NPORT-EX 2 QTLY_6287_20210331.htm

Quarterly Holdings Report
for

Fidelity® Series Emerging Markets Debt Local Currency Fund

March 31, 2021







LCC-QTLY-0521
1.9899866.100





Schedule of Investments March 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Foreign Government and Government Agency Obligations - 84.2%   
 Principal Amount Value 
Brazil - 7.7%   
Brazil Letras Do Tesouro Nacio, yield at date of purchase 4.4699% to 6.2765% 7/1/22 to 1/1/24 BRL$153,250,000 $23,466,828 
Brazilian Federative Republic:   
10% 1/1/23 BRL5,750,000 1,075,683 
10% 1/1/25 BRL16,500,000 3,092,880 
10% 1/1/27 BRL38,250,000 7,131,846 
10% 1/1/31 BRL8,500,000 1,571,405 
TOTAL BRAZIL  36,338,642 
Chile - 2.9%   
Bonos de La Tesoreria de La Republica de Chile:   
4.5% 3/1/26 CLP5,125,000,000 7,885,391 
5% 3/1/35 CLP3,725,000,000 5,612,620 
TOTAL CHILE  13,498,011 
China - 11.8%   
Peoples Republic of China:   
2.36% 7/2/23 CNY97,000,000 14,648,046 
2.68% 5/21/30 CNY56,000,000 8,158,521 
2.88% 11/5/23 CNY123,750,000 18,905,330 
3.28% 12/3/27 CNY93,000,000 14,261,623 
TOTAL CHINA  55,973,520 
Colombia - 4.3%   
Colombian Republic 7.5% 8/26/26 COP13,400,000,000 3,953,360 
Titulos de Tesoreria B:   
5.75% 11/3/27 COP37,850,000,000 10,049,058 
7% 6/30/32 COP24,250,000,000 6,436,379 
TOTAL COLOMBIA  20,438,797 
Czech Republic - 1.5%   
Czech Republic:   
0.95% 5/15/30 (Reg. S) CZK121,000,000 4,998,728 
1.2% 3/13/31 CZK45,000,000 1,882,263 
TOTAL CZECH REPUBLIC  6,880,991 
Dominican Republic - 0.4%   
Dominican Republic:   
8.9% 2/15/23(Reg. S) DOP66,250,000 1,199,348 
9.75% 6/5/26 (Reg. S) DOP40,000,000 756,411 
TOTAL DOMINICAN REPUBLIC  1,955,759 
Hungary - 3.2%   
Hungarian Republic:   
3% 10/27/38 HUF210,000,000 665,441 
3.25% 10/22/31 HUF950,000,000 3,253,937 
5.5% 6/24/25 HUF675,000,000 2,528,070 
6.75% 10/22/28 HUF2,060,000,000 8,733,964 
TOTAL HUNGARY  15,181,412 
Indonesia - 8.3%   
Indonesian Republic:   
8.125% 5/15/24 IDR106,750,000,000 7,889,578 
8.25% 5/15/29 IDR87,000,000,000 6,543,718 
8.25% 5/15/36 IDR98,750,000,000 7,305,120 
8.375% 9/15/26 IDR120,750,000,000 9,194,458 
8.375% 3/15/34 IDR113,000,000,000 8,479,862 
TOTAL INDONESIA  39,412,736 
Malaysia - 4.8%   
Malaysian Government:   
3.828% 7/5/34 MYR21,000,000 5,018,986 
3.885% 8/15/29 MYR36,000,000 9,053,123 
3.899% 11/16/27 MYR17,500,000 4,431,472 
4.059% 9/30/24 MYR14,500,000 3,684,885 
4.762% 4/7/37 MYR2,000,000 513,612 
TOTAL MALAYSIA  22,702,078 
Mexico - 7.0%   
United Mexican States:   
5.75% 3/5/26 MXN255,000,000 12,382,275 
6.75% 3/9/23 MXN124,000,000 6,273,331 
