NPORT-EX 2 QTLY_2295_20190930.htm

Quarterly Holdings Report
for

Fidelity® Series Emerging Markets Debt Fund

September 30, 2019







SED-QTLY-1119
1.924256.108





Schedule of Investments September 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 30.0%   
 Principal Amount(a) Value 
Argentina - 1.7%   
Aeropuertos Argentina 2000 SA 6.875% 2/1/27 (b) $7,021,875 $6,416,238 
Banco Macro SA 6.75% 11/4/26 (b)(c) 6,520,000 4,449,900 
Inversiones y Representaciones SA 11.5% 7/20/20 (Reg. S) 10,000 8,770 
Transportadora de Gas del Sur SA 6.75% 5/2/25 (b) 1,440,000 1,257,750 
YPF SA:   
8.5% 3/23/21 (b) 2,525,000 2,179,075 
8.75% 4/4/24 (b) 9,090,000 7,499,250 
TOTAL ARGENTINA  21,810,983 
Azerbaijan - 0.3%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 3,865,000 4,475,284 
Bahrain - 0.3%   
The Oil and Gas Holding Co.:   
7.5% 10/25/27 (b) 2,480,000 2,757,140 
7.625% 11/7/24 (b) 1,115,000 1,265,177 
TOTAL BAHRAIN  4,022,317 
Belarus - 0.1%   
Development Bank of the Republic of Belarus 6.75% 5/2/24 (b) 640,000 664,320 
Bermuda - 0.1%   
Qtel International Finance Ltd. 3.25% 2/21/23 (b) 1,710,000 1,739,925 
British Virgin Islands - 1.3%   
1MDB Global Investments Ltd. 4.4% 3/9/23 13,700,000 13,087,781 
Sinopec Group Overseas Development 2012 Ltd. 4.875% 5/17/42 (b) 560,000 704,900 
Sinopec Group Overseas Development Ltd. 3.68% 8/8/49 (b) 2,570,000 2,769,175 
TOTAL BRITISH VIRGIN ISLANDS  16,561,856 
Canada - 0.6%   
First Quantum Minerals Ltd. 7.25% 4/1/23 (b) 5,275,000 5,191,754 
Frontera Energy Corp. 9.7% 6/25/23 (b) 2,490,000 2,632,397 
TOTAL CANADA  7,824,151 
Cayman Islands - 0.4%   
Comcel Trust 6.875% 2/6/24 (b) 3,050,000 3,136,734 
Odebrecht Finance Ltd. 7.125% 6/26/42 (b)(d) 11,905,000 1,238,864 
Sparc Em Spc 0% 12/5/22 (b) 397,186 379,908 
TOTAL CAYMAN ISLANDS  4,755,506 
Dominican Republic - 0.1%   
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (b) 1,220,000 1,279,094 
Georgia - 0.6%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 2,420,000 2,516,797 
JSC BGEO Group 6% 7/26/23 (b) 4,515,000 4,605,300 
JSC Georgian Railway 7.75% 7/11/22 (b) 845,000 924,219 
TOTAL GEORGIA  8,046,316 
Indonesia - 0.4%   
Delta Merlin Dunia Tekstil PT 8.625% 3/12/24 (b) 920,000 139,150 
PT Bukit Makmur Mandiri Utama 7.75% 2/13/22 (b) 5,030,000 5,114,239 
TOTAL INDONESIA  5,253,389 
Ireland - 0.4%   
Bonitron Designated Activity Co. 8.75% 10/30/22 (b) 3,571,000 3,824,318 
Borets Finance DAC 6.5% 4/7/22 (b) 1,930,000 1,978,853 
TOTAL IRELAND  5,803,171 
Korea (South) - 0.1%   
Export-Import Bank of Korea 6.2% 8/7/21 (b) INR125,400,000 1,763,731 
Luxembourg - 1.0%   
CSN Resources SA:   
6.5% 7/21/20 (b) 540,000 549,788 
