NPORT-EX 2 QTLY_2295_20200930.htm

Quarterly Holdings Report
for

Fidelity® Series Emerging Markets Debt Fund

September 30, 2020







SED-QTLY-1120
1.924256.109





Schedule of Investments September 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 30.0%   
 Principal Amount(a) Value 
Argentina - 1.8%   
Aeropuertos Argentina 2000 SA:   
6.875% 2/1/27 (b) $105,469 $73,762 
9.375% 2/1/27 pay-in-kind (b)(c) 7,500,714 5,051,262 
Banco Macro SA 6.75% 11/4/26 (b)(c) 4,110,000 3,055,528 
Pampa Holding SA 7.375% 7/21/23 (b) 10,000 8,334 
Transportadora de Gas del Sur SA 6.75% 5/2/25 (b) 1,610,000 1,282,969 
YPF SA:   
8.5% 3/23/25 (b) 4,747,000 3,759,624 
8.75% 4/4/24 (b) 13,693,000 11,022,865 
TOTAL ARGENTINA  24,254,344 
Azerbaijan - 0.2%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 1,946,000 2,217,467 
Bahrain - 0.3%   
The Oil and Gas Holding Co.:   
7.5% 10/25/27 (b) 1,881,000 1,989,158 
7.625% 11/7/24 (b) 2,620,000 2,789,481 
TOTAL BAHRAIN  4,778,639 
Belarus - 0.0%   
Development Bank of the Republic of Belarus 6.75% 5/2/24 (b) 500,000 471,875 
Bermuda - 0.1%   
GeoPark Ltd. 6.5% 9/21/24 (b) 1,455,000 1,367,700 
British Virgin Islands - 1.9%   
1MDB Global Investments Ltd. 4.4% 3/9/23 23,800,000 23,821,182 
Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (b) 1,760,000 1,758,900 
TOTAL BRITISH VIRGIN ISLANDS  25,580,082 
Canada - 0.8%   
First Quantum Minerals Ltd.:   
7.25% 5/15/22 (b) 505,000 504,066 
7.25% 4/1/23 (b) 9,082,000 8,977,784 
Frontera Energy Corp. 9.7% 6/25/23 (b) 1,575,000 1,282,641 
TOTAL CANADA  10,764,491 
Cayman Islands - 1.2%   
Comcel Trust 6.875% 2/6/24 (b) 3,125,000 3,160,219 
DP World Crescent Ltd.:   
3.7495% 1/30/30 (b) 1,075,000 1,101,875 
3.875% 7/18/29 (Reg. S) 3,090,000 3,194,288 
DP World Salaam 6% (Reg. S) (c)(d) 525,000 550,594 
Embraer Overseas Ltd. 5.696% 9/16/23 (b) 291,000 294,638 
NagaCorp Ltd.:   
7.95% 7/6/24 (Reg. S) 1,760,000 1,767,700 
9.375% 5/21/21 (b) 2,005,000 2,036,328 
Odebrecht Finance Ltd. 7.125% 6/26/42 (b)(e) 11,905,000 613,852 
Sparc Em Spc 0% 12/5/22 (b) 294,866 285,655 
Termocandelaria Power Ltd. 7.875% 1/30/29 (b) 845,000 902,830 
Three Gorges Finance I Cayman Islands Ltd. 2.15% 9/22/30 (b) 2,550,000 2,556,630 
TOTAL CAYMAN ISLANDS  16,464,609 
Chile - 0.2%   
Corporacion Nacional del Cobre de Chile (Codelco) 3.7% 1/30/50 (b) 1,625,000 1,715,898 
VTR Comunicaciones SpA 5.125% 1/15/28 (b) 1,045,000 1,076,971 
TOTAL CHILE  2,792,869 
Georgia - 0.6%   
