Quarterly Holdings Report
for
Fidelity® Emerging Markets Debt Local Currency Central Fund
September 30, 2020
MDL-QTLY-1120
1.9899757.100
Schedule of Investments September 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Foreign Government and Government Agency Obligations - 82.9% | | | |
| | | Principal Amount | Value |
| Brazil - 8.4% | | | |
| Brazil Letras Do Tesouro Nacio, yield at date of purchase 2.9869% to 5.1772% 1/1/22 to 7/1/23 | BRL | $25,000,000 | $3,961,837 |
| Brazilian Federative Republic: | | | |
| 10% 1/1/23 | BRL | 18,000,000 | 3,560,045 |
| 10% 1/1/25 | BRL | 20,000,000 | 4,029,945 |
| 10% 1/1/29 | BRL | 5,000,000 | 1,027,825 |
|
| TOTAL BRAZIL | | | 12,579,652 |
|
| Chile - 3.3% | | | |
| Bonos de La Tesoreria de La Republica de Chile: | | | |
| 4.5% 3/1/26 | CLP | 2,400,000,000 | 3,509,833 |
| 5% 3/1/35 | CLP | 950,000,000 | 1,447,084 |
|
| TOTAL CHILE | | | 4,956,917 |
|
| Colombia - 4.6% | | | |
| Colombian Republic 7.5% 8/26/26 | COP | 10,750,000,000 | 3,227,753 |
| Titulos de Tesoreria B: | | | |
| 5.75% 11/3/27 | COP | 8,000,000,000 | 2,178,249 |
| 7% 6/30/32 | COP | 5,250,000,000 | 1,478,793 |
|
| TOTAL COLOMBIA | | | 6,884,795 |
|
| Czech Republic - 1.8% | | | |
| Czech Republic: | | | |
| 0.95% 5/15/30 (Reg. S) | CZK | 35,000,000 | 1,537,944 |
| 1.2% 3/13/31 | CZK | 25,000,000 | 1,122,178 |
|
| TOTAL CZECH REPUBLIC | | | 2,660,122 |
|
| Dominican Republic - 0.4% | | | |
| Dominican Republic 8.9% 2/15/23(Reg. S) | DOP | 35,000,000 | 597,867 |
| Hungary - 2.7% | | | |
| Hungarian Republic: | | | |
| , yield at date of purchase -1.7053% 10/27/21 | HUF | 225,000,000 | 738,847 |
| 3.25% 10/22/31 | HUF | 65,000,000 | 225,318 |
| 5.5% 6/24/25 | HUF | 370,000,000 | 1,407,850 |
| 6.75% 10/22/28 | HUF | 380,000,000 | 1,657,097 |
|
| TOTAL HUNGARY | | | 4,029,112 |
|
| Indonesia - 8.4% | | | |
| Indonesian Republic: | | | |
| 8.125% 5/15/24 | IDR | 27,000,000,000 | 1,946,069 |
| 8.25% 5/15/29 | IDR | 40,000,000,000 | 2,926,075 |
| 8.25% 5/15/36 | IDR | 31,000,000,000 | 2,203,125 |
| 8.375% 9/15/26 | IDR | 40,000,000,000 | 2,977,151 |
| 8.375% 3/15/34 | IDR | 36,000,000,000 | 2,588,710 |
|
| TOTAL INDONESIA | | | 12,641,130 |
|
| Israel - 1.0% | | | |
| Israeli State 1% 3/31/30 | ILS | 4,990,000 | 1,496,052 |
| Malaysia - 8.5% | | | |
| Malaysian Government: | | | |
| 3.729% 3/31/22 | MYR | 12,000,000 | 2,966,033 |
| 3.828% 7/5/34 | MYR | 5,750,000 | 1,500,329 |
| 3.885% 8/15/29 | MYR | 9,000,000 | 2,368,849 |
| 3.899% 11/16/27 | MYR | 11,000,000 | 2,889,171 |
| 4.059% 9/30/24 | MYR | 12,000,000 | 3,090,603 |
|
| TOTAL MALAYSIA | | | 12,814,985 |
|
| Mexico - 8.9% | | | |
| United Mexican States: | | | |
| 5.75% 3/5/26 | MXN | 65,000,000 | 3,009,463 |
| 7.75% 11/23/34 | MXN | 45,000,000 | 2,280,629 |
