Quarterly Holdings Report
for
Fidelity® Series International Credit Fund
March 31, 2024
SUN-NPRT1-0524
1.9882624.106
Nonconvertible Bonds - 56.0%
 
  
Principal
Amount (a)
 
Value ($)
 
Australia - 1.5%
 
  
  
Leighton Finance U.S.A. Pty Ltd. 1.5% 5/28/29 (Reg. S)
EUR
600,000
555,034
QBE Insurance Group Ltd.:
  
  
  
 2.5% 9/13/38 (Reg. S) (b)
GBP
500,000
540,534
 6.75% 12/2/44 (Reg. S) (b)
  
570,000
567,863
TOTAL AUSTRALIA
  
  
1,663,431
Belgium - 0.5%
 
  
  
KBC Group NV 6.324% 9/21/34 (b)(c)
  
550,000
576,814
Denmark - 1.7%
 
  
  
Danske Bank A/S:
  
  
  
 2.25% 1/14/28 (Reg. S) (b)
GBP
705,000
819,029
 4.75% 6/21/30 (Reg. S) (b)
EUR
561,000
633,618
Jyske Bank A/S:
  
  
  
 5% 10/26/28 (b)
EUR
225,000
250,259
 5.125% 5/1/35 (Reg. S) (b)
EUR
143,000
157,509
TOTAL DENMARK
  
  
1,860,415
Finland - 0.6%
 
  
  
Nordea Bank Abp 4.125% 5/5/28 (Reg. S)
EUR
600,000
662,418
France - 5.0%
 
  
  
BNP Paribas SA:
  
  
  
 2.159% 9/15/29 (b)(c)
  
225,000
196,604
 2.5% 3/31/32 (Reg. S) (b)
EUR
600,000
614,112
 4.125% 5/24/33 (Reg. S)
EUR
600,000
683,210
BPCE SA:
  
  
  
 1.5% 1/13/42 (Reg. S) (b)
EUR
600,000
591,157
 5.716% 1/18/30 (b)(c)
  
250,000
251,235
Electricite de France SA:
  
  
  
 4.75% 10/12/34 (Reg. S)
EUR
800,000
924,535
 5.5% 1/25/35 (Reg. S)
GBP
600,000
744,196
Engie SA:
  
  
  
 3.875% 3/6/36 (Reg. S)
EUR
300,000
329,714
 4.25% 9/6/34 (Reg. S)
EUR
300,000
339,003
Holding d'Infrastructures et des Metiers de l'Environnement 0.625% 9/16/28 (Reg. S)
EUR
200,000
189,417
Societe Generale:
  
  
  
 4.75% 11/24/25 (c)
  
200,000
196,129
 6.691% 1/10/34 (b)(c)
  
200,000
209,643
Technip Energies NV 1.125% 5/28/28
EUR
300,000
293,510
TOTAL FRANCE
  
  
5,562,465
Germany - 8.5%
 
  
  
ACCENTRO Real Estate AG 5.625% 2/13/26 (Reg. S)
EUR
472,500
259,211
AGPS BondCo PLC:
  
  
  
 4.625% 1/14/26 (Reg. S) (b)
EUR
2,000,000
833,951
 5% 4/27/27 (Reg. S) (b)
EUR
200,000
81,993
Bayer AG 4.625% 5/26/33 (Reg. S)
EUR
300,000
334,052
Bayer U.S. Finance LLC:
  
  
  
 6.375% 11/21/30 (c)
  
560,000
572,605
 6.5% 11/21/33 (c)
  
500,000
508,754
Commerzbank AG 8.625% 2/28/33 (Reg. S) (b)
GBP
100,000
134,339
Deutsche Bank AG:
  
  
  
 3.25% 5/24/28 (Reg. S) (b)
EUR
400,000
421,817
 4% 6/24/32 (Reg. S) (b)
EUR
800,000
835,289
 6.125% 12/12/30 (Reg. S) (b)
GBP
800,000
1,022,554
E.ON SE 3.375% 1/15/31 (Reg. S)
EUR
250,000
269,646
EnBW Energie Baden-Wuerttemberg AG 1.375% 8/31/81 (Reg. S) (b)
EUR
500,000
467,251
KfW:
  