Georgia Bank Joint Stock Co. 6% 7/26/23 (b) 4,975,000 5,107,148 
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 2,424,000 2,399,760 
JSC Georgian Railway 7.75% 7/11/22 (b) 898,000 938,270 
Silknet JSC 11% 4/2/24 (Reg. S) 250,000 262,500 
TOTAL GEORGIA  8,707,678 
Indonesia - 0.5%   
Delta Merlin Dunia Tekstil PT 8.625% 3/12/24 (b)(e) 920,000 88,838 
Indonesia Asahan Aluminium Tbk PT 5.45% 5/15/30 (b) 1,015,000 1,172,528 
PT Adaro Indonesia 4.25% 10/31/24 (b) 2,015,000 1,958,958 
PT Bukit Makmur Mandiri Utama 7.75% 2/13/22 (b) 4,100,000 3,367,125 
TOTAL INDONESIA  6,587,449 
Ireland - 0.4%   
Bonitron Designated Activity Co. 8.75% 10/30/22 (b) 5,101,000 5,048,396 
Isle of Man - 0.1%   
Sasol Financing International PLC 4.5% 11/14/22 1,315,000 1,272,263 
Israel - 0.3%   
Leviathan Bond Ltd.:   
5.75% 6/30/23 (Reg. S) (b) 2,220,000 2,286,600 
6.125% 6/30/25 (Reg. S) (b) 1,320,000 1,361,250 
TOTAL ISRAEL  3,647,850 
Kazakhstan - 0.1%   
BTA Bank JSC 5.5% 12/21/22 (b) 1,475,862 1,469,405 
Luxembourg - 1.0%   
CSN Resources SA 7.625% 2/13/23 (b) 8,972,000 9,243,964 
Rumo Luxembourg SARL 7.375% 2/9/24 (b) 4,900,000 5,126,625 
TOTAL LUXEMBOURG  14,370,589 
Malaysia - 0.1%   
Petronas Capital Ltd. 3.5% 4/21/30 (b) 1,730,000 1,934,330 
Mauritius - 0.0%   
Vedanta Holdings Mauritius II Ltd. 13% 8/21/23 (b) 735,000 757,050 
Mexico - 7.8%   
America Movil S.A.B. de CV 6.45% 12/5/22 MXN110,740,000 5,066,162 
Axtel S.A.B. de CV 6.375% 11/14/24 (b) 500,000 519,375 
Credito Real S.A.B. de CV 9.5% 2/7/26 (b) 575,000 550,203 
Metalsa SA de CV 4.9% 4/24/23 (b) 2,418,000 2,420,267 
Pemex Project Funding Master Trust:   
6.625% 6/15/35 18,441,000 15,161,960 
8.625% 2/1/22 3,212,000 3,358,548 
8.625% 12/1/23 (c) 320,000 317,200 
Petroleos Mexicanos:   
3 month U.S. LIBOR + 3.650% 3.9003% 3/11/22 (c)(f) 2,958,000 2,889,759 
3.5% 1/30/23 4,187,000 4,112,832 
4.875% 1/24/22 4,315,000 4,354,105 
4.875% 1/18/24 17,892,000 17,668,350 
5.375% 3/13/22 1,590,000 1,610,372 
6.375% 2/4/21 150,000 151,725 
6.5% 6/2/41 2,587,000 1,984,510 
6.75% 9/21/47 8,407,000 6,479,695 
7.69% 1/23/50 (b) 38,733,000 32,419,521 
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) 13,585,000 8,316,567 
Unifin Financiera SAPI de CV 7% 1/15/25 (b) 625,000 508,203 
TOTAL MEXICO  107,889,354 
Mongolia - 0.0%   
Development Bank of Mongolia 7.25% 10/23/23 (b) 720,000 751,950 
Netherlands - 1.5%   
Cimpor Financial Operations BV 5.75% 7/17/24 (b) 4,857,000 3,500,440 