7.625% 2/13/23 (b) 7,950,000 8,286,633 
Petrobras International Finance Co. Ltd. 6.875% 1/20/40 1,800,000 2,076,671 
Rumo Luxembourg Sarl 7.375% 2/9/24 (b) 2,365,000 2,542,375 
TOTAL LUXEMBOURG  13,455,467 
Mauritius - 0.2%   
HTA Group Ltd. 9.125% 3/8/22 (b) 2,765,000 2,878,348 
Mexico - 8.1%   
America Movil S.A.B. de CV 6.45% 12/5/22 MXN110,740,000 5,409,967 
Credito Real S.A.B. de CV 9.5% 2/7/26 (b) 1,860,000 2,140,744 
Metalsa SA de CV 4.9% 4/24/23 (b) 1,978,000 2,007,052 
Pemex Project Funding Master Trust:   
6.625% 6/15/35 15,515,000 15,181,428 
6.625% 6/15/38 285,000 268,898 
8.625% 2/1/22 875,000 969,063 
8.625% 12/1/23 (c) 320,000 355,248 
Petroleos Mexicanos:   
3 month U.S. LIBOR + 3.650% 5.7884% 3/11/22 (c)(e) 1,870,000 1,944,585 
3.5% 1/30/23 3,760,000 3,746,840 
4.875% 1/18/24 16,405,000 16,888,948 
5.5% 1/21/21 375,000 385,688 
6.5% 6/2/41 4,080,000 3,896,400 
6.625% (b)(f) 625,000 567,383 
6.75% 9/21/47 15,292,000 14,665,028 
7.69% 1/23/50 (b) 26,593,000 27,731,180 
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) 11,660,000 11,055,627 
TOTAL MEXICO  107,214,079 
Mongolia - 0.5%   
Development Bank of Mongolia 7.25% 10/23/23 (b) 1,160,000 1,199,875 
Trade and Development Bank of Mongolia LLC 9.375% 5/19/20 (b) 5,033,000 5,160,398 
TOTAL MONGOLIA  6,360,273 
Netherlands - 2.5%   
Cimpor Financial Operations BV 5.75% 7/17/24 (b) 4,052,000 3,030,770 
IHS Netherlands Holdco BV:   
7.125% 3/18/25 (b) 1,715,000 1,744,069 
8% 9/18/27 (b) 860,000 877,415 
Metinvest BV 7.75% 4/23/23 (b) 8,265,000 8,667,919 
Nostrum Oil & Gas Finance BV 8% 7/25/22 (b) 13,602,000 6,920,018 
Petrobras Global Finance BV:   
5.093% 1/15/30 (b) 3,549,000 3,702,139 
8.75% 5/23/26 3,595,000 4,598,904 
VTR Finance BV 6.875% 1/15/24 (b) 3,638,000 3,740,319 
TOTAL NETHERLANDS  33,281,553 
Nigeria - 0.1%   
Fidelity Bank PLC 10.5% 10/16/22 (b) 1,595,000 1,788,892 
Peru - 0.3%   
Alicorp SA 6.875% 4/17/27 (b) PEN415,000 132,677 
Telefonica del Peru SA 7.375% 4/10/27 (b) PEN13,590,000 4,274,219 
TOTAL PERU  4,406,896 
Saudi Arabia - 1.8%   
Saudi Arabian Oil Co.:   
3.5% 4/16/29 (b) 6,415,000 6,695,656 
4.25% 4/16/39 (b) 7,070,000 7,632,065 
4.375% 4/16/49 (b) 8,495,000 9,328,784 
TOTAL SAUDI ARABIA  23,656,505 
Singapore - 0.4%   
Indika Energy Capital II Pte. Ltd. 6.875% 4/10/22 (b) 4,845,000 5,022,145 
South Africa - 1.8%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (b) 12,860,000 12,988,600 
5.75% 1/26/21 (Reg. S) 6,160,000 6,221,600 
6.75% 8/6/23 (b) 1,950,000 2,004,766 
7.125% 2/11/25 (b) 2,810,000 2,894,300 
TOTAL SOUTH AFRICA  24,109,266 
Togo - 0.1%   
Ecobank Transnational, Inc. 9.5% 4/18/24 (b) 1,155,000 1,296,372 
Tunisia - 0.2%   
