| Nonconvertible Bonds - 37.5% | | | |
| | | Principal Amount(a) | Value |
| Argentina - 2.2% | | | |
| Aeropuertos Argentina 2000 SA: | | | |
| 6.875% 2/1/27 (b) | | $42,188 | $29,505 |
| 9.375% 2/1/27 pay-in-kind (b)(c) | | 15,677,401 | 10,557,750 |
| Banco Macro SA 6.75% 11/4/26 (b)(c) | | 7,885,000 | 5,862,005 |
| Pampa Holding SA: | | | |
| 7.375% 7/21/23 (b) | | 1,275,000 | 1,062,633 |
| 7.5% 1/24/27 (b) | | 2,185,000 | 1,631,239 |
| Tecpetrol SA 4.875% 12/12/22 (b) | | 1,170,000 | 1,081,314 |
| Telecom Argentina SA 8.5% 8/6/25 (b) | | 1,726,000 | 1,471,415 |
| Transportadora de Gas del Sur SA 6.75% 5/2/25 (b) | | 6,630,000 | 5,283,281 |
| YPF SA: | | | |
| 8.5% 3/23/21 (b) | | 680,000 | 635,078 |
| 8.5% 3/23/25 (b) | | 9,307,000 | 7,371,144 |
| 8.75% 4/4/24 (b) | | 30,115,000 | 24,242,575 |
|
| TOTAL ARGENTINA | | | 59,227,939 |
|
| Austria - 0.1% | | | |
| JBS Investments II GmbH 7% 1/15/26 (b) | | 2,360,000 | 2,519,300 |
| Azerbaijan - 0.1% | | | |
| Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | | 3,465,000 | 3,948,368 |
| Bahrain - 0.3% | | | |
| The Oil and Gas Holding Co.: | | | |
| 7.5% 10/25/27 (b) | | 1,635,000 | 1,729,013 |
| 7.625% 11/7/24 (b) | | 5,025,000 | 5,350,055 |
|
| TOTAL BAHRAIN | | | 7,079,068 |
|
| Belarus - 0.0% | | | |
| Development Bank of the Republic of Belarus 6.75% 5/2/24 (b) | | 1,010,000 | 953,188 |
| Bermuda - 0.5% | | | |
| Digicel Group Ltd. 6.75% 3/1/23 (b) | | 3,120,000 | 1,949,997 |
| GeoPark Ltd. 6.5% 9/21/24 (b) | | 3,660,000 | 3,440,400 |
| Qtel International Finance Ltd.: | | | |
| 3.25% 2/21/23 (b) | | 5,230,000 | 5,471,888 |
| 5% 10/19/25 (b) | | 2,795,000 | 3,266,656 |
|
| TOTAL BERMUDA | | | 14,128,941 |
|
| British Virgin Islands - 2.0% | | | |
| 1MDB Global Investments Ltd. 4.4% 3/9/23 | | 43,000,000 | 43,038,270 |
| Central American Bottling Corp. 5.75% 1/31/27 (b) | | 1,295,000 | 1,342,012 |
| Gold Fields Orogen Holding BVI Ltd.: | | | |
| 4.875% 10/7/20 (b) | | 7,612,000 | 7,607,243 |
| 5.125% 5/15/24 (b) | | 1,850,000 | 2,009,563 |
|
| TOTAL BRITISH VIRGIN ISLANDS | | | 53,997,088 |
|
| Canada - 1.1% | | | |
| First Quantum Minerals Ltd.: | | | |
| 7.25% 5/15/22 (b) | | 965,000 | 963,215 |
| 7.25% 4/1/23 (b) | | 22,505,000 | 22,246,755 |
| 7.5% 4/1/25 (b) | | 2,900,000 | 2,871,000 |
| Frontera Energy Corp. 9.7% 6/25/23 (b) | | 3,185,000 | 2,593,784 |
|
| TOTAL CANADA | | | 28,674,754 |
|
| Cayman Islands - 1.5% | | | |
| Comcel Trust 6.875% 2/6/24 (b) | | 11,400,000 | 11,528,478 |
| DP World Crescent Ltd.: | | | |
| 3.7495% 1/30/30 (b) | | 3,290,000 | 3,372,250 |
| 3.875% 7/18/29 (Reg. S) | | 2,815,000 | 2,910,006 |
| DP World Salaam 6% (Reg. S) (c)(d) | | 1,100,000 | 1,153,625 |
| Embraer Overseas Ltd. 5.696% 9/16/23 (b) | | 575,000 | 582,188 |
| NagaCorp Ltd.: | | | |
| 7.95% 7/6/24 (Reg. S) | | 3,110,000 | 3,123,606 |
| 9.375% 5/21/21 (b) | | 6,155,000 | 6,251,172 |
| Odebrecht Finance Ltd.: | | | |
| 4.375% 4/25/25 (b)(e) | | 11,075,000 | 598,742 |
| 7.125% 6/26/42 (b)(e) | | 14,263,000 | 735,436 |
| Sable International Finance Ltd. 5.75% 9/7/27 (b) | | 1,435,000 | 1,496,533 |
| Sparc Em Spc 0% 12/5/22 (b) | | 678,510 | 657,313 |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | | 2,555,000 | 2,729,858 |
| Three Gorges Finance I Cayman Islands Ltd. 2.15% 9/22/30 (b) | | 4,905,000 | 4,917,753 |
|
| TOTAL CAYMAN ISLANDS | | | 40,056,960 |
|
| Chile - 0.2% | | | |
| Corporacion Nacional del Cobre de Chile (Codelco) 3.7% 1/30/50 (b) | | 4,050,000 | 4,276,547 |
| VTR Comunicaciones SpA 5.125% 1/15/28 (b) | | 1,845,000 | 1,901,446 |
|
| TOTAL CHILE | | | 6,177,993 |
|
| Colombia - 0.2% | | | |
