NPORT-EX 2 QTLY_6287_20230331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Debt Local Currency Fund
March 31, 2023
LCC-NPRT1-0523
1.9899866.102
Foreign Government and Government Agency Obligations - 84.5%
 
  
Principal
Amount (a)
 
Value ($)
 
Brazil - 9.8%
 
  
  
Brazil Letras Do Tesouro Nacio, yield at date of purchase 5.8628% to 13.7798% 7/1/23 to 1/1/26
BRL
113,020,000
19,046,621
Brazilian Federative Republic:
  
  
  
 10% 1/1/25
BRL
28,750,000
5,502,939
 10% 1/1/27
BRL
38,000,000
7,040,299
 10% 1/1/29
BRL
12,250,000
2,177,896
 10% 1/1/31
BRL
22,750,000
3,927,725
 10% 1/1/33
BRL
7,050,000
1,184,577
TOTAL BRAZIL
  
  
38,880,057
Chile - 1.3%
 
  
  
Chilean Republic:
  
  
  
 4.5% 3/1/26
CLP
725,000,000
871,305
 4.7% 9/1/30 (Reg. S) (b)
CLP
1,000,000,000
1,211,698
 5% 3/1/35
CLP
950,000,000
1,184,568
 6% 1/1/43
CLP
1,275,000,000
1,780,493
TOTAL CHILE
  
  
5,048,064
China - 10.1%
 
  
  
Peoples Republic of China:
  
  
  
 2.68% 5/21/30
CNY
92,250,000
13,263,581
 2.88% 11/5/23
CNY
57,000,000
8,328,668
 3.28% 12/3/27
CNY
88,750,000
13,292,556
 3.81% 9/14/50
CNY
32,250,000
5,148,957
TOTAL CHINA
  
  
40,033,762
Colombia - 3.8%
 
  
  
Colombian Republic:
  
  
  
 5.75% 11/3/27
COP
31,100,000,000
5,392,013
 6% 4/28/28
COP
1,850,000,000
318,045
 7% 6/30/32
COP
22,800,000,000
3,630,791
 7.25% 10/26/50
COP
8,500,000,000
1,124,648
 7.5% 8/26/26
COP
13,650,000,000
2,641,247
 9.25% 5/28/42
COP
12,000,000,000
2,035,697
TOTAL COLOMBIA
  
  
15,142,441
Czech Republic - 4.2%
 
  
  
Czech Republic:
  
  
  
 0.45% 10/25/23
CZK
87,500,000
3,905,413
 0.95% 5/15/30 (Reg. S)
CZK
186,750,000
6,648,641
 1.2% 3/13/31
CZK
45,000,000
1,598,776
 1.5% 4/24/40
CZK
27,000,000
782,991
 2% 10/13/33
CZK
106,000,000
3,842,224
TOTAL CZECH REPUBLIC
  
  
16,778,045
Dominican Republic - 0.3%
 
  
  
Dominican Republic:
  
  
  
 9.75% 6/5/26 (Reg. S)
DOP
26,500,000
470,647
 13.625% 2/3/33 (b)
DOP
38,500,000
792,854
TOTAL DOMINICAN REPUBLIC
  
  
1,263,501
Egypt - 0.3%
 
  
  
Arab Republic of Egypt:
  
  
  
 14.556% 10/13/27
EGP
36,000,000
892,859
 16.1% 5/7/29
EGP
12,000,000
300,866
TOTAL EGYPT
  
  
1,193,725
Hungary - 2.8%
 
  
  
Hungarian Republic:
  
  
  
 2.25% 6/22/34
HUF
470,000,000
767,705
 2.75% 12/22/26
HUF
1,144,000,000
2,536,291
 3% 10/27/38
HUF
245,000,000
387,347
 3.25% 10/22/31
HUF
782,000,000
1,537,423
 5.5% 6/24/25
HUF
1,300,000,000
3,278,814
 6.75% 10/22/28
HUF
1,118,000,000
2,834,300
TOTAL HUNGARY
  