  
  
 0% 9/17/30 (Reg. S)
EUR
1,300,000
1,182,525
 2.875% 6/7/33 (Reg. S)
EUR
900,000
985,588
Robert Bosch GmbH 4.375% 6/2/43 (Reg. S)
EUR
200,000
229,035
Schaeffler AG 4.75% 8/14/29 (Reg. S)
EUR
400,000
438,164
Sirius Real Estate Ltd. 1.125% 6/22/26 (Reg. S)
EUR
300,000
299,099
ZF Europe Finance BV 2% 2/23/26 (Reg. S)
EUR
200,000
206,133
ZF Finance GmbH 2% 5/6/27 (Reg. S)
EUR
300,000
300,999
TOTAL GERMANY
  
  
9,383,005
Hong Kong - 1.3%
 
  
  
AIA Group Ltd. 0.88% 9/9/33 (Reg. S) (b)
EUR
300,000
279,987
Prudential Funding Asia PLC 2.95% 11/3/33 (Reg. S) (b)
  
1,300,000
1,153,750
TOTAL HONG KONG
  
  
1,433,737
Ireland - 1.9%
 
  
  
AIB Group PLC:
  
  
  
 2.25% 4/4/28 (Reg. S) (b)
EUR
1,200,000
1,240,098
 5.25% 10/23/31 (Reg. S) (b)
EUR
550,000
639,827
Bank of Ireland Group PLC 5.601% 3/20/30 (b)(c)
  
205,000
204,909
TOTAL IRELAND
  
  
2,084,834
Italy - 0.5%
 
  
  
Enel SpA 3.375% (Reg. S) (b)(d)
EUR
300,000
312,866
Intesa Sanpaolo SpA 6.625% 6/20/33 (c)
  
275,000
285,345
TOTAL ITALY
  
  
598,211
Luxembourg - 2.5%
 
  
  
Alpha Trains Finance SA 2.064% 6/30/30
EUR
802,000
830,273
Blackstone Property Partners Europe LP:
  
  
  
 1% 5/4/28 (Reg. S)
EUR
1,050,000
977,054
 1.75% 3/12/29 (Reg. S)
EUR
600,000
561,759
 2.625% 10/20/28 (Reg. S)
GBP
250,000
273,692
CBRE Global Investors Pan European Core Fund 4.75% 3/27/34 (Reg. S)
EUR
150,000
165,238
TOTAL LUXEMBOURG
  
  
2,808,016
Mexico - 1.7%
 
  
  
Petroleos Mexicanos 6.5% 3/13/27
 
1,980,000
1,861,220
Netherlands - 2.8%
 
  
  
ABN AMRO Bank NV 3.875% 1/15/32 (Reg. S)
EUR
400,000
436,766
ING Groep NV:
  
  
  
 4.5% 5/23/29 (Reg. S) (b)
EUR
500,000
555,170
 4.75% 5/23/34 (Reg. S) (b)
EUR
900,000
1,043,985
JDE Peet's BV 2.25% 9/24/31 (c)
  
150,000
118,918
Koninklijke KPN NV 3.875% 2/16/36 (Reg. S)
EUR
100,000
109,039
Rabobank Nederland:
  
  
  
 3.822% 7/26/34 (Reg. S)
EUR
200,000
220,101
 4% 1/10/30 (Reg. S)
EUR
300,000
332,356
REWE International Finance 4.875% 9/13/30 (Reg. S)
EUR
100,000
114,103
Universal Music Group NV 4% 6/13/31 (Reg. S)
EUR
200,000
223,041
TOTAL NETHERLANDS
  
  
3,153,479
Poland - 0.4%
 
  
  