IHS Netherlands Holdco BV 7.125% 3/18/25 (b) 4,125,000 4,206,211 
Metinvest BV 7.75% 4/23/23 (b) 7,678,000 7,807,605 
Nostrum Oil & Gas Finance BV 8% 7/25/22 (b)(e) 15,783,000 4,103,580 
Petrobras Global Finance BV 7.375% 1/17/27 445,000 525,367 
TOTAL NETHERLANDS  20,143,203 
Nigeria - 0.0%   
Fidelity Bank PLC 10.5% 10/16/22 (b) 395,000 412,116 
Panama - 0.1%   
Cable Onda SA 4.5% 1/30/30 (b) 745,000 776,197 
Peru - 0.3%   
Camposol SA 6% 2/3/27 (b) 855,000 875,173 
Telefonica del Peru SA 7.375% 4/10/27 (b) PEN10,090,000 2,818,353 
TOTAL PERU  3,693,526 
Saudi Arabia - 1.5%   
Saudi Arabian Oil Co.:   
3.5% 4/16/29 (b) 14,389,000 15,787,431 
4.375% 4/16/49 (b) 4,596,000 5,495,253 
TOTAL SAUDI ARABIA  21,282,684 
Singapore - 0.4%   
Indika Energy Capital II Pte. Ltd. 6.875% 4/10/22 (b) 5,500,000 5,489,688 
South Africa - 2.7%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (b) 33,370,000 32,452,325 
6.75% 8/6/23 (b) 4,987,000 4,594,274 
TOTAL SOUTH AFRICA  37,046,599 
Tunisia - 0.3%   
Banque Centrale de Tunisie 5.75% 1/30/25 (b) 4,107,000 3,674,482 
Turkey - 0.8%   
Akbank TAS 5.125% 3/31/25 (b) 1,450,000 1,341,250 
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 2,478,000 2,443,153 
T.C. Ziraat Bankasi A/S 5.125% 5/3/22 (b) 3,837,000 3,726,686 
Turkiye Sinai Kalkinma Bankasi A/S 6% 1/23/25 (b) 1,465,000 1,356,041 
Turkiye Vakiflar Bankasi TAO 5.75% 1/30/23 (b) 2,075,000 1,987,461 
TOTAL TURKEY  10,854,591 
Ukraine - 0.0%   
VFU Funding PLC (VF Ukraine) 6.2% 2/11/25 (b) 270,000 268,059 
United Arab Emirates - 0.3%   
Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) 670,000 783,272 
ADES International Holding Ltd. 8.625% 4/24/24 (b) 3,015,000 2,816,198 
TOTAL UNITED ARAB EMIRATES  3,599,470 
United Kingdom - 2.3%   
Biz Finance PLC 9.625% 4/27/22 (b) 3,125,667 3,185,250 
DTEK Finance PLC 10.75% 12/31/24 pay-in-kind (c) 5,604,000 3,745,924 
Liquid Telecommunications Financing PLC 8.5% 7/13/22 (b) 915,000 924,722 
NAK Naftogaz Ukraine:   
7.375% 7/19/22 (Reg. S) 4,907,000 4,937,669 
7.625% 11/8/26 (b) 1,235,000 1,189,459 
Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (b) 1,009,000 1,029,180 
Tullow Oil PLC 6.25% 4/15/22 (b) 14,760,000 7,472,250 
Ukraine Railways via Shortline PLC 9.875% 9/15/21 (b) 1,105,800 1,111,329 
Vedanta Resources PLC:   
6.375% 7/30/22 (b) 6,480,000 5,119,200 
8.25% 6/7/21 (b) 3,460,000 3,246,994 
TOTAL UNITED KINGDOM  31,961,977 
United States of America - 2.3%   
Azul Investments LLP 5.875% 10/26/24 (b) 4,565,000 3,428,030 
