Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
July 31, 2022
TEK-NPRT3-0922
1.931233.110
| Common Stocks - 63.6% | |||
| Shares | Value ($) | ||
| Belgium - 0.2% | |||
| Titan Cement International Trading SA | 51,700 | 590,751 | |
| Bermuda - 0.9% | |||
| China Gas Holdings Ltd. | 369,744 | 568,989 | |
| Credicorp Ltd. (United States) | 7,379 | 954,843 | |
| Huanxi Media Group Ltd. (a) | 1,866,596 | 299,610 | |
| Kerry Properties Ltd. | 106,500 | 256,146 | |
| Kunlun Energy Co. Ltd. | 634,040 | 466,853 | |
| Pacific Basin Shipping Ltd. | 581,000 | 276,811 | |
| Shangri-La Asia Ltd. (a) | 170,000 | 138,817 | |
TOTAL BERMUDA | 2,962,069 | ||
| Brazil - 2.7% | |||
| Arezzo Industria e Comercio SA | 17,674 | 270,365 | |
| Atacadao SA | 347,700 | 1,251,938 | |
| Dexco SA | 240,230 | 452,686 | |
| ENGIE Brasil Energia SA | 44,800 | 383,745 | |
| Equatorial Energia SA | 144,700 | 693,842 | |
| Localiza Rent A Car SA | 110,140 | 1,226,332 | |
| LOG Commercial Properties e Participacoes SA | 49,300 | 199,331 | |
| Lojas Renner SA | 86,344 | 422,033 | |
| Natura & Co. Holding SA (a) | 82,718 | 249,076 | |
| Rede D'Oregon Sao Luiz SA (b) | 72,602 | 454,490 | |
| Rumo SA | 221,600 | 751,215 | |
| Suzano Papel e Celulose SA | 67,100 | 626,246 | |
| Transmissora Alianca de Energia Eletrica SA unit | 56,700 | 443,378 | |
| Vale SA sponsored ADR | 104,468 | 1,406,139 | |
TOTAL BRAZIL | 8,830,816 | ||
| British Virgin Islands - 0.0% | |||
| Fix Price Group Ltd. GDR (Reg. S) (c) | 68,238 | 25,202 | |
| Canada - 0.5% | |||
| Barrick Gold Corp. | 103,900 | 1,635,386 | |
| Cayman Islands - 14.9% | |||
| Akeso, Inc. (a)(b)(d) | 45,665 | 122,163 | |
| Alibaba Group Holding Ltd. (a) | 542,653 | 6,101,302 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 4,386 | 391,977 | |
| Angelalign Technology, Inc. (b)(d) | 8,035 | 145,246 | |
| Ant International Co. Ltd. Class C (a)(c)(e) | 424,550 | 802,400 | |
| Antengene Corp. (a)(b) | 144,141 | 95,300 | |
| Archosaur Games, Inc. (b) | 22,936 | 14,229 | |
| Baidu, Inc. sponsored ADR (a) | 2,808 | 383,489 | |
| BeiGene Ltd. ADR (a) | 319 | 53,618 | |
| Bilibili, Inc. ADR (a) | 54,702 | 1,336,917 | |
| BizLink Holding, Inc. | 26,000 | 279,525 | |
| Chailease Holding Co. Ltd. | 240,144 | 1,702,334 | |
| China Resources Land Ltd. | 78,510 | 327,546 | |
| CIFI Holdings Group Co. Ltd. | 367,939 | 99,837 | |
| CK Asset Holdings Ltd. | 16,000 | 113,021 | |
| Daqo New Energy Corp. ADR (a) | 863 | 55,836 | |
| ENN Energy Holdings Ltd. | 60,400 | 984,109 | |
| ESR Cayman Ltd. (a)(b) | 64,400 | 166,950 | |
| GDS Holdings Ltd.: | |||
| ADR (a)(d) | 5,500 | 152,240 | |
| Class A (a) | 5,792 | 19,839 | |
| GlobalFoundries, Inc. | 2,625 | 135,135 | |
| Greentown China Holdings Ltd. | 81,500 | 160,926 | |
| Haitian International Holdings Ltd. | 173,000 | 415,205 | |
| Hansoh Pharmaceutical Group Co. Ltd. (b) | 187,036 | 364,546 | |
| Innovent Biologics, Inc. (a)(b) | 75,194 | 313,711 | |
| Jacobio Pharmaceuticals Group Co. Ltd. (a)(b) | 164,568 | 90,566 | |
| JD Health International, Inc. (a)(b) | 21,995 | 166,716 | |
| JD.com, Inc.: | |||
| Class A | 61,939 | 1,847,798 | |
| sponsored ADR | 13,377 | 795,932 | |