GTC Aurora Luxembourg SA 2.25% 6/23/26 (Reg. S)
EUR
500,000
461,208
Portugal - 0.3%
 
  
  
Fidelidade-Companhia de Seguros SA 4.25% 9/4/31 (Reg. S) (b)
EUR
300,000
306,259
Spain - 0.9%
 
  
  
Banco Bilbao Vizcaya Argentaria SA 6.033% 3/13/35 (b)
  
600,000
608,898
Werfenlife SA 4.625% 6/6/28 (Reg. S)
EUR
300,000
329,857
TOTAL SPAIN
  
  
938,755
Sweden - 0.6%
 
  
  
Heimstaden AB 4.375% 3/6/27 (Reg. S)
EUR
500,000
330,312
Samhallsbyggnadsbolaget I Norden AB:
  
  
  
 2.25% 8/12/27 (Reg. S)
EUR
250,000
179,264
 3% 1/14/25 (Reg. S)
EUR
200,000
196,803
TOTAL SWEDEN
  
  
706,379
Switzerland - 5.5%
 
  
  
Argentum Netherlands BV:
  
  
  
 5.625% 8/15/52 (Reg. S) (b)
  
964,000
949,347
 5.75% 8/15/50 (Reg. S) (b)
  
1,300,000
1,287,312
Cloverie PLC 4.5% 9/11/44 (Reg. S) (b)
  
902,000
892,980
UBS Group AG:
  
  
  
 2.125% 11/15/29 (Reg. S) (b)
GBP
500,000
557,853
 4.125% 6/9/33 (Reg. S) (b)
EUR
660,000
722,079
 4.75% 3/17/32 (Reg. S) (b)
EUR
1,070,000
1,214,085
Zurich Finance (Ireland) DAC 3.5% 5/2/52 (Reg. S) (b)
  
600,000
501,750
TOTAL SWITZERLAND
  
  
6,125,406
United Kingdom - 15.6%
 
  
  
Admiral Group PLC 8.5% 1/6/34 (Reg. S)
GBP
200,000
281,247
Anglian Water (Osprey) Financing PLC 2% 7/31/28 (Reg. S)
GBP
175,000
181,775
Barclays PLC:
  
  
  
 5.262% 1/29/34 (Reg. S) (b)
EUR
490,000
570,150
 7.437% 11/2/33 (b)
  
200,000
222,151
 8.407% 11/14/32 (Reg. S) (b)
GBP
300,000
402,691
BAT Capital Corp. 5.834% 2/20/31
 
93,000
93,798
Heathrow Funding Ltd. 6% 3/5/32 (Reg. S)
GBP
450,000
574,789
HSBC Holdings PLC:
  
  
  
 4.787% 3/10/32 (Reg. S) (b)
EUR
470,000
534,877
 4.856% 5/23/33 (Reg. S) (b)
EUR
500,000
574,659
 6.8% 9/14/31 (b)
GBP
160,000
217,514
 7.39% 11/3/28 (b)
  
350,000
372,370
 8.201% 11/16/34 (Reg. S) (b)
GBP
400,000
556,000
InterContinental Hotel Group PLC 3.375% 10/8/28 (Reg. S)
GBP
340,000
400,986
John Lewis PLC 6.125% 1/21/25
GBP
1,659,000
2,089,510
Lloyds Bank Corporate Markets PLC 1.75% 7/11/24 (Reg. S)
GBP
140,000
174,899
Lloyds Banking Group PLC:
  
  
  
 1.985% 12/15/31 (b)
GBP
400,000
457,630
 4.5% 1/11/29 (Reg. S) (b)
EUR
230,000
256,021
 4.75% 9/21/31 (Reg. S) (b)
EUR
670,000
759,550
Marks & Spencer PLC:
  
  
  
 3.75% 5/19/26 (Reg. S)
GBP
100,000
121,895
 4.5% 7/10/27 (Reg. S)
GBP
270,000
328,593
Mobico Group PLC 4.875% 9/26/31 (Reg. S)
EUR
500,000
533,761
NatWest Group PLC:
  
