Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Debt Fund
March 31, 2025
SED-NPRT1-0525
1.924255.114
Foreign Government and Government Agency Obligations - 57.2%
 
  
Principal
Amount (a)
 
Value ($)
 
ANGOLA - 1.7%
 
  
  
Angola Republic 8% 11/26/2029 (b)
  
4,890,000
4,321,538
Angola Republic 8.25% 5/9/2028 (b)
  
5,065,000
4,705,702
Angola Republic 8.75% 4/14/2032 (b)
  
5,075,000
4,339,125
Angola Republic 9.125% 11/26/2049 (b)
  
3,555,000
2,730,239
Angola Republic 9.375% 5/8/2048 (b)
  
3,740,000
2,952,730
Angola Republic 9.5% 11/12/2025 (b)
  
5,565,000
5,558,044
TOTAL ANGOLA
  
  
24,607,378
ARGENTINA - 2.7%
 
  
  
Argentine Republic 0.75% 7/9/2030 (c)
  
18,576,476
13,505,098
Argentine Republic 1% 7/9/2029
 
4,467,405
3,463,691
Argentine Republic 4.125% 7/9/2035 (c)
  
19,073,027
11,901,569
Argentine Republic 5% 1/9/2038 (c)
  
12,581,997
8,278,954
Provincia de Cordoba 6.875% 12/10/2025 (b)(c)
  
611,815
604,473
TOTAL ARGENTINA
  
  
37,753,785
ARMENIA - 0.4%
 
  
  
Republic of Armenia 3.6% 2/2/2031 (b)
  
3,805,000
3,224,738
Republic of Armenia 6.75% 3/12/2035 (b)
  
2,780,000
2,674,446
TOTAL ARMENIA
  
  
5,899,184
BAHRAIN - 0.3%
 
  
  
Bahrain Kingdom 5.625% 5/18/2034 (b)
  
3,055,000
2,819,857
Bahrain Kingdom 7.5% 2/12/2036 (b)
  
1,195,000
1,245,787
TOTAL BAHRAIN
  
  
4,065,644
BARBADOS - 0.2%
 
  
  
Barbados Government 6.5% 10/1/2029 (b)
  
2,440,000
2,342,400
BENIN - 0.3%
 
  
  
Republic of Benin 7.96% 2/13/2038 (b)
  
3,010,000
2,810,588
Republic of Benin 8.375% 1/23/2041 (b)
  
1,070,000
1,012,487
TOTAL BENIN
  
  
3,823,075
BERMUDA - 0.3%
 
  
  
Bermuda Government International Bond 3.375% 8/20/2050 (b)
  
965,000
656,152
Bermuda Government International Bond 3.717% 1/25/2027 (b)
  
620,000
607,018
Bermuda Government International Bond 4.75% 2/15/2029 (b)
  
2,270,000
2,255,813
Bermuda Government International Bond 5% 7/15/2032 (b)
  
1,005,000
990,239
TOTAL BERMUDA
  
  
4,509,222
BRAZIL - 1.9%
 
  
  
Brazilian Federative Republic 10% 1/1/2027
BRL
8,000,000
1,304,193
Federative Republic of Brazil 3.875% 6/12/2030
 
5,500,000
5,087,500
Federative Republic of Brazil 4.75% 1/14/2050
 
7,800,000
5,487,300
Federative Republic of Brazil 5.625% 2/21/2047
 
3,313,000
2,713,347
Federative Republic of Brazil 6% 10/20/2033
 
1,880,000
1,827,360
Federative Republic of Brazil 7.125% 1/20/2037
 
2,080,000
2,184,000
Federative Republic of Brazil 7.125% 5/13/2054
 
1,995,000
1,909,215
Federative Republic of Brazil 8.25% 1/20/2034
 
5,204,000
5,838,888
TOTAL BRAZIL
  
  
26,351,803
CHILE - 1.2%
 
  
  
Chilean Republic 2.45% 1/31/2031
 
7,745,000
6,800,110
Chilean Republic 3.1% 1/22/2061
 
7,500,000
4,496,925
Chilean Republic 3.5% 1/31/2034
 
1,775,000
1,567,325
Chilean Republic 4% 1/31/2052
 
985,000
748,600
Chilean Republic 4.34% 3/7/2042
 
1,410,000
1,211,895
Chilean Republic 5.33% 1/5/2054
 
2,835,000
2,659,230
TOTAL CHILE
  
  
17,484,085
COLOMBIA - 2.6%
 
  
  
Colombian Republic 3% 1/30/2030
 
5,600,000
4,757,200
Colombian Republic 3.125% 4/15/2031
 
6,050,000
4,908,063
Colombian Republic 3.875% 2/15/2061
 
1,490,000
775,544
Colombian Republic 4.125% 5/15/2051
 
3,120,000
1,778,400
Colombian Republic 5% 6/15/2045
 
11,700,000
7,874,100
Colombian Republic 5.2% 5/15/2049
 
5,390,000
3,587,045
Colombian Republic 6.125% 1/18/2041
 
1,475,000
1,202,420
Colombian Republic 7.375% 9/18/2037
 
845,000
806,553
Colombian Republic 7.5% 2/2/2034
 
1,110,000
1,102,230
Colombian Republic 7.75% 11/7/2036
 
2,390,000
2,339,810
Colombian Republic 8% 11/14/2035
 
3,585,000
3,610,095
Colombian Republic 8% 4/20/2033
 
1,720,000
1,775,470
Colombian Republic 8.75% 11/14/2053
 
1,690,000
1,686,620
TOTAL COLOMBIA
  
  
36,203,550
COSTA RICA - 0.9%
 
  
  
Republic of Costa Rica 5.625% 4/30/2043 (b)
  
2,865,000
2,569,905
Republic of Costa Rica 6.125% 2/19/2031 (b)
  
2,415,000
2,445,188
Republic of Costa Rica 6.55% 4/3/2034 (b)
  
2,335,000
2,392,208
Republic of Costa Rica 7% 4/4/2044 (b)
  
1,965,000
1,994,965
Republic of Costa Rica 7.3% 11/13/2054 (b)
  
3,295,000
3,403,941
TOTAL COSTA RICA
  
  
12,806,207
COTE D'IVOIRE - 0.9%
 
  
  
Republic of Cote d'Ivoire 6.125% 6/15/2033 (b)
  
3,675,000
3,267,296
Republic of Cote d'Ivoire 6.375% 3/3/2028 (b)
  
5,580,000
5,588,761
Republic of Cote d'Ivoire 8.075% 4/1/2036 (b)
  
1,700,000
1,623,500
Republic of Cote d'Ivoire 8.25% 1/30/2037 (b)
  
1,805,000
1,728,569
TOTAL COTE D'IVOIRE
  
  
12,208,126
DOMINICAN REPUBLIC - 3.3%
 
  
  
Dominican Republic 4.5% 1/30/2030 (b)
  
7,180,000
6,716,890
Dominican Republic 4.875% 9/23/2032 (b)
  
6,360,000
5,793,133
Dominican Republic 5.3% 1/21/2041 (b)
  
2,450,000
2,067,800
Dominican Republic 5.875% 1/30/2060 (b)
  
7,990,000
6,731,575
Dominican Republic 5.95% 1/25/2027 (b)
  
4,186,000
4,206,930
Dominican Republic 6% 7/19/2028 (b)
  
2,999,000
3,018,494
Dominican Republic 6.6% 6/1/2036 (b)
  
1,358,000
1,352,568
Dominican Republic 6.85% 1/27/2045 (b)
  
4,046,000
3,989,356
Dominican Republic 7.05% 2/3/2031 (b)
  
3,670,000
3,794,780
Dominican Republic 7.15% 2/24/2055 (b)
  
2,245,000
2,256,225
Dominican Republic 7.45% 4/30/2044 (b)
  