| KE Holdings, Inc. ADR (a) | 10,500 | 148,155 | |
| Kuaishou Technology Class B (a)(b) | 38,404 | 386,491 | |
| KWG Group Holdings Ltd. | 44,000 | 8,912 | |
| Li Ning Co. Ltd. | 224,515 | 1,819,024 | |
| Longfor Properties Co. Ltd. (b) | 65,500 | 218,614 | |
| Medlive Technology Co. Ltd. (b) | 96,320 | 122,457 | |
| Meituan Class B (a)(b) | 179,223 | 4,020,573 | |
| NetEase, Inc. ADR | 14,144 | 1,315,109 | |
| PagSeguro Digital Ltd. (a) | 111,511 | 1,209,894 | |
| Parade Technologies Ltd. | 6,968 | 261,556 | |
| Pinduoduo, Inc. ADR (a) | 51,457 | 2,521,908 | |
| Sea Ltd. ADR (a) | 35,971 | 2,745,307 | |
| Silergy Corp. | 27,716 | 517,012 | |
| SITC International Holdings Co. Ltd. | 100,000 | 339,495 | |
| StoneCo Ltd. Class A (a) | 46,576 | 446,198 | |
| Sunny Optical Technology Group Co. Ltd. | 16,411 | 221,813 | |
| Tencent Holdings Ltd. | 214,377 | 8,285,416 | |
| Tencent Music Entertainment Group ADR (a) | 19,730 | 83,063 | |
| Tongdao Liepin Group (a) | 74,063 | 95,292 | |
| Trip.com Group Ltd. ADR (a) | 43,706 | 1,126,741 | |
| Uni-President China Holdings Ltd. | 326,600 | 298,312 | |
| Wuxi Biologics (Cayman), Inc. (a)(b) | 160,812 | 1,539,311 | |
| Xiaomi Corp. Class B (a)(b) | 33,686 | 52,954 | |
| Xinyi Solar Holdings Ltd. | 196,443 | 333,832 | |
| XP, Inc. Class A (a) | 67,835 | 1,431,319 | |
| XPeng, Inc. ADR (a) | 45,396 | 1,109,024 | |
| Zai Lab Ltd. (a) | 95,934 | 391,685 | |
| Zai Lab Ltd. ADR (a) | 692 | 28,047 | |
TOTAL CAYMAN ISLANDS | 48,715,927 | ||
| Chile - 0.9% | |||
| Banco de Chile | 9,801,800 | 930,034 | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 20,221 | 1,989,140 | |
TOTAL CHILE | 2,919,174 | ||
| China - 5.8% | |||
| Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b) | 6,172 | 84,286 | |
| Bafang Electric Suzhou Co. Ltd. (A Shares) | 12,145 | 315,565 | |
| Beijing Enlight Media Co. Ltd. (A Shares) | 173,300 | 215,010 | |
| BYD Co. Ltd. (H Shares) | 13,500 | 493,911 | |
| C&S Paper Co. Ltd. (A Shares) | 332,500 | 552,672 | |
| China Communications Services Corp. Ltd. (H Shares) | 764,000 | 311,443 | |
| China Construction Bank Corp. (H Shares) | 4,977,000 | 3,178,366 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | 36,600 | 74,397 | |
| China Petroleum & Chemical Corp. (H Shares) | 2,260,000 | 1,065,492 | |
| China Tower Corp. Ltd. (H Shares) (b) | 1,367,520 | 175,951 | |
| Contemporary Amperex Technology Co. Ltd. | 1,956 | 148,467 | |
| Daqin Railway Co. Ltd. (A Shares) | 652,000 | 585,200 | |
| Flat Glass Group Co. Ltd. (a)(d) | 51,049 | 185,339 | |
| Gemdale Corp. (A Shares) | 34,058 | 59,199 | |
| Haier Smart Home Co. Ltd. | 238,200 | 762,362 | |
| Haier Smart Home Co. Ltd. (A Shares) | 12,560 | 46,232 | |
| Hangzhou First Applied Material Co. Ltd. (A Shares) | 9,366 | 97,179 | |
| Hongfa Technology Co. Ltd. (A Shares) | 84,106 | 512,790 | |
| LONGi Green Energy Technology Co. Ltd. | 17,146 | 156,934 | |
| Pharmaron Beijing Co. Ltd. (H Shares) (b) | 28,754 | 234,247 | |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | 433,000 | 2,544,758 | |
| Poly Developments & Holdings (A Shares) | 25,300 | 62,512 | |
