NPORT-EX 2 QTLY_2295_20210331.htm

Quarterly Holdings Report
for

Fidelity® Series Emerging Markets Debt Fund

March 31, 2021







SED-QTLY-0521
1.924255.110





Schedule of Investments March 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 28.8%   
 Principal Amount(a) Value 
Argentina - 1.0%   
Aeropuertos Argentina 2000 SA:   
6.875% 2/1/27 (b) $93,750 $72,771 
9.375% 2/1/27 pay-in-kind (b)(c) 2,610,500 2,081,874 
Banco Macro SA 6.75% 11/4/26 (b)(c) 3,880,000 3,112,488 
YPF SA:   
8.5% 3/23/25 (b) 3,947,000 3,224,206 
8.75% 4/4/24 (b) 8,268,000 6,552,390 
TOTAL ARGENTINA  15,043,729 
Azerbaijan - 0.7%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 5,081,000 6,011,839 
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) 3,015,000 3,718,626 
TOTAL AZERBAIJAN  9,730,465 
Bahrain - 0.9%   
The Oil and Gas Holding Co.:   
7.5% 10/25/27 (b) 5,624,000 6,255,575 
7.625% 11/7/24 (b) 5,235,000 5,825,573 
8.375% 11/7/28 (b) 1,065,000 1,229,077 
TOTAL BAHRAIN  13,310,225 
Bailiwick of Jersey - 0.2%   
Galaxy Pipeline Assets BidCo Ltd. 2.625% 3/31/36 (b) 3,445,000 3,289,975 
Bermuda - 0.6%   
GeoPark Ltd. 6.5% 9/21/24 (b) 2,205,000 2,285,620 
Qtel International Finance Ltd. 2.625% 4/8/31 (b) 2,230,000 2,205,961 
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) 3,800,000 3,788,600 
TOTAL BERMUDA  8,280,181 
British Virgin Islands - 1.6%   
1MDB Global Investments Ltd. 4.4% 3/9/23 23,800,000 23,896,390 
Canada - 0.6%   
First Quantum Minerals Ltd. 7.25% 4/1/23 (b) 9,082,000 9,240,935 
Cayman Islands - 1.4%   
Baidu.com, Inc.:   
1.72% 4/9/26 1,480,000 1,469,255 
2.375% 10/9/30 1,395,000 1,343,559 
DP World Crescent Ltd.:   
3.7495% 1/30/30 (b) 1,075,000 1,115,313 
3.875% 7/18/29 (Reg. S) 3,090,000 3,236,775 
Meituan:   
2.125% 10/28/25 (b) 4,025,000 3,994,813 
3.05% 10/28/30 (b) 1,995,000 1,940,138 
NagaCorp Ltd.:   
7.95% 7/6/24 (Reg. S) 1,960,000 2,044,525 
9.375% 5/21/21 (b) 2,005,000 2,010,013 
Odebrecht Holdco Finance Ltd. 0% 9/10/58 (b) 15,123,224 349,725 
OEC Finance Ltd. 7.125% 12/26/46 pay-in-kind (b) 6,443,209 1,034,940 
Sparc Em Spc 0% 12/5/22 (b) 156,270 152,365 
Termocandelaria Power Ltd. 7.875% 1/30/29 (b) 2,011,875 2,184,771 
TOTAL CAYMAN ISLANDS  20,876,192 
Chile - 0.7%   
Corporacion Nacional del Cobre de Chile (Codelco):   
3.15% 1/14/30 (b) 1,645,000 1,707,716 
3.15% 1/15/51 (b) 1,140,000 1,043,100 
3.7% 1/30/50 (b) 2,130,000 2,136,656 
VTR Comunicaciones SpA:   
4.375% 4/15/29 (b) 2,530,000 2,536,325 
5.125% 1/15/28 (b) 2,583,000 2,695,683 
TOTAL CHILE  10,119,480 
Colombia - 0.1%   
Oleoducto Central SA 4% 7/14/27 (b) 1,900,000 2,006,875 