  
11,341,880
Indonesia - 10.7%
 
  
  
Indonesian Republic:
  
  
  
 6.375% 4/15/32
IDR
51,000,000,000
3,329,821
 6.5% 6/15/25
IDR
34,750,000,000
2,326,311
 6.5% 2/15/31
IDR
32,500,000,000
2,153,156
 7.125% 6/15/42
IDR
14,000,000,000
942,223
 7.125% 6/15/43
IDR
6,000,000,000
404,172
 7.5% 4/15/40
IDR
61,750,000,000
4,292,551
 8.125% 5/15/24
IDR
85,000,000,000
5,793,174
 8.25% 5/15/29
IDR
123,500,000,000
8,942,168
 8.25% 5/15/36
IDR
44,750,000,000
3,297,793
 8.375% 9/15/26
IDR
120,750,000,000
8,538,002
 8.375% 3/15/34
IDR
19,788,000,000
1,464,849
 8.375% 4/15/39
IDR
17,250,000,000
1,292,980
TOTAL INDONESIA
  
  
42,777,200
Kazakhstan - 0.2%
 
  
  
Kazakhstan Republic 10.5% 8/4/26
KZT
440,000,000
892,270
Malaysia - 4.8%
 
  
  
Malaysian Government:
  
  
  
 3.582% 7/15/32
MYR
11,500,000
2,538,939
 3.757% 5/22/40
MYR
10,000,000
2,125,643
 3.828% 7/5/34
MYR
14,300,000
3,157,796
 4.065% 6/15/50
MYR
14,500,000
3,074,230
 4.696% 10/15/42
MYR
9,700,000
2,335,826
 4.762% 4/7/37
MYR
20,000,000
4,791,977
 4.893% 6/8/38
MYR
4,000,000
977,405
TOTAL MALAYSIA
  
  
19,001,816
Mexico - 9.2%
 
  
  
United Mexican States:
  
  
  
 5.75% 3/5/26
MXN
275,000,000
13,776,252
 7.75% 11/23/34
MXN
44,500,000
2,276,408
 7.75% 11/13/42
MXN
168,750,000
8,188,753
 8% 7/31/53
MXN
22,000,000
1,084,092
 8.5% 5/31/29
MXN
205,250,000
11,212,806
TOTAL MEXICO
  
  
36,538,311
Peru - 2.2%
 
  
  
Peruvian Republic:
  
  
  
 5.35% 8/12/40
PEN
2,250,000
468,168
 5.4% 8/12/34(Reg. S)
PEN
8,850,000
1,975,179
 6.35% 8/12/28
PEN
9,900,000
2,564,165
 6.9% 8/12/37
PEN
2,500,000
622,459
 6.95% 8/12/31
PEN
11,500,000
2,976,143
TOTAL PERU
  
  
8,606,114
Philippines - 0.1%
 
  
  
Philippine Republic 6.25% 1/14/36
PHP
30,000,000
527,172
Poland - 4.8%
 
  
  
Polish Government:
  
  
  
 1.25% 10/25/30
PLN
27,200,000
4,535,875
 1.75% 4/25/32
PLN
14,500,000
2,383,455
 2.5% 7/25/26
PLN
38,000,000
7,933,738
 2.5% 7/25/27
PLN
15,000,000
3,039,754
 2.75% 10/25/29
PLN
7,000,000
1,345,447
TOTAL POLAND
  
  
19,238,269
Romania - 4.0%
 
  
  
Romanian Republic:
  
  
  
 3.65% 9/24/31
RON
15,550,000
2,612,253
 4% 10/25/23
RON
11,500,000
2,486,903
 4.25% 6/28/23
RON
20,250,000
4,418,037
 4.75% 2/24/25
RON
5,550,000
1,173,645
 4.75% 10/11/34
RON
9,000,000
1,565,452
 5% 2/12/29
RON
16,450,000
3,227,516
 5.8% 7/26/27
RON
2,750,000
572,676
TOTAL ROMANIA
  
  
16,056,482
South Africa - 9.6%
 
  
  
South African Republic:
  