| Colombia Telecomunicaciones SA 4.95% 7/17/30 (b) | | 2,420,000 | 2,507,725 |
| Oleoducto Central SA 4% 7/14/27 (b) | | 2,760,000 | 2,866,260 |
|
| TOTAL COLOMBIA | | | 5,373,985 |
|
| Curacao - 0.2% | | | |
| Teva Pharmaceutical Finance Co. BV: | | | |
| 2.95% 12/18/22 | | 3,125,000 | 3,037,906 |
| 3.65% 11/10/21 | | 1,030,000 | 1,027,425 |
|
| TOTAL CURACAO | | | 4,065,331 |
|
| Dominican Republic - 0.0% | | | |
| Banco de Reservas de La Republica Dominicana 7% 2/1/23 (b) | | 1,075,000 | 1,097,844 |
| Georgia - 0.7% | | | |
| Georgia Bank Joint Stock Co. 6% 7/26/23 (b) | | 10,695,000 | 10,979,086 |
| Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) | | 4,663,000 | 4,616,370 |
| JSC Georgian Railway 7.75% 7/11/22 (b) | | 1,290,000 | 1,347,849 |
| Silknet JSC 11% 4/2/24 (Reg. S) | | 650,000 | 682,499 |
|
| TOTAL GEORGIA | | | 17,625,804 |
|
| India - 0.1% | | | |
| Shriram Transport Finance Co. Ltd. 5.1% 7/16/23 (b) | | 1,455,000 | 1,334,508 |
| Indonesia - 0.6% | | | |
| Delta Merlin Dunia Tekstil PT 8.625% 3/12/24 (b)(e) | | 1,970,000 | 190,228 |
| Indonesia Asahan Aluminium Tbk PT 5.45% 5/15/30 (b) | | 1,955,000 | 2,258,416 |
| PT Adaro Indonesia 4.25% 10/31/24 (b) | | 6,930,000 | 6,737,259 |
| PT Bukit Makmur Mandiri Utama 7.75% 2/13/22 (b) | | 8,865,000 | 7,280,381 |
|
| TOTAL INDONESIA | | | 16,466,284 |
|
| Ireland - 0.8% | | | |
| Bonitron Designated Activity Co. 8.75% 10/30/22 (b) | | 9,455,000 | 9,357,495 |
| Borets Finance DAC 6% 9/17/26 (b) | | 5,500,000 | 5,487,350 |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | | 2,550,000 | 2,648,813 |
| CBOM Finance PLC 4.7% 1/29/25 (b) | | 1,460,000 | 1,471,406 |
| Celtic Resources Holdings DAC 4.125% 10/9/24 (b) | | 2,330,000 | 2,458,150 |
|
| TOTAL IRELAND | | | 21,423,214 |
|
| Isle of Man - 0.2% | | | |
| Sasol Financing International PLC 4.5% 11/14/22 | | 5,890,000 | 5,698,575 |
| Israel - 0.3% | | | |
| Leviathan Bond Ltd.: | | | |
| 5.75% 6/30/23 (Reg. S) (b) | | 4,240,000 | 4,367,200 |
| 6.125% 6/30/25 (Reg. S) (b) | | 2,545,000 | 2,624,531 |
|
| TOTAL ISRAEL | | | 6,991,731 |
|
| Kazakhstan - 0.5% | | | |
| BTA Bank JSC 5.5% 12/21/22 (b) | | 7,959,968 | 7,925,143 |
| KazMunaiGaz National Co.: | | | |
| 3.875% 4/19/22 (b) | | 3,970,000 | 4,118,875 |
| 4.75% 4/24/25 (b) | | 1,205,000 | 1,324,747 |
|
| TOTAL KAZAKHSTAN | | | 13,368,765 |
|
| Luxembourg - 2.4% | | | |
| CSN Resources SA 7.625% 2/13/23 (b) | | 22,610,000 | 23,295,366 |
| MHP SA 7.75% 5/10/24 (b) | | 3,960,000 | 4,124,588 |
| Millicom International Cellular SA 6% 3/15/25 (b) | | 4,210,000 | 4,321,828 |
| Petrobras International Finance Co. Ltd. 6.875% 1/20/40 | | 6,673,000 | 7,332,726 |
| Rumo Luxembourg SARL 7.375% 2/9/24 (b) | | 19,098,000 | 19,981,283 |
| Usiminas International SARL 5.875% 7/18/26 (b) | | 2,165,000 | 2,204,917 |
| VM Holding SA 6.5% 1/18/28 (b) | | 1,230,000 | 1,341,930 |
|
| TOTAL LUXEMBOURG | | | 62,602,638 |
|
| Malaysia - 0.1% | | | |
| Petronas Capital Ltd. 3.5% 4/21/30 (b) | | 2,620,000 | 2,929,448 |
| Mauritius - 0.3% | | | |
| HTA Group Ltd. 7% 12/18/25 (b) | | 1,225,000 | 1,277,063 |
| MTN (Mauritius) Investments Ltd.: | | | |
| 5.373% 2/13/22 (b) | | 1,400,000 | 1,427,125 |
| 6.5% 10/13/26 (b) | | 2,670,000 | 2,958,694 |
| Vedanta Holdings Mauritius II Ltd. 13% 8/21/23 (b) | | 1,400,000 | 1,442,000 |
|
| TOTAL MAURITIUS | | | 7,104,882 |
|
| Mexico - 6.6% | | | |
| Aerovias de Mexico SA de CV 7% 2/5/25 (b)(e) | | 1,615,000 | 380,534 |
| America Movil S.A.B. de CV 6.45% 12/5/22 | MXN | 224,420,000 | 10,266,823 |
| Axtel S.A.B. de CV 6.375% 11/14/24 (b) | | 4,440,000 | 4,612,050 |
| CEMEX S.A.B. de CV 7.75% 4/16/26 (b) | | 2,630,000 | 2,759,856 |