Banque Centrale de Tunisie 5.75% 1/30/25 (b) 3,575,000 3,190,688 
Turkey - 1.9%   
Akbank TAS 7.2% 3/16/27 (b)(c) 2,525,000 2,336,414 
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 4,930,000 4,819,075 
T.C. Ziraat Bankasi A/S 5.125% 5/3/22 (b) 3,535,000 3,419,008 
Turkiye Garanti Bankasi A/S:   
4.75% 10/17/19 (b) 1,200,000 1,200,000 
6.125% 5/24/27 (b)(c) 2,470,000 2,223,000 
Turkiye Is Bankasi A/S 5% 4/30/20 (b) 1,980,000 1,985,939 
Turkiye Vakiflar Bankasi TAO:   
5.75% 1/30/23 (b) 6,995,000 6,645,950 
6.875% 2/3/25 (b)(c) 190,000 182,459 
6.875% 2/3/25 (Reg. S) (c) 2,445,000 2,347,964 
TOTAL TURKEY  25,159,809 
United Arab Emirates - 0.2%   
ADES International Holding Ltd. 8.625% 4/24/24 (b) 2,000,000 1,986,250 
United Kingdom - 2.5%   
Biz Finance PLC 9.625% 4/27/22 (b) 4,145,000 4,327,377 
DTEK Finance PLC 10.75% 12/31/24 pay-in-kind (c) 12,829,000 13,053,508 
Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (b) 1,316,000 1,375,220 
Tullow Oil PLC 6.25% 4/15/22 (b) 1,590,000 1,605,900 
Ukraine Railways via Shortline PLC 9.875% 9/15/21 (b) 2,041,200 2,099,885 
Vedanta Resources Finance II PLC 9.25% 4/23/26 (b) 2,040,000 2,024,700 
Vedanta Resources PLC:   
6.375% 7/30/22 (b) 7,920,000 7,773,975 
8.25% 6/7/21 (b) 1,160,000 1,209,300 
TOTAL UNITED KINGDOM  33,469,865 
United States of America - 1.7%   
Azul Investments LLP 5.875% 10/26/24 (b) 1,930,000 1,926,381 
Citgo Holding, Inc. 9.25% 8/1/24 (b) 2,480,000 2,635,000 
Citgo Petroleum Corp. 6.25% 8/15/22 (b) 5,413,000 5,473,896 
Kosmos Energy Ltd. 7.125% 4/4/26 (b) 5,100,000 5,253,663 
Stillwater Mining Co. 6.125% 6/27/22 (b) 6,715,000 6,765,363 
TOTAL UNITED STATES OF AMERICA  22,054,303 
Venezuela - 0.3%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 (d) 6,115,000 489,200 
5.5% 4/12/37 (d) 3,475,000 278,000 
6% 5/16/24 (b)(d) 8,980,000 718,400 
6% 11/15/26 (b)(d) 15,840,000 1,267,200 
9.75% 5/17/35 (b)(d) 12,585,000 1,006,800 
12.75% 2/17/22 (b)(d) 3,065,000 245,200 
TOTAL VENEZUELA  4,004,800 
TOTAL NONCONVERTIBLE BONDS   
(Cost $422,892,849)  397,335,554 
Government Obligations - 59.3%   
Angola - 0.2%   
Angola Republic 9.5% 11/12/25 (b) 2,730,000 3,061,013 
Argentina - 5.2%   
Argentine Republic:   
5.625% 1/26/22 16,900,000 7,376,850 
6.875% 4/22/21 36,660,000 18,000,060 
7.5% 4/22/26 41,825,000 18,298,438 
Buenos Aires Province:   
9.95% 6/9/21 (b) 1,490,000 573,836 
10.875% 1/26/21 (b) 4,676,667 2,244,800 
10.875% 1/26/21 (Reg. S) 8,170,000 3,921,600 
City of Buenos Aires:   
7.5% 6/1/27 (Reg. S) 740,000 530,025 
8.95% 2/19/21 (b) 1,681,700 1,414,730 
Mendoza Province 8.375% 5/19/24 (b) 465,000 260,405 
Province of Santa Fe 7% 3/23/23 (b) 7,950,000 5,266,875 
Provincia de Cordoba:   