Citgo Holding, Inc. 9.25% 8/1/24 (b) 2,682,000 2,554,605 
Citgo Petroleum Corp. 6.25% 8/15/22 (b) 10,523,000 10,435,501 
Kosmos Energy Ltd. 7.125% 4/4/26 (b) 9,060,000 7,882,200 
Stillwater Mining Co. 6.125% 6/27/22 (b) 6,789,000 6,856,890 
TOTAL UNITED STATES OF AMERICA  31,157,226 
Venezuela - 0.1%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 (e) 6,115,000 168,163 
5.5% 4/12/37 (e) 3,475,000 95,563 
6% 5/16/24 (b)(e) 8,980,000 246,950 
6% 11/15/26 (b)(e) 15,840,000 435,600 
9.75% 5/17/35 (b)(e) 12,585,000 346,088 
12.75% 2/17/22 (b)(e) 3,065,000 84,288 
TOTAL VENEZUELA  1,376,652 
TOTAL NONCONVERTIBLE BONDS   
(Cost $471,385,868)  412,864,860 
Government Obligations - 58.9%   
Angola - 0.5%   
Angola Republic:   
8.25% 5/9/28 (b) 3,115,000 2,470,584 
9.375% 5/8/48 (b) 2,020,000 1,571,813 
9.5% 11/12/25 (b) 2,535,000 2,203,866 
TOTAL ANGOLA  6,246,263 
Argentina - 4.1%   
Argentine Republic:   
0.125% 7/9/30 (g) 63,454,632 26,333,672 
0.125% 7/9/35 (g) 21,353,027 7,975,356 
0.125% 1/9/38 (g) 10,211,997 4,340,099 
1% 7/9/29 5,953,783 2,700,041 
6.875% 4/22/21 (e)(h) 50,379,000 5 
City of Buenos Aires:   
7.5% 6/1/27 (Reg. S) 740,000 533,031 
8.95% 2/19/21 (b) 1,259,700 1,133,730 
Mendoza Province 8.375% 5/19/24 (b)(e) 465,000 301,378 
Province of Santa Fe 7% 3/23/23 (b) 7,365,000 5,305,102 
Provincia de Cordoba:   
7.125% 6/10/21 (b) 9,245,000 5,642,339 
7.45% 9/1/24 (b) 4,345,000 2,393,823 
TOTAL ARGENTINA  56,658,576 
Armenia - 0.0%   
Republic of Armenia 7.15% 3/26/25 (b) 630,000 681,384 
Barbados - 0.5%   
Barbados Government:   
6.5% 2/1/21 (b) 1,370,000 1,361,438 
6.5% 10/1/29 (b) 5,915,000 5,696,884 
TOTAL BARBADOS  7,058,322 
Belarus - 0.2%   
Belarus Republic 6.875% 2/28/23 (b) 3,510,000 3,403,603 
Bermuda - 0.4%   
Bermuda Government:   
2.375% 8/20/30 (b) 525,000 530,250 
3.375% 8/20/50 (b) 965,000 1,006,314 
3.717% 1/25/27 (b) 620,000 678,900 
4.75% 2/15/29 (b) 2,270,000 2,709,103 
TOTAL BERMUDA  4,924,567 
Brazil - 2.3%   
Brazilian Federative Republic:   
3.875% 6/12/30 4,500,000 4,500,000 
4.75% 1/14/50 3,765,000 3,673,228 
5.625% 1/7/41 5,431,000 5,884,149 
5.625% 2/21/47 2,183,000 2,374,695 
7.125% 1/20/37 2,115,000 2,621,278 
8.25% 1/20/34 9,059,000 12,147,553 
12.25% 3/6/30 199,000 324,494 
TOTAL BRAZIL  31,525,397 
Cameroon - 1.0%   
Cameroon Republic 9.5% 11/19/25 (b) 13,350,000 13,671,234 
Colombia - 0.3%   
Colombian Republic 5% 6/15/45 3,540,000 4,130,738 
Costa Rica - 0.2%   
