622,800,000
Goldman Sachs Bank USA
11/13/2025
13,795
USD
1,136,799
KRW
1,578,900,000
Royal Bank of Canada
11/13/2025
10,221
USD
2,346,836
MXN
43,038,886
Goldman Sachs Bank USA
10/2/2025
(3,282)
USD
1,208,658
MXN
22,695,000
Bank of America NA
11/13/2025
(24,849)
USD
811,501
MXN
15,447,000
Bank of America NA
11/13/2025
(28,067)
USD
2,179,709
MXN
41,103,000
HSBC Bank USA NA
11/13/2025
(54,301)
USD
1,515,065
MXN
28,956,000
JPMorgan Chase Bank NA
11/13/2025
(58,737)
USD
1,546,505
MXN
28,867,000
JPMorgan Chase Bank NA
11/13/2025
(22,460)
USD
888,228
MYR
3,735,000
Goldman Sachs Bank USA
11/13/2025
(755)
USD
999,525
MYR
4,207,000
Goldman Sachs Bank USA
11/13/2025
(1,801)
USD
1,617,202
MYR
6,844,000
Goldman Sachs Bank USA
11/13/2025
(11,767)
USD
1,630,082
PEN
5,733,000
BNP Paribas SA
11/13/2025
(19,261)
USD
727,974
PLN
2,618,000
Bank of America NA
11/13/2025
8,129
USD
1,107,942
PLN
4,071,000
Bank of America NA
11/13/2025
(11,420)
USD
1,130,187
PLN
4,093,000
JPMorgan Chase Bank NA
11/13/2025
4,777
USD
649,987
RON
2,817,000
Goldman Sachs Bank USA
11/13/2025
925
USD
667,906
RON
2,925,000
Goldman Sachs Bank USA
11/13/2025
(6,041)
USD
579,506
THB
18,447,000
JPMorgan Chase Bank NA
11/13/2025
8,973
USD
784,905
ZAR
13,830,000
Bank of America NA
11/13/2025
(13,471)
USD
1,375,496
ZAR
24,018,000
Bank of America NA
11/13/2025
(11,013)
ZAR
61,256,000
USD
3,403,955
BNP Paribas SA
11/13/2025
132,225
ZAR
18,580,000
USD
1,051,625
Royal Bank of Canada
11/13/2025
20,959
 
 
 
 
 
 
 
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
 
(469,801)
Unrealized Appreciation
 
 
990,630
Unrealized Depreciation
 
 
(1,460,431)
 
 Interest Rate Swaps
Payment Received
Payment
Frequency
Payment Paid
Payment
Frequency
Clearinghouse /
Counterparty(1)
Maturity
Date
Notional
Amount(4)
Value ($)
 
Upfront
Premium
Received/
(Paid) ($)(2)
Unrealized
Appreciation/
(Depreciation) ($)
 
7.49%
Quarterly
3M JIBAR(3)
Quarterly
CME
6/13/2030
ZAR
1,000,000
1,207
0
1,207
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)Swaps with CME Group (CME) are centrally cleared swaps.
 
(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).
 
(3)Represents floating rate.
 
(4)Notional amount is stated in U.S. Dollars unless otherwise noted.
 
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
-
Indonesian Rupiah
         INR
-
Indian Rupee
         KRW
-
Korean Won
         KZT
-
Kazakhstan Tenge
         MXN
-
Mexican Peso
         MYR
-
Malaysian Ringgit
         PEN
-
Peruvian New Sol
         PLN
-
Polish Zloty
         RON
-
Romanian Leu
         THB
-
Thai 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)
Zero coupon bond which is issued at a discount.
 
(c)
Security 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 $20,908,143 or 4.5% 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 $6,601,884 or 1.4% of net assets.
 
(e)
Includes $2,044 of cash collateral segregated to cover margin requirements for centrally cleared swaps.
 
(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 over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $756,353.
 
(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
149,918,074
143,518,970
757,896
42
-
45,642,668
45,633,541
0.1%
Total
39,243,522
149,918,074
143,518,970
757,896
42
-
45,642,668
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps 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.
 
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest 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.
 
Swaps: A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.
 
A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
 
Interest Rate Swaps: Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. The Fund entered into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.
 
 
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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