Georgia - 0.6%   
Georgia Bank Joint Stock Co. 6% 7/26/23 (b) 4,515,000 4,773,202 
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 2,424,000 2,417,183 
JSC Georgian Railway 7.75% 7/11/22 (b) 898,000 949,635 
Silknet JSC 11% 4/2/24 (Reg. S) 250,000 274,375 
TOTAL GEORGIA  8,414,395 
Hong Kong - 0.3%   
Lenovo Group Ltd. 3.421% 11/2/30 (b) 3,615,000 3,619,519 
Indonesia - 0.3%   
Delta Merlin Dunia Tekstil PT:   
0% 6/26/32 460,000 5,458 
1.5% 6/26/28 (d)(e) 460,000 45,885 
Indonesia Asahan Aluminium Tbk PT 5.45% 5/15/30 (b) 2,205,000 2,502,675 
PT Adaro Indonesia 4.25% 10/31/24 (b) 2,015,000 2,028,853 
TOTAL INDONESIA  4,582,871 
Ireland - 0.3%   
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) 3,810,000 3,877,132 
Israel - 0.6%   
Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (b) 3,470,000 3,491,688 
Leviathan Bond Ltd.:   
5.75% 6/30/23 (Reg. S) (b) 2,220,000 2,319,900 
6.125% 6/30/25 (Reg. S) (b) 3,000,000 3,247,500 
TOTAL ISRAEL  9,059,088 
Kazakhstan - 0.2%   
KazMunaiGaz National Co.:   
3.5% 4/14/33 (b) 2,010,000 2,057,235 
5.75% 4/19/47 (b) 1,010,000 1,194,835 
TOTAL KAZAKHSTAN  3,252,070 
Luxembourg - 1.1%   
Adecoagro SA 6% 9/21/27 (b) 685,000 711,801 
B2W Digital Lux SARL 4.375% 12/20/30 (b) 2,950,000 2,876,250 
CSN Resources SA 7.625% 2/13/23 (b) 7,422,000 7,700,325 
Guara Norte SARL 5.198% 6/15/34 (b) 3,050,000 2,989,000 
Millicom International Cellular SA 4.5% 4/27/31 (b) 1,670,000 1,736,800 
TOTAL LUXEMBOURG  16,014,176 
Malaysia - 0.1%   
Petronas Capital Ltd. 3.5% 4/21/30 (b) 1,730,000 1,847,727 
Mexico - 8.3%   
Axtel S.A.B. de CV 6.375% 11/14/24 (b) 130,000 135,728 
Metalsa SA de CV 4.9% 4/24/23 (b) 1,578,000 1,651,180 
Petroleos Mexicanos:   
3 month U.S. LIBOR + 3.650% 3.8273% 3/11/22 (c)(f) 2,958,000 2,985,362 
3.5% 1/30/23 4,187,000 4,239,338 
4.875% 1/24/22 4,315,000 4,393,209 
4.875% 1/18/24 15,847,000 16,295,470 
5.375% 3/13/22 1,590,000 1,628,259 
6.5% 6/2/41 2,587,000 2,252,760 
6.625% 6/15/35 18,441,000 17,392,168 
6.75% 9/21/47 10,407,000 8,848,031 
6.875% 10/16/25 (b) 5,140,000 5,548,630 
6.95% 1/28/60 11,575,000 9,882,156 
7.69% 1/23/50 38,733,000 35,789,264 
8.625% 2/1/22 3,212,000 3,377,619 
8.625% 12/1/23 (c) 320,000 339,300 
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (g) 13,130,000 6,515,763 
TOTAL MEXICO  121,274,237 
Mongolia - 0.1%   
Development Bank of Mongolia 7.25% 10/23/23 (b) 720,000 777,600 
Netherlands - 1.2%   
IHS Netherlands Holdco BV 7.125% 3/18/25 (b) 4,125,000 4,300,313 
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) 710,000 949,403 
Metinvest BV 7.75% 4/23/23 (b) 3,874,000 4,123,389 