Costa Rican Republic:   
5.625% 4/30/43 (b) 1,995,000 1,639,641 
7% 4/4/44 (b) 1,020,000 923,738 
TOTAL COSTA RICA  2,563,379 
Dominican Republic - 2.7%   
Dominican Republic:   
4.5% 1/30/30 (b) 790,000 773,953 
5.5% 1/27/25 (b) 1,835,000 1,949,688 
5.875% 1/30/60 (b) 3,525,000 3,326,719 
5.95% 1/25/27 (b) 4,186,000 4,490,793 
6% 7/19/28 (b) 2,999,000 3,222,988 
6.4% 6/5/49 (b) 4,072,000 4,083,453 
6.5% 2/15/48 (b) 395,000 398,333 
6.5% 2/15/48 (Reg. S) 1,450,000 1,462,234 
6.85% 1/27/45 (b) 3,736,000 3,936,810 
6.875% 1/29/26 (b) 5,846,000 6,507,329 
7.45% 4/30/44 (b) 6,031,000 6,771,682 
TOTAL DOMINICAN REPUBLIC  36,923,982 
Ecuador - 0.4%   
Ecuador Republic:   
0.5% 7/31/30 (b)(g) 6,235,000 4,224,213 
0.5% 7/31/35 (b)(g) 3,455,000 1,926,163 
TOTAL ECUADOR  6,150,376 
Egypt - 3.4%   
Arab Republic of Egypt, yield at date of purchase 12.9488% to 13.619%, 12/15/20 to 3/23/21 57,925,000 3,514,816 
7.0529% 1/15/32 (b) 830,000 790,834 
7.5% 1/31/27 (b) 19,706,000 20,666,668 
7.6003% 3/1/29 (b) 9,841,000 10,065,498 
7.903% 2/21/48 (b) 2,940,000 2,706,638 
8.5% 1/31/47 (b) 7,939,000 7,661,135 
8.7002% 3/1/49 (b) 820,000 797,963 
TOTAL EGYPT  46,203,552 
El Salvador - 0.7%   
El Salvador Republic:   
5.875% 1/30/25 (b) 475,000 415,031 
7.1246% 1/20/50 (b) 4,252,000 3,315,231 
7.625% 2/1/41 (b) 1,035,000 866,166 
7.75% 1/24/23 (b) 3,280,000 3,163,150 
9.5% 7/15/52 (b) 1,380,000 1,306,256 
TOTAL EL SALVADOR  9,065,834 
Gabon - 0.1%   
Gabonese Republic 6.375% 12/12/24 (b) 815,000 767,373 
Georgia - 0.1%   
Georgia Republic 6.875% 4/12/21 (b) 1,355,000 1,380,830 
Ghana - 0.4%   
Ghana Republic:   
8.125% 1/18/26 (b) 3,898,076 3,890,767 
10.75% 10/14/30 (b) 1,215,000 1,473,188 
TOTAL GHANA  5,363,955 
Guatemala - 0.1%   
Guatemalan Republic:   
4.9% 6/1/30 (b) 485,000 536,683 
5.375% 4/24/32 (b) 950,000 1,091,313 
TOTAL GUATEMALA  1,627,996 
Honduras - 0.3%   
Republic of Honduras:   
5.625% 6/24/30 (b) 610,000 652,891 
8.75% 12/16/20 (b) 3,035,000 3,058,711 
TOTAL HONDURAS  3,711,602 
Indonesia - 4.4%   
Indonesian Republic:   
3.85% 10/15/30 2,650,000 3,004,438 
4.1% 4/24/28 5,340,000 6,067,575 
5.125% 1/15/45 (b) 4,853,000 6,101,131 
5.25% 1/17/42 (b) 3,000,000 3,789,375 
5.95% 1/8/46 (b) 2,100,000 2,933,438 
6.625% 2/17/37 (b) 3,549,000 4,986,345 
6.75% 1/15/44 (b) 5,105,000 7,627,189 
7.75% 1/17/38 (b) 8,743,000 13,507,935 
8.5% 10/12/35 (b) 8,199,000 13,131,211 
TOTAL INDONESIA  61,148,637 