  
  
 6.5% 2/28/41
ZAR
64,000,000
2,259,375
 7% 2/28/31
ZAR
98,750,000
4,585,024
 8% 1/31/30
ZAR
228,000,000
11,660,540
 8.75% 2/28/48
ZAR
163,750,000
7,055,161
 8.875% 2/28/35
ZAR
196,250,000
9,440,662
 10.5% 12/21/26
ZAR
57,500,000
3,438,475
TOTAL SOUTH AFRICA
  
  
38,439,237
Thailand - 4.8%
 
  
  
Kingdom of Thailand:
  
  
  
 1.585% 12/17/35
THB
82,750,000
2,165,889
 1.6% 6/17/35
THB
180,750,000
4,752,478
 2% 12/17/31
THB
94,500,000
2,699,629
 2% 6/17/42
THB
45,000,000
1,147,285
 2.875% 6/17/46
THB
44,400,000
1,263,511
 3.3% 6/17/38
THB
164,250,000
5,113,983
 3.775% 6/25/32
THB
60,000,000
1,963,316
TOTAL THAILAND
  
  
19,106,091
Turkey - 1.1%
 
  
  
Turkish Republic:
  
  
  
 8% 3/12/25
TRY
38,250,000
1,782,919
 10.5% 8/11/27
TRY
19,750,000
1,004,517
 11% 2/24/27
TRY
8,950,000
441,679
 11.7% 11/13/30
TRY
18,500,000
1,048,007
TOTAL TURKEY
  
  
4,277,122
Uruguay - 0.4%
 
  
  
Uruguay Republic:
  
  
  
 8.25% 5/21/31
UYU
31,500,000
718,783
 8.5% 3/15/28 (Reg. S)
UYU
34,750,000
832,093
TOTAL URUGUAY
  
  
1,550,876
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $356,405,696)
  
  
  
336,692,435
 
  
  
  
Supranational Obligations - 0.8%
 
  
Principal
Amount (a)
 
Value ($)
 
Asian Infrastructure Investment Bank 2.375% 2/10/25 (Reg. S)
PHP
57,900,000
992,053
Inter-American Development Bank:
  
  
  
 5.1% 11/17/26
IDR
15,000,000,000
967,005
 5.7% 11/12/24
INR
105,000,000
1,244,580
 
TOTAL SUPRANATIONAL OBLIGATIONS
 (Cost $3,655,373)
  
  
3,203,638
 
  
  
  
Money Market Funds - 12.9%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
 (Cost $51,318,387)
 
  
51,308,125
51,318,387
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.2%
 (Cost $411,379,456)
 
  
 
391,214,460
NET OTHER ASSETS (LIABILITIES) - 1.8% (d)
6,974,271
NET ASSETS - 100.0%
398,188,731
 
  
 Forward Foreign Currency Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized  
Appreciation/
(Depreciation) ($)
 
  
  
  
  
  
  