Nostrum Oil & Gas Finance BV 8% 7/25/22 (b)(g) 15,783,000 3,940,818 
Prosus NV:   
3.68% 1/21/30 (b) 650,000 671,938 
3.832% 2/8/51 (b) 1,590,000 1,403,255 
4.027% 8/3/50 (b) 650,000 591,500 
VimpelCom Holdings BV 3.375% 11/25/27 (b) 1,440,000 1,422,720 
TOTAL NETHERLANDS  17,403,336 
Panama - 0.2%   
Cable Onda SA 4.5% 1/30/30 (b) 2,210,000 2,333,622 
Paraguay - 0.2%   
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) 3,000,000 3,168,750 
Peru - 0.2%   
Camposol SA 6% 2/3/27 (b) 855,000 907,903 
Telefonica del Peru SA 7.375% 4/10/27 (b) PEN7,760,000 2,178,516 
TOTAL PERU  3,086,419 
Saudi Arabia - 1.5%   
Saudi Arabian Oil Co.:   
1.625% 11/24/25 (b) 1,420,000 1,426,546 
3.5% 4/16/29 (b) 14,389,000 15,297,306 
4.25% 4/16/39 (b) 2,385,000 2,567,602 
4.375% 4/16/49 (b) 2,321,000 2,506,680 
TOTAL SAUDI ARABIA  21,798,134 
Singapore - 0.2%   
Indika Energy Capital IV Pte Ltd. 8.25% 10/22/25 (b) 2,060,000 2,171,189 
South Africa - 0.4%   
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) 6,062,000 6,243,860 
Spain - 0.3%   
EnfraGen Energia Sur SA 5.375% 12/30/30 (b) 3,585,000 3,531,225 
Turkey - 0.5%   
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 1,928,000 1,949,088 
T.C. Ziraat Bankasi A/S 5.125% 5/3/22 (b) 3,837,000 3,816,616 
Turkiye Vakiflar Bankasi TAO 5.75% 1/30/23 (b) 2,075,000 2,039,984 
TOTAL TURKEY  7,805,688 
United Arab Emirates - 0.3%   
Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) 670,000 725,694 
ADES International Holding Ltd. 8.625% 4/24/24 (b) 3,015,000 3,090,375 
TOTAL UNITED ARAB EMIRATES  3,816,069 
United Kingdom - 1.9%   
Antofagasta PLC 2.375% 10/14/30 (b) 4,840,000 4,726,744 
Biz Finance PLC 9.625% 4/27/22 (b) 2,344,250 2,421,171 
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) 2,055,000 2,162,888 
NAK Naftogaz Ukraine:   
7.375% 7/19/22 (Reg. S) 2,827,000 2,908,276 
7.625% 11/8/26 (b) 1,235,000 1,253,155 
Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (b) 807,200 844,029 
Tullow Oil PLC 6.25% 4/15/22 (b) 14,760,000 13,800,600 
TOTAL UNITED KINGDOM  28,116,863 
United States of America - 2.0%   
Azul Investments LLP 5.875% 10/26/24 (b) 4,565,000 3,998,073 
Citgo Holding, Inc. 9.25% 8/1/24 (b) 2,682,000 2,661,885 
Kosmos Energy Ltd. 7.125% 4/4/26 (b) 9,060,000 8,785,482 
MercadoLibre, Inc.:   
2.375% 1/14/26 1,035,000 1,022,270 
3.125% 1/14/31 1,895,000 1,804,040 
Sasol Financing U.S.A. LLC 4.375% 9/18/26 3,760,000 3,821,664 
Stillwater Mining Co. 6.125% 6/27/22 (b) 6,789,000 6,810,216 
TOTAL UNITED STATES OF AMERICA  28,903,630 
Venezuela - 0.2%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 (g) 6,115,000 267,531 