| Proya Cosmetics Co. Ltd. (A Shares) | 77,840 | 2,035,382 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 17,929 | 770,952 | |
| Sinopec Engineering Group Co. Ltd. (H Shares) | 506,000 | 217,228 | |
| Sinopharm Group Co. Ltd. (H Shares) | 131,061 | 300,526 | |
| TravelSky Technology Ltd. (H Shares) | 231,000 | 383,141 | |
| Tsingtao Brewery Co. Ltd. (H Shares) | 202,000 | 1,972,420 | |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) | 54,918 | 98,644 | |
| Will Semiconductor Ltd. | 5,670 | 88,691 | |
| WuXi AppTec Co. Ltd. (H Shares) (b) | 26,729 | 323,476 | |
| Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | 7,374 | 212,369 | |
| Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | 145,800 | 625,926 | |
TOTAL CHINA | 18,891,067 | ||
| Cyprus - 0.0% | |||
| TCS Group Holding PLC GDR (a)(c) | 56,395 | 70,750 | |
| Germany - 0.5% | |||
| Delivery Hero AG (a)(b) | 31,061 | 1,498,581 | |
| Greece - 0.4% | |||
| Alpha Bank SA (a) | 1,241,400 | 1,097,489 | |
| Piraeus Financial Holdings SA (a) | 300,300 | 271,871 | |
TOTAL GREECE | 1,369,360 | ||
| Hong Kong - 1.1% | |||
| AIA Group Ltd. | 105,200 | 1,056,908 | |
| China Merchants Holdings International Co. Ltd. | 203,924 | 328,880 | |
| China Overseas Land and Investment Ltd. | 110,540 | 304,869 | |
| China Resources Beer Holdings Co. Ltd. | 210,666 | 1,454,553 | |
| Guangdong Investment Ltd. | 378,000 | 368,374 | |
| Sino-Ocean Group Holding Ltd. | 569,000 | 92,056 | |
TOTAL HONG KONG | 3,605,640 | ||
| Hungary - 0.1% | |||
| Richter Gedeon PLC | 17,860 | 364,489 | |
| India - 9.8% | |||
| Adani Ports & Special Economic Zone Ltd. | 99,666 | 962,256 | |
| Apollo Hospitals Enterprise Ltd. | 10,783 | 574,853 | |
| Bajaj Finance Ltd. | 18,264 | 1,669,731 | |
| Bandhan Bank Ltd. (b) | 429,300 | 1,502,205 | |
| Bharat Electronics Ltd. | 204,700 | 711,271 | |
| CE Info Systems Ltd. | 7,322 | 122,127 | |
| Delhivery Private Ltd. | 21,682 | 174,376 | |
| Divi's Laboratories Ltd. | 6,855 | 332,159 | |
| Embassy Office Parks (REIT) | 22,100 | 101,486 | |
| HDFC Bank Ltd. | 253,896 | 4,631,169 | |
| HDFC Standard Life Insurance Co. Ltd. (b) | 153,900 | 1,080,508 | |
| Indraprastha Gas Ltd. | 103,293 | 452,206 | |
| Indus Towers Ltd. | 19,200 | 54,025 | |
| Infosys Ltd. | 33,274 | 651,972 | |
| Infosys Ltd. sponsored ADR | 145,495 | 2,835,698 | |
| ITC Ltd. | 287,813 | 1,102,489 | |
| JK Cement Ltd. | 42,074 | 1,332,973 | |
| Larsen & Toubro Ltd. | 53,669 | 1,228,638 | |
| Mahanagar Gas Ltd. | 30,439 | 289,670 | |
| Manappuram General Finance & Leasing Ltd. | 443,251 | 551,691 | |
| Maruti Suzuki India Ltd. | 7,532 | 837,208 | |
| NTPC Ltd. | 405,384 | 783,116 | |
| Oberoi Realty Ltd. | 15,770 | 181,705 | |
| Oil & Natural Gas Corp. Ltd. | 401,500 | 680,811 | |
| Petronet LNG Ltd. | 105,206 | 292,477 | |
| Power Grid Corp. of India Ltd. | 395,610 | 1,070,125 | |
| Reliance Industries Ltd. | 128,213 | 4,073,117 | |
| Shree Cement Ltd. | 3,351 | 868,767 | |
| Sun Pharmaceutical Industries Ltd. | 14,450 | 172,153 | |
| Tata Motors Ltd. (a) | 94,274 | 537,290 | |
| Tata Steel Ltd. | 1,099,000 | 1,494,121 | |
| Torrent Pharmaceuticals Ltd. | 13,688 | 264,419 | |
| Vijaya Diagnostic Centre Pvt Ltd. | 16,116 | 69,598 | |