| Credito Real S.A.B. de CV 9.5% 2/7/26 (b) | | 1,180,000 | 1,129,113 |
| Elementia S.A.B. de CV 5.5% 1/15/25 (b) | | 4,880,000 | 4,700,050 |
| Metalsa SA de CV 4.9% 4/24/23 (b) | | 10,882,000 | 10,892,202 |
| Pemex Project Funding Master Trust: | | | |
| 6.625% 6/15/35 | | 21,915,000 | 18,018,239 |
| 8.625% 2/1/22 | | 3,625,000 | 3,790,391 |
| 8.625% 12/1/23 (c) | | 930,000 | 921,863 |
| Petroleos Mexicanos: | | | |
| 3 month U.S. LIBOR + 3.650% 3.9003% 3/11/22 (c)(f) | | 4,950,000 | 4,835,804 |
| 3.5% 1/30/23 | | 7,330,000 | 7,200,158 |
| 4.875% 1/24/22 | | 9,840,000 | 9,929,175 |
| 4.875% 1/18/24 | | 28,265,000 | 27,911,688 |
| 5.375% 3/13/22 | | 4,290,000 | 4,344,966 |
| 6.375% 2/4/21 | | 300,000 | 303,450 |
| 6.5% 6/2/41 | | 2,085,000 | 1,599,422 |
| 6.75% 9/21/47 | | 8,752,000 | 6,745,604 |
| 7.69% 1/23/50 (b) | | 44,374,000 | 37,141,038 |
| TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) | | 26,690,000 | 16,339,284 |
| Unifin Financiera SAPI de CV 7% 1/15/25 (b) | | 1,190,000 | 967,619 |
|
| TOTAL MEXICO | | | 174,789,329 |
|
| Mongolia - 0.1% | | | |
| Development Bank of Mongolia 7.25% 10/23/23 (b) | | 1,405,000 | 1,467,347 |
| Morocco - 0.1% | | | |
| OCP SA 6.875% 4/25/44 (b) | | 1,260,000 | 1,597,050 |
| Netherlands - 3.9% | | | |
| Cimpor Financial Operations BV 5.75% 7/17/24 (b) | | 11,835,000 | 8,529,485 |
| IHS Netherlands Holdco BV 7.125% 3/18/25 (b) | | 12,600,000 | 12,848,063 |
| MDC GMTN BV 2.875% 11/7/29 (b) | | 6,010,000 | 6,439,595 |
| Metinvest BV 7.75% 4/23/23 (b) | | 18,530,000 | 18,842,786 |
| Nostrum Oil & Gas Finance BV 8% 7/25/22 (b)(e) | | 30,870,000 | 8,026,200 |
| Petrobras Global Finance BV: | | | |
| 5.75% 2/1/29 | | 3,710,000 | 4,076,594 |
| 6.9% 3/19/49 | | 2,395,000 | 2,653,959 |
| 7.375% 1/17/27 | | 1,840,000 | 2,172,304 |
| 8.75% 5/23/26 | | 8,405,000 | 10,508,877 |
| Prosus NV 4.027% 8/3/50 (b) | | 5,525,000 | 5,642,406 |
| SABIC Capital II BV 4% 10/10/23 (b) | | 8,080,000 | 8,686,000 |
| Teva Pharmaceutical Finance Netherlands III BV 2.8% 7/21/23 | | 2,940,000 | 2,811,375 |
| VimpelCom Holdings BV 7.25% 4/26/23 (b) | | 6,930,000 | 7,645,869 |
| VTR Finance BV 6.375% 7/15/28 (b) | | 3,655,000 | 3,851,456 |
|
| TOTAL NETHERLANDS | | | 102,734,969 |
|
| Nigeria - 0.0% | | | |
| Fidelity Bank PLC 10.5% 10/16/22 (b) | | 785,000 | 819,015 |
| Panama - 0.2% | | | |
| Cable Onda SA 4.5% 1/30/30 (b) | | 3,855,000 | 4,016,428 |
| Paraguay - 0.1% | | | |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) | | 2,585,000 | 2,700,249 |
| Peru - 0.3% | | | |
| Camposol SA 6% 2/3/27 (b) | | 1,658,000 | 1,697,119 |
| Telefonica del Peru SA 7.375% 4/10/27 (b) | PEN | 19,410,000 | 5,421,628 |
|
| TOTAL PERU | | | 7,118,747 |
|
| Saudi Arabia - 1.6% | | | |
| Saudi Arabian Oil Co.: | | | |
| 3.5% 4/16/29 (b) | | 30,205,000 | 33,140,548 |
| 4.25% 4/16/39 (b) | | 3,195,000 | 3,660,863 |
| 4.375% 4/16/49 (b) | | 5,940,000 | 7,102,220 |
|
| TOTAL SAUDI ARABIA | | | 43,903,631 |
|
| Singapore - 0.8% | | | |
| Indika Energy Capital II Pte. Ltd. 6.875% 4/10/22 (b) | | 14,785,000 | 14,757,278 |
| Medco Platinum Road Pte Ltd. 6.75% 1/30/25 (b) | | 1,530,000 | 1,466,627 |
| TBG Global Pte. Ltd. 5.25% 2/10/22 (Reg. S) | | 5,650,000 | 5,666,668 |
|
| TOTAL SINGAPORE | | | 21,890,573 |
|
| South Africa - 2.5% | | | |
| Eskom Holdings SOC Ltd.: | | | |
| 5.75% 1/26/21 (b) | | 61,225,000 | 59,541,313 |
| 6.75% 8/6/23 (b) | | 7,660,000 | 7,056,775 |
|
| TOTAL SOUTH AFRICA | | | 66,598,088 |
|
| Tunisia - 0.2% | | | |
| Banque Centrale de Tunisie 5.75% 1/30/25 (b) | | 6,550,000 | 5,860,203 |
| Turkey - 1.2% | | | |
| Akbank TAS: | | | |