  
  
 2.105% 11/28/31 (Reg. S) (b)
GBP
650,000
746,609
 3.622% 8/14/30 (Reg. S) (b)
GBP
250,000
306,166
 4.771% 2/16/29 (Reg. S) (b)
EUR
600,000
671,026
 7.416% 6/6/33 (Reg. S) (b)
GBP
300,000
395,729
NGG Finance PLC 2.125% 9/5/82 (Reg. S) (b)
EUR
750,000
742,293
Reckitt Benckiser Treasury Services PLC 3.875% 9/14/33 (Reg. S)
EUR
290,000
317,897
Severn Trent Utilities Finance PLC 4.625% 11/30/34 (Reg. S)
GBP
140,000
168,776
Southern Water Services Finance Ltd. 1.625% 3/30/27 (Reg. S)
GBP
208,000
231,822
SW Finance I PLC 7.375% 12/12/41 (Reg. S)
GBP
160,000
212,179
Tesco Corporate Treasury Services PLC 2.75% 4/27/30 (Reg. S)
GBP
500,000
562,157
The Berkeley Group PLC 2.5% 8/11/31 (Reg. S)
GBP
400,000
389,951
Travis Perkins PLC 3.75% 2/17/26 (Reg. S)
GBP
200,000
240,440
Tritax EuroBox PLC 0.95% 6/2/26 (Reg. S)
EUR
210,000
208,273
Virgin Money UK PLC 7.625% 8/23/29 (Reg. S) (b)
GBP
600,000
823,824
Vodafone Group PLC 4.875% 10/3/78 (Reg. S) (b)
GBP
250,000
309,252
Whitbread PLC:
  
  
  
 2.375% 5/31/27 (Reg. S)
GBP
250,000
288,285
 3.375% 10/16/25 (Reg. S)
GBP
800,000
977,676
TOTAL UNITED KINGDOM
  
  
17,297,221
United States of America - 4.2%
 
  
  
Blackstone Private Credit Fund 4.875% 4/14/26
GBP
430,000
523,490
Carrier Global Corp. 4.5% 11/29/32
EUR
200,000
228,770
Citigroup, Inc. 5.875% 7/1/24 (Reg. S)
GBP
200,000
252,316
Duke Energy Corp. 3.85% 6/15/34
EUR
550,000
587,345
Ford Motor Credit Co. LLC:
  
  
  
 4.445% 2/14/30
EUR
250,000
274,165
 6.86% 6/5/26
GBP
400,000
518,762
JPMorgan Chase & Co. 3.761% 3/21/34 (Reg. S) (b)
EUR
300,000
327,909
Morgan Stanley:
  
  
  
 3.955% 3/21/35 (Reg. S) (b)
EUR
300,000
328,432
 4.656% 3/2/29 (b)
EUR
300,000
335,243
MPT Operating Partnership LP/MPT Finance Corp. 2.5% 3/24/26
GBP
250,000
269,201
Southern Co. 1.875% 9/15/81 (b)
EUR
850,000
801,496
Verizon Communications, Inc. 3.75% 2/28/36
EUR
225,000
243,691
TOTAL UNITED STATES OF AMERICA
  
  
4,690,820
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $67,417,786)
  
  
  
62,174,093
 
  
  
  
U.S. Government and Government Agency Obligations - 15.5%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Obligations - 15.5%
 
  
  
U.S. Treasury Bonds:
  
  
  
 1.125% 8/15/40
 
700,000
433,316
 2.25% 8/15/46
 
500,000
342,207
 3.25% 5/15/42
 
2,600,000
2,210,102
 3.625% 5/15/53
 
500,000
439,297
 4% 11/15/42
 
710,000
668,787
 4.375% 8/15/43
 
50,000
49,406
 4.5% 2/15/44
 
500,000
502,734
 6.25% 5/15/30
 
2,660,000
2,943,664
U.S. Treasury Notes:
  
  
  
