| Nonconvertible Bonds - 31.9% |
| | | Principal Amount (a) | Value ($) |
| Argentina - 0.5% | | | |
| YPF SA: | | | |
| 8.5% 3/23/25 (b) | | 8,799,500 | 8,152,187 |
| 8.75% 4/4/24 (b) | | 14,063,700 | 13,483,572 |
TOTAL ARGENTINA | | | 21,635,759 |
| Azerbaijan - 1.2% | | | |
| Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | | 36,439,000 | 36,958,256 |
| State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | | 11,845,000 | 12,096,706 |
TOTAL AZERBAIJAN | | | 49,054,962 |
| Bahrain - 1.6% | | | |
| The Oil and Gas Holding Co.: | | | |
| 7.5% 10/25/27 (b) | | 28,868,000 | 29,445,360 |
| 7.625% 11/7/24 (b) | | 35,150,000 | 35,677,250 |
TOTAL BAHRAIN | | | 65,122,610 |
| Bailiwick of Jersey - 0.4% | | | |
| Galaxy Pipeline Assets BidCo Ltd.: | | | |
| 2.16% 3/31/34 (b) | | 9,398,825 | 8,094,738 |
| 2.625% 3/31/36 (b) | | 10,620,000 | 8,708,400 |
TOTAL BAILIWICK OF JERSEY | | | 16,803,138 |
| Bermuda - 0.5% | | | |
| GeoPark Ltd. 5.5% 1/17/27 (b) | | 1,745,000 | 1,439,625 |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | | 6,260,000 | 5,758,418 |
| Qtel International Finance Ltd. 2.625% 4/8/31 (b) | | 11,930,000 | 10,317,959 |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | | 7,000,000 | 5,232,500 |
TOTAL BERMUDA | | | 22,748,502 |
| Brazil - 0.1% | | | |
| Natura Cosmeticos SA 4.125% 5/3/28 (b) | | 8,010,000 | 6,493,106 |
| British Virgin Islands - 0.3% | | | |
| ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) | | 12,435,000 | 11,088,911 |
| Canada - 0.2% | | | |
| Gcm Mining Corp. 6.875% 8/9/26 (b) | | 6,230,000 | 5,089,941 |
| MEGlobal Canada, Inc. 5% 5/18/25 (b) | | 3,000,000 | 2,963,063 |
TOTAL CANADA | | | 8,053,004 |
| Cayman Islands - 2.2% | | | |
| Baidu, Inc. 2.375% 10/9/30 | | 7,240,000 | 6,029,689 |
| DP World Crescent Ltd.: | | | |
| 3.7495% 1/30/30 (b) | | 4,770,000 | 4,436,100 |
| 3.875% 7/18/29 (Reg. S) | | 11,147,000 | 10,501,171 |
| ENN Energy Holdings Ltd. 4.625% 5/17/27 (b) | | 10,930,000 | 10,730,528 |
| IHS Holding Ltd. 5.625% 11/29/26 (b) | | 5,980,000 | 5,003,765 |
| Lamar Funding Ltd. 3.958% 5/7/25 (b) | | 6,200,000 | 5,883,413 |
| Liberty Costa Rica SR SF 10.875% 1/15/31 (b) | | 4,280,000 | 4,019,990 |
| Meituan: | | | |
| 2.125% 10/28/25 (b) | | 13,535,000 | 12,347,710 |
| 3.05% 10/28/30 (b) | | 10,295,000 | 8,240,118 |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | | 8,460,000 | 7,824,443 |
| SA Global Sukuk Ltd. 1.602% 6/17/26 (b) | | 14,175,000 | 12,954,533 |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | | 5,438,950 | 4,745,484 |
TOTAL CAYMAN ISLANDS | | | 92,716,944 |
| Chile - 1.0% | | | |
| Corporacion Nacional del Cobre de Chile (Codelco): | | | |
| 3.15% 1/14/30 (b) | | 7,740,000 | 6,921,495 |
| 3.15% 1/15/51 (b) | | 8,130,000 | 5,705,228 |
| 3.7% 1/30/50 (b) | | 14,035,000 | 10,484,145 |
| 5.125% 2/2/33 (b) | | 5,740,000 | 5,766,189 |
| VTR Comunicaciones SpA: | | | |
| 4.375% 4/15/29 (b) | | 4,050,000 | 2,492,775 |
| 5.125% 1/15/28 (b) | | 16,142,000 | 9,864,780 |
TOTAL CHILE | | | 41,234,612 |
| Colombia - 0.5% | | | |
| Ecopetrol SA 8.875% 1/13/33 | | 11,680,000 | 11,782,200 |
| Oleoducto Central SA 4% 7/14/27 (b) | | 8,725,000 | 7,502,409 |
TOTAL COLOMBIA | | | 19,284,609 |
| Georgia - 0.1% | | | |
| JSC Georgian Railway 4% 6/17/28 (b) | | 6,755,000 | 5,758,638 |
| Guatemala - 0.2% | | | |
| CT Trust 5.125% 2/3/32 (b) | | 8,720,000 | 7,262,016 |
| Hong Kong - 0.1% | | | |
| Lenovo Group Ltd. 3.421% 11/2/30 (b) | | 5,500,000 | 4,609,000 |
| Indonesia - 1.0% | | | |
| PT Adaro Indonesia 4.25% 10/31/24 (b) | | 12,520,000 | 11,900,260 |
| PT Freeport Indonesia: | | | |
| 4.763% 4/14/27 (b) | | 4,870,000 | 4,740,032 |