| Voltas Ltd. | 26,699 | 339,388 | |
TOTAL INDIA | 32,025,798 | ||
| Indonesia - 1.3% | |||
| PT Astra International Tbk | 563,700 | 240,755 | |
| PT Bank Central Asia Tbk | 3,358,500 | 1,670,048 | |
| PT Bank Rakyat Indonesia (Persero) Tbk | 6,061,279 | 1,789,246 | |
| PT Dayamitra Telekomunikasi Tbk | 851,700 | 41,929 | |
| PT United Tractors Tbk | 161,900 | 353,818 | |
TOTAL INDONESIA | 4,095,796 | ||
| Japan - 0.5% | |||
| Capcom Co. Ltd. | 5,547 | 154,193 | |
| JTOWER, Inc. (a) | 2,399 | 119,247 | |
| Money Forward, Inc. (a) | 4,760 | 123,414 | |
| Renesas Electronics Corp. (a) | 29,222 | 278,335 | |
| Sumco Corp. | 12,497 | 174,867 | |
| Z Holdings Corp. | 240,908 | 851,426 | |
TOTAL JAPAN | 1,701,482 | ||
| Korea (South) - 8.1% | |||
| AMOREPACIFIC Group, Inc. | 12,959 | 367,387 | |
| Coway Co. Ltd. | 10,860 | 533,734 | |
| Hana Financial Group, Inc. | 48,410 | 1,382,069 | |
| Hanon Systems | 36,400 | 297,659 | |
| Hyundai Fire & Marine Insurance Co. Ltd. | 18,260 | 459,538 | |
| Kakao Corp. | 16,957 | 975,540 | |
| Kakao Pay Corp. (a) | 3,068 | 148,316 | |
| KB Financial Group, Inc. | 59,578 | 2,207,528 | |
| Kia Corp. | 17,789 | 1,109,555 | |
| Korea Zinc Co. Ltd. | 1,129 | 413,506 | |
| L&F Co. Ltd. (a) | 300 | 52,888 | |
| LG Chemical Ltd. | 1,263 | 586,047 | |
| LG Corp. | 8,870 | 551,556 | |
| LG Electronics, Inc. | 2,810 | 204,201 | |
| LG Innotek Co. Ltd. | 273 | 76,257 | |
| NAVER Corp. | 3,351 | 667,830 | |
| NCSOFT Corp. | 1,206 | 345,174 | |
| Netmarble Corp. (b) | 1,324 | 73,358 | |
| POSCO | 10,082 | 1,875,847 | |
| S-Oil Corp. | 7,290 | 517,653 | |
| Samsung Biologics Co. Ltd. (a)(b) | 1,573 | 1,043,803 | |
| Samsung Electronics Co. Ltd. | 186,411 | 8,790,773 | |
| Samsung SDI Co. Ltd. | 2,218 | 971,272 | |
| SK Hynix, Inc. | 36,932 | 2,781,494 | |
| Studio Dragon Corp. (a) | 2,126 | 124,799 | |
TOTAL KOREA (SOUTH) | 26,557,784 | ||
| Luxembourg - 0.3% | |||
| Adecoagro SA | 5,500 | 45,100 | |
| Globant SA (a) | 1,409 | 280,729 | |
| Tenaris SA sponsored ADR | 21,800 | 611,708 | |
TOTAL LUXEMBOURG | 937,537 | ||
| Mauritius - 0.0% | |||
| Jumo World Ltd. (c) | 30 | 133,143 | |
| Mexico - 2.0% | |||
| CEMEX S.A.B. de CV sponsored ADR (a) | 458,100 | 1,836,981 | |
| Corporacion Inmobiliaria Vesta S.A.B. de CV | 153,955 | 303,220 | |
| Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 54,600 | 740,303 | |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | 200 | 37,562 | |
| Grupo Aeroportuario Norte S.A.B. de CV | 38,700 | 235,725 | |
| Grupo Financiero Banorte S.A.B. de CV Series O | 446,621 | 2,541,197 | |
| Wal-Mart de Mexico SA de CV Series V | 186,300 | 674,813 | |
TOTAL MEXICO | 6,369,801 | ||
| Netherlands - 0.2% | |||
| ASML Holding NV (Netherlands) | 231 | 132,769 | |
| CTP BV (b) | 11,272 | 144,468 | |
| NXP Semiconductors NV | 791 | 145,449 | |
| X5 Retail Group NV GDR (Reg. S) (c) | 77,500 | 16,181 | |
| Yandex NV Series A (a)(c) | 94,069 | 322,642 | |
TOTAL NETHERLANDS | 761,509 | ||
| Panama - 0.1% | |||
| Copa Holdings SA Class A (a) | 4,611 | 309,951 | |
| Philippines - 0.2% | |||
| Ayala Land, Inc. | 396,300 | 181,121 | |
| SM Investments Corp. | 24,000 | 336,547 | |