 2.625% 7/31/29 (e)
  
3,000,000
2,771,836
 3.5% 2/15/33
 
1,000,000
947,070
 3.75% 12/31/28
 
444,000
434,530
 3.75% 12/31/30
 
435,000
422,953
 4% 2/15/34
 
100,000
98,344
 4.25% 2/28/29
 
2,685,000
2,688,566
 4.375% 11/30/28
 
1,000,000
1,005,273
 4.5% 11/15/33
 
1,265,000
1,293,067
 
  
  
  
 
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $17,483,547)
  
  
  
17,251,152
 
  
  
  
Foreign Government and Government Agency Obligations - 7.2%
 
  
Principal
Amount (a)
 
Value ($)
 
Germany - 5.3%
 
  
  
German Federal Republic:
  
  
  
 1% 5/15/38(Reg. S)
EUR
2,715,000
2,428,791
 2.1% 11/15/29(Reg. S)
EUR
200,000
213,610
 2.5% 7/4/44
EUR
300,000
324,260
 3.25% 7/4/42
EUR
2,400,000
2,878,199
TOTAL GERMANY
  
  
5,844,860
Japan - 1.9%
 
  
  
Japan Government 0.005% 2/1/25
JPY
326,850,000
2,158,380
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $7,946,234)
  
  
  
8,003,240
 
  
  
  
Supranational Obligations - 4.4%
 
  
Principal
Amount (a)
 
Value ($)
 
European Investment Bank:
  
  
  
 0.625% 1/22/29 (Reg. S)
EUR
1,200,000
1,175,072
 3% 11/15/28 (Reg. S)
EUR
2,865,000
3,129,119
European Union 0% 10/4/30 (Reg. S)
EUR
600,000
545,495
 
TOTAL SUPRANATIONAL OBLIGATIONS
 (Cost $4,835,741)
  
  
4,849,686
 
  
  
  
Preferred Securities - 9.5%
 
  
Principal
Amount (a)
 
Value ($)
 
Australia - 0.7%
 
  
  
QBE Insurance Group Ltd. 5.25% (Reg. S) (b)(d)
  
850,000
826,210
Czech Republic - 0.4%
 
  
  
CPI Property Group SA 3.75% (Reg. S) (b)(d)
EUR
800,000
431,540
Finland - 0.3%
 
  
  
Citycon Oyj 4.496% (Reg. S) (b)(d)
EUR
300,000
281,612
Germany - 3.1%
 
  
  
Aroundtown SA 3.375% (Reg. S) (b)(d)
EUR
1,400,000
897,172
AT Securities BV USD Swap Semi-annual 30/360 5Y Index + 3.540% 7.747% (Reg. S) (b)(d)(f)
  
750,000
452,100
Grand City Properties SA 1.5% (Reg. S) (b)(d)
EUR
1,300,000
888,824
Volkswagen International Finance NV:
  
  
  
 3.375% (Reg. S) (b)(d)
EUR
100,000
107,234
 3.875% (Reg. S) (b)(d)
EUR
1,100,000
1,097,899
TOTAL GERMANY
  
  
3,443,229
Ireland - 0.8%
 
  
  
AerCap Holdings NV 5.875% 10/10/79 (b)
  
450,000
446,775
AIB Group PLC 6.25% (Reg. S) (b)(d)
EUR
450,000
482,448
TOTAL IRELAND
  
  
929,223
Sweden - 1.3%
 
  
  
Heimstaden Bostad AB:
  
  
  
 3.248% (Reg. S) (b)(d)
EUR
1,500,000
1,165,158
 3.625% (Reg. S) (b)(d)
EUR
150,000
105,188
Samhallsbyggnadsbolaget I Norden AB 2.624% (Reg. S) (b)(d)
EUR
650,000
161,288
TOTAL SWEDEN
  
  
1,431,634
Switzerland - 0.4%
 
  
  
Credit Suisse Group AG Claim (g)
  