5.5% 4/12/37 (g) 3,475,000 152,031 
6% 5/16/24 (b)(g) 8,980,000 392,875 
6% 11/15/26 (b)(g) 15,840,000 693,000 
9.75% 5/17/35 (b)(g) 12,585,000 550,594 
12.75% 2/17/22 (b)(g) 3,065,000 134,094 
TOTAL VENEZUELA  2,190,125 
TOTAL NONCONVERTIBLE BONDS   
(Cost $447,780,328)  419,082,172 
Government Obligations - 54.1%   
Angola - 0.7%   
Angola Republic:   
8.25% 5/9/28 (b) 3,770,000 3,607,419 
9.375% 5/8/48 (b) 2,020,000 1,899,431 
9.5% 11/12/25 (b) 4,865,000 5,077,844 
TOTAL ANGOLA  10,584,694 
Argentina - 3.1%   
Argentine Republic:   
0.125% 7/9/30 (d) 61,944,632 20,577,232 
0.125% 7/9/35 (d) 21,353,027 6,299,143 
0.125% 1/9/38 (d) 10,211,997 3,720,996 
1% 7/9/29 5,953,783 2,132,199 
Province of Santa Fe 7% 3/23/23 (b) 7,150,000 5,695,422 
Provincia de Cordoba:   
3% 12/10/25 (b)(d) 7,750,408 5,292,075 
3% 6/1/27 (b)(d) 3,097,152 1,815,705 
TOTAL ARGENTINA  45,532,772 
Barbados - 0.4%   
Barbados Government 6.5% 10/1/29 (b) 5,915,000 6,016,664 
Belarus - 0.1%   
Belarus Republic 6.875% 2/28/23 (b) 1,430,000 1,451,003 
Benin - 0.4%   
Republic of Benin:   
4.875% 1/19/32 (b) EUR3,090,000 3,442,461 
5.75% 3/26/26 (b) EUR1,530,000 1,917,024 
TOTAL BENIN  5,359,485 
Bermuda - 0.3%   
Bermuda Government:   
2.375% 8/20/30 (b) 525,000 510,854 
3.375% 8/20/50 (b) 965,000 933,336 
3.717% 1/25/27 (b) 620,000 673,088 
4.75% 2/15/29 (b) 2,270,000 2,624,688 
TOTAL BERMUDA  4,741,966 
Brazil - 2.1%   
Brazilian Federative Republic:   
2.875% 6/6/25 1,525,000 1,538,344 
3.875% 6/12/30 8,750,000 8,482,031 
5.625% 1/7/41 4,146,000 4,289,814 
5.625% 2/21/47 2,183,000 2,219,156 
7.125% 1/20/37 2,115,000 2,582,944 
8.25% 1/20/34 9,059,000 12,034,315 
TOTAL BRAZIL  31,146,604 
Cameroon - 0.9%   
Cameroon Republic 9.5% 11/19/25 (b) 12,700,000 13,688,219 
Chile - 0.1%   
Chilean Republic 3.86% 6/21/47 1,170,000 1,254,825 
China - 0.2%   
Peoples Republic of China 1.2% 10/21/30 (b) 2,535,000 2,376,264 
Colombia - 1.3%   
Colombian Republic:   
3% 1/30/30 4,135,000 4,040,670 
3.125% 4/15/31 4,300,000 4,208,625 
3.875% 4/25/27 1,025,000 1,095,789 
3.875% 2/15/61 1,490,000 1,331,688 
4.125% 5/15/51 1,315,000 1,250,894 
5% 6/15/45 3,540,000 3,773,419 
6.125% 1/18/41 1,475,000 1,752,484 
7.375% 9/18/37 845,000 1,115,136 
TOTAL COLOMBIA  18,568,705 
Costa Rica - 0.3%   
Costa Rican Republic:   
5.625% 4/30/43 (b) 1,995,000 1,739,391 
6.125% 2/19/31 (b) 2,535,000 2,548,467 
7% 4/4/44 (b) 305,000 292,705 
TOTAL COSTA RICA  4,580,563 
Dominican Republic - 2.8%   
Dominican Republic:   
4.875% 9/23/32 (b) 5,590,000 5,645,900 
5.875% 1/30/60 (b) 3,525,000 3,360,867 
5.95% 1/25/27 (b) 4,186,000 4,693,553 