7.75% 11/23/34 MXN117,000,000 6,015,787 
7.75% 11/13/42 MXN156,250,000 7,716,179 
8.5% 5/31/29 MXN11,000,000 604,268 
TOTAL MEXICO  32,991,840 
Peru - 2.5%   
Peruvian Republic:   
5.4% 8/12/34(Reg. S) PEN14,250,000 3,715,019 
6.35% 8/12/28 PEN6,500,000 2,026,663 
6.95% 8/12/31 PEN19,250,000 5,956,100 
TOTAL PERU  11,697,782 
Philippines - 0.3%   
Philippine Republic:   
3.9% 11/26/22 PHP30,000,000 628,060 
6.25% 1/14/36 PHP30,000,000 764,036 
TOTAL PHILIPPINES  1,392,096 
Poland - 4.7%   
Polish Government:   
2.25% 10/25/24 PLN16,250,000 4,367,339 
2.5% 7/25/26 PLN47,000,000 12,881,204 
2.75% 10/25/29 PLN18,250,000 5,112,623 
TOTAL POLAND  22,361,166 
Romania - 4.4%   
Romanian Republic:   
3.4% 3/8/22 RON19,100,000 4,611,664 
3.65% 9/24/31 RON3,500,000 854,831 
4.75% 2/24/25 RON58,250,000 14,954,272 
5% 2/12/29 RON1,250,000 339,709 
TOTAL ROMANIA  20,760,476 
Russia - 6.1%   
Ministry of Finance of the Russian Federation:   
6.5% 2/28/24 RUB853,000,000 11,414,022 
7.05% 1/19/28 RUB925,000,000 12,372,563 
7.7% 3/16/39 RUB116,500,000 1,635,376 
8.5% 9/17/31 RUB246,500,000 3,623,332 
TOTAL RUSSIA  29,045,293 
South Africa - 6.9%   
South African Republic:   
6.5% 2/28/41 ZAR131,000,000 5,518,489 
8% 1/31/30 ZAR95,500,000 5,896,131 
8.75% 2/28/48 ZAR70,000,000 3,709,999 
8.875% 2/28/35 ZAR151,750,000 8,723,407 
10.5% 12/21/26 ZAR115,250,000 8,884,700 
TOTAL SOUTH AFRICA  32,732,726 
Thailand - 4.7%   
Kingdom of Thailand:   
1.6% 6/17/35 THB237,750,000 6,929,526 
3.3% 6/17/38 THB218,750,000 7,682,930 
4.875% 6/22/29 THB194,250,000 7,679,187 
TOTAL THAILAND  22,291,643 
Turkey - 2.1%   
Turkish Republic:   
8% 3/12/25 TRY34,000,000 2,939,962 
9.2% 9/22/21 TRY36,750,000 4,268,603 
11% 2/24/27 TRY28,750,000 2,550,410 
TOTAL TURKEY  9,758,975 
Uruguay - 0.6%   
Uruguay Republic:   
8.5% 3/15/28 (Reg. S) UYU72,000,000 1,697,614 
9.875% 6/20/22 UYU50,000,000 1,172,706 
TOTAL URUGUAY  2,870,320 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS   
(Cost $407,267,421)  398,284,263 
Supranational Obligations - 0.7%   
Asian Infrastructure Investment Bank 2.375% 2/10/25 (Reg. S) PHP57,900,000 1,193,076 
International Finance Corp. 5.85% 11/25/22 INR175,000,000 2,407,226 
TOTAL SUPRANATIONAL OBLIGATIONS   
(Cost $3,618,523)  3,600,302 
 Shares Value 
Money Market Funds - 12.0%   
Fidelity Cash Central Fund 0.06% (a)   
(Cost $56,855,342) 56,843,973 56,855,342 
TOTAL INVESTMENT IN SECURITIES - 96.9%   
(Cost $467,741,286)  458,739,907 
NET OTHER ASSETS (LIABILITIES) - 3.1%(b)  14,495,357 
NET ASSETS - 100%  $473,235,264 