| 5.315% 4/14/32 (b) | | 8,260,000 | 7,773,412 |
| 6.2% 4/14/52 (b) | | 5,635,000 | 5,085,531 |
| PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/30 (b) | | 13,335,000 | 13,087,469 |
TOTAL INDONESIA | | | 42,586,704 |
| Ireland - 0.3% | | | |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | | 5,000,000 | 4,475,000 |
| LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | | 9,500,000 | 8,002,514 |
TOTAL IRELAND | | | 12,477,514 |
| Israel - 0.8% | | | |
| Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (b) | | 15,080,000 | 13,949,000 |
| Leviathan Bond Ltd.: | | | |
| 6.125% 6/30/25 (Reg. S) (b) | | 16,920,000 | 16,475,850 |
| 6.5% 6/30/27 (Reg. S) (b) | | 2,365,000 | 2,264,488 |
TOTAL ISRAEL | | | 32,689,338 |
| Kazakhstan - 0.3% | | | |
| KazMunaiGaz National Co.: | | | |
| 3.5% 4/14/33 (b) | | 10,395,000 | 7,770,263 |
| 5.75% 4/19/47 (b) | | 5,240,000 | 4,074,100 |
TOTAL KAZAKHSTAN | | | 11,844,363 |
| Luxembourg - 1.3% | | | |
| Adecoagro SA 6% 9/21/27 (b) | | 6,168,000 | 5,697,998 |
| EIG Pearl Holdings SARL 3.545% 8/31/36 (b) | | 17,815,000 | 15,209,556 |
| Greensaif Pipelines Bidco SARL: | | | |
| 6.129% 2/23/38 (b) | | 6,165,000 | 6,326,831 |
| 6.51% 2/23/42 (b) | | 6,145,000 | 6,457,243 |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | | 12,957,434 | 10,074,405 |
| Millicom International Cellular SA 4.5% 4/27/31 (b) | | 7,595,000 | 6,047,519 |
| VM Holding SA 6.5% 1/18/28 (b) | | 4,920,000 | 4,782,548 |
TOTAL LUXEMBOURG | | | 54,596,100 |
| Malaysia - 1.0% | | | |
| GENM Capital Labuan Ltd. 3.882% 4/19/31 (b) | | 15,305,000 | 11,845,113 |
| MISC Capital Two (Labuan) Ltd.: | | | |
| 3.625% 4/6/25 (b) | | 3,770,000 | 3,647,004 |
| 3.75% 4/6/27 (b) | | 12,315,000 | 11,593,803 |
| Petronas Capital Ltd.: | | | |
| 3.404% 4/28/61 (b) | | 9,610,000 | 7,017,102 |
| 3.5% 4/21/30 (b) | | 8,990,000 | 8,449,971 |
TOTAL MALAYSIA | | | 42,552,993 |
| Mauritius - 0.5% | | | |
| AXIAN Telecom 7.375% 2/16/27 (b) | | 5,500,000 | 4,954,469 |
| CA Magnum Holdings 5.375% (b)(c) | | 8,295,000 | 7,320,338 |
| HTA Group Ltd. 7% 12/18/25 (b) | | 5,270,000 | 5,003,206 |
| MTN (Mauritius) Investments Ltd. 4.755% 11/11/24 (b) | | 4,995,000 | 4,864,818 |
TOTAL MAURITIUS | | | 22,142,831 |
| Mexico - 4.6% | | | |
| CEMEX S.A.B. de CV 5.45% 11/19/29 (b) | | 5,805,000 | 5,434,931 |
| Comision Federal de Electricid: | | | |
| 3.348% 2/9/31 (b) | | 2,970,000 | 2,338,504 |
| 4.688% 5/15/29 (b) | | 12,425,000 | 11,048,931 |
| Petroleos Mexicanos: | | | |
| 6.5% 3/13/27 | | 9,810,000 | 8,864,316 |
| 6.5% 6/2/41 | | 11,163,000 | 7,484,792 |
| 6.625% 6/15/35 | | 65,174,000 | 47,290,254 |
| 6.7% 2/16/32 | | 18,989,000 | 15,054,479 |
| 6.875% 10/16/25 | | 11,570,000 | 11,409,466 |
| 6.875% 8/4/26 | | 2,780,000 | 2,626,822 |
| 6.95% 1/28/60 | | 35,910,000 | 23,031,776 |
| 7.69% 1/23/50 | | 65,975,000 | 46,222,085 |
| TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (d) | | 27,098,000 | 11,587,381 |
TOTAL MEXICO | | | 192,393,737 |
| Morocco - 0.4% | | | |
| OCP SA: | | | |
| 3.75% 6/23/31 (b) | | 14,540,000 | 11,959,150 |
| 5.125% 6/23/51 (b) | | 4,000,000 | 2,895,600 |
TOTAL MOROCCO | | | 14,854,750 |
| Multi-National - 0.2% | | | |
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | | 6,960,000 | 6,752,505 |
| Netherlands - 1.2% | | | |
| Braskem Netherlands BV 7.25% 2/13/33 (b) | | 4,645,000 | 4,449,910 |
| Embraer Netherlands Finance BV 5.05% 6/15/25 | | 5,500,000 | 5,310,938 |
| Equate Petrochemical BV 4.25% 11/3/26 (b) | | 5,000,000 | 4,849,375 |
| Nostrum Oil & Gas Finance BV: | | | |
| 5% 6/30/26 (b) | | 9,429,000 | 6,930,315 |
| 14% 6/30/26 pay-in-kind (b)(e) | | 13,015,549 | 5,206,220 |
| Prosus NV: | | | |