6,031,000
6,308,426
TOTAL DOMINICAN REPUBLIC
  
  
46,236,177
ECUADOR - 1.2%
 
  
  
Republic of Ecuador 5% 7/31/2040 (b)(c)
  
2,800,000
1,246,000
Republic of Ecuador 5.5% 7/31/2035 (b)(c)
  
19,765,000
9,704,615
Republic of Ecuador 6.9% 7/31/2030 (b)(c)
  
10,406,894
6,181,695
TOTAL ECUADOR
  
  
17,132,310
EGYPT - 2.7%
 
  
  
Arab Republic of Egypt 5.875% 2/16/2031 (b)
  
2,625,000
2,148,287
Arab Republic of Egypt 7.0529% 1/15/2032 (b)
  
830,000
698,760
Arab Republic of Egypt 7.5% 1/31/2027 (b)
  
5,596,000
5,515,585
Arab Republic of Egypt 7.5% 2/16/2061 (b)
  
6,070,000
4,030,905
Arab Republic of Egypt 7.6003% 3/1/2029 (b)
  
6,521,000
6,190,223
Arab Republic of Egypt 7.625% 5/29/2032 (b)
  
3,200,000
2,754,080
Arab Republic of Egypt 7.903% 2/21/2048 (b)
  
3,265,000
2,322,215
Arab Republic of Egypt 8.5% 1/31/2047 (b)
  
7,939,000
5,996,644
Arab Republic of Egypt 8.7002% 3/1/2049 (b)
  
3,665,000
2,788,149
Arab Republic of Egypt 8.875% 5/29/2050 (b)
  
1,945,000
1,501,812
Arab Republic of Egypt 9.45% 2/4/2033 (b)
  
1,890,000
1,779,908
Arab Republic of Egypt Treasury Bills 0% 10/7/2025 (d)
EGP
62,900,000
1,090,464
Arab Republic of Egypt Treasury Bills 0% 12/16/2025 (d)
EGP
33,175,000
549,155
Arab Republic of Egypt Treasury Bills 0% 12/30/2025 (d)
EGP
35,825,000
587,992
TOTAL EGYPT
  
  
37,954,179
EL SALVADOR - 0.8%
 
  
  
El Salvador Republic 0.25% 4/17/2030 (b)
  
1,765,000
37,063
El Salvador Republic 7.1246% 1/20/2050 (b)
  
3,292,000
2,627,016
El Salvador Republic 7.625% 2/1/2041 (b)
  
1,035,000
918,563
El Salvador Republic 7.65% 6/15/2035 (b)
  
5,940,000
5,501,925
El Salvador Republic 9.25% 4/17/2030 (b)
  
1,765,000
1,833,941
El Salvador Republic 9.65% 11/21/2054 (b)
  
1,035,000
1,042,245
TOTAL EL SALVADOR
  
  
11,960,753
GABON - 0.4%
 
  
  
Gabonese Republic 6.625% 2/6/2031 (b)
  
1,980,000
1,540,064
Gabonese Republic 7% 11/24/2031 (b)
  
4,490,000
3,488,191
TOTAL GABON
  
  
5,028,255
GEORGIA - 0.1%
 
  
  
Georgia Republic 2.75% 4/22/2026 (b)
  
2,135,000
2,040,926
GHANA - 0.6%
 
  
  
Ghana Republic 0% 1/3/2030 (b)(d)
  
694,751
537,563
Ghana Republic 0% 7/3/2026 (b)(d)
  
443,114
414,763
Ghana Republic 5% 7/3/2029 (b)(c)
  
5,278,064
4,587,588
Ghana Republic 5% 7/3/2035 (b)(c)
  
4,460,150
3,146,636
TOTAL GHANA
  
  
8,686,550
GUATEMALA - 1.0%
 
  
  
Republic of Guatemala 4.9% 6/1/2030 (b)
  
485,000
467,491
Republic of Guatemala 5.25% 8/10/2029 (b)
  
1,200,000
1,180,800
Republic of Guatemala 5.375% 4/24/2032 (b)
  
2,015,000
1,943,216
Republic of Guatemala 6.125% 6/1/2050 (b)
  
4,110,000
3,690,780
Republic of Guatemala 6.55% 2/6/2037 (b)
  
1,500,000
1,494,000
Republic of Guatemala 6.6% 6/13/2036 (b)
  
5,670,000
5,709,690
TOTAL GUATEMALA
  
  
14,485,977
HUNGARY - 1.4%
 
  
  
Hungary Government 2.125% 9/22/2031 (b)
  
2,950,000
2,396,875
Hungary Government 3.125% 9/21/2051 (b)
  
5,810,000
3,440,304
Hungary Government 5.25% 6/16/2029 (b)
  
1,585,000
1,575,094
Hungary Government 5.5% 3/26/2036 (b)
  
3,200,000
3,057,800
Hungary Government 5.5% 6/16/2034 (b)
  
2,890,000
2,792,463
Hungary Government 6.25% 9/22/2032 (b)
  
1,125,000
1,156,516
Hungary Government 6.75% 9/25/2052 (b)
  
3,800,000
3,897,432
Hungary Government 7.625% 3/29/2041
 
1,655,000
1,861,958
TOTAL HUNGARY
  
  
20,178,442
INDONESIA - 1.8%
 
  
  
Indonesia Government 5.125% 1/15/2045 (b)
  
3,353,000
3,130,864
Indonesia Government 5.25% 1/17/2042 (b)
  
3,000,000
2,872,500
Indonesia Government 5.95% 1/8/2046 (b)
  
2,100,000
2,147,249
Indonesia Government 6.625% 2/17/2037 (b)
  
3,549,000
3,900,351
Indonesia Government 6.75% 1/15/2044 (b)
  
3,035,000
3,387,819
Indonesia Government 7.75% 1/17/2038 (b)
  
4,298,000
5,184,463
Indonesia Government 8.5% 10/12/2035 (b)
  
4,169,000
5,186,236
TOTAL INDONESIA
  
  
25,809,482
JAMAICA - 0.0%
 
  
  
Jamaican Government 7.875% 7/28/2045
 
1,685,000
1,934,379
JORDAN - 0.7%
 
  
  
Jordan Government 5.85% 7/7/2030 (b)
  
2,325,000
2,144,813
Jordan Government 6.125% 1/29/2026 (b)
  
985,000
981,306
Jordan Government 7.375% 10/10/2047 (b)
  
2,480,000
2,160,700
Jordan Government 7.5% 1/13/2029 (b)
  
2,805,000
2,797,988
Jordan Government 7.75% 1/15/2028 (b)
  
1,725,000
1,747,649
TOTAL JORDAN
  
  
9,832,456
KENYA - 0.6%
 
  
  
Republic of Kenya 6.3% 1/23/2034 (b)
  
5,110,000
3,964,619
Republic of Kenya 7.25% 2/28/2028 (b)
  
570,000
547,200
Republic of Kenya 8% 5/22/2032 (b)
  
685,000
613,075
Republic of Kenya 9.5% 3/5/2036 (b)
  
490,000
444,675
Republic of Kenya 9.75% 2/16/2031 (b)
  
3,710,000
3,617,250
TOTAL KENYA
  
  
9,186,819
LEBANON - 0.3%
 
  
  
Lebanon Republic 5.8% (e)(f)
  
5,875,000
910,625
Lebanon Republic 6% (e)(f)
  
1,587,000
245,985
Lebanon Republic 6.1% (e)(f)
  
685,000
106,175
Lebanon Republic 6.375% (e)(f)
  
7,072,000
1,096,160
Lebanon Republic 8.25% (e)(f)
  
10,315,000
1,598,825
TOTAL LEBANON
  
  
3,957,770
MEXICO - 1.9%
 
  
  