1,900,000
209,000
UBS Group AG 7% (Reg. S) (b)(d)
  
200,000
199,560
TOTAL SWITZERLAND
  
  
408,560
United Kingdom - 2.5%
 
  
  
Barclays PLC:
  
  
  
 5.875% (Reg. S) (b)(d)
GBP
350,000
435,126
 7.125% (b)(d)
GBP
200,000
248,139
 8.875% (b)(d)
GBP
200,000
256,848
British American Tobacco PLC 3% (Reg. S) (b)(d)
EUR
1,100,000
1,119,981
Mobico Group PLC 4.25% (Reg. S) (b)(d)
GBP
190,000
219,238
SSE PLC 3.74% (Reg. S) (b)(d)
GBP
400,000
480,248
TOTAL UNITED KINGDOM
  
  
2,759,580
 
TOTAL PREFERRED SECURITIES
 (Cost $16,592,579)
  
  
  
10,511,588
 
  
  
  
Money Market Funds - 5.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (h)
 
 (Cost $6,143,772)
 
  
6,142,543
6,143,772
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.1%
 (Cost $120,419,659)
 
  
 
108,933,531
NET OTHER ASSETS (LIABILITIES) - 1.9%  
2,123,290
NET ASSETS - 100.0%
111,056,821
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Bond Index Contracts
  
  
  
  
  
ASX 10 Year Treasury Bond Index Contracts (Australia)
10
Jun 2024
759,666
(517)
(517)
TME 10 Year Canadian Note Contracts (Canada)
38
Jun 2024
3,375,970
22,077
22,077
 
  
  
  
  
  
TOTAL BOND INDEX CONTRACTS
  
  
  
  
21,560
 
  
  
  
  
  
Treasury Contracts
  
  
  
  
  
CBOT 2-Year U.S. Treasury Note Contracts (United States)
10
Jun 2024
2,044,844
(1,583)
(1,583)
CBOT 5-Year U.S. Treasury Note Contracts (United States)
81
Jun 2024
8,668,266
24,890
24,890
CBOT Long Term U.S. Treasury Bond Contracts (United States)
36
Jun 2024
4,335,750
84,857
84,857
 
  
  
  
  
  
TOTAL TREASURY CONTRACTS
  
  
  
  
108,164
 
  
  
  
  
  
TOTAL PURCHASED
  
  
  
  
129,724
 
  
  
  
  
  
Sold
  
  
  
  
  
 
  
  
  
  
  
Bond Index Contracts
  
  
  
  
  
ICE Long Gilt Contracts (United Kingdom)
10
Jun 2024
1,261,393
(32,837)
(32,837)
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
96,887
The notional amount of futures purchased as a percentage of Net Assets is 17.2%
The notional amount of futures sold as a percentage of Net Assets is 1.1%
 
 Forward Foreign Currency Contracts
Currency
Purchased
Currency
Sold
 
Counterparty
Settlement
Date
Unrealized  
Appreciation/
(Depreciation) ($)
 
  
  
  
  
  
  
