| Nonconvertible Bonds - 34.8% |
| | | Principal Amount (a) | Value ($) |
| Argentina - 0.8% | | | |
| YPF SA: | | | |
| 8.5% 3/23/25 (b) | | 20,699,250 | 19,021,317 |
| 8.75% 4/4/24 (b) | | 23,091,000 | 21,933,564 |
TOTAL ARGENTINA | | | 40,954,881 |
| Azerbaijan - 1.0% | | | |
| Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | | 29,424,000 | 32,091,286 |
| State Oil Co. of Azerbaijan Republic: | | | |
| 4.75% 3/13/23 (Reg. S) | | 5,000,000 | 4,993,250 |
| 6.95% 3/18/30 (Reg. S) | | 11,845,000 | 13,124,260 |
TOTAL AZERBAIJAN | | | 50,208,796 |
| Bahrain - 0.9% | | | |
| The Oil and Gas Holding Co.: | | | |
| 7.5% 10/25/27 (b) | | 24,284,000 | 25,619,620 |
| 7.625% 11/7/24 (b) | | 22,230,000 | 23,397,075 |
TOTAL BAHRAIN | | | 49,016,695 |
| Bailiwick of Jersey - 0.2% | | | |
| Galaxy Pipeline Assets BidCo Ltd. 2.625% 3/31/36 (b) | | 10,620,000 | 9,526,804 |
| Bermuda - 0.6% | | | |
| GeoPark Ltd. 6.5% 9/21/24 (b) | | 8,825,000 | 9,014,186 |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | | 6,260,000 | 6,322,600 |
| Qtel International Finance Ltd. 2.625% 4/8/31 (b) | | 11,930,000 | 11,181,989 |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | | 7,000,000 | 5,649,000 |
TOTAL BERMUDA | | | 32,167,775 |
| Brazil - 0.3% | | | |
| Natura Cosmeticos SA 4.125% 5/3/28 (b) | | 17,430,000 | 16,692,711 |
| British Virgin Islands - 2.1% | | | |
| 1MDB Global Investments Ltd. 4.4% 3/9/23 | | 98,900,000 | 96,242,063 |
| ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) | | 12,435,000 | 11,658,310 |
TOTAL BRITISH VIRGIN ISLANDS | | | 107,900,373 |
| Canada - 0.9% | | | |
| First Quantum Minerals Ltd. 7.25% 4/1/23 (b) | | 42,291,000 | 42,291,846 |
| Gcm Mining Corp. 6.875% 8/9/26 (b) | | 4,000,000 | 3,570,000 |
TOTAL CANADA | | | 45,861,846 |
| Cayman Islands - 1.9% | | | |
| Baidu, Inc.: | | | |
| 1.72% 4/9/26 | | 9,665,000 | 8,902,576 |
| 2.375% 10/9/30 | | 7,240,000 | 6,401,970 |
| DP World Crescent Ltd.: | | | |
| 3.7495% 1/30/30 (b) | | 8,060,000 | 8,039,850 |
| 3.875% 7/18/29 (Reg. S) | | 16,365,000 | 16,423,096 |
| IHS Holding Ltd. 5.625% 11/29/26 (b) | | 5,980,000 | 5,636,150 |
| Lamar Funding Ltd. 3.958% 5/7/25 (b) | | 6,200,000 | 6,071,350 |
| Meituan: | | | |
| 2.125% 10/28/25 (b) | | 13,535,000 | 12,076,739 |
| 3.05% 10/28/30 (b) | | 10,295,000 | 8,272,033 |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | | 8,460,000 | 7,026,030 |
| SA Global Sukuk Ltd. 1.602% 6/17/26 (b) | | 14,175,000 | 13,324,500 |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | | 5,965,300 | 5,983,196 |
TOTAL CAYMAN ISLANDS | | | 98,157,490 |
| Chile - 0.7% | | | |
| Corporacion Nacional del Cobre de Chile (Codelco): | | | |
| 3.15% 1/14/30 (b) | | 5,240,000 | 5,034,658 |
| 3.15% 1/15/51 (b) | | 5,255,000 | 4,256,550 |
| 3.7% 1/30/50 (b) | | 11,035,000 | 9,909,430 |
| VTR Comunicaciones SpA: | | | |
| 4.375% 4/15/29 (b) | | 4,860,000 | 4,422,600 |
| 5.125% 1/15/28 (b) | | 15,317,000 | 14,515,729 |
TOTAL CHILE | | | 38,138,967 |
| Colombia - 0.1% | | | |
| Oleoducto Central SA 4% 7/14/27 (b) | | 6,540,000 | 6,114,900 |
| Georgia - 0.4% | | | |
| Georgia Bank Joint Stock Co. 6% 7/26/23 (b) | | 19,060,000 | 18,964,700 |
| Guatemala - 0.2% | | | |
| CT Trust 5.125% 2/3/32 (b) | | 8,720,000 | 8,667,680 |
| Hong Kong - 0.1% | | | |
| Lenovo Group Ltd. 3.421% 11/2/30 (b) | | 5,500,000 | 5,043,844 |