United Mexican States 3.25% 4/16/2030
 
3,700,000
3,344,800
United Mexican States 3.771% 5/24/2061
 
3,135,000
1,830,840
United Mexican States 4.35% 1/15/2047
 
1,640,000
1,174,240
United Mexican States 4.75% 4/27/2032
 
970,000
905,980
United Mexican States 5.75% 10/12/2110
 
2,355,000
1,846,320
United Mexican States 6.05% 1/11/2040
 
10,222,000
9,649,568
United Mexican States 6.338% 5/4/2053
 
1,695,000
1,542,450
United Mexican States 6.35% 2/9/2035
 
2,485,000
2,488,728
United Mexican States 6.875% 5/13/2037
 
1,460,000
1,496,500
United Mexican States 7.375% 5/13/2055
 
2,540,000
2,603,500
TOTAL MEXICO
  
  
26,882,926
MONGOLIA - 0.2%
 
  
  
Mongolia Government 6.625% 2/25/2030 (b)
  
1,790,000
1,755,095
Mongolia Government 7.875% 6/5/2029 (b)
  
490,000
501,024
TOTAL MONGOLIA
  
  
2,256,119
MONTENEGRO - 0.5%
 
  
  
Republic of Montenegro 4.875% 4/1/2032 (b)
EUR
1,155,000
1,226,259
Republic of Montenegro 7.25% 3/12/2031 (b)
  
5,210,000
5,327,954
TOTAL MONTENEGRO
  
  
6,554,213
MOROCCO - 0.2%
 
  
  
Moroccan Kingdom 6.5% 9/8/2033 (b)
  
2,740,000
2,846,175
NIGERIA - 2.5%
 
  
  
Republic of Nigeria 6.125% 9/28/2028 (b)
  
5,520,000
5,034,847
Republic of Nigeria 6.5% 11/28/2027 (b)
  
5,087,000
4,881,638
Republic of Nigeria 7.143% 2/23/2030 (b)
  
4,110,000
3,703,131
Republic of Nigeria 7.625% 11/21/2025 (b)
  
5,383,000
5,390,536
Republic of Nigeria 7.625% 11/28/2047 (b)
  
5,315,000
3,993,797
Republic of Nigeria 7.696% 2/23/2038 (b)
  
980,000
790,561
Republic of Nigeria 7.875% 2/16/2032 (b)
  
2,625,000
2,329,898
Republic of Nigeria 8.375% 3/24/2029 (b)
  
4,095,000
3,956,794
Republic of Nigeria 9.625% 6/9/2031 (b)
  
3,050,000
3,001,246
Republic of Nigeria Treasury Bills 0% 4/10/2025 (d)
NGN
1,167,745,000
755,750
Republic of Nigeria Treasury Bills 0% 5/20/2025 (d)
NGN
999,215,000
630,625
Republic of Nigeria Treasury Bills 0% 5/27/2025 (d)
NGN
1,329,120,000
834,810
TOTAL NIGERIA
  
  
35,303,633
OMAN - 2.3%
 
  
  
Oman Sultanate 5.625% 1/17/2028 (b)
  
6,505,000
6,538,826
Oman Sultanate 6% 8/1/2029 (b)
  
3,625,000
3,709,209
Oman Sultanate 6.25% 1/25/2031 (b)
  
4,805,000
4,985,524
Oman Sultanate 6.5% 3/8/2047 (b)
  
8,100,000
8,189,991
Oman Sultanate 6.75% 1/17/2048 (b)
  
7,720,000
7,980,550
Oman Sultanate 7% 1/25/2051 (b)
  
490,000
520,870
TOTAL OMAN
  
  
31,924,970
PAKISTAN - 1.0%
 
  
  
Islamic Republic of Pakistan 6% 4/8/2026 (b)
  
6,130,000
5,811,240
Islamic Republic of Pakistan 6.875% 12/5/2027 (b)
  
5,905,000
5,373,550
Islamic Republic of Pakistan 7.375% 4/8/2031 (b)
  
1,870,000
1,585,760
Islamic Republic of Pakistan 7.875% 3/31/2036 (b)
  
2,025,000
1,594,688
TOTAL PAKISTAN
  
  
14,365,238
PANAMA - 1.9%
 
  
  
Panamanian Republic 2.252% 9/29/2032
 
2,705,000
1,966,535
Panamanian Republic 3.16% 1/23/2030
 
3,670,000
3,202,075
Panamanian Republic 3.298% 1/19/2033
 
5,355,000
4,179,578
Panamanian Republic 3.87% 7/23/2060
 
3,880,000
2,091,320
Panamanian Republic 4.3% 4/29/2053
 
1,795,000
1,096,520
Panamanian Republic 4.5% 4/16/2050
 
4,575,000
2,916,563
Panamanian Republic 4.5% 5/15/2047
 
2,005,000
1,323,299
Panamanian Republic 6.4% 2/14/2035
 
2,700,000
2,537,663
Panamanian Republic 6.853% 3/28/2054
 
2,055,000
1,799,923
Panamanian Republic 7.875% 3/1/2057
 
4,390,000
4,318,663
Panamanian Republic 8% 3/1/2038
 
1,880,000
1,950,500
TOTAL PANAMA
  
  
27,382,639
PARAGUAY - 0.7%
 
  
  
Republic of Paraguay 2.739% 1/29/2033 (b)
  
1,305,000
1,077,069
Republic of Paraguay 4.95% 4/28/2031 (b)
  
3,865,000
3,756,780
Republic of Paraguay 5.4% 3/30/2050 (b)
  
3,925,000
3,360,487
Republic of Paraguay 6% 2/9/2036 (b)
  
1,155,000
1,153,268
Republic of Paraguay 6.65% 3/4/2055 (b)
  
1,045,000
1,052,314
TOTAL PARAGUAY
  
  
10,399,918
PERU - 0.9%
 
  
  
Peruvian Republic 2.783% 1/23/2031
 
3,585,000
3,152,111
Peruvian Republic 3% 1/15/2034
 
5,225,000
4,321,075
Peruvian Republic 3.3% 3/11/2041
 
7,075,000
5,177,132
TOTAL PERU
  
  
12,650,318
PHILIPPINES - 1.0%
 
  
  
Philippine Republic 2.65% 12/10/2045
 
2,130,000
1,361,070
Philippine Republic 2.95% 5/5/2045
 
865,000
588,199
Philippine Republic 4.75% 3/5/2035
 
1,485,000
1,439,522
Philippine Republic 5% 7/17/2033
 
1,135,000
1,126,204
Philippine Republic 5.175% 9/5/2049
 
1,970,000
1,838,995
Philippine Republic 5.5% 1/17/2048
 
1,005,000
987,212
Philippine Republic 5.6% 5/14/2049
 
1,795,000
1,772,563
Philippine Republic 5.609% 4/13/2033
 
1,670,000
1,721,770
Philippine Republic 5.95% 10/13/2047
 
2,670,000
2,765,786
TOTAL PHILIPPINES
  
  
13,601,321
POLAND - 1.1%
 
  
  
Bank Gospodarstwa Krajowego 5.375% 5/22/2033 (b)
  
2,000,000
1,997,000
Bank Gospodarstwa Krajowego 6.25% 10/31/2028 (b)
  
985,000
1,031,246
Bank Gospodarstwa Krajowego 6.25% 7/9/2054 (b)
  
4,745,000
4,762,604
Republic of Poland  5.375% 2/12/2035
 
2,780,000
2,788,340
Republic of Poland  5.5% 3/18/2054
 
1,775,000
1,662,820
Republic of Poland  5.5% 4/4/2053
 
4,080,000
3,827,101
TOTAL POLAND
  
  
16,069,111
QATAR - 1.0%
 
  
  
State of Qatar 4.4% 4/16/2050 (b)
  
4,220,000
3,615,881
State of Qatar 4.817% 3/14/2049 (b)
  
6,504,000
5,951,485
State of Qatar 5.103% 4/23/2048 (b)
  
5,105,000
4,884,847
TOTAL QATAR
  
  
14,452,213
ROMANIA - 1.3%
 
  
  