| 3.061% 7/13/31 (b) | | 6,215,000 | 4,868,287 |
| 3.832% 2/8/51 (b) | | 7,355,000 | 4,633,650 |
| 4.193% 1/19/32 (b) | | 14,100,000 | 11,899,519 |
| VimpelCom Holdings BV 7.25% 12/26/23 (b) | | 2,410,000 | 2,325,650 |
TOTAL NETHERLANDS | | | 50,473,864 |
| Nigeria - 0.1% | | | |
| Access Bank PLC 6.125% 9/21/26 (b) | | 5,825,000 | 4,622,866 |
| Panama - 0.5% | | | |
| Aeropuerto Internacional de Tocumen SA: | | | |
| 4% 8/11/41 (b) | | 11,735,000 | 9,327,858 |
| 5.125% 8/11/61 (b) | | 5,020,000 | 3,867,910 |
| Cable Onda SA 4.5% 1/30/30 (b) | | 11,160,000 | 9,140,040 |
TOTAL PANAMA | | | 22,335,808 |
| Paraguay - 0.1% | | | |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | | 4,950,000 | 4,509,450 |
| Peru - 0.1% | | | |
| Camposol SA 6% 2/3/27 (b) | | 4,435,000 | 2,417,075 |
| Qatar - 1.5% | | | |
| Qatar Petroleum: | | | |
| 1.375% 9/12/26 (b) | | 12,840,000 | 11,588,100 |
| 2.25% 7/12/31 (b) | | 26,625,000 | 22,544,719 |
| 3.3% 7/12/51 (b) | | 36,535,000 | 27,077,002 |
TOTAL QATAR | | | 61,209,821 |
| Saudi Arabia - 2.3% | | | |
| Saudi Arabian Oil Co.: | | | |
| 1.625% 11/24/25 (b) | | 16,675,000 | 15,422,291 |
| 3.5% 4/16/29 (b) | | 62,226,000 | 58,076,304 |
| 4.25% 4/16/39 (b) | | 14,375,000 | 12,883,594 |
| 4.375% 4/16/49 (b) | | 11,864,000 | 10,158,550 |
TOTAL SAUDI ARABIA | | | 96,540,739 |
| Singapore - 0.3% | | | |
| Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (b) | | 15,125,000 | 13,303,383 |
| South Africa - 1.3% | | | |
| Eskom Holdings SOC Ltd.: | | | |
| 6.35% 8/10/28 (b) | | 13,265,000 | 12,522,989 |
| 6.75% 8/6/23 (b) | | 10,218,000 | 10,098,577 |
| 7.125% 2/11/25 (b) | | 22,975,000 | 22,462,370 |
| 8.45% 8/10/28 (b) | | 8,165,000 | 7,920,050 |
TOTAL SOUTH AFRICA | | | 53,003,986 |
| Spain - 0.1% | | | |
| EnfraGen Energia Sur SA 5.375% 12/30/30 (b) | | 10,455,000 | 6,356,823 |
| United Arab Emirates - 0.5% | | | |
| Abu Dhabi National Energy Co. PJSC: | | | |
| 4% 10/3/49 (b) | | 4,435,000 | 3,792,757 |
| 4.875% 4/23/30 (b) | | 1,990,000 | 2,022,089 |
| MDGH GMTN RSC Ltd.: | | | |
| 2.875% 11/7/29 (b) | | 5,705,000 | 5,134,500 |
| 3.375% 3/28/32 (Reg. S) | | 2,140,000 | 1,929,076 |
| 5.5% 4/28/33 (b) | | 5,925,000 | 6,287,166 |
TOTAL UNITED ARAB EMIRATES | | | 19,165,588 |
| United Kingdom - 1.4% | | | |
| Antofagasta PLC: | | | |
| 2.375% 10/14/30 (b) | | 15,695,000 | 12,495,182 |
| 5.625% 5/13/32 (b) | | 5,445,000 | 5,322,488 |
| Endeavour Mining PLC 5% 10/14/26 (b) | | 6,000,000 | 4,980,000 |
| Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | | 9,060,000 | 6,070,200 |
| MARB BondCo PLC 3.95% 1/29/31 (b) | | 2,935,000 | 2,222,822 |
| NAK Naftogaz Ukraine: | | | |
| 7.375% 7/19/24 (Reg. S) (d) | | 12,720,000 | 3,456,660 |
| 7.625% 11/8/26 (b) | | 7,055,000 | 1,407,913 |
| The Bidvest Group UK PLC 3.625% 9/23/26 (b) | | 6,255,000 | 5,634,582 |
| Tullow Oil PLC 10.25% 5/15/26 (b) | | 23,935,000 | 18,370,113 |
TOTAL UNITED KINGDOM | | | 59,959,960 |
| United States of America - 2.3% | | | |
| Azul Investments LLP: | | | |
| 5.875% 10/26/24 (b) | | 22,223,000 | 17,639,506 |
| 7.25% 6/15/26 (b) | | 6,345,000 | 4,180,958 |
| DAE Funding LLC 1.55% 8/1/24 (b) | | 6,275,000 | 5,890,656 |
| Kosmos Energy Ltd. 7.125% 4/4/26 (b) | | 38,909,000 | 33,359,604 |
| NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b) | | 4,930,000 | 4,543,981 |
| Sasol Financing U.S.A. LLC: | | | |
| 4.375% 9/18/26 | | 16,375,000 | 14,801,977 |
| 5.875% 3/27/24 | | 7,025,000 | 6,940,700 |
| Stillwater Mining Co.: | | | |
| 4% 11/16/26 (b) | | 5,790,000 | 5,167,575 |
| 4.5% 11/16/29 (b) | | 2,530,000 | 2,074,284 |
TOTAL UNITED STATES OF AMERICA | | | 94,599,241 |
| Uzbekistan - 0.1% | | | |