7.125% 6/10/21 (b) 14,330,000 8,866,688 
7.45% 9/1/24 (b) 4,200,000 2,391,375 
TOTAL ARGENTINA  69,145,682 
Azerbaijan - 0.0%   
Azerbaijan Republic 4.75% 3/18/24 (b) 655,000 693,645 
Belarus - 0.5%   
Belarus Republic:   
6.875% 2/28/23 (b) 5,085,000 5,440,950 
7.625% 6/29/27 (b) 1,150,000 1,292,313 
TOTAL BELARUS  6,733,263 
Bermuda - 0.2%   
Bermuda Government 4.75% 2/15/29 (b) 2,735,000 3,100,806 
Bolivia - 0.0%   
Plurinational State of Bolivia 4.5% 3/20/28 (b) 360,000 341,663 
Brazil - 2.1%   
Brazilian Federative Republic:   
5.625% 1/7/41 8,065,000 9,030,280 
5.625% 2/21/47 4,300,000 4,818,688 
8.25% 1/20/34 7,320,000 10,042,125 
10% 1/1/23 BRL17,015,000 4,553,523 
TOTAL BRAZIL  28,444,616 
Cameroon - 0.8%   
Cameroon Republic 9.5% 11/19/25 (b) 9,740,000 10,637,906 
Costa Rica - 0.2%   
Costa Rican Republic:   
4.25% 1/26/23 (b) 2,075,000 2,030,906 
7.158% 3/12/45 (b) 1,150,000 1,152,516 
TOTAL COSTA RICA  3,183,422 
Dominican Republic - 1.5%   
Dominican Republic:   
5.95% 1/25/27 (b) 2,460,000 2,662,181 
6% 7/19/28 (b) 1,825,000 1,988,680 
6.4% 6/5/49 (b) 2,560,000 2,720,800 
6.85% 1/27/45 (b) 2,645,000 2,945,869 
6.875% 1/29/26 (b) 2,880,000 3,249,000 
7.45% 4/30/44 (b) 5,190,000 6,156,638 
TOTAL DOMINICAN REPUBLIC  19,723,168 
Ecuador - 0.6%   
Ecuador Republic:   
8.875% 10/23/27 (b) 6,110,000 6,096,634 
9.65% 12/13/26 (b) 1,345,000 1,416,033 
TOTAL ECUADOR  7,512,667 
Egypt - 4.0%   
Arab Republic of Egypt:   
yield at date of purchase 17.8821% 11/19/19 EGP25,625,000 1,539,593 
5.577% 2/21/23 (b) 1,245,000 1,266,788 
6.125% 1/31/22 (b) 6,310,000 6,503,244 
6.2004% 3/1/24 (b) 1,550,000 1,617,813 
7.5% 1/31/27 (b) 19,395,000 20,849,625 
7.6003% 3/1/29 (b) 9,220,000 9,747,269 
7.903% 2/21/48 (b) 2,340,000 2,353,163 
8.5% 1/31/47 (b) 7,420,000 7,867,519 
8.7002% 3/1/49 (b) 820,000 880,475 
TOTAL EGYPT  52,625,489 
El Salvador - 1.9%   
El Salvador Republic:   
5.875% 1/30/25 (Reg.S) 5,815,000 5,993,084 
6.375% 1/18/27 (b) 4,830,000 5,011,125 
7.1246% 1/20/50 (b) 2,730,000 2,782,894 
7.375% 12/1/19 (b) 7,070,000 7,103,141 
7.625% 9/21/34 (b) 2,650,000 2,809,000 
7.65% 6/15/35 (Reg. S) 1,315,000 1,409,516 
TOTAL EL SALVADOR  25,108,760 
Ghana - 0.7%   
Ghana Republic:   
7.875% 3/26/27 (b) 1,935,000 1,983,375 
8.125% 1/18/26 (b) 7,175,000 7,589,805 
TOTAL GHANA  9,573,180 
Guatemala - 0.1%   
Guatemalan Republic 4.9% 6/1/30 (b) 1,895,000 2,006,923 
Indonesia - 3.2%   
Indonesian Republic:   
5.125% 1/15/45 (b) 2,845,000 3,398,886 
5.25% 1/17/42 (b) 3,100,000 3,729,688 
5.95% 1/8/46 (b) 1,590,000 2,113,706 
6.625% 2/17/37 (b) 2,700,000 3,652,594 
6.75% 1/15/44 (b) 4,590,000 6,586,650 
7.75% 1/17/38 (b) 7,170,000 10,755,000 