Romanian Republic 3% 2/14/2031 (b)
  
5,296,000
4,427,456
Romanian Republic 3.625% 3/27/2032 (b)
  
2,618,000
2,187,339
Romanian Republic 4% 2/14/2051 (b)
  
6,255,000
3,809,702
Romanian Republic 7.125% 1/17/2033 (b)
  
2,880,000
2,929,651
Romanian Republic 7.5% 2/10/2037 (b)
  
3,382,000
3,439,494
Romanian Republic 7.625% 1/17/2053 (b)
  
1,138,000
1,132,936
TOTAL ROMANIA
  
  
17,926,578
RWANDA - 0.2%
 
  
  
Rwanda Republic 5.5% 8/9/2031 (b)
  
3,195,000
2,570,729
SAUDI ARABIA - 1.1%
 
  
  
Kingdom of Saudi Arabia 2.25% 2/2/2033 (b)
  
4,030,000
3,295,392
Kingdom of Saudi Arabia 3.45% 2/2/2061 (b)
  
2,775,000
1,715,561
Kingdom of Saudi Arabia 3.75% 1/21/2055 (b)
  
3,755,000
2,540,858
Kingdom of Saudi Arabia 4.5% 10/26/2046 (b)
  
3,471,000
2,842,749
Kingdom of Saudi Arabia 4.5% 4/22/2060 (b)
  
2,055,000
1,600,002
Kingdom of Saudi Arabia 4.625% 10/4/2047 (b)
  
3,040,000
2,522,318
Kingdom of Saudi Arabia 5.75% 1/16/2054 (b)
  
945,000
899,971
TOTAL SAUDI ARABIA
  
  
15,416,851
SENEGAL - 0.4%
 
  
  
Republic of Senegal 4.75% 3/13/2028 (b)
EUR
1,470,000
1,380,395
Republic of Senegal 6.25% 5/23/2033 (b)
  
2,780,000
2,064,150
Republic of Senegal 6.75% 3/13/2048 (b)
  
3,860,000
2,502,978
TOTAL SENEGAL
  
  
5,947,523
SERBIA - 0.9%
 
  
  
Republic of Serbia 2.125% 12/1/2030 (b)
  
3,540,000
2,911,650
Republic of Serbia 6% 6/12/2034 (b)
  
3,450,000
3,413,361
Republic of Serbia 6.25% 5/26/2028 (b)
  
865,000
881,867
Republic of Serbia 6.5% 9/26/2033 (b)
  
5,020,000
5,161,213
TOTAL SERBIA
  
  
12,368,091
SOUTH AFRICA - 1.2%
 
  
  
South African Republic 5% 10/12/2046
 
1,460,000
996,450
South African Republic 5.65% 9/27/2047
 
6,075,000
4,489,425
South African Republic 5.75% 9/30/2049
 
7,030,000
5,160,020
South African Republic 7.1% 11/19/2036 (b)
  
2,840,000
2,755,510
South African Republic 7.3% 4/20/2052
 
3,545,000
3,122,259
TOTAL SOUTH AFRICA
  
  
16,523,664
SRI LANKA - 1.3%
 
  
  
Democratic Socialist Republic of Sri Lanka 3.1% 1/15/2030 (b)(c)
  
3,176,603
2,798,587
Democratic Socialist Republic of Sri Lanka 3.35% 3/15/2033 (b)(c)
  
6,103,949
4,761,081
Democratic Socialist Republic of Sri Lanka 3.6% 2/15/2038 (b)(c)
  
5,217,007
4,090,133
Democratic Socialist Republic of Sri Lanka 3.6% 5/15/2036 (b)(c)
  
2,607,407
2,028,563
Democratic Socialist Republic of Sri Lanka 3.6% 6/15/2035 (b)(c)
  
2,786,947
1,881,189
Democratic Socialist Republic of Sri Lanka 4% 4/15/2028 (b)
  
3,548,117
3,328,134
TOTAL SRI LANKA
  
  
18,887,687
TURKEY - 2.8%
 
  
  
Turkish Republic 31.08% 11/8/2028
TRY
60,025,000
1,425,937
Turkish Republic 37% 2/18/2026
TRY
82,960,000
2,053,914
Turkish Republic 4.875% 4/16/2043
 
5,290,000
3,679,618
Turkish Republic 5.125% 2/17/2028
 
1,505,000
1,457,502
Turkish Republic 5.75% 5/11/2047
 
4,040,000
3,016,163
Turkish Republic 5.875% 6/26/2031
 
1,615,000
1,501,546
Turkish Republic 5.95% 1/15/2031
 
2,685,000
2,524,571
Turkish Republic 6% 1/14/2041
 
6,082,000
4,976,597
Turkish Republic 6.5% 1/3/2035
 
4,480,000
4,153,542
Turkish Republic 6.625% 2/17/2045
 
150,000
125,840
Turkish Republic 6.75% 5/30/2040
 
2,112,000
1,910,051
Turkish Republic 7.625% 5/15/2034
 
2,040,000
2,049,649
Turkish Republic 9.125% 7/13/2030
 
3,825,000
4,161,332
Turkish Republic 9.375% 1/19/2033
 
515,000
569,930
Turkish Republic 9.375% 3/14/2029
 
5,270,000
5,736,080
TOTAL TURKEY
  
  
39,342,272
UKRAINE - 1.5%
 
  
  
Ukraine Government 0% 2/1/2030 (b)(c)
  
1,029,342
524,964
Ukraine Government 0% 2/1/2034 (b)(c)
  
3,846,504
1,509,753
Ukraine Government 0% 2/1/2035 (b)(c)
  
3,810,568
2,095,812
Ukraine Government 0% 2/1/2036 (b)(c)
  
2,708,807
1,483,072
Ukraine Government 0% 8/1/2041 (b)(g)
  
2,230,000
1,605,600
Ukraine Government 1.75% 2/1/2029 (b)(c)
  
5,423,626
3,498,239
Ukraine Government 1.75% 2/1/2034 (b)(c)
  
12,856,568
6,813,981
Ukraine Government 1.75% 2/1/2035 (b)(c)
  
3,491,888
1,815,782
Ukraine Government 1.75% 2/1/2036 (b)(c)
  
2,466,802
1,264,236
TOTAL UKRAINE
  
  
20,611,439
UNITED ARAB EMIRATES - 1.2%
 
  
  
Emirate of Abu Dhabi 3.125% 9/30/2049 (b)
  
13,102,000
8,946,177
Emirate of Abu Dhabi 3.875% 4/16/2050 (b)
  
2,990,000
2,334,535
Emirate of Abu Dhabi 5.5% 4/30/2054 (b)
  
2,370,000
2,376,740
Emirate of Dubai 3.9% 9/9/2050 (e)
  
4,165,000
3,009,212
TOTAL UNITED ARAB EMIRATES
  
  
16,666,664
URUGUAY - 0.5%
 
  
  
Uruguay Republic 5.1% 6/18/2050
 
6,360,000
5,892,540
Uruguay Republic 5.75% 10/28/2034
 
1,745,000
1,820,035
TOTAL URUGUAY
  
  
7,712,575
UZBEKISTAN - 0.3%
 
  
  
Republic of Uzbekistan 3.7% 11/25/2030 (b)
  
1,095,000
927,841
Republic of Uzbekistan 3.9% 10/19/2031 (b)
  
2,880,000
2,403,901
Republic of Uzbekistan 5.375% 2/20/2029 (b)
  
1,145,000
1,091,551
TOTAL UZBEKISTAN
  
  
4,423,293
VENEZUELA - 0.7%
 
  
  
Venezuela Republic 11.95% (e)(f)
  
17,015,000
3,428,523
Venezuela Republic 12.75% (e)(f)
  
3,625,000
721,374
Venezuela Republic 9.25% (f)
  