| Uzbekneftegaz JSC 4.75% 11/16/28 (b) | | 4,640,000 | 3,663,570 |
| Venezuela - 0.8% | | | |
| Petroleos de Venezuela SA: | | | |
| 5.375% 4/12/27 (d) | | 152,515,000 | 6,100,600 |
| 5.5% 4/12/37 (d) | | 184,250,000 | 6,909,375 |
| 6% 5/16/24 (b)(d) | | 105,540,000 | 4,538,220 |
| 6% 11/15/26 (Reg. S) (d) | | 89,700,000 | 3,588,000 |
| 8.5% 12/31/99 (Reg. S) (d) | | 20,540,000 | 5,135,000 |
| 9% 12/31/49 (Reg. S) (d) | | 48,700,000 | 2,313,250 |
| 9.75% 5/17/35 (b)(d) | | 71,700,000 | 3,226,500 |
| 12.75% 12/31/49 (b)(d) | | 53,000,000 | 2,517,500 |
TOTAL VENEZUELA | | | 34,328,445 |
| TOTAL NONCONVERTIBLE BONDS (Cost $1,807,294,301) | | | 1,331,247,265 |
| | | | |
| Government Obligations - 63.3% |
| | | Principal Amount (a) | Value ($) |
| Angola - 1.8% | | | |
| Angola Republic: | | | |
| 8% 11/26/29 (b) | | 17,800,000 | 15,308,000 |
| 8.25% 5/9/28 (b) | | 18,775,000 | 16,686,281 |
| 8.75% 4/14/32 (b) | | 9,205,000 | 7,766,719 |
| 9.125% 11/26/49 (b) | | 7,695,000 | 5,963,625 |
| 9.375% 5/8/48 (b) | | 13,330,000 | 10,464,050 |
| 9.5% 11/12/25 (b) | | 18,525,000 | 18,316,594 |
TOTAL ANGOLA | | | 74,505,269 |
| Argentina - 1.8% | | | |
| Argentine Republic: | | | |
| 0.5% 7/9/30 (f) | | 78,813,473 | 22,658,873 |
| 1% 7/9/29 | | 30,551,997 | 8,417,075 |
| 1.5% 7/9/35 (f) | | 65,085,665 | 16,759,559 |
| 3.875% 1/9/38 (f) | | 53,139,088 | 16,416,657 |
| Buenos Aires Province 5.25% 9/1/37 (b)(f) | | 13,320,000 | 4,628,700 |
| Provincia de Cordoba 6.875% 12/10/25 (b) | | 5,865,241 | 4,970,792 |
TOTAL ARGENTINA | | | 73,851,656 |
| Armenia - 0.1% | | | |
| Republic of Armenia 3.6% 2/2/31 (b) | | 6,510,000 | 4,987,474 |
| Azerbaijan - 0.2% | | | |
| Azerbaijan Republic 3.5% 9/1/32 (b) | | 8,235,000 | 6,949,825 |
| Bahrain - 0.3% | | | |
| Bahrain Kingdom 5.625% 5/18/34 (b) | | 11,770,000 | 10,269,325 |
| Barbados - 0.3% | | | |
| Barbados Government 6.5% 10/1/29 (b) | | 11,985,000 | 11,080,882 |
| Benin - 0.2% | | | |
| Republic of Benin 4.875% 1/19/32 (b) | EUR | 11,755,000 | 9,603,452 |
| Bermuda - 0.5% | | | |
| Bermuda Government: | | | |
| 2.375% 8/20/30 (b) | | 5,325,000 | 4,517,264 |
| 3.375% 8/20/50 (b) | | 5,015,000 | 3,563,158 |
| 3.717% 1/25/27 (b) | | 7,900,000 | 7,575,606 |
| 5% 7/15/32 (b) | | 3,830,000 | 3,831,915 |
TOTAL BERMUDA | | | 19,487,943 |
| Brazil - 1.8% | | | |
| Brazilian Federative Republic: | | | |
| 3.875% 6/12/30 | | 9,340,000 | 8,340,620 |
| 5% 1/27/45 | | 14,450,000 | 11,341,444 |
| 5.625% 1/7/41 | | 9,434,000 | 8,344,963 |
| 5.625% 2/21/47 | | 8,822,000 | 7,414,891 |
| 7.125% 1/20/37 | | 8,510,000 | 9,264,199 |
| 8.25% 1/20/34 | | 11,336,000 | 13,056,238 |
| 12.25% 3/6/30 | | 13,881,000 | 18,974,595 |
TOTAL BRAZIL | | | 76,736,950 |
| Cameroon - 0.3% | | | |
| Cameroon Republic 5.95% 7/7/32 (b) | EUR | 14,070,000 | 10,903,448 |
| Chile - 1.4% | | | |
| Chilean Republic: | | | |
| 2.45% 1/31/31 | | 31,325,000 | 27,004,108 |
| 2.75% 1/31/27 | | 6,865,000 | 6,458,678 |
| 3.1% 1/22/61 | | 13,900,000 | 9,050,638 |
| 3.5% 1/31/34 | | 7,100,000 | 6,318,113 |
| 4% 1/31/52 | | 3,960,000 | 3,205,868 |
| 4.34% 3/7/42 | | 5,555,000 | 4,891,178 |
TOTAL CHILE | | | 56,928,583 |
| Colombia - 3.0% | | | |
| Colombian Republic: | | | |
| 3% 1/30/30 | | 45,595,000 | 35,700,885 |
| 3.125% 4/15/31 | | 19,000,000 | 14,497,000 |
| 3.875% 2/15/61 | | 6,730,000 | 3,885,734 |
| 4.125% 5/15/51 | | 6,805,000 | 4,205,490 |
| 5% 6/15/45 | | 34,965,000 | 24,482,056 |
| 5.2% 5/15/49 | | 16,120,000 | 11,256,798 |
| 6.125% 1/18/41 | | 6,410,000 | 5,253,396 |
| 7.375% 9/18/37 | | 3,680,000 | 3,535,790 |
| 7.5% 2/2/34 | | 4,055,000 | 3,979,983 |
| 8% 4/20/33 | | 16,815,000 | 17,243,783 |
TOTAL COLOMBIA | | | 124,040,915 |
| Costa Rica - 0.9% | | | |