6% 7/19/28 (b) 2,999,000 3,366,243 
6.4% 6/5/49 (b) 4,072,000 4,264,148 
6.5% 2/15/48 (b) 395,000 418,453 
6.5% 2/15/48 (Reg. S) 1,450,000 1,536,094 
6.85% 1/27/45 (b) 4,046,000 4,468,301 
6.875% 1/29/26 (b) 4,946,000 5,724,995 
7.45% 4/30/44 (b) 6,031,000 7,086,425 
TOTAL DOMINICAN REPUBLIC  40,564,979 
Ecuador - 0.5%   
Ecuador Republic:   
0.5% 7/31/30 (b)(d) 6,690,000 3,913,650 
0.5% 7/31/35 (b)(d) 5,940,000 2,717,550 
TOTAL ECUADOR  6,631,200 
Egypt - 3.8%   
Arab Republic of Egypt:   
, yield at date of purchase 12.451% to 13.2498% 6/15/21 to 9/14/21 EGP109,525,000 6,672,273 
5.875% 2/16/31 (b) 2,625,000 2,454,375 
6.2004% 3/1/24 (b) 1,500,000 1,594,688 
7.0529% 1/15/32 (b) 830,000 817,809 
7.5% 1/31/27 (b) 19,706,000 21,362,536 
7.6003% 3/1/29 (b) 9,841,000 10,456,063 
7.903% 2/21/48 (b) 2,940,000 2,760,844 
8.5% 1/31/47 (b) 7,939,000 7,874,496 
8.7002% 3/1/49 (b) 820,000 818,463 
TOTAL EGYPT  54,811,547 
El Salvador - 0.8%   
El Salvador Republic:   
6.375% 1/18/27 (b) 435,000 432,173 
7.1246% 1/20/50 (b) 4,252,000 3,816,170 
7.625% 2/1/41 (b) 1,035,000 996,244 
7.65% 6/15/35 (b) 2,305,000 2,253,138 
7.75% 1/24/23 (b) 3,280,000 3,411,200 
TOTAL EL SALVADOR  10,908,925 
Gabon - 0.3%   
Gabonese Republic 6.375% 12/12/24 (b) 4,630,000 4,802,178 
Georgia - 0.1%   
Georgia Republic 6.875% 4/12/21 (b) 1,355,000 1,352,832 
Ghana - 0.8%   
Ghana Republic:   
7.75% 4/7/29 (b) 3,335,000 3,309,988 
8.125% 1/18/26 (b) 5,098,076 5,392,809 
10.75% 10/14/30 (b) 2,125,000 2,642,305 
TOTAL GHANA  11,345,102 
Guatemala - 0.3%   
Guatemalan Republic:   
4.9% 6/1/30 (b) 485,000 529,711 
5.375% 4/24/32 (b) 2,015,000 2,274,431 
6.125% 6/1/50 (b) 1,355,000 1,567,566 
TOTAL GUATEMALA  4,371,708 
Honduras - 0.1%   
Republic of Honduras 5.625% 6/24/30 (b) 1,205,000 1,257,719 
Indonesia - 4.0%   
Indonesian Republic:   
3.85% 10/15/30 2,650,000 2,905,891 
4.1% 4/24/28 5,340,000 5,905,706 
5.125% 1/15/45 (b) 4,853,000 5,747,772 
5.25% 1/17/42 (b) 3,000,000 3,579,375 
5.95% 1/8/46 (b) 2,100,000 2,763,469 
6.625% 2/17/37 (b) 3,549,000 4,711,298 
6.75% 1/15/44 (b) 5,105,000 7,220,384 
7.75% 1/17/38 (b) 8,743,000 12,865,871 
8.5% 10/12/35 (b) 8,199,000 12,816,062 
TOTAL INDONESIA  58,515,828 
Iraq - 0.2%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 3,563,875 3,351,156 
Israel - 0.2%   
Israeli State 3.375% 1/15/50 3,230,000 3,262,300 
Ivory Coast - 0.6%   
Ivory Coast:   
4.875% 1/30/32 (b) EUR1,015,000 1,157,558 
5.875% 10/17/31 (b) EUR3,125,000 3,868,536 
6.125% 6/15/33 (b) 950,000 966,328 
6.375% 3/3/28 (b) 2,455,000 2,651,400 
TOTAL IVORY COAST  8,643,822 
Jamaica - 0.3%   