| Indonesia - 0.5% | | | |
| Indonesia Asahan Aluminium Tbk PT: | | | |
| 4.75% 5/15/25 (b) | | 2,675,000 | 2,732,138 |
| 5.45% 5/15/30 (b) | | 10,615,000 | 11,054,859 |
| PT Adaro Indonesia 4.25% 10/31/24 (b) | | 12,520,000 | 12,346,285 |
TOTAL INDONESIA | | | 26,133,282 |
| Ireland - 0.3% | | | |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | | 5,000,000 | 4,962,500 |
| LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | | 9,500,000 | 9,069,603 |
| SUEK Securities DAC 3.375% 9/15/26 (b) | | 9,885,000 | 1,482,750 |
TOTAL IRELAND | | | 15,514,853 |
| Israel - 0.8% | | | |
| Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (b) | | 15,080,000 | 14,552,200 |
| Leviathan Bond Ltd.: | | | |
| 5.75% 6/30/23 (Reg. S) (b) | | 11,735,000 | 11,861,832 |
| 6.125% 6/30/25 (Reg. S) (b) | | 14,560,000 | 14,774,003 |
TOTAL ISRAEL | | | 41,188,035 |
| Kazakhstan - 0.2% | | | |
| KazMunaiGaz National Co.: | | | |
| 3.5% 4/14/33 (b) | | 10,395,000 | 8,601,863 |
| 5.75% 4/19/47 (b) | | 5,240,000 | 4,643,295 |
TOTAL KAZAKHSTAN | | | 13,245,158 |
| Luxembourg - 1.3% | | | |
| Adecoagro SA 6% 9/21/27 (b) | | 6,168,000 | 6,174,939 |
| B2W Digital Lux SARL 4.375% 12/20/30 (b) | | 16,590,000 | 14,260,142 |
| EIG Pearl Holdings SARL 3.545% 8/31/36 (b) | | 14,690,000 | 14,028,950 |
| JBS Finance Luxembourg SARL 2.5% 1/15/27 (b) | | 5,950,000 | 5,526,122 |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | | 14,965,000 | 13,618,150 |
| Millicom International Cellular SA 4.5% 4/27/31 (b) | | 8,640,000 | 8,027,683 |
| VM Holding SA 6.5% 1/18/28 (b) | | 3,420,000 | 3,633,750 |
TOTAL LUXEMBOURG | | | 65,269,736 |
| Malaysia - 0.7% | | | |
| GENM Capital Labuan Ltd. 3.882% 4/19/31 (b) | | 15,305,000 | 13,236,912 |
| MISC Capital Two (Labuan) Ltd.: | | | |
| 3.625% 4/6/25 (b) | | 3,770,000 | 3,768,982 |
| 3.75% 4/6/27 (b) | | 12,315,000 | 12,253,425 |
| Petronas Capital Ltd. 3.5% 4/21/30 (b) | | 8,990,000 | 9,119,995 |
TOTAL MALAYSIA | | | 38,379,314 |
| Mauritius - 0.5% | | | |
| AXIAN Telecom 7.375% 2/16/27 (b) | | 5,500,000 | 5,321,250 |
| CA Magnum Holdings 5.375% (b)(c) | | 8,295,000 | 8,087,625 |
| HTA Group Ltd. 7% 12/18/25 (b) | | 5,270,000 | 5,207,419 |
| MTN (Mauritius) Investments Ltd. 4.755% 11/11/24 (b) | | 4,995,000 | 5,008,424 |
TOTAL MAURITIUS | | | 23,624,718 |
| Mexico - 8.0% | | | |
| Axtel S.A.B. de CV 6.375% 11/14/24 (b) | | 710,000 | 724,777 |
| CEMEX S.A.B. de CV 5.45% 11/19/29 (b) | | 5,805,000 | 5,899,331 |
| Comision Federal de Electricid: | | | |
| 3.348% 2/9/31 (b) | | 2,970,000 | 2,603,948 |
| 4.688% 5/15/29 (b) | | 12,425,000 | 12,260,369 |
| Petroleos Mexicanos: | | | |
| 3.5% 1/30/23 | | 15,263,000 | 15,228,658 |
| 4.625% 9/21/23 | | 3,250,000 | 3,278,438 |
| 4.875% 1/18/24 | | 39,413,000 | 39,885,956 |
| 6.5% 3/13/27 | | 9,810,000 | 9,925,268 |
| 6.5% 6/2/41 | | 11,163,000 | 9,214,498 |
| 6.625% 6/15/35 | | 137,309,000 | 123,166,149 |
| 6.7% 2/16/32 | | 18,989,000 | 18,039,550 |
| 6.875% 10/16/25 | | 11,570,000 | 12,101,063 |
| 6.95% 1/28/60 | | 35,910,000 | 29,083,509 |
| 7.69% 1/23/50 | | 130,810,000 | 113,804,700 |
| TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (d) | | 27,098,000 | 17,220,779 |
TOTAL MEXICO | | | 412,436,993 |
| Mongolia - 0.1% | | | |
| Development Bank of Mongolia 7.25% 10/23/23 (b) | | 4,080,000 | 4,117,740 |