| Costa Rican Republic: | | | |
| 5.625% 4/30/43 (b) | | 17,578,000 | 15,230,238 |
| 6.125% 2/19/31 (b) | | 7,000,000 | 6,937,875 |
| 6.55% 4/3/34 (b) | | 9,800,000 | 9,830,625 |
| 7% 4/4/44 (b) | | 4,575,000 | 4,462,913 |
TOTAL COSTA RICA | | | 36,461,651 |
| Dominican Republic - 3.7% | | | |
| Dominican Republic: | | | |
| 4.5% 1/30/30 (b) | | 29,255,000 | 25,411,624 |
| 4.875% 9/23/32 (b) | | 10,930,000 | 9,268,640 |
| 5.3% 1/21/41 (b) | | 6,000,000 | 4,669,875 |
| 5.875% 1/30/60 (b) | | 18,130,000 | 13,759,537 |
| 5.95% 1/25/27 (b) | | 24,724,000 | 24,288,240 |
| 6% 7/19/28 (b) | | 18,101,000 | 17,623,586 |
| 6.4% 6/5/49 (b) | | 6,013,000 | 5,003,192 |
| 6.5% 2/15/48 (b) | | 17,655,000 | 14,921,785 |
| 6.85% 1/27/45 (b) | | 16,129,000 | 14,342,713 |
| 7.05% 2/3/31 (b) | | 4,425,000 | 4,449,891 |
| 7.45% 4/30/44 (b) | | 20,824,000 | 19,975,422 |
TOTAL DOMINICAN REPUBLIC | | | 153,714,505 |
| Ecuador - 1.0% | | | |
| Ecuador Republic: | | | |
| 1.5% 7/31/40 (b)(f) | | 10,200,000 | 3,049,163 |
| 2.5% 7/31/35 (b)(f) | | 48,400,000 | 16,011,325 |
| 5.5% 7/31/30 (b)(f) | | 52,330,000 | 24,212,437 |
TOTAL ECUADOR | | | 43,272,925 |
| Egypt - 2.3% | | | |
| Arab Republic of Egypt: | | | |
| 7.0529% 1/15/32 (b) | | 4,740,000 | 2,944,133 |
| 7.5% 1/31/27 (b) | | 24,854,000 | 19,049,038 |
| 7.5% 2/16/61 (b) | | 15,275,000 | 8,203,630 |
| 7.6003% 3/1/29 (b) | | 34,319,000 | 23,847,415 |
| 7.903% 2/21/48 (b) | | 12,840,000 | 7,072,433 |
| 8.5% 1/31/47 (b) | | 34,441,000 | 19,949,949 |
| 8.7002% 3/1/49 (b) | | 22,940,000 | 13,331,008 |
TOTAL EGYPT | | | 94,397,606 |
| El Salvador - 0.3% | | | |
| El Salvador Republic: | | | |
| 6.375% 1/18/27 (b) | | 2,515,000 | 1,376,963 |
| 7.1246% 1/20/50 (b) | | 8,578,000 | 3,860,100 |
| 7.625% 2/1/41 (b) | | 11,695,000 | 5,379,700 |
TOTAL EL SALVADOR | | | 10,616,763 |
| Gabon - 0.4% | | | |
| Gabonese Republic: | | | |
| 6.95% 6/16/25 (b) | | 9,000,000 | 8,347,500 |
| 7% 11/24/31 (b) | | 13,095,000 | 10,017,675 |
TOTAL GABON | | | 18,365,175 |
| Georgia - 0.3% | | | |
| Georgia Republic 2.75% 4/22/26 (b) | | 15,425,000 | 13,692,580 |
| Ghana - 0.6% | | | |
| Ghana Republic: | | | |
| 7.75% 4/7/29 (b)(d) | | 12,265,000 | 4,203,062 |
| 8.125% 1/18/26 (b)(d) | | 6,566,924 | 2,508,975 |
| 8.125% 3/26/32 (b)(d) | | 17,605,000 | 6,044,017 |
| 8.627% 6/16/49 (b)(d) | | 12,885,000 | 4,181,988 |
| 10.75% 10/14/30 (b) | | 11,025,000 | 7,547,302 |
TOTAL GHANA | | | 24,485,344 |
| Guatemala - 0.6% | | | |
| Guatemalan Republic: | | | |
| 3.7% 10/7/33 (b) | | 2,500,000 | 2,073,906 |
| 4.9% 6/1/30 (b) | | 2,500,000 | 2,377,031 |
| 5.25% 8/10/29 (b) | | 9,000,000 | 8,745,750 |
| 5.375% 4/24/32 (b) | | 5,270,000 | 5,098,066 |
| 6.125% 6/1/50 (b) | | 5,650,000 | 5,329,716 |
TOTAL GUATEMALA | | | 23,624,469 |
| Hungary - 0.8% | | | |
| Hungarian Republic: | | | |
| 2.125% 9/22/31 (b) | | 11,240,000 | 8,621,783 |
| 3.125% 9/21/51 (b) | | 7,415,000 | 4,531,492 |
| 5.25% 6/16/29 (b) | | 6,100,000 | 5,970,375 |
| 5.5% 6/16/34 (b) | | 6,365,000 | 6,142,225 |
| 6.25% 9/22/32 (b) | | 4,105,000 | 4,181,969 |
| 6.75% 9/25/52 (b) | | 4,190,000 | 4,326,175 |
TOTAL HUNGARY | | | 33,774,019 |
| Indonesia - 3.1% | | | |
| Indonesian Republic: | | | |
| 3.85% 10/15/30 | | 14,805,000 | 14,090,659 |
| 4.1% 4/24/28 | | 17,280,000 | 16,937,640 |
| 5.125% 1/15/45 (b) | | 20,042,000 | 19,668,417 |
| 5.95% 1/8/46 (b) | | 6,230,000 | 6,671,162 |
| 6.625% 2/17/37 (b) | | 15,086,000 | 17,312,844 |
| 6.75% 1/15/44 (b) | | 6,465,000 | 7,524,355 |
| 7.75% 1/17/38 (b) | | 17,722,000 | 22,222,280 |
| 8.5% 10/12/35 (b) | | 19,301,000 | 25,040,635 |
TOTAL INDONESIA | | | 129,467,992 |
| Iraq - 0.1% | | | |
| Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 6,007,500 | 5,595,611 |
| Ivory Coast - 0.8% | | | |
| Ivory Coast: | | | |
| 5.875% 10/17/31 (b) | EUR | 10,110,000 | 8,935,900 |
| 6.125% 6/15/33 (b) | | 8,860,000 | 7,663,900 |
| 6.375% 3/3/28 (b) | | 18,040,000 | 17,264,280 |
TOTAL IVORY COAST | | | 33,864,080 |
| Jamaica - 0.2% | | | |
| Jamaican Government 7.875% 7/28/45 | | 7,490,000 | 8,701,508 |
| Jordan - 0.6% | | | |
| Jordanian Kingdom: | | | |
| 5.85% 7/7/30 (b) | | 8,860,000 | 7,845,530 |
| 6.125% 1/29/26 (b) | | 4,385,000 | 4,278,938 |
| 7.375% 10/10/47 (b) | | 7,320,000 | 6,168,473 |
| 7.75% 1/15/28 (b) | | 6,645,000 | 6,731,385 |
TOTAL JORDAN | | | 25,024,326 |
| Kenya - 0.9% | | | |
| Republic of Kenya: | | | |
| 6.3% 1/23/34 (b) | | 13,130,000 | 9,322,300 |
| 6.875% 6/24/24 (b) | | 15,445,000 | 14,286,625 |
| 7% 5/22/27 (b) | | 18,115,000 | 15,307,175 |
TOTAL KENYA | | | 38,916,100 |
| Lebanon - 0.1% | | | |
| Lebanese Republic: | | | |
| 5.8% 12/31/49 (d) | | 8,540,000 | 531,615 |
| 6% 12/31/49 (d) | | 5,256,000 | 322,916 |
| 6.1% 12/31/49 (d) | | 22,896,000 | 1,425,276 |
| 6.2% 2/26/25 (Reg. S) (d) | | 5,669,000 | 361,399 |
| 6.375% 12/31/49 (d) | | 35,061,000 | 2,182,547 |
| 6.65% 11/3/28(Reg. S) (d) | | 3,000,000 | 191,250 |
| 6.75% 11/29/27 (Reg. S) (d) | | 3,000,000 | 191,250 |
TOTAL LEBANON | | | 5,206,253 |
| Mexico - 2.4% | | | |
| United Mexican States: | | | |
| 3.25% 4/16/30 | | 19,910,000 | 17,804,518 |
| 3.75% 1/11/28 | | 18,765,000 | 18,070,695 |
| 4.5% 4/22/29 | | 10,460,000 | 10,235,110 |
| 4.75% 4/27/32 | | 5,375,000 | 5,155,969 |
| 5.75% 10/12/2110 | | 10,595,000 | 9,464,646 |
| 6.05% 1/11/40 | | 30,348,000 | 30,818,394 |
| 6.35% 2/9/35 | | 9,065,000 | 9,645,160 |
TOTAL MEXICO | | | 101,194,492 |
| Mongolia - 0.2% | | | |
| Mongolia Government: | | | |
| 3.5% 7/7/27 (b) | | 6,000,000 | 4,785,660 |
| 5.125% 4/7/26 (b) | | 4,015,000 | 3,533,642 |
TOTAL MONGOLIA | | | 8,319,302 |
| Morocco - 0.2% | | | |
| Moroccan Kingdom 6.5% 9/8/33 (b) | | 9,915,000 | 10,212,450 |
| Nigeria - 2.1% | | | |
| Republic of Nigeria: | | | |
| 6.125% 9/28/28 (b) | | 13,115,000 | 10,196,913 |
| 6.5% 11/28/27 (b) | | 20,043,000 | 16,284,938 |
| 7.143% 2/23/30 (b) | | 6,415,000 | 4,875,400 |
| 7.625% 11/21/25 (b) | | 30,927,000 | 27,988,935 |
| 7.625% 11/28/47 (b) | | 18,415,000 | 11,785,600 |
| 7.696% 2/23/38 (b) | | 3,500,000 | 2,329,250 |
| 7.875% 2/16/32 (b) | | 9,000,000 | 6,750,000 |
| 8.375% 3/24/29 (b) | | 7,870,000 | 6,473,075 |
TOTAL NIGERIA | | | 86,684,111 |
| Oman - 2.9% | | | |
| Sultanate of Oman: | | | |
| 4.75% 6/15/26 (b) | | 4,238,000 | 4,124,898 |
| 5.375% 3/8/27 (b) | | 18,189,000 | 17,936,628 |
| 5.625% 1/17/28 (b) | | 21,625,000 | 21,554,719 |
| 6% 8/1/29 (b) | | 11,510,000 | 11,555,321 |
| 6.25% 1/25/31 (b) | | 6,340,000 | 6,446,195 |
| 6.5% 3/8/47 (b) | | 27,725,000 | 25,576,313 |
| 6.75% 10/28/27 (b) | | 6,520,000 | 6,813,400 |
| 6.75% 1/17/48 (b) | | 30,140,000 | 28,519,975 |
TOTAL OMAN | | | 122,527,449 |
| Pakistan - 0.4% | | | |
| Islamic Republic of Pakistan: | | | |
| 6% 4/8/26 (b) | | 24,660,000 | 8,880,313 |
| 6.875% 12/5/27 (b) | | 22,905,000 | 8,019,270 |
| 7.875% 3/31/36 (b) | | 1,293,000 | 434,610 |
TOTAL PAKISTAN | | | 17,334,193 |
| Panama - 2.2% | | | |
| Panamanian Republic: | | | |
| 2.252% 9/29/32 | | 22,155,000 | 16,959,653 |
| 3.16% 1/23/30 | | 14,515,000 | 12,716,954 |
| 3.298% 1/19/33 | | 21,210,000 | 17,687,814 |
| 3.87% 7/23/60 | | 17,120,000 | 11,179,360 |
| 4.3% 4/29/53 | | 7,000,000 | 5,126,625 |
| 4.5% 5/15/47 | | 8,025,000 | 6,276,052 |
| 4.5% 4/16/50 | | 10,760,000 | 8,169,530 |
| 6.4% 2/14/35 | | 9,790,000 | 10,186,495 |
| 6.853% 3/28/54 | | 3,685,000 | 3,779,428 |