Forward Foreign Currency Contracts       
Currency Purchased Currency Sold Counterparty Settlement Date Unrealized Appreciation/(Depreciation) 
USD 138,315 RUB 10,446,670 JPMorgan Chase Bank, N.A. 4/1/21 $150 
BRL 1,220,000 USD 217,842 Citibank, N.A. 6/24/21 (2,354) 
BRL 11,730,000 USD 2,060,063 Citibank, N.A. 6/24/21 11,792 
BRL 6,802,000 USD 1,236,952 State Street Bank and Trust Co. 6/24/21 (35,523) 
CLP 1,877,953,000 USD 2,556,777 Citibank, N.A. 6/24/21 51,232 
CLP 526,677,000 USD 733,227 Citibank, N.A. 6/24/21 (1,804) 
CLP 683,981,000 USD 943,357 Goldman Sachs Bank USA 6/24/21 6,522 
CNY 26,839,000 USD 4,117,548 BNP Paribas SA 6/24/21 (46,114) 
COP 7,345,900,000 USD 2,016,830 Citibank, N.A. 6/24/21 (15,432) 
COP 12,368,600 USD 3,363,775 Citibank, N.A. 6/24/21 6,063 
CZK 20,072,000 USD 902,229 Goldman Sachs Bank USA 6/24/21 (265) 
CZK 250,136,000 USD 11,531,490 Bank of America, N.A. 6/24/21 (291,266) 
CZK 23,828,000 USD 1,080,195 Goldman Sachs Bank USA 6/24/21 (9,450) 
CZK 51,744,000 USD 2,387,664 State Street Bank and Trust Co. 6/24/21 (62,473) 
EGP 111,955,000 USD 6,905,048 Citibank, N.A. 6/24/21 217,904 
EGP 19,441,000 USD 1,205,643 Citibank, N.A. 6/24/21 31,258 
EGP 15,933,000 USD 989,013 Citibank, N.A. 6/24/21 24,698 
HUF 410,202,000 USD 1,324,228 BNP Paribas SA 6/24/21 2,416 
HUF 733,539,000 USD 2,386,657 Bank of America, N.A. 6/24/21 (14,301) 
IDR 35,750,400,000 USD 2,466,055 BNP Paribas SA 6/24/21 (19,584) 
IDR 8,560,400,000 USD 586,731 BNP Paribas SA 6/24/21 (925) 
IDR 35,490,700,000 USD 2,429,372 BNP Paribas SA 6/24/21 (673) 
IDR 16,094,600,000 USD 1,106,538 BNP Paribas SA 6/24/21 (5,153) 
IDR 34,694,600,000 USD 2,391,906 Citibank, N.A. 6/24/21 (17,685) 
IDR 10,945,100 USD 743,301 Citibank, N.A. 6/24/21 5,695 
IDR 17,027,400,000 USD 1,168,822 State Street Bank and Trust Co. 6/24/21 (3,603) 
INR 534,663,000 USD 7,177,542 BNP Paribas SA 6/24/21 53,260 
INR 62,874,000 USD 854,557 BNP Paribas SA 6/24/21 (4,246) 
MXN 23,021,000 USD 1,107,374 BNP Paribas SA 6/24/21 8,954 
MXN 24,944,000 USD 1,202,700 Citibank, N.A. 6/24/21 6,877 
MXN 35,882,000 USD 1,712,073 Goldman Sachs Bank USA 6/24/21 27,906 
MXN 49,474,000 USD 2,356,098 Goldman Sachs Bank USA 6/24/21 42,981 
MXN 25,287,000 USD 1,218,332 Goldman Sachs Bank USA 6/24/21 7,878 
MXN 20,045,000 USD 961,607 Royal Bank of Canada 6/24/21 10,409 
MXN 169,298,000 USD 8,205,653 Royal Bank of Canada 6/24/21 3,894 
MYR 3,601,000 USD 868,758 Goldman Sachs Bank USA 6/24/21 (2,719) 
MYR 36,043,000 USD 8,884,151 Goldman Sachs Bank USA 6/24/21 (215,833) 
MYR 4,109,000 USD 998,542 Goldman Sachs Bank USA 6/24/21 (10,330) 
PHP 55,192,000 USD 1,134,238 BNP Paribas SA 6/24/21 311 