Iraq - 0.8%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 11,951,250 10,614,204 
Ivory Coast - 0.7%   
Ivory Coast:   
5.75% 12/31/32 9,274,420 8,575,940 
5.875% 10/17/31 (b) EUR1,090,000 1,154,167 
TOTAL IVORY COAST  9,730,107 
Jamaica - 0.2%   
Jamaican Government:   
6.75% 4/28/28 980,000 1,114,750 
7.875% 7/28/45 1,685,000 2,132,052 
TOTAL JAMAICA  3,246,802 
Jordan - 0.4%   
Jordanian Kingdom:   
4.95% 7/7/25 (b) 4,170,000 4,149,150 
6.125% 1/29/26 (b) 1,900,000 1,942,156 
TOTAL JORDAN  6,091,306 
Kenya - 0.1%   
Republic of Kenya 6.875% 6/24/24 (b) 1,625,000 1,652,422 
Lebanon - 0.2%   
Lebanese Republic:   
5.8% 12/31/49 (e) 5,875,000 1,028,125 
6% 1/27/23 (e) 1,587,000 245,985 
6.1% 10/4/22 (e) 685,000 111,313 
6.375% 12/31/49 (e) 7,072,000 1,255,280 
TOTAL LEBANON  2,640,703 
Mexico - 3.0%   
United Mexican States:   
3.25% 4/16/30 4,960,000 5,088,960 
3.75% 1/11/28 3,415,000 3,673,259 
3.9% 4/27/25 1,460,000 1,596,510 
4.5% 4/22/29 2,040,000 2,286,713 
4.75% 4/27/32 970,000 1,098,222 
5.75% 10/12/2110 12,235,000 14,085,544 
6.05% 1/11/40 10,222,000 12,834,999 
6.5% 6/9/22 MXN11,210,000 523,928 
TOTAL MEXICO  41,188,135 
Mongolia - 0.0%   
Mongolia Government 5.125% 4/7/26 (b) 580,000 582,900 
Morocco - 0.2%   
Moroccan Kingdom:   
1.375% 3/30/26 (b) EUR1,730,000 2,018,197 
5.5% 12/11/42 (b) 920,000 1,139,938 
TOTAL MOROCCO  3,158,135 
Nigeria - 1.3%   
Republic of Nigeria:   
6.5% 11/28/27 (b) 3,892,000 3,704,698 
6.75% 1/28/21 (b) 410,000 411,153 
7.625% 11/21/25 (b) 12,623,000 13,139,754 
TOTAL NIGERIA  17,255,605 
Oman - 0.8%   
Sultanate of Oman:   
3.875% 3/8/22 (b) 670,000 661,834 
4.125% 1/17/23 (b) 1,800,000 1,761,188 
4.75% 6/15/26 (b) 3,347,000 3,058,321 
5.375% 3/8/27 (b) 2,516,000 2,313,148 
6.75% 1/17/48 (b) 3,230,000 2,672,825 
TOTAL OMAN  10,467,316 
Pakistan - 0.3%   
Islamic Republic of Pakistan 8.25% 4/15/24 (b) 1,180,000 1,249,325 
The Third Pakistan International Sukuk Co. Ltd.:   
5.5% 10/13/21 (b) 2,125,000 2,117,031 
5.625% 12/5/22 (b) 1,005,000 1,003,744 
TOTAL PAKISTAN  4,370,100 
Panama - 0.3%   
Panamanian Republic:   
2.252% 9/29/32 1,875,000 1,900,313 
3.87% 7/23/60 1,390,000 1,593,722 
TOTAL PANAMA  3,494,035 
Papua New Guinea - 0.2%   
Papua New Guinea 8.375% 10/4/28 (b) 2,420,000 2,377,650 
Paraguay - 0.5%   
Republic of Paraguay:   
4.95% 4/28/31 (b) 3,865,000 4,464,075 
5.4% 3/30/50 (b) 1,095,000 1,325,634 
5.6% 3/13/48 (b) 445,000 547,767 
TOTAL PARAGUAY  6,337,476 
Qatar - 3.5%   
State of Qatar:   