| 7.75% 11/13/42 | MXN | 40,000,000 | 1,955,996 |
| 8% 12/7/23 | MXN | 80,000,000 | 3,965,131 |
| 8.5% 5/31/29 | MXN | 40,000,000 | 2,136,897 |
|
| TOTAL MEXICO | | | 13,348,116 |
|
| Peru - 2.9% | | | |
| Peruvian Republic: | | | |
| 5.4% 8/12/34(Reg. S) | PEN | 5,000,000 | 1,448,214 |
| 6.35% 8/12/28 | PEN | 4,250,000 | 1,421,491 |
| 6.95% 8/12/31 | PEN | 4,250,000 | 1,441,147 |
|
| TOTAL PERU | | | 4,310,852 |
|
| Philippines - 0.2% | | | |
| Philippine Republic 6.25% 1/14/36 | PHP | 10,000,000 | 265,948 |
| Poland - 4.8% | | | |
| Polish Government: | | | |
| 2.5% 7/25/26 | PLN | 14,200,000 | 4,024,999 |
| 2.75% 10/25/29 | PLN | 11,000,000 | 3,208,879 |
|
| TOTAL POLAND | | | 7,233,878 |
|
| Romania - 4.7% | | | |
| Romanian Republic: | | | |
| 3.4% 3/8/22 | RON | 12,500,000 | 3,023,888 |
| 3.65% 9/24/31 | RON | 1,000,000 | 237,858 |
| 4.75% 2/24/25 | RON | 9,000,000 | 2,283,461 |
| 5% 2/12/29 | RON | 5,500,000 | 1,469,159 |
|
| TOTAL ROMANIA | | | 7,014,366 |
|
| Russia - 4.8% | | | |
| Ministry of Finance of the Russian Federation: | | | |
| 7.05% 1/19/28 | RUB | 190,000,000 | 2,605,302 |
| 7.7% 3/16/39 | RUB | 90,000,000 | 1,315,282 |
| 8.5% 9/17/31 | RUB | 217,000,000 | 3,282,298 |
|
| TOTAL RUSSIA | | | 7,202,882 |
|
| Singapore - 3.5% | | | |
| Republic of Singapore: | | | |
| 2.375% 6/1/25 | SGD | 2,250,000 | 1,796,390 |
| 2.875% 7/1/29 | SGD | 4,000,000 | 3,435,772 |
|
| TOTAL SINGAPORE | | | 5,232,162 |
|
| South Africa - 6.8% | | | |
| South African Republic: | | | |
| 6.5% 2/28/41 | ZAR | 40,000,000 | 1,485,168 |
| 8% 1/31/30 | ZAR | 42,000,000 | 2,288,496 |
| 8.75% 2/28/48 | ZAR | 33,000,000 | 1,513,154 |
| 8.875% 2/28/35 | ZAR | 70,000,000 | 3,497,075 |
| 10.5% 12/21/26 | ZAR | 22,000,000 | 1,526,750 |
|
| TOTAL SOUTH AFRICA | | | 10,310,643 |
|
| Thailand - 4.8% | | | |
| Kingdom of Thailand: | | | |
| 1.6% 6/17/35 | THB | 59,000,000 | 1,871,360 |
| 3.3% 6/17/38 | THB | 39,000,000 | 1,491,509 |
| 4.875% 6/22/29 | THB | 96,500,000 | 3,930,056 |
|
| TOTAL THAILAND | | | 7,292,925 |
|
| Turkey - 1.8% | | | |
| Turkish Republic: | | | |
| 8% 3/12/25 | TRY | 14,000,000 | 1,522,774 |
| 11% 2/24/27 | TRY | 9,750,000 | 1,163,397 |
|
| TOTAL TURKEY | | | 2,686,171 |
|
| Uruguay - 0.6% | | | |
| Uruguay Republic 9.875% 6/20/22 | UYU | 40,000,000 | 981,380 |
| TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS | | | |
| (Cost $124,619,533) | | | 124,539,955 |
|
| Supranational Obligations - 0.5% | | | |
International Finance Corp. 5.85% 11/25/22
(Cost $690,207) | INR | 50,000,000 | 688,304 |
| | | Shares | Value |
|
| Money Market Funds - 16.1% | | | |
| Fidelity Cash Central Fund 0.10% (a) | | | |
| (Cost $24,259,350) | | 24,254,499 | 24,259,350 |
| TOTAL INVESTMENT IN SECURITIES - 99.5% | | | |
| (Cost $149,569,090) | | | 149,487,609 |