BRL
4,543,000
USD
840,985
Bank of America, N.A.
6/15/23
43,351
BRL
14,978,000
USD
2,855,482
Goldman Sachs Bank USA
6/15/23
60,122
BRL
10,641,000
USD
2,002,823
State Street Bank and Trust Co
6/15/23
68,544
BRL
20,907,000
USD
3,911,140
State Street Bank and Trust Co
6/15/23
158,596
CLP
171,428,000
USD
211,300
BNP Paribas S.A.
6/15/23
2,562
CLP
1,452,856,000
USD
1,745,172
Bank of America, N.A.
6/15/23
67,316
CLP
659,680,000
USD
824,806
Citibank, N. A.
6/15/23
(1,832)
CZK
44,633,000
USD
1,982,825
BNP Paribas S.A.
6/15/23
72,008
CZK
43,737,000
USD
1,983,193
BNP Paribas S.A.
6/15/23
30,390
CZK
154,231,000
USD
6,930,551
JPMorgan Chase Bank, N.A.
6/15/23
170,001
EGP
21,927,000
USD
653,757
Citibank, N. A.
6/15/23
(11,354)
HUF
706,584,000
USD
1,961,744
JPMorgan Chase Bank, N.A.
6/15/23
8,819
IDR
5,895,900,000
USD
381,983
Bank of America, N.A.
6/15/23
10,460
IDR
3,151,200,000
USD
210,740
Goldman Sachs Bank USA
6/15/23
(990)
INR
137,615,000
USD
1,664,027
Bank of America, N.A.
6/15/23
3,591
MXN
166,233,000
USD
8,756,332
BNP Paribas S.A.
6/15/23
337,363
MXN
4,889,000
USD
254,099
Brown Brothers Harriman & Co
6/15/23
13,352
MXN
60,924,000
USD
3,210,243
JPMorgan Chase Bank, N.A.
6/15/23
122,574
MYR
4,323,000
USD
967,114
Goldman Sachs Bank USA
6/15/23
17,477
MYR
26,662,000
USD
5,998,200
Goldman Sachs Bank USA
6/15/23
74,242
MYR
53,639,000
USD
12,105,394
State Street Bank and Trust Co
6/15/23
111,235
PEN
3,808,000
USD
1,005,811
Bank of America, N.A.
6/15/23
1,304
PEN
4,300,000
USD
1,125,242
Citibank, N. A.
6/15/23
11,994
PEN
3,769,000
USD
987,683
State Street Bank and Trust Co
6/15/23
9,117
PHP
67,489,000
USD
1,239,172
Citibank, N. A.
6/15/23
1,800
PLN
12,496,000
USD
2,839,893
BNP Paribas S.A.
6/15/23
41,935
PLN
23,238,000
USD
5,242,432
JPMorgan Chase Bank, N.A.
6/15/23
116,717
RON
4,534,000
USD
969,927
BNP Paribas S.A.
6/15/23
21,121
RON
4,535,000
USD
976,394
BNP Paribas S.A.
6/15/23
14,872
THB
645,744,000
USD
18,936,602
JPMorgan Chase Bank, N.A.
6/15/23
156,764
THB
54,570,000
USD
1,609,055
JPMorgan Chase Bank, N.A.
6/15/23
4,471
THB
101,886,000
USD
3,018,275
JPMorgan Chase Bank, N.A.
6/15/23
(5,708)
TRY
76,733,000
USD
3,825,785
Citibank, N. A.
6/15/23
(281,063)
TRY
14,910,000
USD
747,665
Citibank, N. A.
6/15/23
(58,889)
USD
6,242,042
BRL
33,139,000
BNP Paribas S.A.
6/15/23
(208,764)
USD
882,805
BRL
4,534,000
JPMorgan Chase Bank, N.A.
6/15/23
221
USD
1,947,933
CLP
1,624,284,000
Bank of America, N.A.
6/15/23
(78,418)
USD
211,884
CNY
1,446,000
Bank of America, N.A.
6/15/23
41
USD
1,013,965
CNY
6,934,000
State Street Bank and Trust Co
6/15/23
(1,882)
USD
482,358
COP
2,348,600,000
BNP Paribas S.A.
6/15/23
(14,507)
USD
1,127,576
CZK
24,461,000
Goldman Sachs Bank USA
6/15/23
1,431
USD
2,853,823
CZK
65,361,000
JPMorgan Chase Bank, N.A.
6/15/23
(155,294)
USD
233,124
HUF
87,569,000
Brown Brothers Harriman & Co
6/15/23
(11,094)
USD
977,910
HUF
374,618,000
JPMorgan Chase Bank, N.A.
6/15/23
(66,847)
USD
5,268,077
IDR
81,191,600,000
Bank of America, N.A.
6/15/23
(136,198)
USD
1,654,603
INR
137,615,000
Citibank, N. A.
6/15/23
(13,014)
USD
5,650,306
MXN
108,244,000
Brown Brothers Harriman & Co
6/15/23
(271,128)
USD
351,452
MXN
6,766,000
Goldman Sachs Bank USA
6/15/23
(18,678)
USD
709,057
MXN
13,705,000
Goldman Sachs Bank USA
6/15/23
(40,668)
USD
572,162
MXN
11,025,000
JPMorgan Chase Bank, N.A.
6/15/23
(30,955)
USD
1,976,417
MXN
36,898,000
State Street Bank and Trust Co
6/15/23
(42,070)
USD
620,026
PEN
2,353,000
Goldman Sachs Bank USA
6/15/23
(2,280)
USD
1,227,073
PHP
67,489,000
Bank of America, N.A.
6/15/23
(13,899)
USD
1,241,707
PLN
5,371,000
Goldman Sachs Bank USA
6/15/23
3,047
USD
966,916
PLN
4,271,000
JPMorgan Chase Bank, N.A.
6/15/23
(18,062)
USD
1,624,912
RON
7,455,000
Brown Brothers Harriman & Co
6/15/23
(4,612)
USD
370,706
RON
1,716,000
Goldman Sachs Bank USA
6/15/23
(4,379)
USD
2,012,077
RON
9,130,000
JPMorgan Chase Bank, N.A.
6/15/23
16,429
USD
778,600
THB
26,356,000
JPMorgan Chase Bank, N.A.
6/15/23
(695)
USD
1,201,610
THB
41,150,000
JPMorgan Chase Bank, N.A.
6/15/23
(15,113)
USD
973,825
THB
33,258,000
JPMorgan Chase Bank, N.A.
6/15/23
(9,548)
USD
1,059,330
TRY
23,069,000
Bank of America, N.A.
6/15/23
(6,355)
USD
1,057,681
TRY
22,756,000
Goldman Sachs Bank USA
6/15/23
6,456
USD
2,992,905
TRY
61,702,000
JPMorgan Chase Bank, N.A.
6/15/23
142,548
USD
215,434
ZAR
3,844,000
Brown Brothers Harriman & Co
6/15/23
925
USD
911,289
ZAR
16,904,000
Brown Brothers Harriman & Co
6/15/23
(32,015)
USD
1,012,634
ZAR
18,528,000
Goldman Sachs Bank USA
6/15/23
(21,296)
ZAR
14,478,000
USD
796,874
Bank of America, N.A.
6/15/23
11,051
ZAR
35,432,000
USD
1,931,534
JPMorgan Chase Bank, N.A.
6/15/23
45,701
 