27,915,000
5,708,618
TOTAL VENEZUELA
  
  
9,858,515
ZAMBIA - 0.3%
 
  
  
Republic of Zambia 0.5% 12/31/2053 (b)
  
4,840,236
2,931,368
Republic of Zambia 5.75% 6/30/2033 (b)(c)
  
2,079,000
1,808,405
TOTAL ZAMBIA
  
  
4,739,773
 
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
 (Cost $874,993,809)
  
  
  
810,163,382
 
  
  
  
Non-Convertible Corporate Bonds - 32.3%
 
  
Principal
Amount (a)
 
Value ($)
 
ANGOLA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Azule Energy Finance Plc 8.125% 1/23/2030 (b)
  
980,000
981,347
AZERBAIJAN - 0.9%
 
  
  
Energy - 0.9%
  
  
  
Energy Equipment & Services - 0.9%
  
  
  
Southern Gas Corridor CJSC 6.875% 3/24/2026 (b)
  
9,951,000
10,035,982
State Oil Co of the Azerbaijan Republic 6.95% 3/18/2030 (e)
  
2,010,000
2,090,098
 
  
  
  
TOTAL AZERBAIJAN
  
  
12,126,080
BAHRAIN - 0.6%
 
  
  
Energy - 0.6%
  
  
  
Energy Equipment & Services - 0.6%
  
  
  
Bapco Energies BSC Closed 7.5% 10/25/2027 (b)
  
6,889,000
7,080,583
Bapco Energies BSC Closed 8.375% 11/7/2028 (b)
  
1,065,000
1,129,496
 
  
  
  
TOTAL BAHRAIN
  
  
8,210,079
BRAZIL - 2.8%
 
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
NBM US Holdings Inc 6.625% 8/6/2029 (b)
  
2,270,000
2,262,963
Food Products - 0.1%
  
  
  
Adecoagro SA 6% 9/21/2027 (b)
  
775,000
763,630
Marb Bondco PLC 3.95% 1/29/2031 (b)
  
1,295,000
1,116,938
 
  
  
1,880,568
Energy - 0.4%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Yinson Boronia Production BV 8.947% 7/31/2042 (b)
  
2,547,333
2,686,926
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
MC Brazil Downstream Trading SARL 7.25% 6/30/2031 (b)
  
3,493,852
2,856,224
TOTAL ENERGY
  
  
5,543,150
 
  
  
  
Financials - 0.2%
  
  
  
Financial Services - 0.2%
  
  
  
Cosan Luxembourg SA 7.25% 6/27/2031 (b)
  
2,695,000
2,830,963
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Embraer Netherlands Finance BV 6.95% 1/17/2028 (b)
  
644,000
669,985
Passenger Airlines - 0.4%
  
  
  
Azul Secured Finance LLP 11.5% 8/28/2029
 
3,792,554
1,915,240
Azul Secured Finance LLP 11.93% 8/28/2028
 
1,825,668
1,590,613
Azul Secured Finance LLP U.S. SOFR Averages Index + 8.25%, 4.3343% 1/28/2030 pay-in-kind (b)(g)(h)
  
1,127,474
1,257,844
 
  
  
4,763,697
TOTAL INDUSTRIALS
  
  
5,433,682
 
  
  
  
Materials - 1.3%
  
  
  
Chemicals - 0.3%
  
  
  
Braskem Netherlands Finance BV 5.875% 1/31/2050 (b)
  
1,495,000
1,023,627
Braskem Netherlands Finance BV 7.25% 2/13/2033 (b)
  
2,170,000
2,013,760
Braskem Netherlands Finance BV 8% 10/15/2034 (b)
  
1,345,000
1,283,735
 
  
  
4,321,122
Metals & Mining - 0.9%
  
  
  
CSN Inova Ventures 6.75% 1/28/2028 (b)
  
1,250,000
1,192,525
CSN Resources SA 5.875% 4/8/2032 (b)
  
2,115,000
1,715,011
CSN Resources SA 8.875% 12/5/2030 (b)
  
1,630,000
1,608,321
Nexa Resources SA 6.5% 1/18/2028 (b)
  
1,070,000
1,101,137
Nexa Resources SA 6.75% 4/9/2034 (b)
  
895,000
926,325
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (b)(g)
  
5,330,294
5,170,386
 
  
  
11,713,705
Paper & Forest Products - 0.1%
  
  
  
LD Celulose International GmbH 7.95% 1/26/2032 (b)
  
1,970,000
2,028,115
TOTAL MATERIALS
  
  
18,062,942
 
  
  
  
Utilities - 0.2%
  
  
  
Water Utilities - 0.2%
  
  
  
Aegea Finance Sarl 9% 1/20/2031 (b)
  
3,015,000
3,162,735
TOTAL BRAZIL
  
  
39,177,003
CHILE - 2.2%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
VTR Comunicaciones SpA 4.375% 4/15/2029 (b)
  
933,000
832,824
VTR Comunicaciones SpA 5.125% 1/15/2028 (b)
  
3,749,000
3,524,060
 
  
  
4,356,884
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Empresa Nacional del Petroleo 5.95% 7/30/2034 (b)
  
1,215,000
1,221,379
Empresa Nacional del Petroleo 6.15% 5/10/2033 (b)
  
1,885,000
1,922,700
 
  
  
3,144,079
Materials - 1.6%
  
  
  
Metals & Mining - 1.6%
  
  
  
Antofagasta PLC 2.375% 10/14/2030 (b)
  
3,865,000
3,325,369
Antofagasta PLC 5.625% 5/13/2032 (b)
  
1,390,000
1,399,549
Corp Nacional del Cobre de Chile 3% 9/30/2029 (b)
  
2,000,000
1,828,000
Corp Nacional del Cobre de Chile 3.15% 1/14/2030 (b)
  
1,645,000
1,496,580
Corp Nacional del Cobre de Chile 3.15% 1/15/2051 (b)
  
1,865,000
1,143,245
Corp Nacional del Cobre de Chile 3.7% 1/30/2050 (b)
  
3,765,000
2,560,200
Corp Nacional del Cobre de Chile 4.5% 8/1/2047 (b)
  
1,970,000
1,540,540
Corp Nacional del Cobre de Chile 5.125% 2/2/2033 (b)
  
1,575,000
1,516,725
Corp Nacional del Cobre de Chile 5.95% 1/8/2034 (b)
  
955,000
966,460
Corp Nacional del Cobre de Chile 6.3% 9/8/2053 (b)
  
1,730,000
1,712,700
Corp Nacional del Cobre de Chile 6.44% 1/26/2036 (b)
  
1,860,000
1,930,680
Corp Nacional del Cobre de Chile 6.78% 1/13/2055 (b)
  
1,905,000
1,962,150
 
  
  
21,382,198
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Chile Electricity Lux Mpc II Sarl 5.58% 10/20/2035 (b)
  
1,130,000
1,127,401
Chile Electricity Lux MPC Sarl 6.01% 1/20/2033 (b)
  
967,200
991,259
 
  
  
2,118,660
TOTAL CHILE
  
  
31,001,821
CHINA - 0.9%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.4%
  
  
  
Prosus NV 3.832% 2/8/2051 (b)
  
1,590,000
1,021,575
Prosus NV 4.027% 8/3/2050 (b)
  
650,000
435,299
Prosus NV 4.193% 1/19/2032 (b)
  
3,505,000
3,188,455
 
  
  
4,645,329
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Meituan 4.625% 10/2/2029 (b)
  
1,700,000
1,678,655
TOTAL CONSUMER DISCRETIONARY
  
  
6,323,984
 
  
  
  
Information Technology - 0.2%
  
  
  
Technology Hardware, Storage & Peripherals - 0.2%
  
  
  
Lenovo Group Ltd 3.421% 11/2/2030 (b)
  
2,915,000
2,676,086
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
ENN Clean Energy International Investment Ltd 3.375% 5/12/2026 (b)
  