| 5.125% 3/31/25 (b) | | 1,350,000 | 1,248,750 |
| 7.2% 3/16/27 (b)(c) | | 3,365,000 | 3,070,563 |
| Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) | | 8,260,000 | 8,143,844 |
| T.C. Ziraat Bankasi A/S 5.125% 5/3/22 (b) | | 6,135,000 | 5,958,619 |
| Turk Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (b) | | 1,420,000 | 1,443,075 |
| Turkiye Garanti Bankasi A/S 6.125% 5/24/27 (b)(c) | | 3,605,000 | 3,217,463 |
| Turkiye Sinai Kalkinma Bankasi A/S 6% 1/23/25 (b) | | 4,070,000 | 3,767,294 |
| Turkiye Vakiflar Bankasi TAO 5.75% 1/30/23 (b) | | 6,445,000 | 6,173,102 |
|
| TOTAL TURKEY | | | 33,022,710 |
|
| Ukraine - 0.0% | | | |
| VFU Funding PLC (VF Ukraine) 6.2% 2/11/25 (b) | | 530,000 | 526,191 |
| United Arab Emirates - 0.4% | | | |
| Abu Dhabi National Energy Co. PJSC: | | | |
| 4% 10/3/49 (b) | | 1,665,000 | 1,946,489 |
| 4.875% 4/23/30 (b) | | 1,075,000 | 1,332,328 |
| ADES International Holding Ltd. 8.625% 4/24/24 (b) | | 6,560,000 | 6,127,450 |
| DP World Ltd. 5.625% 9/25/48 (b) | | 1,795,000 | 2,045,178 |
|
| TOTAL UNITED ARAB EMIRATES | | | 11,451,445 |
|
| United Kingdom - 2.6% | | | |
| Biz Finance PLC 9.625% 4/27/22 (b) | | 4,074,333 | 4,152,000 |
| DTEK Finance PLC 10.75% 12/31/24 pay-in-kind (c) | | 10,645,000 | 7,115,517 |
| Fresnillo PLC 4.25% 10/2/50 (b) | | 2,700,000 | 2,655,450 |
| Liquid Telecommunications Financing PLC 8.5% 7/13/22 (b) | | 2,830,000 | 2,860,069 |
| NAK Naftogaz Ukraine: | | | |
| 7.375% 7/19/22 (Reg. S) | | 9,775,000 | 9,836,094 |
| 7.625% 11/8/26 (b) | | 2,455,000 | 2,364,472 |
| Oschadbank Via SSB #1 PLC 9.375% 3/10/23 (b) | | 1,916,250 | 1,954,575 |
| Tullow Oil PLC 6.25% 4/15/22 (b) | | 30,060,000 | 15,217,875 |
| Ukraine Railways via Shortline PLC 9.875% 9/15/21 (b) | | 2,095,800 | 2,106,279 |
| Vedanta Resources PLC: | | | |
| 6.375% 7/30/22 (b) | | 17,300,000 | 13,667,000 |
| 8.25% 6/7/21 (b) | | 6,595,000 | 6,188,995 |
|
| TOTAL UNITED KINGDOM | | | 68,118,326 |
|
| United States of America - 2.5% | | | |
| Azul Investments LLP 5.875% 10/26/24 (b) | | 8,815,000 | 6,619,514 |
| CEMEX Finance LLC 6% 4/1/24 (b) | | 1,485,000 | 1,507,275 |
| Citgo Holding, Inc. 9.25% 8/1/24 (b) | | 5,685,000 | 5,414,963 |
| Citgo Petroleum Corp. 6.25% 8/15/22 (b) | | 21,215,000 | 21,038,597 |
| Kosmos Energy Ltd. 7.125% 4/4/26 (b) | | 18,315,000 | 15,934,050 |
| Sasol Financing U.S.A. LLC 5.875% 3/27/24 | | 1,515,000 | 1,452,506 |
| Stillwater Mining Co. 6.125% 6/27/22 (b) | | 15,795,000 | 15,952,950 |
|
| TOTAL UNITED STATES OF AMERICA | | | 67,919,855 |
|
| Venezuela - 0.0% | | | |
| Petroleos de Venezuela SA: | | | |
| 5.375% 4/12/27 (e) | | 5,000,000 | 137,500 |
| 5.5% 4/12/37 (e) | | 330,000 | 9,075 |
| 6% 5/16/24 (b)(e) | | 9,685,000 | 266,338 |
| 6% 11/15/26 (b)(e) | | 12,130,000 | 333,575 |
| 9.75% 5/17/35 (b)(e) | | 1,315,000 | 36,163 |
| 12.75% 2/17/22 (b)(e) | | 1,310,000 | 36,025 |
|
| TOTAL VENEZUELA | | | 818,676 |
|
| TOTAL NONCONVERTIBLE BONDS | | | |
| (Cost $1,079,599,943) | | | 998,199,440 |
|
| Government Obligations - 46.3% | | | |
| Angola - 0.3% | | | |
| Angola Republic: | | | |
| 8.25% 5/9/28 (b) | | 3,125,000 | 2,478,516 |
| 9.375% 5/8/48 (b) | | 965,000 | 750,891 |
| 9.5% 11/12/25 (b) | | 4,890,000 | 4,251,244 |
|
| TOTAL ANGOLA | | | 7,480,651 |
|
| Argentina - 3.4% | | | |
| Argentine Republic: | | | |
| 0.125% 7/9/30 (g) | | 93,737,307 | 38,900,982 |
| 0.125% 7/9/35 (g) | | 30,737,842 | 11,480,584 |
| 0.125% 1/9/38 (g) | | 9,996,530 | 4,248,525 |
| 1% 7/9/29 | | 8,355,564 | 3,789,248 |
| City of Buenos Aires: | | | |
| 7.5% 6/1/27 (Reg. S) | | 1,299,000 | 935,686 |
| 8.95% 2/19/21 (b) | | 3,372,800 | 3,035,520 |
