Abu Dhabi National Energy Co. PJSC 4.375% 1/24/29 (b)
6,105,000
5,830,275
Emirate of Abu Dhabi:
3.125% 9/30/49 (b)
42,178,000
27,378,583
3.875% 4/16/50 (b)
34,465,000
25,774,306
Emirate of Dubai 3.9% 9/9/50 (Reg. S)
15,155,000
10,298,277
TOTAL UNITED ARAB EMIRATES
69,281,441
United States of America - 3.5%
U.S. Treasury Bonds:
2.875% 5/15/52
130,074,000
92,225,493
3.625% 2/15/53
16,800,000
13,894,125
U.S. Treasury Notes:
3.625% 3/31/30
6,132,000
5,783,961
3.75% 5/31/30
14,574,000
13,836,191
4% 2/28/30
9,933,000
9,579,137
TOTAL UNITED STATES OF AMERICA
135,318,907
Uruguay - 0.6%
Uruguay Republic 5.1% 6/18/50
24,210,000
21,451,271
Uzbekistan - 0.5%
Republic of Uzbekistan:
3.7% 11/25/30 (b)
7,400,000
5,775,182
3.9% 10/19/31 (b)
13,255,000
10,311,330
5.375% 2/20/29 (b)
4,250,000
3,798,650
TOTAL UZBEKISTAN
19,885,162
Venezuela - 1.3%
Venezuelan Republic:
6% (d)
17,250,000
1,121,250
7% (d)
18,925,000
1,750,563
7.65% (d)
34,825,000
3,134,460
7.75% (Reg. S) (d)
29,380,000
1,909,700
8.25% (d)
30,860,000
2,777,746
9% (Reg. S) (d)
43,195,000
3,563,588
9.25% (d)
62,675,000
6,110,813
9.25% (Reg. S) (d)
70,265,000
6,850,838
9.375% (d)
46,005,000
4,272,087
11.75% (Reg. S) (d)
65,000,000
6,337,500
11.95% (Reg. S) (d)
87,250,000
8,506,875
12.75% (d)
42,425,000
4,136,438
TOTAL VENEZUELA
50,471,858
Zambia - 0.2%
Republic of Zambia:
8.5% (b)(d)
2,190,000
1,195,565
8.97% (b)(d)
15,380,000
8,328,116
TOTAL ZAMBIA
9,523,681
TOTAL GOVERNMENT OBLIGATIONS
(Cost $3,187,392,657)
2,418,396,718
Common Stocks - 0.0%
Shares
Value ($)
Kazakhstan - 0.0%
Nostrum Oil & Gas LP warrants (f)(g)
(Cost $0)
709,143
7
Preferred Securities - 1.4%
Principal
Amount (a)
Value ($)
Brazil - 0.2%
Cosan Overseas Ltd. 8.25% (h)
7,030,000
6,996,537
Mexico - 0.8%
Banco Mercantil del Norte SA:
6.75% (b)(c)(h)
12,025,000
11,619,156
7.625% (b)(c)(h)
5,385,000
4,957,754
CEMEX S.A.B. de CV 5.125% (b)(c)(h)
16,320,000
15,172,704
TOTAL MEXICO
31,749,614
Russia - 0.0%
Tinkoff Credit Systems 6% (b)(c)(d)(g)(h)
6,660,000
333,000
United Arab Emirates - 0.4%
DP World Salaam 6% (Reg. S) (c)(h)
13,905,000
13,691,141
TOTAL PREFERRED SECURITIES
(Cost $62,322,338)
52,770,292
Money Market Funds - 1.3%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (i)
(Cost $50,830,330)
50,820,166
50,830,330
TOTAL INVESTMENT IN SECURITIES - 98.1%
(Cost $5,022,660,918)
3,764,018,115
NET OTHER ASSETS (LIABILITIES) - 1.9% (j)
71,781,474
NET ASSETS - 100.0%
3,835,799,589
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Treasury Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)
1
Dec 2023
108,063
(1,881)
(1,881)
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)
189
Dec 2023
22,431,938
(2,068,518)
(2,068,518)
TOTAL PURCHASED
(2,070,399)
Sold
Treasury Contracts
CBOT Long Term U.S. Treasury Bond Contracts (United States)
1
Dec 2023
113,781
6,170
6,170
TOTAL FUTURES CONTRACTS
(2,064,229)
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
The notional amount of futures sold as a percentage of Net Assets is 0.0%
Currency Abbreviations
EUR
-
European Monetary Unit
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 $2,482,771,404 or 64.7% of net assets.
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d)
Non-income producing - Security is in default.
(e)
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.
(f)
Non-income producing
(g)
Level 3 security
(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.
(j)
Includes $1,133,465 of cash collateral to cover margin requirements for futures contracts.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
81,144,900
1,732,122,575
1,762,437,145
2,044,032
28,387
(28,387)
50,830,330
0.1%
Total
81,144,900
1,732,122,575
1,762,437,145
2,044,032
28,387
(28,387)
50,830,330
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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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. Nonconvertible Bonds, Government Obligations and Preferred Securities 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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):
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
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.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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