| Morocco - 0.2% | | | |
| OCP SA 3.75% 6/23/31 (b) | | 14,540,000 | 13,140,525 |
| Multi-National - 0.1% | | | |
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | | 6,960,000 | 6,956,955 |
| Netherlands - 0.9% | | | |
| Embraer Netherlands Finance BV 5.05% 6/15/25 | | 5,500,000 | 5,555,000 |
| Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) | | 3,665,000 | 3,722,266 |
| Metinvest BV 7.75% 4/23/23 (b) | | 5,616,000 | 2,386,800 |
| Nostrum Oil & Gas Finance BV 8% 7/25/22 (b)(d) | | 42,004,000 | 11,446,090 |
| Prosus NV: | | | |
| 3.061% 7/13/31 (b) | | 6,215,000 | 5,080,763 |
| 3.832% 2/8/51 (b) | | 7,355,000 | 5,327,778 |
| 4.193% 1/19/32 (b) | | 14,100,000 | 12,337,500 |
| VimpelCom Holdings BV 7.25% 4/26/23 (b) | | 2,410,000 | 1,554,450 |
TOTAL NETHERLANDS | | | 47,410,647 |
| Nigeria - 0.1% | | | |
| Access Bank PLC 6.125% 9/21/26 (b) | | 5,825,000 | 5,417,250 |
| Panama - 0.5% | | | |
| Aeropuerto Internacional de Tocumen SA: | | | |
| 4% 8/11/41 (b) | | 11,735,000 | 10,706,721 |
| 5.125% 8/11/61 (b) | | 5,020,000 | 4,576,985 |
| Cable Onda SA 4.5% 1/30/30 (b) | | 8,660,000 | 8,372,055 |
TOTAL PANAMA | | | 23,655,761 |
| Paraguay - 0.1% | | | |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | | 4,000,000 | 4,062,000 |
| Peru - 0.1% | | | |
| Camposol SA 6% 2/3/27 (b) | | 4,435,000 | 4,162,802 |
| Qatar - 1.3% | | | |
| Qatar Petroleum: | | | |
| 1.375% 9/12/26 (b) | | 12,840,000 | 11,969,448 |
| 2.25% 7/12/31 (b) | | 26,625,000 | 24,561,563 |
| 3.3% 7/12/51 (b) | | 36,535,000 | 33,612,200 |
TOTAL QATAR | | | 70,143,211 |
| Saudi Arabia - 2.3% | | | |
| Saudi Arabian Oil Co.: | | | |
| 1.625% 11/24/25 (b) | | 16,675,000 | 15,820,406 |
| 3.5% 4/16/29 (b) | | 74,226,000 | 74,597,130 |
| 4.25% 4/16/39 (b) | | 14,375,000 | 14,698,438 |
| 4.375% 4/16/49 (b) | | 11,864,000 | 12,101,280 |
TOTAL SAUDI ARABIA | | | 117,217,254 |
| Singapore - 0.3% | | | |
| Medco Laurel Tree Pte Ltd. 6.95% 11/12/28 (b) | | 15,125,000 | 14,709,063 |
| South Africa - 1.5% | | | |
| Eskom Holdings SOC Ltd.: | | | |
| 6.75% 8/6/23 (b) | | 75,428,000 | 74,169,295 |
| 7.125% 2/11/25 (b) | | 2,320,000 | 2,237,640 |
TOTAL SOUTH AFRICA | | | 76,406,935 |
| Spain - 0.1% | | | |
| EnfraGen Energia Sur SA 5.375% 12/30/30 (b) | | 8,295,000 | 5,782,362 |
| Turkey - 0.1% | | | |
| Export Credit Bank of Turkey 4.25% 9/18/22 (Reg. S) | | 5,000,000 | 5,012,500 |
| United Arab Emirates - 0.1% | | | |
| Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) | | 3,480,000 | 3,583,965 |
| United Kingdom - 1.3% | | | |
| Antofagasta PLC 2.375% 10/14/30 (b) | | 15,695,000 | 13,834,162 |
| Biz Finance PLC 9.625% 4/27/22 (b) | | 5,148,167 | 1,329,771 |
| Endeavour Mining PLC 5% 10/14/26 (b) | | 6,000,000 | 5,483,625 |
| Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | | 9,060,000 | 8,584,350 |
| NAK Naftogaz Ukraine: | | | |
| 7.375% 7/19/22 (Reg. S) | | 12,720,000 | 4,299,360 |
| 7.625% 11/8/26 (b) | | 7,055,000 | 2,116,500 |
| Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (b) | | 2,403,400 | 1,562,210 |
| The Bidvest Group UK PLC 3.625% 9/23/26 (b) | | 6,255,000 | 5,848,425 |
| Tullow Oil PLC 10.25% 5/15/26 (b) | | 25,350,000 | 25,540,125 |
TOTAL UNITED KINGDOM | | | 68,598,528 |
| United States of America - 2.1% | | | |
| Azul Investments LLP: | | | |
| 5.875% 10/26/24 (b) | | 22,223,000 | 19,463,181 |