TOTAL PHILIPPINES | 517,668 | ||
| Poland - 0.1% | |||
| CD Projekt RED SA (d) | 13,204 | 258,612 | |
| Russia - 0.0% | |||
| Gazprom OAO sponsored ADR (Reg. S) (c) | 155,600 | 35,545 | |
| LSR Group OJSC (a)(c) | 755 | 1,133 | |
| LUKOIL PJSC sponsored ADR (c) | 35,200 | 9,958 | |
| Novatek PJSC GDR (Reg. S) (c) | 9,100 | 2,325 | |
| Sberbank of Russia (a)(c) | 30 | 0 | |
| Sberbank of Russia sponsored ADR (a)(c) | 324,104 | 5,769 | |
| Severstal PAO GDR (Reg. S) (c) | 83,700 | 1,976 | |
TOTAL RUSSIA | 56,706 | ||
| Saudi Arabia - 2.3% | |||
| Al Rajhi Bank | 88,714 | 2,116,287 | |
| Alinma Bank | 121,500 | 1,230,851 | |
| Saudi Arabian Oil Co. (b) | 100,570 | 1,063,000 | |
| Saudi Tadawul Group Holding Co. | 14,800 | 870,820 | |
| The Saudi National Bank | 111,400 | 2,079,111 | |
TOTAL SAUDI ARABIA | 7,360,069 | ||
| Singapore - 0.4% | |||
| First Resources Ltd. | 456,100 | 456,641 | |
| United Overseas Bank Ltd. | 36,500 | 728,224 | |
TOTAL SINGAPORE | 1,184,865 | ||
| South Africa - 1.9% | |||
| Capitec Bank Holdings Ltd. | 9,050 | 1,084,709 | |
| FirstRand Ltd. | 353,107 | 1,392,669 | |
| Impala Platinum Holdings Ltd. | 176,000 | 1,951,403 | |
| Naspers Ltd. Class N | 3,900 | 551,017 | |
| Pick 'n Pay Stores Ltd. | 358,000 | 1,187,302 | |
TOTAL SOUTH AFRICA | 6,167,100 | ||
| Taiwan - 6.2% | |||
| ECLAT Textile Co. Ltd. | 24,000 | 327,081 | |
| eMemory Technology, Inc. | 5,049 | 200,063 | |
| GlobalWafers Co. Ltd. | 9,854 | 148,790 | |
| MediaTek, Inc. | 62,523 | 1,435,883 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 962,116 | 16,446,585 | |
| Unified-President Enterprises Corp. | 364,000 | 854,138 | |
| Unimicron Technology Corp. | 60,811 | 323,361 | |
| United Microelectronics Corp. | 112,087 | 150,299 | |
| Wiwynn Corp. | 12,211 | 301,082 | |
TOTAL TAIWAN | 20,187,282 | ||
| Thailand - 0.2% | |||
| Land & House PCL (For. Reg.) | 447,800 | 104,300 | |
| PTT Global Chemical PCL (For. Reg.) | 476,400 | 580,963 | |
TOTAL THAILAND | 685,263 | ||
| Turkey - 0.2% | |||
| Bim Birlesik Magazalar A/S JSC | 96,000 | 493,489 | |
| United Kingdom - 0.4% | |||
| Helios Towers PLC (a) | 97,600 | 171,511 | |
| Prudential PLC | 88,335 | 1,089,558 | |
TOTAL UNITED KINGDOM | 1,261,069 | ||
| United States of America - 1.4% | |||
| Airbnb, Inc. Class A (a) | 1,200 | 133,176 | |
| Dlocal Ltd. (a) | 14,727 | 409,116 | |
| FirstCash Holdings, Inc. | 22,301 | 1,633,771 | |
| Legend Biotech Corp. ADR (a) | 3,581 | 169,166 | |
| Li Auto, Inc. ADR (a) | 50,341 | 1,653,198 | |
| Marvell Technology, Inc. | 3,337 | 185,804 | |
| NVIDIA Corp. | 966 | 175,455 | |
| Snap, Inc. Class A (a) | 32,258 | 318,709 | |
TOTAL UNITED STATES OF AMERICA | 4,678,395 | ||
| TOTAL COMMON STOCKS (Cost $195,412,063) | 207,222,531 | ||
| Preferred Stocks - 1.8% | |||
| Shares | Value ($) | ||
| Convertible Preferred Stocks - 0.3% | |||
| Cayman Islands - 0.1% | |||
| Creditas Financial Solutions Ltd. Series F (c)(e) | 1,073 | 342,405 | |
| China - 0.0% | |||
| dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) | 11,962 | 107,299 | |
| India - 0.2% | |||
| Meesho Series F (c)(e) | 7,108 | 484,268 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 933,972 | ||