3.75% 4/16/30 (b) 12,765,000 14,783,466 
4% 3/14/29 (b) 5,455,000 6,375,531 
4.4% 4/16/50 (b) 3,880,000 5,000,350 
4.5% 4/23/28 (b) 2,565,000 3,061,969 
4.817% 3/14/49 (b) 11,149,000 14,995,405 
5.103% 4/23/48 (b) 2,960,000 4,107,925 
TOTAL QATAR  48,324,646 
Romania - 0.5%   
Romanian Republic:   
3% 2/14/31 (b) 2,196,000 2,253,645 
3.624% 5/26/30 (b) EUR2,050,000 2,715,980 
4.625% 4/3/49 EUR1,360,000 1,941,841 
TOTAL ROMANIA  6,911,466 
Russia - 4.7%   
Ministry of Finance of the Russian Federation:   
4.25% 6/23/27(Reg. S) 3,200,000 3,600,000 
4.375% 3/21/29(Reg. S) 11,000,000 12,639,000 
5.1% 3/28/35 (b) 13,200,000 16,178,250 
5.1% 3/28/35(Reg. S) 4,600,000 5,637,875 
5.25% 6/23/47 (b) 7,600,000 10,070,000 
5.25% 6/23/47(Reg. S) 4,000,000 5,300,000 
5.625% 4/4/42 (b) 4,000,000 5,355,000 
5.875% 9/16/43 (b) 1,850,000 2,559,359 
5.875% 9/16/43 (Reg. S) 200,000 276,688 
7.6% 7/20/22 RUB255,955,000 3,458,826 
TOTAL RUSSIA  65,074,998 
Rwanda - 0.4%   
Rwanda Republic 6.625% 5/2/23 (b) 5,504,000 5,662,240 
Saudi Arabia - 1.3%   
Kingdom of Saudi Arabia:   
3.25% 10/22/30 (b) 2,385,000 2,587,725 
3.625% 3/4/28 (b) 1,770,000 1,959,722 
3.75% 1/21/55 (b) 3,755,000 4,064,788 
4.5% 10/26/46 (b) 481,000 578,403 
4.5% 4/22/60 (b) 3,880,000 4,812,413 
4.625% 10/4/47 (b) 3,040,000 3,716,400 
TOTAL SAUDI ARABIA  17,719,451 
Sri Lanka - 0.6%   
Democratic Socialist Republic of Sri Lanka:   
6.25% 10/4/20 (b) 7,373,000 7,241,668 
7.55% 3/28/30 (b) 380,000 256,500 
7.85% 3/14/29 (b) 1,650,000 1,136,953 
TOTAL SRI LANKA  8,635,121 
Turkey - 5.4%   
Turkish Republic:   
3.25% 3/23/23 14,395,000 13,643,761 
4.25% 3/13/25 10,115,000 9,308,961 
4.875% 4/16/43 4,735,000 3,529,055 
5.125% 3/25/22 6,204,000 6,178,796 
5.6% 11/14/24 1,400,000 1,357,125 
5.75% 5/11/47 14,665,000 11,658,675 
6% 1/14/41 6,762,000 5,608,234 
6.25% 9/26/22 16,614,000 16,712,646 
6.35% 8/10/24 1,615,000 1,611,467 
6.75% 5/30/40 3,112,000 2,819,278 
7.25% 12/23/23 1,613,000 1,657,358 
7.375% 2/5/25 841,000 871,223 
TOTAL TURKEY  74,956,579 
Ukraine - 3.5%   
Ukraine Government:   
7.375% 9/25/32 (b) 2,130,000 2,000,869 
7.75% 9/1/21 (b) 28,033,000 28,789,891 
7.75% 9/1/22 (b) 10,529,000 10,823,812 
7.75% 9/1/23 (b) 335,000 340,360 
7.75% 9/1/24 (b) 2,109,000 2,116,909 
7.75% 9/1/26 (b) 1,895,000 1,887,302 
7.75% 9/1/27 (b) 1,344,000 1,331,400 
9.75% 11/1/28 (b) 1,210,000 1,306,044 
TOTAL UKRAINE  48,596,587 
United Arab Emirates - 1.5%   
Emirate of Abu Dhabi:   
1.7% 3/2/31 (b) 3,465,000 3,426,019 