| 7.25% 6/15/26 (b) | | 6,345,000 | 5,306,006 |
| DAE Funding LLC 1.55% 8/1/24 (b) | | 6,275,000 | 5,906,344 |
| Kosmos Energy Ltd. 7.125% 4/4/26 (b) | | 38,909,000 | 38,125,956 |
| NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b) | | 9,455,000 | 9,915,931 |
| Sasol Financing U.S.A. LLC: | | | |
| 4.375% 9/18/26 | | 16,375,000 | 15,720,000 |
| 5.875% 3/27/24 | | 7,025,000 | 7,112,813 |
| Stillwater Mining Co. 4% 11/16/26 (b) | | 8,215,000 | 7,906,938 |
TOTAL UNITED STATES OF AMERICA | | | 109,457,169 |
| Uzbekistan - 0.1% | | | |
| Uzbekneftegaz JSC 4.75% 11/16/28 (b) | | 4,640,000 | 3,828,000 |
| Venezuela - 1.0% | | | |
| Petroleos de Venezuela SA: | | | |
| 5.375% 4/12/27 (d) | | 152,515,000 | 10,294,763 |
| 5.5% 4/12/37 (d) | | 184,250,000 | 12,436,875 |
| 6% 5/16/24 (b)(d) | | 105,540,000 | 7,123,950 |
| 6% 11/15/26 (Reg. S) (d) | | 89,700,000 | 6,054,750 |
| 8.5% 10/27/20 (Reg. S) (d) | | 20,540,000 | 3,389,100 |
| 9% 11/17/21 (Reg. S) (d) | | 48,700,000 | 3,287,250 |
| 9.75% 5/17/35 (b)(d) | | 71,700,000 | 4,839,750 |
| 12.75% 2/17/22 (b)(d) | | 53,000,000 | 3,577,500 |
TOTAL VENEZUELA | | | 51,003,938 |
| TOTAL NONCONVERTIBLE BONDS (Cost $2,182,280,448) | | | 1,797,876,156 |
| | | | |
| Government Obligations - 55.7% |
| | | Principal Amount (a) | Value ($) |
| Angola - 1.1% | | | |
| Angola Republic: | | | |
| 8.25% 5/9/28 (b) | | 18,775,000 | 19,103,563 |
| 9.375% 5/8/48 (b) | | 10,330,000 | 10,226,700 |
| 9.5% 11/12/25 (b) | | 23,865,000 | 26,132,175 |
TOTAL ANGOLA | | | 55,462,438 |
| Argentina - 3.0% | | | |
| Argentine Republic: | | | |
| 0.5% 7/9/30 (e) | | 255,838,473 | 85,705,888 |
| 1% 7/9/29 | | 34,029,628 | 11,621,118 |
| 1.125% 7/9/35 (e) | | 92,085,665 | 28,040,085 |
| 2% 1/9/38 (e) | | 53,139,088 | 20,060,006 |
| Buenos Aires Province 3.9% 9/1/37 (b)(e) | | 13,320,000 | 5,688,473 |
| Provincia de Cordoba 5% 12/10/25 (b)(e) | | 5,865,241 | 4,566,823 |
TOTAL ARGENTINA | | | 155,682,393 |
| Armenia - 0.1% | | | |
| Republic of Armenia 7.15% 3/26/25 (b) | | 4,690,000 | 4,646,911 |
| Bahrain - 0.1% | | | |
| Bahrain Kingdom 5.625% 5/18/34 (b) | | 7,230,000 | 6,814,275 |
| Barbados - 0.4% | | | |
| Barbados Government 6.5% 10/1/29 (b) | | 20,570,000 | 19,757,485 |
| Benin - 0.4% | | | |
| Republic of Benin 4.875% 1/19/32 (b) | EUR | 18,925,000 | 18,263,852 |
| Bermuda - 0.3% | | | |
| Bermuda Government: | | | |
| 2.375% 8/20/30 (b) | | 5,325,000 | 4,875,038 |
| 3.375% 8/20/50 (b) | | 5,015,000 | 4,425,111 |
| 3.717% 1/25/27 (b) | | 7,900,000 | 7,995,294 |
TOTAL BERMUDA | | | 17,295,443 |
| Brazil - 2.1% | | | |
| Brazilian Federative Republic: | | | |
| 2.875% 6/6/25 | | 7,060,000 | 6,929,390 |
| 3.875% 6/12/30 | | 15,660,000 | 14,434,605 |
| 5% 1/27/45 | | 14,450,000 | 12,818,053 |
| 5.625% 1/7/41 | | 9,434,000 | 9,143,905 |
| 5.625% 2/21/47 | | 12,547,000 | 11,839,663 |
| 7.125% 1/20/37 | | 8,510,000 | 9,753,524 |
| 8.25% 1/20/34 | | 19,436,000 | 23,946,367 |
| 12.25% 3/6/30 | | 13,881,000 | 21,398,429 |
TOTAL BRAZIL | | | 110,263,936 |
| Cameroon - 0.3% | | | |
| Cameroon Republic 5.95% 7/7/32 (b) | EUR | 14,070,000 | 13,658,233 |
| Chile - 1.0% | | | |
| Chilean Republic: | | | |
| 2.45% 1/31/31 | | 31,325,000 | 29,265,381 |
| 2.75% 1/31/27 | | 6,865,000 | 6,713,970 |
| 3.5% 1/31/34 | | 4,510,000 | 4,469,410 |