Jamaican Government:   
6.75% 4/28/28 1,725,000 2,017,711 
7.875% 7/28/45 1,685,000 2,270,040 
TOTAL JAMAICA  4,287,751 
Jordan - 0.4%   
Jordanian Kingdom:   
4.95% 7/7/25 (b) 4,170,000 4,279,463 
6.125% 1/29/26 (b) 1,900,000 2,027,063 
TOTAL JORDAN  6,306,526 
Kenya - 0.3%   
Republic of Kenya:   
6.875% 6/24/24 (b) 3,015,000 3,309,905 
7% 5/22/27 (b) 1,285,000 1,364,108 
TOTAL KENYA  4,674,013 
Lebanon - 0.1%   
Lebanese Republic:   
5.8% 12/31/49 (g) 5,875,000 657,559 
6% 1/27/23 (g) 1,587,000 182,009 
6.1% 10/4/22 (g) 685,000 79,203 
6.375% 12/31/49 (g) 7,072,000 801,010 
TOTAL LEBANON  1,719,781 
Mexico - 2.0%   
United Mexican States:   
3.25% 4/16/30 4,960,000 5,000,300 
3.75% 1/11/28 3,415,000 3,656,184 
3.9% 4/27/25 1,460,000 1,600,069 
4.5% 4/22/29 2,040,000 2,255,475 
4.75% 4/27/32 970,000 1,075,184 
5.75% 10/12/2110 3,295,000 3,660,539 
6.05% 1/11/40 10,222,000 12,234,456 
TOTAL MEXICO  29,482,207 
Mongolia - 0.2%   
Mongolia Government 5.125% 4/7/26 (b) 2,480,000 2,647,400 
Montenegro - 0.1%   
Republic of Montenegro 2.875% 12/16/27 (b) EUR1,415,000 1,574,328 
Morocco - 0.4%   
Moroccan Kingdom:   
2.375% 12/15/27 (b) 3,675,000 3,549,820 
3% 12/15/32 (b) 690,000 646,013 
4% 12/15/50 (b) 735,000 650,475 
5.5% 12/11/42 (b) 920,000 1,010,850 
TOTAL MOROCCO  5,857,158 
Nigeria - 1.4%   
Republic of Nigeria:   
6.375% 7/12/23 (b) 960,000 1,027,500 
6.5% 11/28/27 (b) 3,892,000 4,001,463 
7.143% 2/23/30 (b) 1,295,000 1,318,472 
7.625% 11/21/25 (b) 12,623,000 14,208,764 
TOTAL NIGERIA  20,556,199 
Oman - 1.4%   
Sultanate of Oman:   
3.875% 3/8/22 (b) 670,000 678,584 
4.125% 1/17/23 (b) 1,800,000 1,839,938 
4.75% 6/15/26 (b) 3,347,000 3,429,629 
4.875% 2/1/25 (b) 1,460,000 1,521,594 
5.375% 3/8/27 (b) 2,516,000 2,597,770 
5.625% 1/17/28 (b) 1,535,000 1,586,327 
6% 8/1/29 (b) 2,650,000 2,752,688 
6.25% 1/25/31 (b) 670,000 700,778 
6.75% 1/17/48 (b) 5,980,000 5,742,669 
TOTAL OMAN  20,849,977 
Pakistan - 0.7%   
Islamic Republic of Pakistan:   
6% 4/8/26 (b) 3,300,000 3,352,594 
6.875% 12/5/27 (b) 1,500,000 1,560,938 
8.25% 4/15/24 (b) 1,180,000 1,288,044 
The Third Pakistan International Sukuk Co. Ltd.:   
5.5% 10/13/21 (b) 2,125,000 2,140,938 
5.625% 12/5/22 (b) 1,005,000 1,026,984 
TOTAL PAKISTAN  9,369,498 
Panama - 0.3%   
Panamanian Republic:   
2.252% 9/29/32 3,540,000 3,353,044 
3.87% 7/23/60 1,390,000 1,378,272 
TOTAL PANAMA  4,731,316 
Paraguay - 0.6%   
Republic of Paraguay:   
2.739% 1/29/33 (b) 1,305,000 1,246,683 
4.95% 4/28/31 (b) 3,865,000 4,349,333 
5.4% 3/30/50 (b) 1,950,000 2,181,563 
5.6% 3/13/48 (b) 445,000 504,380 
TOTAL PARAGUAY  8,281,959 