| Mendoza Province 8.375% 5/19/24 (b)(e) | | 965,000 | 625,441 |
| Province of Santa Fe 7% 3/23/23 (b) | | 14,230,000 | 10,250,047 |
| Provincia de Cordoba: | | | |
| 7.125% 6/10/21 (b) | | 17,590,000 | 10,735,397 |
| 7.45% 9/1/24 (b) | | 9,710,000 | 5,349,603 |
|
| TOTAL ARGENTINA | | | 89,351,033 |
|
| Armenia - 0.1% | | | |
| Republic of Armenia 7.15% 3/26/25 (b) | | 1,220,000 | 1,319,506 |
| Azerbaijan - 0.1% | | | |
| Azerbaijan Republic 4.75% 3/18/24 (b) | | 3,525,000 | 3,692,438 |
| Bahamas (Nassau) - 0.0% | | | |
| Bahamian Republic 6% 11/21/28 (b) | | 1,095,000 | 991,523 |
| Bahrain - 0.1% | | | |
| Bahrain Kingdom 6.125% 7/5/22 (b) | | 2,215,000 | 2,310,522 |
| Barbados - 0.5% | | | |
| Barbados Government: | | | |
| 6.5% 2/1/21 (b) | | 2,936,800 | 2,918,445 |
| 6.5% 10/1/29 (b) | | 9,940,000 | 9,573,463 |
|
| TOTAL BARBADOS | | | 12,491,908 |
|
| Belarus - 0.2% | | | |
| Belarus Republic 6.875% 2/28/23 (b) | | 5,250,000 | 5,090,859 |
| Bermuda - 0.6% | | | |
| Bermuda Government: | | | |
| 2.375% 8/20/30 (b) | | 520,000 | 525,200 |
| 3.375% 8/20/50 (b) | | 1,825,000 | 1,903,133 |
| 3.717% 1/25/27 (b) | | 7,540,000 | 8,256,300 |
| 4.75% 2/15/29 (b) | | 4,160,000 | 4,964,700 |
|
| TOTAL BERMUDA | | | 15,649,333 |
|
| Brazil - 1.7% | | | |
| Brazilian Federative Republic: | | | |
| 2.875% 6/6/25 | | 10,490,000 | 10,584,410 |
| 3.875% 6/12/30 | | 3,725,000 | 3,725,000 |
| 4.75% 1/14/50 | | 2,950,000 | 2,878,094 |
| 7.125% 1/20/37 | | 4,065,000 | 5,038,059 |
| 8.25% 1/20/34 | | 17,160,000 | 23,010,488 |
|
| TOTAL BRAZIL | | | 45,236,051 |
|
| Cameroon - 0.6% | | | |
| Cameroon Republic 9.5% 11/19/25 (b) | | 15,425,000 | 15,796,164 |
| Colombia - 0.4% | | | |
| Colombian Republic: | | | |
| 3% 1/30/30 | | 1,840,000 | 1,875,650 |
| 5% 6/15/45 | | 6,810,000 | 7,946,419 |
|
| TOTAL COLOMBIA | | | 9,822,069 |
|
| Costa Rica - 0.1% | | | |
| Costa Rican Republic: | | | |
| 5.625% 4/30/43 (b) | | 1,910,000 | 1,569,781 |
| 7% 4/4/44 (b) | | 1,955,000 | 1,770,497 |
|
| TOTAL COSTA RICA | | | 3,340,278 |
|
| Dominican Republic - 1.8% | | | |
| Dominican Republic: | | | |
| 4.5% 1/30/30 (b) | | 1,520,000 | 1,489,125 |
| 5.5% 1/27/25 (b) | | 2,710,000 | 2,879,375 |
| 5.875% 1/30/60 (b) | | 4,500,000 | 4,246,875 |
| 5.95% 1/25/27 (b) | | 6,410,000 | 6,876,728 |
| 6% 7/19/28 (b) | | 4,120,000 | 4,427,713 |
| 6.4% 6/5/49 (b) | | 5,070,000 | 5,084,259 |
| 6.5% 2/15/48 (b) | | 755,000 | 761,370 |
| 6.5% 2/15/48 (Reg. S) | | 1,530,000 | 1,542,909 |
| 6.85% 1/27/45 (b) | | 2,830,000 | 2,982,113 |
| 6.875% 1/29/26 (b) | | 8,775,000 | 9,767,672 |
| 7.45% 4/30/44 (b) | | 7,520,000 | 8,443,550 |
|
| TOTAL DOMINICAN REPUBLIC | | | 48,501,689 |
|
| Ecuador - 0.4% | | | |
| Ecuador Republic: | | | |
| 0.5% 7/31/30 (b)(g) | | 8,320,000 | 5,636,800 |
| 0.5% 7/31/35 (b)(g) | | 6,645,000 | 3,704,588 |
|
| TOTAL ECUADOR | | | 9,341,388 |
|
| Egypt - 2.6% | | | |
| Arab Republic of Egypt: | | | |
| , yield at date of purchase 12.9488% to 13.619% 12/15/20 to 3/23/21 | EGP | 111,475,000 | 6,764,174 |
| 7.0529% 1/15/32 (b) | | 1,665,000 | 1,586,433 |
| 7.5% 1/31/27 (b) | | 32,960,000 | 34,566,800 |
| 7.6003% 3/1/29 (b) | | 12,740,000 | 13,030,631 |
| 7.903% 2/21/48 (b) | | 4,875,000 | 4,488,047 |
| 8.5% 1/31/47 (b) | | 7,395,000 | 7,136,175 |
| 8.7002% 3/1/49 (b) | | 1,150,000 | 1,119,094 |
|
| TOTAL EGYPT | | | 68,691,354 |
|
| El Salvador - 0.4% | | | |
| El Salvador Republic: | | | |
| 5.875% 1/30/25 (b) | | 915,000 | 799,481 |
| 7.1246% 1/20/50 (b) | | 2,600,000 | 2,027,188 |
| 7.625% 2/1/41 (b) | | 935,000 | 782,478 |
| 7.75% 1/24/23 (b) | | 6,810,000 | 6,567,394 |
| 9.5% 7/15/52 (b) | | 1,670,000 | 1,580,759 |