| NET OTHER ASSETS (LIABILITIES) - 0.5% | | | 754,743 |
| NET ASSETS - 100% | | | $150,242,352 |
| Forward Foreign Currency Contracts | | | | | | |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation/(Depreciation) |
| HUF | 234,408,825 | USD | 751,498 | Brown Brothers Harriman & Co. | 10/1/20 | $4,627 |
| IDR | 5,610,810,000 | USD | 375,362 | Goldman Sachs Bank USA | 10/1/20 | 1,708 |
| RON | 1,965,322 | USD | 472,265 | Brown Brothers Harriman & Co. | 10/1/20 | 520 |
| SGD | 2,470,121 | USD | 1,809,374 | JPMorgan Chase Bank | 10/2/20 | 172 |
| USD | 740,261 | RON | 3,075,690 | Goldman Sachs Bank USA | 10/2/20 | 362 |
| ZAR | 26,159,430 | USD | 1,539,925 | Citibank NA | 10/2/20 | 21,832 |
| CZK | 20,928,000 | USD | 896,847 | BNP Paribas | 10/22/20 | 10,011 |
| HUF | 200,751,000 | USD | 641,757 | Brown Brothers Harriman & Co. | 10/22/20 | 5,587 |
| INR | 55,500,000 | USD | 748,548 | State Street Bank And Tr Co | 10/22/20 | 4,268 |
| MXN | 105,000,000 | USD | 4,673,334 | Citibank NA | 10/22/20 | 63,701 |
| PHP | 36,400,000 | USD | 748,725 | State Street Bank And Tr Co | 10/22/20 | 1,801 |
| PLN | 3,093,000 | USD | 796,078 | BNP Paribas | 10/22/20 | 4,132 |
| PLN | 18,000,000 | USD | 4,650,562 | Barclays Bank PLC | 10/22/20 | 6,333 |
| RUB | 60,915,000 | USD | 772,739 | JPMorgan Chase Bank | 10/22/20 | 9,461 |
| RUB | 30,020,000 | USD | 385,712 | JPMorgan Chase Bank | 10/22/20 | (230) |
| USD | 1,266,142 | MXN | 28,491,000 | Citibank NA | 10/22/20 | (19,219) |
| USD | 1,501,330 | PLN | 5,844,000 | BNP Paribas | 10/22/20 | (10,609) |
| USD | 432,783 | ZAR | 7,435,000 | Brown Brothers Harriman & Co. | 10/22/20 | (10,009) |
| USD | 1,508,198 | ZAR | 25,684,000 | Citibank NA | 10/22/20 | (21,414) |
| ZAR | 84,000,000 | USD | 4,900,474 | Barclays Bank PLC | 10/22/20 | 102,152 |
| TOTAL FORWARD FOREIGN CURRENCY CONTRACTS | | | | | | $175,186 |
| | | | | | Unrealized Appreciation | 236,667 |
| | | | | | Unrealized Depreciation | (61,481) |
Currency Abbreviations
BRL – Brazilian real
CLP – Chilean peso
COP – Colombian peso
CZK – Czech koruna
DOP – Dominican Republic peso
HUF – Hungarian forint
IDR – Indonesian rupiah
ILS – Israeli shekel
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
SGD – Singapore dollar
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.
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 | $1,033 |
| Total | $1,033 |
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.
The U.S. dollar value of foreign currency contracts is determined using currency exchange rates supplied by a pricing vendor and are categorized as Level 2 in the hierarchy.
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.
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.
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