Peru - 0.1%   
Peruvian Republic 5.625% 11/18/50 890,000 1,181,475 
Qatar - 3.3%   
State of Qatar:   
3.75% 4/16/30 (b) 12,765,000 14,288,822 
4% 3/14/29 (b) 5,455,000 6,191,425 
4.4% 4/16/50 (b) 5,585,000 6,478,600 
4.5% 4/23/28 (b) 2,565,000 2,991,431 
4.817% 3/14/49 (b) 11,149,000 13,650,557 
5.103% 4/23/48 (b) 2,960,000 3,741,625 
TOTAL QATAR  47,342,460 
Romania - 0.7%   
Romanian Republic:   
3% 2/14/31 (b) 8,211,000 8,218,698 
4% 2/14/51 (b) 1,500,000 1,447,031 
TOTAL ROMANIA  9,665,729 
Russia - 3.4%   
Ministry of Finance of the Russian Federation:   
4.25% 6/23/27(Reg. S) 3,800,000 4,159,100 
4.375% 3/21/29(Reg. S) 8,400,000 9,185,400 
5.1% 3/28/35 (b) 12,000,000 13,845,000 
5.1% 3/28/35(Reg. S) 4,600,000 5,307,250 
5.25% 6/23/47 (b) 3,600,000 4,281,750 
5.25% 6/23/47(Reg. S) 4,000,000 4,757,500 
5.625% 4/4/42 (b) 4,000,000 4,891,250 
5.875% 9/16/43 (b) 1,850,000 2,344,297 
5.875% 9/16/43 (Reg. S) 200,000 253,438 
TOTAL RUSSIA  49,024,985 
Rwanda - 0.4%   
Rwanda Republic 6.625% 5/2/23 (b) 5,504,000 5,731,040 
Saudi Arabia - 1.4%   
Kingdom of Saudi Arabia:   
2.25% 2/2/33 (b) 4,030,000 3,794,497 
3.25% 10/22/30 (b) 2,385,000 2,504,250 
3.625% 3/4/28 (b) 1,770,000 1,917,684 
3.75% 1/21/55 (b) 3,755,000 3,682,247 
4.5% 10/26/46 (b) 481,000 529,100 
4.5% 4/22/60 (b) 3,880,000 4,323,775 
4.625% 10/4/47 (b) 3,040,000 3,404,800 
TOTAL SAUDI ARABIA  20,156,353 
Serbia - 0.1%   
Republic of Serbia 2.125% 12/1/30 (b) 1,970,000 1,819,147 
Sri Lanka - 0.2%   
Democratic Socialist Republic of Sri Lanka:   
7.55% 3/28/30 (b) 1,385,000 844,850 
7.85% 3/14/29 (b) 2,568,000 1,569,690 
TOTAL SRI LANKA  2,414,540 
Turkey - 5.1%   
Turkish Republic:   
3.25% 3/23/23 14,395,000 13,814,702 
4.25% 3/13/25 7,075,000 6,566,484 
4.75% 1/26/26 3,015,000 2,803,950 
4.875% 10/9/26 5,970,000 5,507,325 
4.875% 4/16/43 4,735,000 3,608,958 
5.125% 3/25/22 3,204,000 3,210,008 
5.125% 2/17/28 3,070,000 2,778,350 
5.6% 11/14/24 3,295,000 3,215,714 
5.75% 5/11/47 6,710,000 5,443,488 
5.95% 1/15/31 2,685,000 2,429,925 
6% 1/14/41 4,622,000 3,885,369 
6.25% 9/26/22 10,514,000 10,641,377 
6.35% 8/10/24 1,615,000 1,616,009 
6.375% 10/14/25 3,475,000 3,442,422 
6.75% 5/30/40 3,112,000 2,856,233 
7.25% 12/23/23 1,613,000 1,660,382 
7.375% 2/5/25 841,000 866,493 
TOTAL TURKEY  74,347,189 
Ukraine - 3.8%   
Ukraine Government:   
7.253% 3/15/33 (b) 3,445,000 3,425,622 
7.375% 9/25/32 (b) 2,130,000 2,135,991 
7.75% 9/1/21 (b) 16,743,000 17,047,513 
7.75% 9/1/22 (b) 10,529,000 11,099,540 
7.75% 9/1/23 (b) 8,950,000 9,649,778 
7.75% 9/1/24 (b) 5,364,000 5,778,034 
7.75% 9/1/25 (b) 1,750,000 1,897,000 