TOTAL PANAMA | | | 92,081,911 |
| Paraguay - 0.9% | | | |
| Republic of Paraguay: | | | |
| 2.739% 1/29/33 (b) | | 5,873,000 | 4,717,854 |
| 4.95% 4/28/31 (b) | | 21,130,000 | 20,361,396 |
| 5.4% 3/30/50 (b) | | 10,075,000 | 8,634,905 |
| 5.6% 3/13/48 (b) | | 2,315,000 | 2,045,592 |
TOTAL PARAGUAY | | | 35,759,747 |
| Peru - 1.1% | | | |
| Peruvian Republic: | | | |
| 2.783% 1/23/31 | | 12,415,000 | 10,589,995 |
| 3% 1/15/34 | | 21,165,000 | 17,213,759 |
| 3.3% 3/11/41 | | 24,840,000 | 18,572,558 |
TOTAL PERU | | | 46,376,312 |
| Philippines - 0.8% | | | |
| Philippine Republic: | | | |
| 2.65% 12/10/45 | | 7,890,000 | 5,405,518 |
| 2.95% 5/5/45 | | 3,200,000 | 2,308,352 |
| 5% 7/17/33 | | 4,140,000 | 4,218,080 |
| 5.5% 1/17/48 | | 3,675,000 | 3,753,498 |
| 5.609% 4/13/33 | | 6,190,000 | 6,593,031 |
| 5.95% 10/13/47 | | 9,890,000 | 10,645,200 |
TOTAL PHILIPPINES | | | 32,923,679 |
| Poland - 0.2% | | | |
| Polish Government 5.5% 4/4/53 | | 6,960,000 | 7,020,900 |
| Qatar - 3.9% | | | |
| State of Qatar: | | | |
| 3.75% 4/16/30 (b) | | 47,140,000 | 46,014,533 |
| 4% 3/14/29 (b) | | 24,755,000 | 24,550,771 |
| 4.4% 4/16/50 (b) | | 28,995,000 | 26,747,888 |
| 4.5% 4/23/28 (b) | | 10,970,000 | 11,116,038 |
| 4.817% 3/14/49 (b) | | 38,811,000 | 37,986,266 |
| 5.103% 4/23/48 (b) | | 11,510,000 | 11,682,650 |
| 9.75% 6/15/30 (b) | | 3,827,000 | 5,107,371 |
TOTAL QATAR | | | 163,205,517 |
| Romania - 1.6% | | | |
| Romanian Republic: | | | |
| 3% 2/27/27 (b) | | 10,504,000 | 9,519,250 |
| 3% 2/14/31 (b) | | 34,824,000 | 28,599,210 |
| 3.375% 1/28/50 (Reg. S) | EUR | 14,940,000 | 9,721,458 |
| 3.625% 3/27/32 (b) | | 10,504,000 | 8,836,490 |
| 4% 2/14/51 (b) | | 3,535,000 | 2,454,174 |
| 7.125% 1/17/33 (b) | | 4,210,000 | 4,461,084 |
| 7.625% 1/17/53 (b) | | 4,154,000 | 4,453,867 |
TOTAL ROMANIA | | | 68,045,533 |
| Russia - 0.0% | | | |
| Ministry of Finance of the Russian Federation: | | | |
| 4.375% 3/21/29(Reg. S) (d)(g) | | 12,600,000 | 630,000 |
| 5.1% 3/28/35(Reg. S) (d)(g) | | 12,200,000 | 610,000 |
TOTAL RUSSIA | | | 1,240,000 |
| Rwanda - 0.2% | | | |
| Rwanda Republic 5.5% 8/9/31 (b) | | 12,780,000 | 9,076,196 |
| Saudi Arabia - 1.6% | | | |
| Kingdom of Saudi Arabia: | | | |
| 2.25% 2/2/33 (b) | | 18,170,000 | 14,919,841 |
| 3.45% 2/2/61 (b) | | 9,925,000 | 7,011,392 |
| 3.625% 3/4/28 (b) | | 9,976,000 | 9,589,430 |
| 3.75% 1/21/55 (b) | | 19,480,000 | 14,960,640 |
| 4.5% 10/26/46 (b) | | 14,169,000 | 12,435,954 |
| 4.5% 4/22/60 (b) | | 10,670,000 | 9,331,582 |
TOTAL SAUDI ARABIA | | | 68,248,839 |
| Senegal - 0.3% | | | |
| Republic of Senegal: | | | |
| 6.25% 5/23/33 (b) | | 9,965,000 | 7,922,175 |
| 6.75% 3/13/48 (b) | | 5,110,000 | 3,500,350 |
TOTAL SENEGAL | | | 11,422,525 |
| Serbia - 0.5% | | | |
| Republic of Serbia: | | | |
| 2.125% 12/1/30 (b) | | 18,590,000 | 14,067,983 |
| 6.25% 5/26/28 (b) | | 3,140,000 | 3,167,475 |
| 6.5% 9/26/33 (b) | | 4,750,000 | 4,714,375 |
TOTAL SERBIA | | | 21,949,833 |
| South Africa - 1.0% | | | |
| South African Republic: | | | |
| 4.85% 9/30/29 | | 8,535,000 | 7,638,825 |
| 5% 10/12/46 | | 3,190,000 | 2,201,100 |
| 5.65% 9/27/47 | | 22,135,000 | 16,269,225 |
| 5.75% 9/30/49 | | 22,085,000 | 16,177,263 |
TOTAL SOUTH AFRICA | | | 42,286,413 |
| Sri Lanka - 0.7% | | | |
| Democratic Socialist Republic of Sri Lanka: | | | |
| 6.2% 5/11/27 (b)(d) | | 14,360,000 | 5,033,180 |
| 6.825% 7/18/26 (b)(d) | | 13,445,000 | 4,875,030 |
| 6.85% 11/3/25 (b)(d) | | 14,285,000 | 5,172,063 |
| 7.55% 3/28/30 (b)(d) | | 12,490,000 | 4,369,939 |
| 7.85% 3/14/29 (b)(d) | | 26,015,000 | 9,075,593 |
TOTAL SRI LANKA | | | 28,525,805 |
| Turkey - 3.3% | | | |
| Turkish Republic: | | | |