| Nonconvertible Preferred Stocks - 1.5% | |||
| Brazil - 1.3% | |||
| Ambev SA sponsored ADR | 553,300 | 1,560,306 | |
| Companhia de Transmissao de Energia Eletrica Paulista (PN) | 42,900 | 188,959 | |
| Metalurgica Gerdau SA (PN) | 493,970 | 976,655 | |
| Petroleo Brasileiro SA - Petrobras: | |||
| (PN) sponsored ADR (non-vtg.) | 62,006 | 814,139 | |
| sponsored ADR | 45,200 | 645,456 | |
| 4,185,515 | |||
| Korea (South) - 0.2% | |||
| Hyundai Motor Co. Series 2 | 8,594 | 622,766 | |
| United States of America - 0.0% | |||
| Gupshup, Inc. (a)(c)(e) | 8,409 | 155,314 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 4,963,595 | ||
| TOTAL PREFERRED STOCKS (Cost $4,800,600) | 5,897,567 | ||
| Nonconvertible Bonds - 14.2% | |||
Principal Amount (f) | Value ($) | ||
| Azerbaijan - 0.3% | |||
| Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | 595,000 | 629,543 | |
| State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) | 350,000 | 341,121 | |
TOTAL AZERBAIJAN | 970,664 | ||
| Bahrain - 0.6% | |||
| The Oil and Gas Holding Co.: | |||
| 7.5% 10/25/27 (b) | 1,580,000 | 1,576,037 | |
| 7.625% 11/7/24 (b) | 400,000 | 403,700 | |
TOTAL BAHRAIN | 1,979,737 | ||
| Bailiwick of Jersey - 0.3% | |||
| Galaxy Pipeline Assets BidCo Ltd.: | |||
| 2.16% 3/31/34 (b) | 432,387 | 377,798 | |
| 2.625% 3/31/36 (b) | 570,000 | 477,375 | |
TOTAL BAILIWICK OF JERSEY | 855,173 | ||
| Bermuda - 0.6% | |||
| GeoPark Ltd. 5.5% 1/17/27 (b) | 700,000 | 597,319 | |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (b) | 510,000 | 467,064 | |
| Qtel International Finance Ltd. 2.625% 4/8/31 (b) | 495,000 | 447,975 | |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) | 550,000 | 400,125 | |
TOTAL BERMUDA | 1,912,483 | ||
| Brazil - 0.1% | |||
| Natura Cosmeticos SA 4.125% 5/3/28 (b) | 435,000 | 365,944 | |
| British Virgin Islands - 0.1% | |||
| ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) | 395,000 | 334,219 | |
| Canada - 0.1% | |||
| Gcm Mining Corp. 6.875% 8/9/26 (b) | 400,000 | 298,000 | |
| Cayman Islands - 1.0% | |||
| DP World Crescent Ltd.: | |||
| 3.875% 7/18/29 (Reg. S) | 700,000 | 670,460 | |
| 4.848% 9/26/28 (b) | 400,000 | 403,575 | |
| Lamar Funding Ltd. 3.958% 5/7/25 (b) | 430,000 | 411,537 | |
| Meituan 2.125% 10/28/25 (b) | 640,000 | 573,440 | |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 400,000 | 359,950 | |
| Sable International Finance Ltd. 5.75% 9/7/27 (b) | 600,000 | 529,500 | |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (b) | 454,750 | 402,255 | |
TOTAL CAYMAN ISLANDS | 3,350,717 | ||
| Chile - 0.6% | |||
| Corporacion Nacional del Cobre de Chile (Codelco): | |||
| 3.7% 1/30/50 (b) | 300,000 | 234,619 | |
| 3.75% 1/15/31 (b) | 300,000 | 282,750 | |
| 4.25% 7/17/42 (b) | 500,000 | 425,719 | |
| 4.5% 8/1/47 (b) | 250,000 | 222,469 | |
| Empresa Nacional de Petroleo 4.5% 9/14/47 (b) | 440,000 | 321,695 | |
| VTR Comunicaciones SpA 5.125% 1/15/28 (b) | 400,000 | 290,950 | |
TOTAL CHILE | 1,778,202 | ||
| Colombia - 0.1% | |||
| Oleoducto Central SA 4% 7/14/27 (b) | 350,000 | 296,581 | |
| Guatemala - 0.1% | |||
| CT Trust 5.125% 2/3/32 (b) | 440,000 | 385,440 | |
| Hong Kong - 0.1% | |||