| 4% 1/31/52 | | 3,960,000 | 3,902,580 |
| 4.34% 3/7/42 | | 5,555,000 | 5,704,985 |
TOTAL CHILE | | | 50,056,326 |
| China - 0.2% | | | |
| Peoples Republic of China 1.2% 10/21/30 (b) | | 13,100,000 | 11,727,513 |
| Colombia - 1.8% | | | |
| Colombian Republic: | | | |
| 3% 1/30/30 | | 25,785,000 | 22,139,646 |
| 3.125% 4/15/31 | | 19,000,000 | 16,076,375 |
| 3.25% 4/22/32 | | 15,610,000 | 13,081,180 |
| 3.875% 2/15/61 | | 6,730,000 | 4,806,903 |
| 4.125% 5/15/51 | | 6,805,000 | 5,136,924 |
| 4.5% 3/15/29 | | 8,305,000 | 7,992,524 |
| 5% 6/15/45 | | 18,315,000 | 15,433,822 |
| 6.125% 1/18/41 | | 6,410,000 | 6,218,902 |
| 7.375% 9/18/37 | | 3,680,000 | 4,146,440 |
TOTAL COLOMBIA | | | 95,032,716 |
| Costa Rica - 0.3% | | | |
| Costa Rican Republic: | | | |
| 5.625% 4/30/43 (b) | | 10,328,000 | 8,996,979 |
| 6.125% 2/19/31 (b) | | 3,000,000 | 3,035,250 |
| 7% 4/4/44 (b) | | 4,575,000 | 4,484,358 |
TOTAL COSTA RICA | | | 16,516,587 |
| Dominican Republic - 2.8% | | | |
| Dominican Republic: | | | |
| 4.5% 1/30/30 (b) | | 5,720,000 | 5,252,748 |
| 4.875% 9/23/32 (b) | | 10,930,000 | 9,903,946 |
| 5.875% 1/30/60 (b) | | 5,955,000 | 5,062,867 |
| 5.95% 1/25/27 (b) | | 24,724,000 | 24,909,430 |
| 6% 7/19/28 (b) | | 18,101,000 | 18,398,535 |
| 6.4% 6/5/49 (b) | | 6,013,000 | 5,621,403 |
| 6.5% 2/15/48 (b) | | 2,145,000 | 2,041,504 |
| 6.5% 2/15/48 (Reg. S) | | 15,510,000 | 14,761,643 |
| 6.85% 1/27/45 (b) | | 16,129,000 | 15,985,855 |
| 6.875% 1/29/26 (b) | | 19,584,000 | 20,661,120 |
| 7.45% 4/30/44 (b) | | 20,824,000 | 21,875,612 |
TOTAL DOMINICAN REPUBLIC | | | 144,474,663 |
| Ecuador - 1.2% | | | |
| Ecuador Republic: | | | |
| 1% 7/31/35 (b)(e) | | 36,090,000 | 23,465,267 |
| 5% 7/31/30 (b)(e) | | 48,150,000 | 40,123,997 |
TOTAL ECUADOR | | | 63,589,264 |
| Egypt - 3.5% | | | |
| Arab Republic of Egypt: | | | |
| 5.8% 9/30/27 (b) | | 14,485,000 | 13,235,669 |
| 7.0529% 1/15/32 (b) | | 4,740,000 | 4,159,350 |
| 7.5% 1/31/27 (b) | | 82,564,000 | 81,325,540 |
| 7.6003% 3/1/29 (b) | | 40,319,000 | 38,202,253 |
| 7.903% 2/21/48 (b) | | 11,740,000 | 9,509,400 |
| 8.5% 1/31/47 (b) | | 34,441,000 | 29,274,850 |
| 8.7002% 3/1/49 (b) | | 6,020,000 | 5,132,050 |
TOTAL EGYPT | | | 180,839,112 |
| El Salvador - 0.5% | | | |
| El Salvador Republic: | | | |
| 6.375% 1/18/27 (b) | | 2,515,000 | 1,226,063 |
| 7.1246% 1/20/50 (b) | | 8,578,000 | 3,902,990 |
| 7.625% 2/1/41 (b) | | 11,695,000 | 5,321,225 |
| 7.75% 1/24/23 (b) | | 17,370,000 | 14,156,550 |
TOTAL EL SALVADOR | | | 24,606,828 |
| Gabon - 0.2% | | | |
| Gabonese Republic 7% 11/24/31 (b) | | 13,095,000 | 12,456,619 |
| Georgia - 0.2% | | | |
| Georgia Republic 2.75% 4/22/26 (b) | | 12,435,000 | 10,631,925 |
| Ghana - 0.6% | | | |
| Ghana Republic: | | | |
| 7.75% 4/7/29 (b) | | 12,265,000 | 8,892,125 |
| 8.125% 1/18/26 (b) | | 14,491,924 | 12,100,757 |
| 10.75% 10/14/30 (b) | | 11,025,000 | 11,548,688 |
TOTAL GHANA | | | 32,541,570 |
| Guatemala - 0.3% | | | |
| Guatemalan Republic: | | | |
| 4.9% 6/1/30 (b) | | 2,500,000 | 2,548,906 |
| 5.375% 4/24/32 (b) | | 5,270,000 | 5,511,432 |
| 6.125% 6/1/50 (b) | | 5,650,000 | 5,914,138 |
TOTAL GUATEMALA | | | 13,974,476 |
| Hungary - 0.1% | | | |
| Hungarian Republic 2.125% 9/22/31 (b) | | 6,240,000 | 5,656,170 |
| Indonesia - 4.3% | | | |
| Indonesian Republic: | | | |