| 4.25% 3/13/25 | | 12,305,000 | 11,520,556 |
| 4.75% 1/26/26 | | 8,400,000 | 7,717,500 |
| 4.875% 4/16/43 | | 23,555,000 | 15,575,744 |
| 5.125% 2/17/28 | | 11,310,000 | 9,896,250 |
| 5.75% 5/11/47 | | 24,355,000 | 17,200,719 |
| 6% 3/25/27 | | 7,000,000 | 6,457,500 |
| 6% 1/14/41 | | 22,183,000 | 16,637,250 |
| 6.125% 10/24/28 | | 8,780,000 | 7,891,025 |
| 6.375% 10/14/25 | | 17,175,000 | 16,530,938 |
| 6.625% 2/17/45 | | 5,190,000 | 4,119,563 |
| 9.375% 3/14/29 | | 14,870,000 | 15,148,813 |
| 9.375% 1/19/33 | | 6,925,000 | 7,046,188 |
TOTAL TURKEY | | | 135,742,046 |
| Ukraine - 0.8% | | | |
| Ukraine Government: | | | |
| 0% 8/1/41 (b)(e) | | 8,905,000 | 2,336,449 |
| 6.876% 5/21/31 (b) | | 7,670,000 | 1,315,405 |
| 7.253% 3/15/35 (b) | | 15,850,000 | 2,707,378 |
| 7.375% 9/25/34 (b) | | 11,640,000 | 1,990,440 |
| 7.75% 9/1/24 (b) | | 29,964,000 | 6,541,516 |
| 7.75% 9/1/25 (b) | | 43,671,000 | 8,687,800 |
| 7.75% 9/1/26 (b) | | 35,377,000 | 6,385,549 |
| 7.75% 9/1/27 (b) | | 7,275,000 | 1,297,223 |
| 7.75% 9/1/28 (b) | | 7,360,000 | 1,339,980 |
| 7.75% 9/1/29 (b) | | 10,846,000 | 1,967,871 |
| 9.75% 11/1/30 (b) | | 3,105,000 | 575,978 |
TOTAL UKRAINE | | | 35,145,589 |
| United Arab Emirates - 2.0% | | | |
| Emirate of Abu Dhabi: | | | |
| 1.7% 3/2/31 (b) | | 7,910,000 | 6,674,063 |
| 3.125% 9/30/49 (b) | | 42,178,000 | 31,580,778 |
| 3.875% 4/16/50 (b) | | 34,465,000 | 29,381,413 |
| Emirate of Dubai 3.9% 9/9/50 (Reg. S) | | 15,155,000 | 10,904,970 |
| United Arab Emirates 4.05% 7/7/32 (b) | | 5,420,000 | 5,404,079 |
TOTAL UNITED ARAB EMIRATES | | | 83,945,303 |
| United States of America - 2.9% | | | |
| U.S. Treasury Bonds 2.875% 5/15/52 | | 130,074,000 | 111,274,210 |
| U.S. Treasury Notes 4% 2/28/30 | | 9,933,000 | 10,195,293 |
TOTAL UNITED STATES OF AMERICA | | | 121,469,503 |
| Uruguay - 0.6% | | | |
| Uruguay Republic 5.1% 6/18/50 | | 24,210,000 | 24,282,630 |
| Uzbekistan - 0.7% | | | |
| Republic of Uzbekistan: | | | |
| 3.7% 11/25/30 (b) | | 7,400,000 | 5,870,513 |
| 3.9% 10/19/31 (b) | | 18,255,000 | 14,476,215 |
| 4.75% 2/20/24 (b) | | 6,095,000 | 5,955,196 |
| 5.375% 2/20/29 (b) | | 4,250,000 | 3,866,969 |
TOTAL UZBEKISTAN | | | 30,168,893 |
| Venezuela - 1.3% | | | |
| Venezuelan Republic: | | | |
| 6% 12/31/49 (d) | | 17,250,000 | 1,164,375 |
| 7% 3/31/38 (d) | | 18,925,000 | 1,922,115 |
| 7.65% 4/21/25 (d) | | 34,825,000 | 3,569,563 |
| 7.75% 12/31/49 (Reg. S) (d) | | 29,380,000 | 1,983,150 |
| 8.25% 10/13/24 (d) | | 30,860,000 | 3,163,150 |
| 9% 5/7/23 (Reg. S) (d) | | 43,195,000 | 4,427,488 |
| 9.25% 9/15/27 (d) | | 62,675,000 | 6,424,188 |
| 9.25% 5/7/28 (Reg. S) (d) | | 70,265,000 | 7,200,589 |
| 9.375% 1/13/34 (d) | | 46,005,000 | 4,714,482 |
| 11.75% 10/21/26 (Reg. S) (d) | | 65,000,000 | 6,662,500 |
| 11.95% 8/5/31 (Reg. S) (d) | | 87,250,000 | 8,943,125 |
| 12.75% 12/31/49 (d) | | 42,425,000 | 4,348,563 |
TOTAL VENEZUELA | | | 54,523,288 |
| Zambia - 0.1% | | | |
| Republic of Zambia: | | | |
| 8.5% 4/14/24 (b)(d) | | 2,190,000 | 980,436 |
| 8.97% 7/30/27 (b)(d) | | 10,325,000 | 4,568,813 |
TOTAL ZAMBIA | | | 5,549,249 |
| TOTAL GOVERNMENT OBLIGATIONS (Cost $3,389,403,051) | | | 2,643,788,337 |
| | | | |
Categorizations in the 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 dividend 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. 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 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)
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities.Nonconvertible Bonds, Government Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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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