3,275,000
3,209,271
TOTAL CHINA
  
  
12,209,341
COLOMBIA - 1.6%
 
  
  
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
Ecopetrol SA 8.375% 1/19/2036
 
1,740,000
1,695,369
Ecopetrol SA 8.875% 1/13/2033
 
5,635,000
5,802,641
Geopark Ltd 5.5% 1/17/2027 (b)
  
2,685,000
2,601,094
Geopark Ltd 8.75% 1/31/2030 (b)
  
2,545,000
2,395,481
 
  
  
12,494,585
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Aris Mining Corp 8% 10/31/2029 (b)
  
2,790,000
2,834,925
Utilities - 0.5%
  
  
  
Independent Power and Renewable Electricity Producers - 0.5%
  
  
  
Enfragen Energia Sur SA 5.375% 12/30/2030 (b)
  
5,545,000
4,876,994
Termocandelaria Power SA 7.75% 9/17/2031 (b)
  
2,670,000
2,679,131
 
  
  
7,556,125
TOTAL COLOMBIA
  
  
22,885,635
CONGO DEMOCRATIC REPUBLIC OF - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Ivanhoe Mine Ltd 7.875% 1/23/2030 (b)
  
2,525,000
2,542,372
COSTA RICA - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Financial Services - 0.2%
  
  
  
Liberty Costa Rica Senior Secured Finance 10.875% 1/15/2031 (b)
  
2,280,000
2,437,092
COTE D'IVOIRE - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Endeavour Mining PLC 5% 10/14/2026 (b)
  
3,310,000
3,257,106
CZECH REPUBLIC - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Energo-Pro AS 11% 11/2/2028 (b)
  
1,700,000
1,806,250
DOMINICAN REPUBLIC - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Aeropuertos Dominicanos Siglo XXI SA 7% 6/30/2034 (b)
  
1,825,000
1,832,099
GEORGIA - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Ground Transportation - 0.1%
  
  
  
Georgian Railway JSC 4% 6/17/2028 (b)
  
2,290,000
2,023,788
GHANA - 0.8%
 
  
  
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Kosmos Energy Ltd 7.5% 3/1/2028 (b)
  
875,000
818,125
Kosmos Energy Ltd 8.75% 10/1/2031 (b)
  
7,075,000
6,548,832
Tullow Oil PLC 10.25% 5/15/2026 (b)
  
3,950,000
3,599,438
 
  
  
  
TOTAL GHANA
  
  
10,966,395
GUATEMALA - 0.7%
 
  
  
Communication Services - 0.5%
  
  
  
Wireless Telecommunication Services - 0.5%
  
  
  
CT Trust 5.125% 2/3/2032 (b)
  
3,975,000
3,619,834
Millicom International Cellular SA 4.5% 4/27/2031 (b)
  
2,050,000
1,818,350
Millicom International Cellular SA 7.375% 4/2/2032 (b)
  
1,650,000
1,668,562
 
  
  
7,106,746
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Investment Energy Resources Ltd 6.25% 4/26/2029 (b)
  
2,970,000
2,847,488
TOTAL GUATEMALA
  
  
9,954,234
HUNGARY - 0.2%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Magyar Export-Import Bank Zrt 6.125% 12/4/2027 (b)
  
1,070,000
1,089,728
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
MVM Energetika Zrt 6.5% 3/13/2031 (e)
  
1,280,000
1,310,720
TOTAL HUNGARY
  
  
2,400,448
INDIA - 0.5%
 
  
  
Financials - 0.1%
  
  
  
Consumer Finance - 0.1%
  
  
  
Shriram Finance Ltd 6.625% 4/22/2027 (b)
  
1,365,000
1,368,412
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Biocon Biologics Global PLC 6.67% 10/9/2029 (b)
  
2,920,000
2,740,288
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
CA Magnum Holdings 5.375% 10/31/2026 (b)
  
3,545,000
3,481,899
TOTAL INDIA
  
  
7,590,599
INDONESIA - 1.1%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Medco Bell Pte Ltd 6.375% 1/30/2027 (b)
  
3,120,000
3,095,040
Medco Laurel Tree Pte Ltd 6.95% 11/12/2028 (b)
  
3,730,000
3,669,201
 
  
  
6,764,241
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Freeport Indonesia PT 4.763% 4/14/2027 (b)
  
1,225,000
1,217,038
Freeport Indonesia PT 5.315% 4/14/2032 (b)
  
2,085,000
2,045,927
Freeport Indonesia PT 6.2% 4/14/2052 (b)
  
1,420,000
1,380,950
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT 5.45% 5/15/2030 (b)
  
2,955,000
2,971,548
 
  
  
7,615,463
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Pertamina Geothermal Energy PT 5.15% 4/27/2028 (b)
  
1,140,000
1,138,575
TOTAL INDONESIA
  
  
15,518,279
ISRAEL - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Energean Israel Finance Ltd 4.875% 3/30/2026 (b)(e)
  
3,470,000
3,427,145
Leviathan Bond Ltd 6.125% 6/30/2025 (b)(e)
  
2,980,000
2,974,994
Leviathan Bond Ltd 6.5% 6/30/2027 (b)(e)
  
1,400,000
1,379,525
 
  
  
  
TOTAL ISRAEL
  
  
7,781,664
JAMAICA - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Kingston Airport Revenue Finance Ltd 6.75% 12/15/2036 (b)
  
1,300,000
1,305,264
KAZAKHSTAN - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
KazMunayGas National Co JSC 3.5% 4/14/2033 (b)
  
2,010,000
1,693,425
KazMunayGas National Co JSC 5.75% 4/19/2047 (b)
  
1,010,000
882,488
KazMunayGas National Co JSC 6.375% 10/24/2048 (b)
  
1,400,000
1,304,954
Tengizchevroil Finance Co International Ltd 3.25% 8/15/2030 (b)
  
3,800,000
3,315,737
 
  
  
  
TOTAL KAZAKHSTAN
  
  
7,196,604
KUWAIT - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
MEGlobal Canada ULC 5% 5/18/2025 (b)
  
1,635,000
1,633,740
MALAYSIA - 0.9%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
GENM Capital Labuan Ltd 3.882% 4/19/2031 (b)
  
3,610,000
3,226,438
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Petronas Capital Ltd 3.404% 4/28/2061 (b)
  
5,315,000
3,471,359
Petronas Capital Ltd 3.5% 4/21/2030 (b)
  
1,730,000
1,629,660
 
  
  
5,101,019
Industrials - 0.3%
  
  
  
Marine Transportation - 0.3%
  
  
  
MISC Capital Two Labuan Ltd 3.625% 4/6/2025 (b)
  
945,000
944,811
MISC Capital Two Labuan Ltd 3.75% 4/6/2027 (b)
  
3,090,000
3,033,113
 
  
  
3,977,924
TOTAL MALAYSIA
  
  
12,305,381
MAURITIUS - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Wireless Telecommunication Services - 0.2%
  
  
  
Axian Telecom 7.375% 2/16/2027 (b)
  
2,870,000
2,887,041
MEXICO - 4.6%
 
  
  
Communication Services - 0.3%
  
  
  
Media - 0.3%
  
  
  
TV Azteca SAB de CV 8.25% (e)(f)
  
10,535,000
3,792,600
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Bimbo Bakeries USA Inc 6.4% 1/15/2034 (b)
  
2,285,000
2,429,045
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Gruma SAB de CV 5.761% 12/9/2054 (b)
  
2,835,000
2,711,621
Energy - 3.2%
  
  
  
Oil, Gas & Consumable Fuels - 3.2%
  
  
  