| 3.85% 10/15/30 | | 14,805,000 | 15,580,412 |
| 4.1% 4/24/28 | | 27,280,000 | 28,964,540 |
| 5.125% 1/15/45 (b) | | 26,042,000 | 28,811,827 |
| 5.95% 1/8/46 (b) | | 6,230,000 | 7,625,131 |
| 6.625% 2/17/37 | | 15,086,000 | 18,968,759 |
| 6.75% 1/15/44 (b) | | 6,465,000 | 8,566,836 |
| 7.75% 1/17/38 (b) | | 36,057,000 | 49,517,529 |
| 8.5% 10/12/35 (b) | | 46,486,000 | 66,323,901 |
TOTAL INDONESIA | | | 224,358,935 |
| Iraq - 0.1% | | | |
| Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 7,209,000 | 7,036,885 |
| Ivory Coast - 0.6% | | | |
| Ivory Coast: | | | |
| 5.875% 10/17/31 (b) | EUR | 15,110,000 | 15,438,796 |
| 6.125% 6/15/33 (b) | | 8,860,000 | 8,534,949 |
| 6.375% 3/3/28 (b) | | 8,260,000 | 8,385,449 |
TOTAL IVORY COAST | | | 32,359,194 |
| Jamaica - 0.4% | | | |
| Jamaican Government: | | | |
| 6.75% 4/28/28 | | 7,985,000 | 8,725,110 |
| 7.875% 7/28/45 | | 7,490,000 | 9,633,076 |
TOTAL JAMAICA | | | 18,358,186 |
| Jordan - 0.5% | | | |
| Jordanian Kingdom: | | | |
| 4.95% 7/7/25 (b) | | 15,855,000 | 15,775,725 |
| 5.85% 7/7/30 (b) | | 3,945,000 | 3,658,494 |
| 6.125% 1/29/26 (b) | | 4,385,000 | 4,410,488 |
TOTAL JORDAN | | | 23,844,707 |
| Kenya - 0.6% | | | |
| Republic of Kenya: | | | |
| 6.875% 6/24/24 (b) | | 17,265,000 | 17,286,581 |
| 7% 5/22/27 (b) | | 15,615,000 | 15,029,438 |
TOTAL KENYA | | | 32,316,019 |
| Lebanon - 0.2% | | | |
| Lebanese Republic: | | | |
| 5.8% 4/14/20 (d) | | 8,540,000 | 1,002,383 |
| 6% 1/27/23 (d) | | 5,256,000 | 613,638 |
| 6.1% 10/4/22 (d) | | 22,896,000 | 2,651,643 |
| 6.2% 2/26/25 (Reg. S) (d) | | 5,669,000 | 667,170 |
| 6.375% 3/9/20 (d) | | 35,061,000 | 4,104,328 |
| 6.65% 11/3/28(Reg. S) (d) | | 3,000,000 | 349,313 |
| 6.75% 11/29/27 (Reg. S) (d) | | 3,000,000 | 353,063 |
TOTAL LEBANON | | | 9,741,538 |
| Mexico - 2.2% | | | |
| United Mexican States: | | | |
| 3.25% 4/16/30 | | 19,910,000 | 19,193,240 |
| 3.75% 1/11/28 | | 18,765,000 | 19,112,153 |
| 4.5% 4/22/29 | | 10,460,000 | 11,030,070 |
| 4.75% 4/27/32 | | 5,375,000 | 5,697,500 |
| 5.75% 10/12/2110 | | 10,595,000 | 10,780,413 |
| 6.05% 1/11/40 | | 42,348,000 | 48,170,850 |
TOTAL MEXICO | | | 113,984,226 |
| Mongolia - 0.3% | | | |
| Mongolia Government: | | | |
| 3.5% 7/7/27 (b) | | 8,675,000 | 7,894,250 |
| 5.125% 4/7/26 (b) | | 4,015,000 | 3,955,217 |
| 5.625% 5/1/23 (b) | | 1,615,000 | 1,625,901 |
TOTAL MONGOLIA | | | 13,475,368 |
| Morocco - 0.4% | | | |
| Moroccan Kingdom: | | | |
| 2.375% 12/15/27 (b) | | 14,200,000 | 12,922,000 |
| 4% 12/15/50 (b) | | 3,385,000 | 2,703,769 |
| 5.5% 12/11/42 (b) | | 5,750,000 | 5,630,688 |
TOTAL MOROCCO | | | 21,256,457 |
| Nigeria - 1.8% | | | |
| Republic of Nigeria: | | | |
| 6.125% 9/28/28 (b) | | 13,115,000 | 12,010,881 |
| 6.5% 11/28/27 (b) | | 20,043,000 | 18,965,689 |
| 7.143% 2/23/30 (b) | | 6,415,000 | 5,998,025 |
| 7.625% 11/21/25 (b) | | 54,732,000 | 56,579,205 |
TOTAL NIGERIA | | | 93,553,800 |
| Oman - 2.4% | | | |
| Sultanate of Oman: | | | |
| 4.75% 6/15/26 (b) | | 14,188,000 | 14,241,205 |
| 4.875% 2/1/25 (b) | | 6,585,000 | 6,716,700 |
| 5.375% 3/8/27 (b) | | 18,189,000 | 18,643,725 |
| 5.625% 1/17/28 (b) | | 21,625,000 | 22,273,750 |
| 6% 8/1/29 (b) | | 11,510,000 | 11,984,788 |
| 6.25% 1/25/31 (b) | | 6,340,000 | 6,688,700 |
| 6.5% 3/8/47 (b) | | 12,205,000 | 11,960,900 |
| 6.75% 10/28/27 (b) | | 6,520,000 | 7,066,050 |