|
| TOTAL EL SALVADOR | | | 11,757,300 |
|
| Gabon - 0.1% | | | |
| Gabonese Republic 6.375% 12/12/24 (b) | | 2,180,000 | 2,052,606 |
| Georgia - 0.1% | | | |
| Georgia Republic 6.875% 4/12/21 (b) | | 2,500,000 | 2,547,656 |
| Ghana - 0.1% | | | |
| Ghana Republic 10.75% 10/14/30 (b) | | 2,345,000 | 2,843,313 |
| Guatemala - 0.1% | | | |
| Guatemalan Republic: | | | |
| 4.9% 6/1/30 (b) | | 475,000 | 525,617 |
| 5.375% 4/24/32 (b) | | 1,870,000 | 2,148,163 |
|
| TOTAL GUATEMALA | | | 2,673,780 |
|
| Honduras - 0.2% | | | |
| Republic of Honduras: | | | |
| 5.625% 6/24/30 (b) | | 1,185,000 | 1,268,320 |
| 8.75% 12/16/20 (b) | | 4,461,000 | 4,495,852 |
|
| TOTAL HONDURAS | | | 5,764,172 |
|
| Indonesia - 2.8% | | | |
| Indonesian Republic: | | | |
| 3.85% 10/15/30 | | 3,790,000 | 4,296,913 |
| 4.1% 4/24/28 | | 7,530,000 | 8,555,963 |
| 4.35% 1/11/48 | | 4,095,000 | 4,718,208 |
| 5.125% 1/15/45 (b) | | 9,585,000 | 12,050,142 |
| 5.25% 1/17/42 (b) | | 3,965,000 | 5,008,291 |
| 5.95% 1/8/46 (b) | | 4,505,000 | 6,292,922 |
| 6.625% 2/17/37 (b) | | 821,000 | 1,153,505 |
| 6.75% 1/15/44 (b) | | 3,710,000 | 5,542,972 |
| 7.75% 1/17/38 (b) | | 8,865,000 | 13,696,425 |
| 8.5% 10/12/35 (b) | | 7,965,000 | 12,756,445 |
|
| TOTAL INDONESIA | | | 74,071,786 |
|
| Iraq - 0.7% | | | |
| Republic of Iraq 5.8% 1/15/28 (Reg. S) | | 22,420,313 | 19,912,040 |
| Ivory Coast - 0.4% | | | |
| Ivory Coast: | | | |
| 5.75% 12/31/32 | | 6,465,700 | 5,978,752 |
| 5.875% 10/17/31 (b) | EUR | 3,660,000 | 3,875,460 |
|
| TOTAL IVORY COAST | | | 9,854,212 |
|
| Jamaica - 0.1% | | | |
| Jamaican Government: | | | |
| 6.75% 4/28/28 | | 725,000 | 824,688 |
| 7.875% 7/28/45 | | 1,995,000 | 2,524,298 |
|
| TOTAL JAMAICA | | | 3,348,986 |
|
| Jordan - 0.4% | | | |
| Jordanian Kingdom: | | | |
| 4.95% 7/7/25 (b) | | 6,605,000 | 6,571,975 |
| 6.125% 1/29/26 (b) | | 2,860,000 | 2,923,456 |
|
| TOTAL JORDAN | | | 9,495,431 |
|
| Kenya - 0.1% | | | |
| Republic of Kenya 6.875% 6/24/24 (b) | | 3,740,000 | 3,803,113 |
| Korea (South) - 0.3% | | | |
| Korean Republic 1% 9/16/30 | | 6,770,000 | 6,676,003 |
| Lebanon - 0.1% | | | |
| Lebanese Republic: | | | |
| 5.8% 12/31/49 (e) | | 7,337,000 | 1,283,975 |
| 6.375% 12/31/49 (e) | | 9,133,000 | 1,621,108 |
|
| TOTAL LEBANON | | | 2,905,083 |
|
| Mexico - 2.2% | | | |
| United Mexican States: | | | |
| 3.25% 4/16/30 | | 7,105,000 | 7,289,730 |
| 3.75% 1/11/28 | | 6,690,000 | 7,195,931 |
| 3.9% 4/27/25 | | 2,875,000 | 3,143,813 |
| 4.5% 4/22/29 | | 3,880,000 | 4,349,238 |
| 4.75% 4/27/32 | | 1,910,000 | 2,162,478 |
| 5.75% 10/12/2110 | | 19,860,000 | 22,863,825 |
| 6.05% 1/11/40 | | 7,695,000 | 9,662,034 |
| 6.5% 6/9/22 | MXN | 16,030,000 | 749,203 |
|
| TOTAL MEXICO | | | 57,416,252 |
|
| Mongolia - 0.0% | | | |
| Mongolia Government 5.125% 4/7/26 (b) | | 1,125,000 | 1,130,625 |
| Morocco - 0.3% | | | |
| Moroccan Kingdom: | | | |
| 1.375% 3/30/26 (b) | EUR | 3,350,000 | 3,908,069 |
| 4.25% 12/11/22 (b) | | 2,775,000 | 2,915,484 |
| 5.5% 12/11/42 (b) | | 850,000 | 1,053,203 |
|
| TOTAL MOROCCO | | | 7,876,756 |
|
| Namibia - 0.0% | | | |
| Republic of Namibia 5.5% 11/3/21 (b) | | 765,000 | 770,498 |
| Nigeria - 0.8% | | | |
| Republic of Nigeria: | | | |
| 6.75% 1/28/21 (b) | | 2,415,000 | 2,421,792 |
| 7.625% 11/21/25 (b) | | 18,215,000 | 18,960,677 |
|
| TOTAL NIGERIA | | | 21,382,469 |
|
| Oman - 0.5% | | | |
| Sultanate of Oman: | | | |
| 3.875% 3/8/22 (b) | | 6,325,000 | 6,247,914 |
| 4.125% 1/17/23 (b) | | 3,485,000 | 3,409,855 |
| 6.75% 1/17/48 (b) | | 3,790,000 | 3,136,225 |
|
| TOTAL OMAN | | | 12,793,994 |
|
| Pakistan - 0.2% | | | |