Petroleos Mexicanos 6.5% 3/13/2027
 
1,725,000
1,679,977
Petroleos Mexicanos 6.5% 6/2/2041
 
2,587,000
1,823,705
Petroleos Mexicanos 6.625% 6/15/2035
 
15,841,000
12,633,198
Petroleos Mexicanos 6.7% 2/16/2032
 
4,827,000
4,235,210
Petroleos Mexicanos 6.75% 9/21/2047
 
10,407,000
7,107,461
Petroleos Mexicanos 6.875% 10/16/2025
 
2,295,000
2,291,557
Petroleos Mexicanos 6.875% 8/4/2026
 
2,485,000
2,471,581
Petroleos Mexicanos 6.95% 1/28/2060
 
7,495,000
5,080,861
Petroleos Mexicanos 7.69% 1/23/2050
 
11,623,000
8,680,638
 
  
  
46,004,188
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Braskem Idesa SAPI 6.99% 2/20/2032 (b)
  
1,045,000
781,660
Braskem Idesa SAPI 7.45% 11/15/2029 (b)
  
2,825,000
2,288,250
 
  
  
3,069,910
Utilities - 0.5%
  
  
  
Independent Power and Renewable Electricity Producers - 0.5%
  
  
  
Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy 7.875% 2/15/2039 (b)
  
2,805,000
2,858,576
Saavi Energia Sarl 8.875% 2/10/2035 (b)
  
4,410,000
4,443,075
 
  
  
7,301,651
TOTAL MEXICO
  
  
65,309,015
MOROCCO - 0.5%
 
  
  
Materials - 0.5%
  
  
  
Chemicals - 0.5%
  
  
  
OCP SA 3.75% 6/23/2031 (b)
  
2,180,000
1,934,750
OCP SA 5.125% 6/23/2051 (b)
  
1,000,000
760,840
OCP SA 6.875% 4/25/2044 (b)
  
3,000,000
2,917,500
OCP SA 7.5% 5/2/2054 (b)
  
2,100,000
2,139,375
 
  
  
  
TOTAL MOROCCO
  
  
7,752,465
NIGERIA - 0.4%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
IHS Holding Ltd 5.625% 11/29/2026 (b)
  
944,000
923,232
IHS Holding Ltd 7.875% 5/29/2030 (b)
  
2,780,000
2,752,200
 
  
  
3,675,432
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
SEPLAT Energy PLC 9.125% 3/21/2030 (b)
  
1,650,000
1,641,569
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
IHS Netherlands Holdco BV 8% 9/18/2027 (b)
  
1,024,338
1,024,850
TOTAL NIGERIA
  
  
6,341,851
PANAMA - 0.8%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Sable International Finance Ltd 7.125% 10/15/2032 (b)
  
3,275,000
3,150,550
Media - 0.3%
  
  
  
Telecomunicaciones Digitales SA 4.5% 1/30/2030 (b)
  
4,955,000
4,509,050
Wireless Telecommunication Services - 0.2%
  
  
  
C&W Senior Finance Ltd 9% 1/15/2033 (b)
  
2,805,000
2,759,031
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
SPARC EM SPC 0% (b)(d)
  
57,671
57,596
Industrials - 0.1%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 (b)
  
1,230,000
867,150
TOTAL PANAMA
  
  
11,343,377
PARAGUAY - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Telefonica Celular del Paraguay SA 5.875% 4/15/2027 (b)
  
2,400,000
2,377,800
PERU - 0.8%
 
  
  
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Camposol SA 6% 2/3/2027 (b)
  
2,340,000
2,300,454
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Cia de Minas Buenaventura SAA 5.5% 7/23/2026 (b)
  
2,100,000
2,094,750
Cia de Minas Buenaventura SAA 6.8% 2/4/2032 (b)
  
2,180,000
2,208,340
Volcan Cia Minera SAA 8.75% 1/24/2030 (b)
  
2,898,000
2,848,966
 
  
  
7,152,056
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Niagara Energy SAC 5.746% 10/3/2034 (b)
  
1,685,000
1,666,465
TOTAL PERU
  
  
11,118,975
POLAND - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
ORLEN SA 6% 1/30/2035 (b)
  
2,790,000
2,859,581
PUERTO RICO - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (b)
  
2,360,000
1,744,506
QATAR - 0.9%
 
  
  
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
QatarEnergy 2.25% 7/12/2031 (b)
  
3,295,000
2,842,465
QatarEnergy 3.125% 7/12/2041 (b)
  
5,805,000
4,331,227
QatarEnergy 3.3% 7/12/2051 (b)
  
7,160,000
4,938,180
 
  
  
  
TOTAL QATAR
  
  
12,111,872
SAUDI ARABIA - 3.1%
 
  
  
Energy - 2.3%
  
  
  
Oil, Gas & Consumable Fuels - 2.3%
  
  
  
EIG Pearl Holdings Sarl 3.545% 8/31/2036 (b)
  
6,809,531
5,981,747
SA Global Sukuk Ltd 1.602% 6/17/2026 (b)
  
2,530,000
2,435,916
Saudi Arabian Oil Co 2.25% 11/24/2030 (b)
  
4,120,000
3,596,967
Saudi Arabian Oil Co 3.25% 11/24/2050 (b)
  
4,170,000
2,717,964
Saudi Arabian Oil Co 3.5% 4/16/2029 (b)
  
11,299,000
10,764,106
Saudi Arabian Oil Co 4.25% 4/16/2039 (b)
  
3,505,000
3,055,939
Saudi Arabian Oil Co 4.375% 4/16/2049 (b)
  
3,671,000
2,968,921
Saudi Arabian Oil Co 5.875% 7/17/2064 (b)
  
1,030,000
960,861
 
  
  
32,482,421
Industrials - 0.7%
  
  
  
Construction & Engineering - 0.7%
  
  
  
Greensaif Pipelines Bidco Sarl 5.8528% 2/23/2036 (b)
  
1,265,000
1,280,458
Greensaif Pipelines Bidco Sarl 6.1027% 8/23/2042 (b)
  
2,330,000
2,335,104
Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 (b)
  
2,260,000
2,315,799
Greensaif Pipelines Bidco Sarl 6.51% 2/23/2042 (b)
  
1,685,000
1,758,192
TMS Issuer Sarl 5.78% 8/23/2032 (b)
  
1,670,000
1,716,225
 
  
  
9,405,778
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Ma'aden Sukuk Ltd 5.25% 2/13/2030 (b)
  
2,005,000
2,028,619
TOTAL SAUDI ARABIA
  
  
43,916,818
SERBIA - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Distributors - 0.2%
  
  
  
Telecommunications co Telekom Srbija AD Belgrade 7% 10/28/2029 (b)
  
2,770,000
2,761,978
SOUTH AFRICA - 1.1%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (b)
  
4,940,000
4,279,275
Materials - 0.5%
  
  
  
Chemicals - 0.5%
  
  
  
Sasol Financing USA LLC 4.375% 9/18/2026
 
5,555,000
5,365,297
Sasol Financing USA LLC 8.75% 5/3/2029 (b)
  
820,000
823,942
 
  
  
6,189,239
Utilities - 0.3%
  
  
  
Electric Utilities - 0.3%
  
  
  
Eskom Holdings SOC Ltd 6.35% 8/10/2028 (b)
  
3,515,000
3,495,246
Eskom Holdings SOC Ltd 8.45% 8/10/2028 (b)
  
1,310,000
1,350,937
 
  
  
4,846,183
TOTAL SOUTH AFRICA
  
  
15,314,697
TURKEY - 0.3%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Turkiye Ihracat Kredi Bankasi AS 9% 1/28/2027 (b)
  
1,735,000
1,801,689
Industrials - 0.2%
  
  
  
Building Products - 0.2%
  
  
  
Sisecam UK PLC 8.625% 5/2/2032 (b)
  
2,115,000
2,115,148
TOTAL TURKEY
  
  
3,916,837
UKRAINE - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.625% 11/8/2028 pay-in-kind (b)
  
1,441,937
1,146,340
NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.65% 7/19/2025 pay-in-kind (e)
  
1,821,224
1,748,375
 
  
  