EUR
500,000
USD
539,789
Canadian Imperial Bk. of Comm.
4/02/24
(364)
GBP
65,000
USD
82,094
Royal Bank of Canada
4/02/24
(55)
CAD
92,000
USD
68,263
Canadian Imperial Bk. of Comm.
4/12/24
(334)
CAD
133,000
USD
99,634
JPMorgan Chase Bank, N.A.
4/12/24
(1,432)
EUR
1,986,000
USD
2,151,700
Bank of America, N.A.
4/12/24
(8,245)
EUR
61,000
USD
65,822
Brown Brothers Harriman & Co
4/12/24
15
EUR
551,000
USD
595,932
Brown Brothers Harriman & Co
4/12/24
(1,247)
EUR
262,000
USD
284,823
Canadian Imperial Bk. of Comm.
4/12/24
(2,051)
EUR
130,000
USD
142,232
Canadian Imperial Bk. of Comm.
4/12/24
(1,925)
EUR
302,000
USD
327,308
Citibank, N. A.
4/12/24
(1,364)
EUR
68,000
USD
74,082
JPMorgan Chase Bank, N.A.
4/12/24
(691)
EUR
389,000
USD
425,367
JPMorgan Chase Bank, N.A.
4/12/24
(5,526)
EUR
71,000
USD
76,655
JPMorgan Chase Bank, N.A.
4/12/24
(26)
GBP
186,000
USD
235,852
Bank of America, N.A.
4/12/24
(1,079)
GBP
526,000
USD
670,794
Brown Brothers Harriman & Co
4/12/24
(6,866)
GBP
103,000
USD
131,176
Brown Brothers Harriman & Co
4/12/24
(1,167)
GBP
326,000
USD
413,708
Brown Brothers Harriman & Co
4/12/24
(2,225)
GBP
577,000
USD
729,137
Canadian Imperial Bk. of Comm.
4/12/24
(837)
GBP
408,000
USD
520,460
Canadian Imperial Bk. of Comm.
4/12/24
(5,474)
GBP
178,000
USD
226,728
Goldman Sachs Bank USA
4/12/24
(2,053)
GBP
232,000
USD
297,179
Goldman Sachs Bank USA
4/12/24
(4,344)
GBP
193,000
USD
245,200
JPMorgan Chase Bank, N.A.
4/12/24
(1,592)
GBP
46,000
USD
58,115
JPMorgan Chase Bank, N.A.
4/12/24
(53)
GBP
563,000
USD
714,232
JPMorgan Chase Bank, N.A.
4/12/24
(3,603)
JPY
384,800,000
USD
2,679,130
JPMorgan Chase Bank, N.A.
4/12/24
(133,297)
USD
55,689
AUD
83,000
Brown Brothers Harriman & Co
4/12/24
1,587
USD
32,623
CAD
44,000
Brown Brothers Harriman & Co
4/12/24
135
USD
51,871
CAD
70,000
Brown Brothers Harriman & Co
4/12/24
186
USD
21,411
CAD
29,000
Brown Brothers Harriman & Co
4/12/24
(2)
USD
21,465
CAD
29,000
Canadian Imperial Bk. of Comm.
4/12/24
53
USD
123,325
CAD
165,000
JPMorgan Chase Bank, N.A.
4/12/24
1,496
USD
212,688
EUR
193,000
BNP Paribas S.A.
4/12/24
4,387
USD
349,707
EUR
321,000
BNP Paribas S.A.
4/12/24
3,257
USD
753,605
EUR
686,000
Brown Brothers Harriman & Co
4/12/24
13,217
USD
481,704
EUR
442,000
Brown Brothers Harriman & Co
4/12/24
4,661
USD
72,850
EUR
67,000
Canadian Imperial Bk. of Comm.
4/12/24
538
USD
575,124
EUR
530,000
Canadian Imperial Bk. of Comm.
4/12/24
3,104
USD
964,438
EUR
893,000
Canadian Imperial Bk. of Comm.
4/12/24
639
USD
49,965,469
EUR
45,509,000
Citibank, N. A.
4/12/24
848,409
USD
137,630
EUR
127,000
Goldman Sachs Bank USA
4/12/24
561
USD
2,924,139
EUR
2,658,000
JPMorgan Chase Bank, N.A.
4/12/24
55,407
USD
54,523
EUR
50,000
JPMorgan Chase Bank, N.A.
4/12/24
559
USD
56,994
EUR
52,000
JPMorgan Chase Bank, N.A.
4/12/24
871
USD
64,841
EUR
59,000
JPMorgan Chase Bank, N.A.
4/12/24
1,164
USD
27,102
EUR
25,000
JPMorgan Chase Bank, N.A.
4/12/24
120
USD
132,970
EUR
122,000
Royal Bank of Canada
4/12/24
1,297
USD
69,028
GBP
54,000
BNP Paribas S.A.
4/12/24
868
USD
22,968,118
GBP
18,054,000
Bank of America, N.A.
4/12/24
180,017
USD
54,409
GBP
43,000
Bank of America, N.A.
4/12/24
134
USD
85,916
GBP
68,000
Canadian Imperial Bk. of Comm.
4/12/24
85
USD
421,190
GBP
333,000
JPMorgan Chase Bank, N.A.
4/12/24
871
USD
51,785
GBP
41,000
Royal Bank of Canada
4/12/24
34
USD
2,717,797
JPY
385,150,000
Royal Bank of Canada
4/12/24
169,648
USD
2,193,238
JPY
326,750,000
Royal Bank of Canada
4/12/24
31,462
 