8.5% 10/12/35 (b) 100,000 157,000 
8.5% 10/12/35 (Reg. S) 7,460,000 11,712,200 
TOTAL INDONESIA  42,105,724 
Iraq - 1.3%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 17,385,000 16,977,539 
Ivory Coast - 0.8%   
Ivory Coast 5.75% 12/31/32 10,780,880 10,568,631 
Jamaica - 0.2%   
Jamaican Government:   
6.75% 4/28/28 580,000 690,381 
7.875% 7/28/45 1,685,000 2,207,350 
TOTAL JAMAICA  2,897,731 
Jordan - 0.1%   
Jordanian Kingdom:   
6.125% 1/29/26 (b) 600,000 628,313 
7.375% 10/10/47 (b) 605,000 637,897 
TOTAL JORDAN  1,266,210 
Kazakhstan - 0.1%   
Kazakhstan Republic 6.5% 7/21/45 (b) 850,000 1,234,625 
Kenya - 0.1%   
Republic of Kenya 6.875% 6/24/24 (b) 1,350,000 1,419,188 
Lebanon - 1.6%   
Lebanese Republic:   
5.8% 4/14/20 5,035,000 4,770,663 
6% 1/27/23 2,925,000 2,028,305 
6.15% 6/19/20 1,550,000 1,436,172 
6.375% 3/9/20 11,680,000 11,143,450 
8.25% 4/12/21 (Reg.S) 1,615,000 1,376,788 
TOTAL LEBANON  20,755,378 
Mexico - 2.3%   
United Mexican States:   
5.75% 10/12/10 6,125,000 7,062,891 
6.05% 1/11/40 15,410,000 19,439,715 
6.5% 6/9/22 MXN90,720,000 4,575,535 
TOTAL MEXICO  31,078,141 
Mongolia - 0.1%   
Mongolian People's Republic 8.75% 3/9/24 (b) 1,160,000 1,298,838 
Morocco - 0.1%   
Moroccan Kingdom 5.5% 12/11/42 (b) 920,000 1,099,400 
Nigeria - 1.1%   
Republic of Nigeria:   
yield at date of purchase 13.6947% to 13.7447% 11/7/19 to 11/28/19 NGN751,355,000 2,036,656 
6.375% 7/12/23 (b) 1,190,000 1,249,500 
6.5% 11/28/27 (b) 4,420,000 4,461,438 
7.625% 11/21/25 (b) 6,010,000 6,588,463 
TOTAL NIGERIA  14,336,057 
Oman - 0.7%   
Sultanate of Oman:   
3.875% 3/8/22 (b) 1,130,000 1,121,525 
4.125% 1/17/23 (b) 1,370,000 1,366,575 
4.75% 6/15/26 (b) 1,375,000 1,320,000 
5.375% 3/8/27 (b) 2,695,000 2,639,416 
6.75% 1/17/48 (b) 2,965,000 2,798,219 
TOTAL OMAN  9,245,735 
Pakistan - 0.4%   
Islamic Republic of Pakistan:   
6.75% 12/3/19 (b) 4,015,000 4,027,547 
8.25% 4/15/24 (b) 1,180,000 1,273,663 
TOTAL PAKISTAN  5,301,210 
Papua New Guinea - 0.2%   
Papua New Guinea 8.375% 10/4/28 (b) 2,090,000 2,208,216 
Paraguay - 0.1%   
Republic of Paraguay 5.4% 3/30/50 (b) 1,085,000 1,226,728 
Peru - 0.3%   
Peruvian Republic 4% 3/7/27 (g)(h) 3,350,000 3,361,581 
Philippines - 0.3%   
Philippine Republic 4.95% 1/15/21 PHP173,695,000 3,383,516 
Qatar - 1.9%   
State of Qatar:   
4% 3/14/29 (b) 4,040,000 4,479,350 
4.5% 4/23/28 (b) 2,190,000 2,493,863 
4.817% 3/14/49 (b) 8,470,000 10,497,506 
5.103% 4/23/48 (b) 5,570,000 7,127,859 
TOTAL QATAR  24,598,578 
Romania - 0.4%   
Romanian Republic 5.125% 6/15/48 (b) 4,400,000 5,091,625 
Russia - 4.1%   
Ministry of Finance of the Russian Federation:   
5.1% 3/28/35 (b) 13,800,000 15,594,000 