  
TOTAL UKRAINE
  
  
2,894,715
UNITED ARAB EMIRATES - 2.5%
 
  
  
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Adnoc Murban Rsc Ltd 5.125% 9/11/2054 (b)
  
4,215,000
3,842,225
Galaxy Pipeline Assets Bidco Ltd 2.625% 3/31/2036 (b)
  
8,100,000
6,819,390
 
  
  
10,661,615
Financials - 0.9%
  
  
  
Financial Services - 0.9%
  
  
  
Abu Dhabi Developmental Holding Co PJSC 5.25% 10/2/2054 (b)
  
2,855,000
2,657,559
Abu Dhabi Developmental Holding Co PJSC 5.5% 5/8/2034 (b)
  
1,390,000
1,437,315
MDGH GMTN RSC Ltd 2.875% 11/7/2029 (b)
  
1,515,000
1,400,315
MDGH GMTN RSC Ltd 3.375% 3/28/2032 (e)
  
570,000
518,438
MDGH GMTN RSC Ltd 4.375% 11/22/2033 (b)
  
1,715,000
1,632,577
MDGH GMTN RSC Ltd 5.084% 5/22/2053 (b)
  
3,040,000
2,814,006
MDGH GMTN RSC Ltd Series 1, 5.5% 4/28/2033 (b)
  
1,620,000
1,674,740
 
  
  
12,134,950
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
DP World Crescent Ltd 3.7495% 1/30/2030 (b)
  
1,075,000
1,021,922
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Aldar Properties PJSC 6.6227% 4/15/2055 (e)(g)
  
3,505,000
3,553,194
Alpha Star Holding VIII Ltd 8.375% 4/12/2027 (e)
  
1,505,000
1,562,848
 
  
  
5,116,042
Utilities - 0.5%
  
  
  
Multi-Utilities - 0.5%
  
  
  
Abu Dhabi National Energy Co PJSC 4% 10/3/2049 (b)
  
2,460,000
1,943,695
Abu Dhabi National Energy Co PJSC 4.375% 1/24/2029 (b)
  
1,740,000
1,718,563
Abu Dhabi National Energy Co PJSC 4.75% 3/9/2037 (b)
  
2,850,000
2,726,738
Abu Dhabi National Energy Co PJSC 4.875% 4/23/2030 (b)
  
545,000
547,894
 
  
  
6,936,890
TOTAL UNITED ARAB EMIRATES
  
  
35,871,419
UZBEKISTAN - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Navoi Mining & Metallurgical Combinat 6.7% 10/17/2028 (b)
  
1,595,000
1,603,773
Navoi Mining & Metallurgical Combinat 6.95% 10/17/2031 (b)
  
1,410,000
1,400,538
 
  
  
  
TOTAL UZBEKISTAN
  
  
3,004,311
VENEZUELA - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Petroleos de Venezuela SA 12.75% (b)(f)
  
3,065,000
490,400
Petroleos de Venezuela SA 5.375% (e)(f)
  
6,115,000
831,640
Petroleos de Venezuela SA 5.5% (e)(f)
  
3,475,000
465,650
Petroleos de Venezuela SA 6% (b)(f)
  
15,840,000
2,193,840
Petroleos de Venezuela SA 6% (b)(f)
  
8,980,000
1,230,260
Petroleos de Venezuela SA 9.75% (b)(f)
  
12,585,000
1,969,553
 
  
  
  
TOTAL VENEZUELA
  
  
7,181,343
VIETNAM - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Mong Duong Finance Holdings BV 5.125% 5/7/2029 (b)
  
2,146,300
2,076,545
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $501,688,010)
  
  
  
457,927,767
 
  
  
  
Preferred Securities - 1.5%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Vale SA 1.3566% (g)(i)
BRL
33,930,000
2,052,746
CHILE - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Banco de Credito e Inversiones SA 7.5% (b)(g)(i)
  
1,775,000
1,780,262
Banco de Credito e Inversiones SA 8.75% (b)(g)(i)
  
1,745,000
1,876,541
 
  
  
  
TOTAL CHILE
  
  
3,656,803
MEXICO - 0.7%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Banco Mercantil del Norte SA/Grand Cayman 7.625% (b)(g)(i)
  
3,300,000
3,347,135
Banco Mercantil del Norte SA/Grand Cayman 8.375% (b)(g)(i)
  
1,195,000
1,192,479
 
  
  
4,539,614
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Cemex SAB de CV 5.125% (b)(g)(i)
  
3,910,000
3,835,957
Cemex SAB de CV 9.125% (b)(g)(i)
  
1,850,000
1,933,017
 
  
  
5,768,974
TOTAL MEXICO
  
  
10,308,588
RUSSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (b)(f)(g)(i)(j)
  
1,625,000
81,250
SAUDI ARABIA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
NCB Tier 1 Sukuk Ltd 3.5% (e)(g)(i)
  
1,965,000
1,914,469
UNITED ARAB EMIRATES - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Marine Transportation - 0.3%
  
  
  
DP World Salaam 6% (e)(g)(i)
  
4,625,000
4,698,326
 
TOTAL PREFERRED SECURITIES
 (Cost $24,297,676)
  
  
  
22,712,182
 
  
  
  
U.S. Treasury Obligations - 3.5%
 
  
Yield (%) (l)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bonds 2.875% 5/15/2052
 
2.99 to 3.12
12,474,000
9,056,807
US Treasury Bonds 3.25% 5/15/2042
 
3.37 to 5.18
9,912,000
8,375,253
US Treasury Bonds 3.625% 2/15/2053
 
3.84 to 5.06
8,841,000
7,446,125
US Treasury Notes 3.625% 3/31/2030
 
3.31 to 3.33
4,389,000
4,321,622
US Treasury Notes 3.75% 5/31/2030
 
3.84 to 3.87
3,633,000
3,594,541
US Treasury Notes 4% 2/28/2030
 
3.40
2,772,000
2,778,280
US Treasury Notes 4.125% 3/31/2031
 
4.66
6,174,000
6,204,629
US Treasury Notes 4.625% 9/30/2028
 
4.87
4,578,000
4,684,582
US Treasury Notes 4.625% 9/30/2030
 
5.00
2,898,000
2,987,430
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $54,009,087)
  
  
  
49,449,269
 
  
  
  
  
Money Market Funds - 4.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (m)
 (Cost $56,340,876)
  
4.32
56,329,610
56,340,876
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.5%
 (Cost $1,511,329,458)
 
  
 
1,396,593,476
NET OTHER ASSETS (LIABILITIES) - 1.5% (k)
21,011,690
NET ASSETS - 100.0%
1,417,605,166
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Interest Rate Contracts
  
  
  
  
  
CBOT 10 Year US Treasury Notes Contracts (United States)
652
Jun 2025
72,514,625
1,552,373
1,552,373
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 5.1%

Currency Abbreviations
         BRL
-
Brazilian Real
         EGP
-
Egyptian Pound
         EUR
-
European Monetary Unit (Euro)
         NGN
-
Nigerian Naira
         TRY
-
New Turkish Lira
 
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 $912,013,033 or 64.3% of net assets.
 
(c)
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.
 
(d)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $41,384,901 or 2.9% of net assets.
 
(f)
Non-income producing - Security is in default.
 
(g)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(h)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(i)
Security is perpetual in nature with no stated maturity date.
 
(j)
Level 3 security
 
(k)
Includes $1,276,875 of cash collateral to cover margin requirements for futures contracts.
 
(l)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(m)
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
39,530,437
103,447,945
86,637,506
401,363
-
-
56,340,876
56,329,610
0.1%
Total
39,530,437
103,447,945
86,637,506
401,363
-
-
56,340,876
56,329,610
  
 
  
  
  
  
  
  
  
  
  
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. U.S. Treasury Obligations, Foreign Government and Government Agency Obligations, Non-Convertible Corporate Bonds 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.
 
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.
 
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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