| 6.75% 1/17/48 (b) | | 23,560,000 | 23,471,650 |
TOTAL OMAN | | | 123,047,468 |
| Pakistan - 0.7% | | | |
| Islamic Republic of Pakistan: | | | |
| 6% 4/8/26 (b) | | 24,660,000 | 19,237,513 |
| 6.875% 12/5/27 (b) | | 4,795,000 | 3,748,491 |
| 8.25% 4/15/24 (b) | | 14,680,000 | 12,760,590 |
| The Third Pakistan International Sukuk Co. Ltd. 5.625% 12/5/22 (b) | | 2,625,000 | 2,522,953 |
TOTAL PAKISTAN | | | 38,269,547 |
| Panama - 1.5% | | | |
| Panamanian Republic: | | | |
| 2.252% 9/29/32 | | 22,155,000 | 19,597,482 |
| 3.16% 1/23/30 | | 14,515,000 | 14,186,598 |
| 3.298% 1/19/33 | | 17,105,000 | 16,403,695 |
| 3.87% 7/23/60 | | 17,120,000 | 15,042,060 |
| 4.5% 5/15/47 | | 8,025,000 | 7,993,903 |
| 4.5% 4/16/50 | | 5,195,000 | 5,152,141 |
TOTAL PANAMA | | | 78,375,879 |
| Paraguay - 0.8% | | | |
| Republic of Paraguay: | | | |
| 2.739% 1/29/33 (b) | | 5,873,000 | 5,182,188 |
| 4.95% 4/28/31 (b) | | 21,130,000 | 22,124,431 |
| 5.4% 3/30/50 (b) | | 9,115,000 | 9,167,981 |
| 5.6% 3/13/48 (b) | | 2,315,000 | 2,374,756 |
TOTAL PARAGUAY | | | 38,849,356 |
| Peru - 1.7% | | | |
| Peruvian Republic: | | | |
| 2.783% 1/23/31 | | 40,970,000 | 38,647,513 |
| 3% 1/15/34 | | 21,165,000 | 19,831,605 |
| 3.3% 3/11/41 | | 33,390,000 | 30,384,900 |
TOTAL PERU | | | 88,864,018 |
| Philippines - 0.1% | | | |
| Philippine Republic 3.556% 9/29/32 | | 3,835,000 | 3,936,091 |
| Qatar - 3.5% | | | |
| State of Qatar: | | | |
| 3.75% 4/16/30 (b) | | 54,140,000 | 56,982,350 |
| 4% 3/14/29 (b) | | 24,755,000 | 26,425,963 |
| 4.4% 4/16/50 (b) | | 19,070,000 | 21,382,238 |
| 4.5% 4/23/28 (b) | | 10,970,000 | 11,943,588 |
| 4.817% 3/14/49 (b) | | 38,811,000 | 45,894,008 |
| 5.103% 4/23/48 (b) | | 11,510,000 | 14,070,975 |
| 9.75% 6/15/30 (Reg. S) | | 3,827,000 | 5,625,690 |
TOTAL QATAR | | | 182,324,812 |
| Romania - 1.1% | | | |
| Romanian Republic: | | | |
| 3% 2/27/27 (b) | | 10,504,000 | 10,188,880 |
| 3% 2/14/31 (b) | | 34,824,000 | 32,255,730 |
| 3.375% 1/28/50 (Reg. S) | EUR | 5,550,000 | 4,911,750 |
| 3.625% 3/27/32 (b) | | 10,504,000 | 9,939,410 |
TOTAL ROMANIA | | | 57,295,770 |
| Russia - 0.1% | | | |
| Ministry of Finance of the Russian Federation: | | | |
| 4.375% 3/21/29(Reg. S) | | 12,600,000 | 2,016,000 |
| 5.1% 3/28/35(Reg. S) | | 12,200,000 | 1,952,000 |
TOTAL RUSSIA | | | 3,968,000 |
| Rwanda - 0.1% | | | |
| Rwanda Republic 5.5% 8/9/31 (b) | | 8,280,000 | 7,546,703 |
| Saudi Arabia - 1.4% | | | |
| Kingdom of Saudi Arabia: | | | |
| 2.25% 2/2/33 (b) | | 18,170,000 | 16,670,975 |
| 3.625% 3/4/28 (b) | | 9,976,000 | 10,250,340 |
| 3.75% 1/21/55 (b) | | 19,480,000 | 18,700,800 |
| 4.5% 10/26/46 (b) | | 14,169,000 | 14,877,450 |
| 4.5% 4/22/60 (b) | | 10,670,000 | 11,523,600 |
TOTAL SAUDI ARABIA | | | 72,023,165 |
| Serbia - 0.2% | | | |
| Republic of Serbia 2.125% 12/1/30 (b) | | 11,740,000 | 9,773,550 |
| South Africa - 0.2% | | | |
| South African Republic 4.85% 9/30/29 | | 8,535,000 | 8,323,225 |
| Sri Lanka - 0.3% | | | |
| Democratic Socialist Republic of Sri Lanka: | | | |
| 6.2% 5/11/27 (b) | | 6,225,000 | 2,941,997 |
| 7.55% 3/28/30 (b) | | 8,530,000 | 4,031,363 |
| 7.85% 3/14/29 (b) | | 18,950,000 | 8,955,960 |
TOTAL SRI LANKA | | | 15,929,320 |
| Tunisia - 0.0% | | | |
| Banque Centrale de Tunisie 5.75% 1/30/25 (b) | | 1,114,000 | 746,380 |
| Turkey - 4.3% | | | |