PHP 116,104,000 USD 2,379,180 State Street Bank and Trust Co. 6/24/21 7,500 
PLN 38,881,000 USD 10,346,743 BNP Paribas SA 6/24/21 (504,058) 
PLN 9,384,000 USD 2,440,568 JPMorgan Chase Bank, N.A. 6/24/21 (65,018) 
RON 9,382,000 USD 2,261,623 JPMorgan Chase Bank, N.A. 6/24/21 (25,205) 
RUB 265,013,000 USD 3,530,682 Citibank, N.A. 6/24/21 (61,441) 
RUB 72,199,000 USD 960,195 JPMorgan Chase Bank, N.A. 6/24/21 (15,050) 
RUB 125,032,000 USD 1,672,669 State Street Bank and Trust Co. 6/24/21 (35,896) 
RUB 101,398,000 USD 1,324,425 State Street Bank and Trust Co. 6/24/21 2,959 
SGD 1,164,000 USD 865,709 Goldman Sachs Bank USA 6/24/21 (723) 
SGD 635,000 USD 469,930 JPMorgan Chase Bank, N.A. 6/24/21 1,948 
THB 273,690,000 USD 9,015,713 JPMorgan Chase Bank, N.A. 6/24/21 (263,001) 
THB 29,103,000 USD 958,540 JPMorgan Chase Bank, N.A. 6/24/21 (27,815) 
THB 51,105,000 USD 1,633,530 JPMorgan Chase Bank, N.A. 6/24/21 827 
TRY 2,802,000 USD 320,500 Goldman Sachs Bank USA 6/24/21 719 
TRY 6,357,000 USD 800,143 Bank of America, N.A. 6/24/21 (71,381) 
TRY 2,253,000 USD 294,494 Bank of America, N.A. 6/24/21 (36,212) 
TRY 2,872,000 USD 334,884 Bank of America, N.A. 6/24/21 (5,640) 
TRY 3,717,000 USD 427,844 JPMorgan Chase Bank, N.A. 6/24/21 (1,730) 
TRY 3,386,000 USD 427,707 State Street Bank and Trust Co. 6/24/21 (39,539) 
USD 4,283,669 CLP 3,088,611,000 Citibank, N.A. 6/24/21 (5,643) 
USD 4,109,793 CNY 26,839,000 State Street Bank and Trust Co. 6/24/21 38,358 
USD 1,141,119 COP 4,221,000,000 Citibank, N.A. 6/24/21 (8,896) 
USD 1,106,581 COP 3,968,200,000 Citibank, N.A. 6/24/21 25,441 
USD 1,154,954 COP 4,243,300,000 State Street Bank and Trust Co. 6/24/21 (1,138) 
USD 2,280,150 CZK 50,575,000 BNP Paribas SA 6/24/21 7,489 
USD 1,101,433 CZK 24,575,000 Citibank, N.A. 6/24/21 (2,880) 
USD 2,360,304 CZK 51,836,000 Goldman Sachs Bank USA 6/24/21 30,978 
USD 272,367 HUF 82,394,000 Goldman Sachs Bank USA 6/24/21 5,894 
USD 1,177,949 HUF 359,909,000 Goldman Sachs Bank USA 6/24/21 13,959 
USD 1,160,296 HUF 358,775,000 Goldman Sachs Bank USA 6/24/21 (27) 
USD 652,524 HUF 201,589,000 State Street Bank and Trust Co. 6/24/21 560 
USD 1,098,646 IDR 16,061,100,000 Goldman Sachs Bank USA 6/24/21 (448) 
USD 1,279,669 IDR 18,505,300,000 State Street Bank and Trust Co. 6/24/21 13,315 
USD 2,403,619 INR 177,315,000 BNP Paribas SA 6/24/21 5,605 
USD 1,224,191 INR 90,076,000 BNP Paribas SA 6/24/21 6,000 
USD 2,313,038 INR 170,760,000 BNP Paribas SA 6/24/21 3,673 
USD 2,304,536 INR 171,416,000 BNP Paribas SA 6/24/21 (13,700) 
USD 847,781 MXN 17,728,000 Goldman Sachs Bank USA 6/24/21 (11,880) 
USD 467,880 MYR 1,941,000 Goldman Sachs Bank USA 6/24/21 1,071 
USD 292,500 PEN 1,069,000 Citibank, N.A. 6/24/21 6,938 