5.1% 3/28/35(Reg. S) 2,200,000 2,486,000 
5.25% 6/23/47 (b) 15,200,000 18,045,250 
5.25% 6/23/47(Reg. S) 800,000 949,750 
5.625% 4/4/42 (b) 4,100,000 5,043,001 
5.875% 9/16/43 (b) 1,850,000 2,349,500 
7.25% 5/10/34 RUB222,325,000 3,461,421 
7.6% 7/20/22 RUB199,690,000 3,158,708 
8.15% 2/3/27 RUB203,340,000 3,374,369 
TOTAL RUSSIA  54,461,999 
Rwanda - 0.1%   
Rwanda Republic 6.625% 5/2/23 (b) 1,705,000 1,839,269 
Saudi Arabia - 1.2%   
Kingdom of Saudi Arabia:   
4.5% 4/17/30 (b) 2,270,000 2,580,990 
4.5% 10/26/46 (b) 1,865,000 2,079,475 
4.625% 10/4/47 (b) 2,330,000 2,644,550 
5.25% 1/16/50 (b) 6,930,000 8,632,181 
TOTAL SAUDI ARABIA  15,937,196 
Sri Lanka - 0.8%   
Democratic Socialist Republic of Sri Lanka:   
5.75% 4/18/23 (b) 2,309,000 2,293,847 
6.2% 5/11/27 (b) 660,000 615,450 
6.25% 10/4/20 (b) 3,480,000 3,532,200 
6.25% 7/27/21(b) 1,560,000 1,584,863 
6.825% 7/18/26 (b) 930,000 920,991 
6.85% 3/14/24 (b) 1,300,000 1,326,000 
6.85% 11/3/25 (b) 675,000 677,109 
TOTAL SRI LANKA  10,950,460 
Turkey - 6.6%   
Export Credit Bank of Turkey 5.375% 2/8/21 (b) 2,580,000 2,567,100 
Turkish Republic:   
3.25% 3/23/23 1,490,000 1,392,219 
5.125% 3/25/22 14,495,000 14,612,772 
5.625% 3/30/21 9,300,000 9,552,844 
5.75% 5/11/47 5,040,000 4,410,000 
6% 1/14/41 1,810,000 1,619,950 
6.25% 9/26/22 28,990,000 29,814,403 
6.35% 8/10/24 1,615,000 1,642,758 
6.75% 5/30/40 4,415,000 4,301,866 
6.875% 3/17/36 4,125,000 4,113,398 
7.25% 12/23/23 3,805,000 4,024,977 
7.25% 3/5/38 2,005,000 2,068,909 
7.375% 2/5/25 6,520,000 6,921,388 
TOTAL TURKEY  87,042,584 
Ukraine - 5.7%   
Ukraine Government:   
7.375% 9/25/32 (b) 2,130,000 2,143,313 
7.75% 9/1/20 (b) 15,095,000 15,404,448 
7.75% 9/1/21 (b) 27,862,000 28,976,480 
7.75% 9/1/22 (b) 12,972,000 13,646,544 
7.75% 9/1/23 (b) 1,870,000 1,965,370 
7.75% 9/1/24 (b) 4,195,000 4,430,969 
7.75% 9/1/26 (b) 3,365,000 3,520,631 
7.75% 9/1/27 (b) 2,970,000 3,099,938 
9.75% 11/1/28 (b) 1,000,000 1,146,250 
15.84% 2/26/25 UAH32,140,000 1,354,874 
TOTAL UKRAINE  75,688,817 
United Arab Emirates - 0.2%   
Emirate of Abu Dhabi 3.125% 9/30/49 (b) 2,605,000 2,526,834 
United States of America - 6.0%   
U.S. Treasury Bonds 3% 2/15/48 14,220,000 16,897,359 
U.S. Treasury Notes:   
2% 11/15/26 50,392,000 51,677,371 
2.375% 5/15/29 10,050,000 10,675,377 
TOTAL UNITED STATES OF AMERICA  79,250,107 
Uruguay - 0.0%   
Uruguay Republic 4.975% 4/20/55 600,000 703,875 
Venezuela - 0.3%   
Venezuelan Republic:   
9.25% 9/15/27 (d) 27,915,000 2,651,925 
11.95% 8/5/31 (Reg. S) (d) 17,015,000 1,616,425 
12.75% 8/23/22 (d) 3,625,000 344,375 
TOTAL VENEZUELA  4,612,725 
Vietnam - 1.0%   
Vietnamese Socialist Republic:   
6 month U.S. LIBOR + 0.813% 2.8476% 3/13/28 (c)(e) 425,000 422,931 