  
  
  
  
  
  
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
  
1,138,930
Unrealized Appreciation
  
  
1,324,782
Unrealized Depreciation
  
  
(185,852)
 
 Credit Default Swaps
Underlying Reference
Maturity
Date
Clearinghouse /
Counterparty
Fixed
Payment
Received/
(Paid)
Payment
Frequency
Notional
Amount(1)
Value ($)
Upfront
Premium
Received/
(Paid) ($)
Unrealized
Appreciation/
(Depreciation) ($)
Buy Protection
  
  
  
  
  
  
  
  
  
  
Assicurazioni Generali SpA
  
Jun 2029
BNP Paribas S.A.
(1%)
Quarterly
EUR
600,000
4,986
(6,020)
(1,034)
BMW Finance NV
  
Jun 2029
BNP Paribas S.A.
(1%)
Quarterly
EUR
500,000
(13,789)
13,298
(491)
BMW Finance NV
  
Jun 2029
BNP Paribas S.A.
(1%)
Quarterly
EUR
250,000
(6,894)
6,674
(220)
BMW Finance NV
  
Jun 2029
BNP Paribas S.A.
(1%)
Quarterly
EUR
350,000
(9,652)
9,339
(313)
Heidelberg Materials AG
  
Jun 2029
BNP Paribas S.A.
(5%)
Quarterly
EUR
500,000
(111,259)
110,321
(938)
Heidelberg Materials AG
  
Jun 2029
BNP Paribas S.A.
(5%)
Quarterly
EUR
200,000
(44,504)
43,956
(548)
Intesa Sanpaolo SpA
  
Jun 2028
JPMorgan Chase Bank, N.A.
(1%)
Quarterly
EUR
955,000
(19,360)
1,165
(18,195)
 
  
  
  
  
  
  
  
  
  
  
TOTAL CREDIT DEFAULT SWAPS
  
  
  
  
  
  
  
(200,472)
178,733
(21,739)
 
(1)Notional amount is stated in U.S. Dollars unless otherwise noted.
 
 
 
 
Currency Abbreviations
         AUD
-
Australian dollar
         CAD
-
Canadian dollar
         EUR
-
European Monetary Unit
         GBP
-
British pound sterling
         JPY
-
Japanese yen
         USD
-
U.S. dollar
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(c)
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 $3,120,956 or 2.8% of net assets.
 
(d)
Security is perpetual in nature with no stated maturity date.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $445,501.
 
(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)
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
 
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%
4,058,877
11,046,438
8,961,543
62,356
-
-
6,143,772
0.0%
Total
4,058,877
11,046,438
8,961,543
62,356
-
-
6,143,772
  
 
  
  
  
  
  
  
  
  
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. Nonconvertible Bonds, U.S. Government and Government Agency Obligations, Foreign Government and Government Agency Obligations, Supranational 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.
 
Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps 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.
 
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):
 
Credit Risk - Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
 
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.
 
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.
 
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 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.
 
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.
 
Swaps: A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.
 
A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap.
 
Credit Default Swaps: Credit default swaps enable the Fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. The Fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs. For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index. Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where the Fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, FMR monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/ performance risk.
 
Open swaps at period end are included in the Schedule of Investments under the caption Credit Default Swaps, Interest Rate Swaps and/or Total Return Swaps, as applicable.
 
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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