USD 2,207,020 PEN 8,162,000 JPMorgan Chase Bank, N.A.  6/24/21 26,707 
USD 3,074,077 PHP 150,805,000 BNP Paribas SA 6/24/21 (25,931) 
USD 1,539,454 PLN 5,799,000 JPMorgan Chase Bank, N.A. 6/24/21 71,443 
USD 611,336 PLN 2,351,000 JPMorgan Chase Bank, N.A. 6/24/21 16,183 
USD 1,382,802 RON 5,620,000 Goldman Sachs Bank USA 6/24/21 43,144 
USD 2,189,588 RUB 164,033,000 State Street Bank and Trust Co. 6/24/21 42,260 
USD 1,353,994 SGD 1,799,000 BNP Paribas SA 6/24/21 17,130 
USD 828,627 THB 25,359,000 JPMorgan Chase Bank, N.A. 6/24/21 17,636 
USD 634,352 THB 19,545,000 JPMorgan Chase Bank, N.A. 6/24/21 9,296 
USD 513,734 THB 15,979,000 JPMorgan Chase Bank, N.A. 6/24/21 2,719 
USD 1,358,248 TRY 11,103,000 BNP Paribas SA 6/24/21 85,408 
USD 977,271 TRY 7,482,000 State Street Bank and Trust Co. 6/24/21 119,540 
USD 1,199,803 ZAR 18,683,000 Citibank, N.A. 6/24/21 (52,471) 
USD 1,005,859 ZAR 15,561,000 Goldman Sachs Bank USA 6/24/21 (37,156) 
USD 1,150,093 ZAR 18,124,000 Goldman Sachs Bank USA 6/24/21 (64,713) 
ZAR 8,431,000 USD 565,326 Goldman Sachs Bank USA 6/24/21 (218) 
ZAR 28,346,000 USD 1,883,506 Citibank, N.A. 6/24/21 16,454 
ZAR 17,539,000 USD 1,154,162 JPMorgan Chase Bank, N.A. 6/24/21 21,433 
ZAR 34,600,000 USD 2,278,294 State Street Bank and Trust Co. 6/24/21 40,856 
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS      $(913,900) 
     Unrealized Appreciation 1,223,643 
     Unrealized Depreciation (2,137,543) 

Currency Abbreviations

BRL – Brazilian real

CLP – Chilean peso

CNY – Chinese yuan

COP – Colombian peso

CZK – Czech koruna

DOP – Dominican Republic peso

HUF – Hungarian forint

IDR – Indonesian rupiah

INR – Indian rupee

MXN – Mexican peso

MYR – Malyasian ringgit

PEN – Peruvian new sol

PHP – Philippine peso

PLN – Polish zloty

RON – Romanian leu (new)

RUB – Russian ruble

THB – Thai baht

TRY – Turkish Lira

UYU – Uruguay peso

ZAR – South African rand

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

Legend

 (a) 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.

 (b) Includes $1,000,000 of cash collateral to cover margin requirements for forward currency contracts.

Additional information on each restricted holding is as follows:

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 $9,292 
Total $9,292 

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. Foreign government and government agency obligations and supranational 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.

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.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent 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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