| Islamic Republic of Pakistan 8.25% 4/15/24 (b) | | 1,300,000 | 1,376,375 |
| The Third Pakistan International Sukuk Co. Ltd. 5.5% 10/13/21 (b) | | 4,200,000 | 4,184,250 |
|
| TOTAL PAKISTAN | | | 5,560,625 |
|
| Panama - 0.3% | | | |
| Panamanian Republic: | | | |
| 2.252% 9/29/32 | | 3,620,000 | 3,668,870 |
| 3.87% 7/23/60 | | 2,685,000 | 3,078,520 |
|
| TOTAL PANAMA | | | 6,747,390 |
|
| Papua New Guinea - 0.1% | | | |
| Papua New Guinea 8.375% 10/4/28 (b) | | 3,885,000 | 3,817,013 |
| Paraguay - 0.3% | | | |
| Republic of Paraguay: | | | |
| 4.95% 4/28/31 (b) | | 4,575,000 | 5,284,125 |
| 5.4% 3/30/50 (b) | | 2,105,000 | 2,548,366 |
|
| TOTAL PARAGUAY | | | 7,832,491 |
|
| Qatar - 2.3% | | | |
| State of Qatar: | | | |
| 3.75% 4/16/30 (b) | | 20,055,000 | 23,226,197 |
| 4% 3/14/29 (b) | | 8,120,000 | 9,490,250 |
| 4.4% 4/16/50 (b) | | 3,910,000 | 5,039,013 |
| 4.5% 4/23/28 (b) | | 1,100,000 | 1,313,125 |
| 4.817% 3/14/49 (b) | | 9,275,000 | 12,474,875 |
| 5.103% 4/23/48 (b) | | 3,555,000 | 4,933,673 |
| 9.75% 6/15/30 (b) | | 3,415,000 | 5,730,797 |
|
| TOTAL QATAR | | | 62,207,930 |
|
| Romania - 0.3% | | | |
| Romanian Republic: | | | |
| 3% 2/14/31 (b) | | 3,219,000 | 3,303,499 |
| 4.375% 8/22/23 (b) | | 2,395,000 | 2,603,814 |
| 4.625% 4/3/49 | EUR | 2,185,000 | 3,119,796 |
|
| TOTAL ROMANIA | | | 9,027,109 |
|
| Russia - 3.8% | | | |
| Ministry of Finance of the Russian Federation: | | | |
| 4.25% 6/23/27(Reg. S) | | 6,400,000 | 7,200,000 |
| 4.375% 3/21/29(Reg. S) | | 15,400,000 | 17,694,600 |
| 5.1% 3/28/35 (b) | | 26,000,000 | 31,866,250 |
| 5.1% 3/28/35(Reg. S) | | 9,200,000 | 11,275,750 |
| 5.25% 6/23/47 (b) | | 12,200,000 | 16,165,000 |
| 5.25% 6/23/47(Reg. S) | | 3,600,000 | 4,770,000 |
| 5.625% 4/4/42 (b) | | 2,825,000 | 3,781,969 |
| 5.875% 9/16/43 (b) | | 985,000 | 1,362,686 |
| 5.875% 9/16/43 (Reg. S) | | 600,000 | 830,063 |
| 7.6% 7/20/22 | RUB | 516,350,000 | 6,977,652 |
|
| TOTAL RUSSIA | | | 101,923,970 |
|
| Rwanda - 0.3% | | | |
| Rwanda Republic 6.625% 5/2/23 (b) | | 7,500,000 | 7,715,625 |
| Saudi Arabia - 0.9% | | | |
| Kingdom of Saudi Arabia: | | | |
| 2.9% 10/22/25 (b) | | 6,140,000 | 6,562,125 |
| 3.625% 3/4/28 (b) | | 3,515,000 | 3,891,764 |
| 3.75% 1/21/55 (b) | | 2,915,000 | 3,155,488 |
| 4.5% 4/22/60 (b) | | 4,810,000 | 5,965,903 |
| 4.625% 10/4/47 (b) | | 3,295,000 | 4,028,138 |
|
| TOTAL SAUDI ARABIA | | | 23,603,418 |
|
| Serbia - 0.2% | | | |
| Republic of Serbia 7.25% 9/28/21 (b) | | 4,910,000 | 5,204,600 |
| Sri Lanka - 0.4% | | | |
| Democratic Socialist Republic of Sri Lanka: | | | |
| 6.25% 10/4/20 (b) | | 7,705,000 | 7,567,755 |
| 7.55% 3/28/30 (b) | | 735,000 | 496,125 |
| 7.85% 3/14/29 (b) | | 3,180,000 | 2,191,219 |
|
| TOTAL SRI LANKA | | | 10,255,099 |
|
| Turkey - 4.0% | | | |
| Turkish Republic: | | | |
| 3.25% 3/23/23 | | 26,005,000 | 24,647,864 |
| 4.25% 3/13/25 | | 10,675,000 | 9,824,336 |
| 4.875% 4/16/43 | | 7,940,000 | 5,917,781 |
| 5.125% 3/25/22 | | 21,935,000 | 21,845,889 |
| 5.75% 5/11/47 | | 16,230,000 | 12,902,850 |
| 6% 1/14/41 | | 2,710,000 | 2,247,606 |
| 6.25% 9/26/22 | | 25,370,000 | 25,520,634 |
| 6.35% 8/10/24 | | 3,290,000 | 3,282,803 |
|
| TOTAL TURKEY | | | 106,189,763 |
|
| Ukraine - 2.9% | | | |
| Ukraine Government: | | | |
| 7.375% 9/25/32 (b) | | 3,310,000 | 3,109,331 |
| 7.75% 9/1/21 (b) | | 59,047,000 | 60,641,269 |
| 7.75% 9/1/22 (b) | | 6,807,000 | 6,997,596 |
| 7.75% 9/1/24 (b) | | 2,760,000 | 2,770,350 |
| 7.75% 9/1/26 (b) | | 2,195,000 | 2,186,083 |
| 7.75% 9/1/27 (b) | | 1,360,000 | 1,347,250 |
|
| TOTAL UKRAINE | | | 77,051,879 |
|
| United Arab Emirates - 1.6% | | | |
| Emirate of Abu Dhabi: | | | |