| Lenovo Group Ltd. 3.421% 11/2/30 (b) | 495,000 | 411,523 | |
| Indonesia - 0.8% | |||
| PT Freeport Indonesia: | |||
| 5.315% 4/14/32 (b) | 250,000 | 232,813 | |
| 6.2% 4/14/52 (b) | 200,000 | 176,500 | |
| PT Hutama Karya Persero 3.75% 5/11/30 (b) | 600,000 | 557,550 | |
| PT Indonesia Asahan Aluminium Tbk: | |||
| 4.75% 5/15/25 (b) | 485,000 | 486,872 | |
| 5.45% 5/15/30 (b) | 400,000 | 379,950 | |
| PT Pertamina Persero: | |||
| 4.15% 2/25/60 (b) | 365,000 | 280,890 | |
| 4.175% 1/21/50 (b) | 450,000 | 364,303 | |
TOTAL INDONESIA | 2,478,878 | ||
| Ireland - 0.0% | |||
| SUEK Securities DAC 3.375% 9/15/26 (b)(c)(g) | 535,000 | 26,750 | |
| Kazakhstan - 0.2% | |||
| KazMunaiGaz National Co.: | |||
| 3.5% 4/14/33 (b) | 400,000 | 300,600 | |
| 5.375% 4/24/30 (b) | 250,000 | 228,797 | |
TOTAL KAZAKHSTAN | 529,397 | ||
| Luxembourg - 0.5% | |||
| Adecoagro SA 6% 9/21/27 (b) | 480,000 | 432,000 | |
| B2W Digital Lux SARL 4.375% 12/20/30 (b) | 385,000 | 288,365 | |
| EIG Pearl Holdings SARL 3.545% 8/31/36 (b) | 590,000 | 520,675 | |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | 385,000 | 308,000 | |
TOTAL LUXEMBOURG | 1,549,040 | ||
| Malaysia - 0.4% | |||
| MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b) | 380,000 | 361,483 | |
| Petronas Capital Ltd.: | |||
| 3.5% 4/21/30 (b) | 450,000 | 442,049 | |
| 4.55% 4/21/50 (b) | 400,000 | 395,692 | |
TOTAL MALAYSIA | 1,199,224 | ||
| Mauritius - 0.3% | |||
| AXIAN Telecom 7.375% 2/16/27 (b) | 355,000 | 315,950 | |
| CA Magnum Holdings 5.375% (b)(h) | 400,000 | 352,000 | |
| HTA Group Ltd. 7% 12/18/25 (b) | 400,000 | 355,200 | |
TOTAL MAURITIUS | 1,023,150 | ||
| Mexico - 2.6% | |||
| Comision Federal de Electricid: | |||
| 3.348% 2/9/31 (b) | 450,000 | 359,381 | |
| 4.688% 5/15/29 (b) | 390,000 | 359,726 | |
| Petroleos Mexicanos: | |||
| 5.35% 2/12/28 | 320,000 | 266,720 | |
| 6.49% 1/23/27 | 890,000 | 805,339 | |
| 6.5% 3/13/27 | 185,000 | 167,129 | |
| 6.5% 6/2/41 | 1,170,000 | 795,308 | |
| 6.625% 6/15/35 | 1,675,000 | 1,219,568 | |
| 6.7% 2/16/32 | 415,000 | 330,859 | |
| 6.75% 9/21/47 | 960,000 | 651,120 | |
| 6.84% 1/23/30 | 520,000 | 438,043 | |
| 6.875% 10/16/25 | 150,000 | 146,685 | |
| 6.95% 1/28/60 | 2,175,000 | 1,468,125 | |
| 7.69% 1/23/50 | 2,044,000 | 1,481,900 | |
TOTAL MEXICO | 8,489,903 | ||
| Morocco - 0.1% | |||
| OCP SA 3.75% 6/23/31 (b) | 535,000 | 446,056 | |
| Multi-National - 0.2% | |||
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 690,000 | 643,425 | |
| Netherlands - 0.7% | |||
| Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) | 250,000 | 211,250 | |
| Mong Duong Finance Holdings BV 5.125% 5/7/29 (b) | 890,000 | 723,292 | |
| Prosus NV: | |||
| 3.68% 1/21/30 (b) | 400,000 | 337,950 | |
| 3.832% 2/8/51 (b) | 425,000 | 287,938 | |
| 4.027% 8/3/50 (b) | 350,000 | 238,503 | |
| 4.193% 1/19/32 (b) | 445,000 | 380,920 | |
TOTAL NETHERLANDS | 2,179,853 | ||
| Panama - 0.3% | |||
| Aeropuerto Internacional de Tocumen SA: | |||
| 4% 8/11/41 (b) | 490,000 | 407,098 | |
| 5.125% 8/11/61 (b) | 200,000 | 165,975 | |
| Cable Onda SA 4.5% 1/30/30 (b) | 580,000 | 516,925 | |
TOTAL PANAMA | 1,089,998 | ||
| Peru - 0.2% | |||