  
  
  
  
  
  
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
  
402,341
 
  
  
  
  
  
  
Unrealized Appreciation
  
  
1,979,948
Unrealized Depreciation
  
  
(1,577,607)
Currency Abbreviations
         BRL
-
Brazilian real
         CLP
-
Chilean peso
         CNY
-
Chinese yuan
         COP
-
Colombian peso
         CZK
-
Czech koruna
         DOP
-
Dominican Republic peso
         EGP
-
Egyptian pound
         HUF
-
Hungarian forint
         IDR
-
Indonesian rupiah
         INR
-
Indian rupee
         KZT
-
Kazakhstan tenge
         MXN
-
Mexican peso
         MYR
-
Malaysian ringgit
         PEN
-
Peruvian new sol
         PHP
-
Philippine peso
         PLN
-
Polish zloty
         RON
-
Romanian leu (new)
         THB
-
Thai baht
         TRY
-
Turkish Lira
         USD
-
U.S. dollar
         UYU
-
Uruguay peso
         ZAR
-
South African rand
 
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 $2,004,552 or 0.5% of net assets.
 
(c)
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.
 
(d)
Includes $590,000 of cash collateral segregated for open forward foreign currency contracts.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.86%
52,392,505
61,712,904
62,787,022
353,653
-
-
51,318,387
0.1%
Total
52,392,505
61,712,904
62,787,022
353,653
-
-
51,318,387
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Foreign Government and Government Agency Obligations and Supranational Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Foreign Exchange Risk - Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
 
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. 
 
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net the amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared OTC swaps may be mitigated by the protection provided by the clearinghouse.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Forward Foreign Currency Contracts: Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.  
 
The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.
 
Open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.
 
 
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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.