3.125% 4/16/30 (b) 5,190,000 5,793,338 
3.125% 9/30/49 (b) 7,027,000 7,516,694 
3.875% 4/16/50 (b) 2,990,000 3,642,194 
TOTAL UNITED ARAB EMIRATES  20,378,245 
United States of America - 4.9%   
U.S. Treasury Notes 0.375% 9/30/27 67,480,000 67,026,595 
Uruguay - 0.2%   
Uruguay Republic 5.1% 6/18/50 2,540,000 3,405,981 
Uzbekistan - 0.1%   
Republic of Uzbekistan 4.75% 2/20/24 (b) 1,110,000 1,165,847 
Venezuela - 0.3%   
Venezuelan Republic:   
9.25% 9/15/27 (e) 27,915,000 2,163,413 
11.95% 8/5/31 (Reg. S) (e) 17,015,000 1,318,663 
12.75% 8/23/22 (e) 3,625,000 280,938 
TOTAL VENEZUELA  3,763,014 
Vietnam - 0.9%   
Vietnamese Socialist Republic:   
6 month U.S. LIBOR + 0.810% 1.125% 3/13/28 (c)(f) 425,000 402,823 
5.5% 3/12/28 11,711,333 11,542,983 
TOTAL VIETNAM  11,945,806 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $831,825,064)  809,981,072 
Preferred Securities - 1.8%   
Cayman Islands - 1.1%   
Banco Do Brasil SA:   
6.25% (b)(c)(d) 1,650,000 1,544,813 
8.5% (b)(c)(d) 1,225,000 1,223,469 
Banco Mercantil del Norte SA 7.625% (b)(c)(d) 1,285,000 1,274,592 
Cosan Overseas Ltd. 8.25% (d) 10,790,000 11,005,800 
Odebrecht Finance Ltd. 7.5% (b)(d)(e) 11,015,000 609,267 
TOTAL CAYMAN ISLANDS  15,657,941 
Ireland - 0.7%   
Alfa Bond Issuance PLC 8% (Reg. S) (c)(d) 4,735,000 4,743,878 
Tinkoff Credit Systems 9.25% (Reg. S) (c)(d) 4,530,000 4,776,319 
TOTAL IRELAND  9,520,197 
TOTAL PREFERRED SECURITIES   
(Cost $30,391,515)  25,178,138 
 Shares Value 
Money Market Funds - 7.8%   
Fidelity Cash Central Fund 0.10% (i)   
(Cost $107,527,037) 107,510,099 107,531,601 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $1,441,129,484)  1,355,555,671 
NET OTHER ASSETS (LIABILITIES) - 1.5%  20,909,859 
NET ASSETS - 100%  $1,376,465,530 

Currency Abbreviations

EGP – Egyptian pound

EUR – European Monetary Unit

MXN – Mexican peso

PEN – Peruvian new sol

RUB – Russian ruble

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 $760,385,649 or 55.2% of net assets.

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

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

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

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

 (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 $470,250 
Total $470,250 

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 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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