5.5% 3/12/28 12,243,667 12,373,756 
TOTAL VIETNAM  12,796,687 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $836,378,720)  787,157,407 
Supranational Obligations - 0.2%   
European Bank for Reconstruction & Development 6% 5/4/20 (Reg. S)
(Cost $3,398,803) 		INR221,300,000 3,101,458 
Preferred Securities - 2.2%   
Cayman Islands - 1.3%   
Banco Do Brasil SA:   
6.25% (b)(c)(f) 2,540,000 2,504,281 
9% (b)(c)(f) 660,000 737,798 
Banco Mercantil del Norte SA 7.625% (b)(c)(f) 1,285,000 1,308,692 
Cosan Overseas Ltd. 8.25% (f) 10,640,000 10,989,125 
Odebrecht Finance Ltd.:   
7.5% (b)(d)(f) 10,715,000 1,188,695 
7.5% (Reg. S) (d)(f) 300,000 33,281 
TOTAL CAYMAN ISLANDS  16,761,872 
Colombia - 0.2%   
Colombia Telecomunicaciones SA 8.5% (b)(c)(f) 2,070,000 2,124,984 
Ireland - 0.7%   
Alfa Bond Issuance PLC 8% (Reg. S) (c)(f) 4,985,000 5,098,720 
Tinkoff Credit Systems 9.25% (Reg. S) (c)(f) 4,530,000 4,731,019 
TOTAL IRELAND  9,829,739 
TOTAL PREFERRED SECURITIES   
(Cost $32,719,861)  28,716,595 
 Shares Value 
Money Market Funds - 6.9%   
Fidelity Cash Central Fund 1.96% (i)   
(Cost $91,549,092) 91,535,350 91,553,657 
TOTAL INVESTMENT IN SECURITIES - 98.6%   
(Cost $1,386,939,325)  1,307,864,671 
NET OTHER ASSETS (LIABILITIES) - 1.4%  19,116,735 
NET ASSETS - 100%  $1,326,981,406 

Currency Abbreviations

BRL – Brazilian real

EGP – Egyptian pound

INR – Indian rupee

MXN – Mexican peso

NGN – Nigerian naira

PEN – Peruvian new sol

PHP – Philippine peso

RUB – Russian ruble

UAH – Ukrainian hryvnia

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Amount is stated in United States dollars unless otherwise noted.

 (b) 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 $690,518,138 or 52.0% of net assets.

 (c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (d) Non-income producing - Security is in default.

 (e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (f) Security is perpetual in nature with no stated maturity date.

 (g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (h) Level 3 security

 (i) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,217,004 
Total $1,217,004 

Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities, supranational obligations and U.S. government and government agency obligations are valued by pricing vendors 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 vendors. For foreign debt securities, when significant market or security specific market 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 Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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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