7.75% 9/1/26 (b) 1,895,000 2,057,852 
7.75% 9/1/27 (b) 1,344,000 1,433,460 
9.75% 11/1/28 (b) 1,210,000 1,408,894 
TOTAL UKRAINE  55,933,684 
United Arab Emirates - 1.4%   
Emirate of Abu Dhabi:   
1.7% 3/2/31 (b) 3,465,000 3,281,355 
3.125% 4/16/30 (b) 5,190,000 5,553,300 
3.125% 9/30/49 (b) 8,072,000 7,693,625 
3.875% 4/16/50 (b) 2,990,000 3,248,822 
TOTAL UNITED ARAB EMIRATES  19,777,102 
Uruguay - 0.3%   
Uruguay Republic 5.1% 6/18/50 3,930,000 4,862,147 
Uzbekistan - 0.2%   
Republic of Uzbekistan:   
3.7% 11/25/30 (b) 1,595,000 1,547,150 
4.75% 2/20/24 (b) 1,110,000 1,171,050 
TOTAL UZBEKISTAN  2,718,200 
Venezuela - 0.3%   
Venezuelan Republic:   
9.25% 9/15/27 (g) 27,915,000 2,791,500 
11.95% 8/5/31 (Reg. S) (g) 17,015,000 1,701,500 
12.75% 8/23/22 (g) 3,625,000 362,500 
TOTAL VENEZUELA  4,855,500 
Vietnam - 0.8%   
Vietnamese Socialist Republic 5.5% 3/12/28 11,445,167 11,531,005 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $825,469,308)  786,819,729 
Preferred Securities - 2.1%   
Cayman Islands - 1.5%   
Banco Do Brasil SA 6.25% (b)(c)(h) 1,650,000 1,617,083 
Banco Mercantil del Norte SA:   
6.875% (b)(c)(h) 2,145,000 2,190,581 
7.625% (b)(c)(h) 1,285,000 1,406,673 
Cosan Overseas Ltd. 8.25% (h) 10,515,000 10,728,455 
DP World Salaam 6% (Reg. S) (c)(h) 1,085,000 1,167,731 
Itau Unibanco Holding SA 6.125% (b)(c)(h) 3,575,000 3,584,474 
OEC Finance Ltd. 7.5% pay-in-kind (b)(h) 6,030,412 1,032,708 
TOTAL CAYMAN ISLANDS  21,727,705 
Ireland - 0.6%   
Alfa Bond Issuance PLC 8% (Reg. S) (c)(h) 4,735,000 4,819,342 
Tinkoff Credit Systems 9.25% (Reg. S) (c)(h) 4,530,000 4,742,344 
TOTAL IRELAND  9,561,686 
TOTAL PREFERRED SECURITIES   
(Cost $29,891,296)  31,289,391 
 Shares Value 
Money Market Funds - 13.7%   
Fidelity Cash Central Fund 0.06% (i)   
(Cost $199,656,295) 199,620,936 199,660,860 
TOTAL INVESTMENT IN SECURITIES - 98.7%   
(Cost $1,502,797,227)  1,436,852,152 
NET OTHER ASSETS (LIABILITIES) - 1.3%  18,824,048 
NET ASSETS - 100%  $1,455,676,200 

Currency Abbreviations

EGP – Egyptian pound

EUR – European Monetary Unit

PEN – Peruvian new sol

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 $787,789,878 or 54.1% of net assets.

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

 (d) 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.

 (e) Level 3 security

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

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

 (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 $27,670 
Total $27,670 

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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