| Turkish Republic: | | | |
| 4.25% 3/13/25 | | 31,120,000 | 29,025,235 |
| 4.75% 1/26/26 | | 20,150,000 | 18,538,000 |
| 4.875% 10/9/26 | | 10,000,000 | 8,989,375 |
| 4.875% 4/16/43 | | 21,540,000 | 15,257,051 |
| 5.125% 2/17/28 | | 14,310,000 | 12,541,821 |
| 5.6% 11/14/24 | | 12,070,000 | 11,713,935 |
| 5.75% 3/22/24 | | 11,335,000 | 11,174,185 |
| 5.75% 5/11/47 | | 16,250,000 | 12,088,984 |
| 5.95% 1/15/31 | | 12,460,000 | 10,729,618 |
| 6% 3/25/27 | | 10,000,000 | 9,283,125 |
| 6% 1/14/41 | | 22,183,000 | 17,299,967 |
| 6.125% 10/24/28 | | 8,780,000 | 7,972,240 |
| 6.35% 8/10/24 | | 20,635,000 | 20,464,761 |
| 6.375% 10/14/25 | | 14,630,000 | 14,308,140 |
| 7.25% 12/23/23 | | 11,832,000 | 12,059,766 |
| 7.375% 2/5/25 | | 10,509,000 | 10,612,776 |
TOTAL TURKEY | | | 222,058,979 |
| Ukraine - 1.6% | | | |
| Ukraine Government: | | | |
| 1.258% 5/31/40 (b)(f) | | 8,905,000 | 2,716,025 |
| 6.876% 5/21/29 (b) | | 7,670,000 | 3,144,700 |
| 7.253% 3/15/33 (b) | | 15,850,000 | 6,538,125 |
| 7.375% 9/25/32 (b) | | 11,640,000 | 4,801,500 |
| 7.75% 9/1/22 (b) | | 29,964,000 | 17,828,580 |
| 7.75% 9/1/23 (b) | | 43,671,000 | 21,835,500 |
| 7.75% 9/1/24 (b) | | 35,377,000 | 15,123,668 |
| 7.75% 9/1/25 (b) | | 7,275,000 | 3,091,875 |
| 7.75% 9/1/26 (b) | | 7,360,000 | 3,091,200 |
| 7.75% 9/1/27 (b) | | 10,846,000 | 4,555,320 |
| 9.75% 11/1/28 (b) | | 3,105,000 | 1,304,100 |
TOTAL UKRAINE | | | 84,030,593 |
| United Arab Emirates - 1.8% | | | |
| Emirate of Abu Dhabi: | | | |
| 1.7% 3/2/31 (b) | | 17,995,000 | 16,397,944 |
| 3.125% 4/16/30 (b) | | 26,855,000 | 27,392,100 |
| 3.125% 9/30/49 (b) | | 42,178,000 | 38,592,870 |
| 3.875% 4/16/50 (b) | | 12,465,000 | 13,010,344 |
TOTAL UNITED ARAB EMIRATES | | | 95,393,258 |
| Uruguay - 0.4% | | | |
| Uruguay Republic 5.1% 6/18/50 | | 15,135,000 | 17,914,164 |
| Uzbekistan - 0.5% | | | |
| Republic of Uzbekistan: | | | |
| 3.7% 11/25/30 (b) | | 7,400,000 | 6,586,000 |
| 3.9% 10/19/31 (b) | | 12,625,000 | 11,173,125 |
| 4.75% 2/20/24 (b) | | 6,095,000 | 6,125,475 |
TOTAL UZBEKISTAN | | | 23,884,600 |
| Venezuela - 1.0% | | | |
| Venezuelan Republic: | | | |
| 6% 12/9/20 (d) | | 17,250,000 | 1,552,500 |
| 7% 3/31/38 (d) | | 18,925,000 | 1,703,250 |
| 7.65% 4/21/25 (d) | | 34,825,000 | 3,134,250 |
| 7.75% 10/13/19 (Reg. S) (d) | | 29,380,000 | 2,644,200 |
| 8.25% 10/13/24 (d) | | 30,860,000 | 2,777,400 |
| 9% 5/7/23 (Reg. S) (d) | | 43,195,000 | 3,887,550 |
| 9.25% 9/15/27 (d) | | 62,675,000 | 5,640,750 |
| 9.25% 5/7/28 (Reg. S) (d) | | 70,265,000 | 6,323,850 |
| 9.375% 1/13/34 (d) | | 46,005,000 | 4,140,450 |
| 11.75% 10/21/26 (Reg. S) (d) | | 65,000,000 | 5,850,000 |
| 11.95% 8/5/31 (Reg. S) (d) | | 87,250,000 | 7,852,500 |
| 12.75% 8/23/22 (d) | | 42,425,000 | 3,818,250 |
TOTAL VENEZUELA | | | 49,324,950 |
| Zambia - 0.1% | | | |
| Republic of Zambia 8.97% 7/30/27 (b) | | 8,115,000 | 5,717,525 |
| TOTAL GOVERNMENT OBLIGATIONS (Cost $3,490,696,109) | | | 2,881,831,403 |
| | | | |
Categorizations in Schedule of Investments are based on country or territory of incorporation.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
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)
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.
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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