| 1.7% 3/2/31 (b) | | 6,640,000 | 6,565,300 |
| 2.5% 4/16/25 (b) | | 5,860,000 | 6,204,275 |
| 3.125% 4/16/30 (b) | | 8,570,000 | 9,566,263 |
| 3.125% 9/30/49 (b) | | 10,540,000 | 11,274,506 |
| 3.875% 4/16/50 (b) | | 7,190,000 | 8,758,319 |
|
| TOTAL UNITED ARAB EMIRATES | | | 42,368,663 |
|
| United States of America - 4.8% | | | |
| U.S. Treasury Notes 0.375% 9/30/27 | | 128,974,000 | 128,107,435 |
| Uruguay - 0.2% | | | |
| Banco Central del Uruguay: | | | |
| value recovery A rights 1/2/21 (h)(i) | | 1,000,000 | 10 |
| value recovery B rights 1/2/21 (h)(i) | | 1,500,000 | 15 |
| Uruguay Republic 5.1% 6/18/50 | | 4,885,000 | 6,550,480 |
|
| TOTAL URUGUAY | | | 6,550,505 |
|
| Uzbekistan - 0.1% | | | |
| Republic of Uzbekistan 4.75% 2/20/24 (b) | | 2,495,000 | 2,620,530 |
| Venezuela - 0.1% | | | |
| Venezuelan Republic: | | | |
| 9.25% 9/15/27 (e) | | 32,390,000 | 2,510,225 |
| 11.95% 8/5/31 (Reg. S) (e) | | 14,080,000 | 1,091,200 |
| 12.75% 8/23/22 (e) | | 2,705,000 | 209,638 |
|
| TOTAL VENEZUELA | | | 3,811,063 |
|
| Vietnam - 0.9% | | | |
| Vietnamese Socialist Republic: | | | |
| 6 month U.S. LIBOR + 0.810% 1.125% 3/13/28 (c)(f) | | 1,040,000 | 985,731 |
| 4.8% 11/19/24 (b) | | 705,000 | 786,295 |
| 5.5% 3/12/28 | | 23,421,933 | 23,085,243 |
|
| TOTAL VIETNAM | | | 24,857,269 |
|
| TOTAL GOVERNMENT OBLIGATIONS | | | |
| (Cost $1,244,631,312) | | | 1,233,635,218 |
|
| Preferred Securities - 2.3% | | | |
| Cayman Islands - 1.5% | | | |
| Banco Do Brasil SA: | | | |
| 6.25% (b)(c)(d) | | 3,590,000 | 3,361,138 |
| 8.5% (b)(c)(d) | | 2,375,000 | 2,372,031 |
| Banco Mercantil del Norte SA: | | | |
| 6.875% (b)(c)(d) | | 1,365,000 | 1,347,938 |
| 7.625% (b)(c)(d) | | 2,830,000 | 2,807,077 |
| Cosan Overseas Ltd. 8.25% (d) | | 22,851,000 | 23,308,020 |
| Itau Unibanco Holding SA 6.125% (b)(c)(d) | | 6,225,000 | 5,999,539 |
| Odebrecht Finance Ltd. 7.5% (b)(d)(e) | | 22,325,000 | 1,234,852 |
|
| TOTAL CAYMAN ISLANDS | | | 40,430,595 |
|
| Georgia - 0.0% | | | |
| Georgia Bank Joint Stock Co. 11.125% (Reg. S) (c)(d) | | 1,300,000 | 1,280,498 |
| Ireland - 0.8% | | | |
| Alfa Bond Issuance PLC 8% (Reg. S) (c)(d) | | 10,187,000 | 10,206,101 |
| Tinkoff Credit Systems 9.25% (Reg. S) (c)(d) | | 9,739,000 | 10,268,558 |
|
| TOTAL IRELAND | | | 20,474,659 |
|
| TOTAL PREFERRED SECURITIES | | | |
| (Cost $75,093,630) | | | 62,185,752 |
| | | Shares | Value |
|
| Money Market Funds - 13.5% | | | |
| Fidelity Cash Central Fund 0.10% (j) | | | |
| (Cost $359,795,513) | | 359,724,061 | 359,796,005 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $2,759,120,398) | | | 2,653,816,415 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 10,324,949 |
| NET ASSETS - 100% | | | $2,664,141,364 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
(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 $1,458,431,840 or 54.7% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Security is perpetual in nature with no stated maturity date.
(e) Non-income producing - Security is in default.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) 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.
(h) Quantity represents share amount.
(j) 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.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. For foreign debt securities, when significant market or security specific market events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The 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.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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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