| Camposol SA 6% 2/3/27 (b) | 500,000 | 403,250 | |
| Compania de Minas Buenaventura SA 5.5% 7/23/26 (b) | 165,000 | 141,900 | |
TOTAL PERU | 545,150 | ||
| Qatar - 0.6% | |||
| Qatar Petroleum: | |||
| 1.375% 9/12/26 (b) | 425,000 | 393,125 | |
| 2.25% 7/12/31 (b) | 700,000 | 626,500 | |
| 3.125% 7/12/41 (b) | 650,000 | 547,544 | |
| 3.3% 7/12/51 (b) | 380,000 | 317,015 | |
TOTAL QATAR | 1,884,184 | ||
| Saudi Arabia - 0.7% | |||
| Saudi Arabian Oil Co.: | |||
| 3.5% 4/16/29 (b) | 450,000 | 439,875 | |
| 4.25% 4/16/39 (b) | 1,980,000 | 1,920,600 | |
TOTAL SAUDI ARABIA | 2,360,475 | ||
| Singapore - 0.2% | |||
| Medco Bell Pte Ltd. 6.375% 1/30/27 (b) | 730,000 | 648,788 | |
| South Africa - 0.6% | |||
| Eskom Holdings SOC Ltd.: | |||
| 6.75% 8/6/23 (b) | 1,425,000 | 1,411,017 | |
| 7.125% 2/11/25 (b) | 650,000 | 604,825 | |
TOTAL SOUTH AFRICA | 2,015,842 | ||
| Spain - 0.1% | |||
| EnfraGen Energia Sur SA 5.375% 12/30/30 (b) | 690,000 | 469,200 | |
| Thailand - 0.1% | |||
| PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b) | 350,000 | 247,253 | |
| United Arab Emirates - 0.1% | |||
| Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) | 515,000 | 474,058 | |
| United Kingdom - 0.7% | |||
| Antofagasta PLC 2.375% 10/14/30 (b) | 450,000 | 355,500 | |
| Endeavour Mining PLC 5% 10/14/26 (b) | 405,000 | 331,088 | |
| Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | 400,000 | 348,825 | |
| NAK Naftogaz Ukraine 7.375% 7/19/23 (Reg. S) (g) | 400,000 | 100,000 | |
| Tullow Oil PLC: | |||
| 7% 3/1/25 (b) | 840,000 | 680,820 | |
| 10.25% 5/15/26 (b) | 411,000 | 382,230 | |
TOTAL UNITED KINGDOM | 2,198,463 | ||
| United States of America - 0.4% | |||
| Kosmos Energy Ltd. 7.125% 4/4/26 (b) | 575,000 | 500,250 | |
| NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b) | 130,000 | 126,627 | |
| Sasol Financing U.S.A. LLC 5.875% 3/27/24 | 200,000 | 199,000 | |
| Stillwater Mining Co. 4% 11/16/26 (b) | 690,000 | 589,950 | |
TOTAL UNITED STATES OF AMERICA | 1,415,827 | ||
| Uzbekistan - 0.2% | |||
| National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S) | 350,000 | 308,284 | |
| Uzbekneftegaz JSC 4.75% 11/16/28 (b) | 400,000 | 283,000 | |
TOTAL UZBEKISTAN | 591,284 | ||
| Venezuela - 0.2% | |||
| Petroleos de Venezuela SA: | |||
| 6% 5/16/24 (b)(g) | 5,700,000 | 313,500 | |
| 6% 11/15/26 (Reg. S) (g) | 6,800,000 | 374,000 | |
TOTAL VENEZUELA | 687,500 | ||
| TOTAL NONCONVERTIBLE BONDS (Cost $56,367,140) | 46,132,381 | ||
| Government Obligations - 17.7% | |||
Principal Amount (f) | Value ($) | ||
| Angola - 0.6% | |||
| Angola Republic: | |||
| 8.25% 5/9/28 (b) | 1,020,000 | 856,800 | |
| 8.75% 4/14/32 (b) | 200,000 | 161,500 | |
| 9.5% 11/12/25 (b) | 1,155,000 | 1,074,150 | |
TOTAL ANGOLA | 2,092,450 | ||
| Argentina - 0.8% | |||
| Argentine Republic: | |||
| 0.5% 7/9/30 (i) | 3,025,365 | 713,986 | |
| 1% 7/9/29 | 498,666 | 116,189 | |
| 1.5% 7/9/35 (i) | 3,922,734 | 870,847 | |
| 3.875% 1/9/38 (i) | 2,011,834 | 564,319 | |
| Buenos Aires Province 3.9% 9/1/37 (b)(i) | 1,030,000 | 310,803 | |
TOTAL ARGENTINA | 2,576,144 | ||
| Armenia - 0.1% | |||
| Republic of Armenia 7.15% 3/26/25 (b) | 370,000 | 367,988 | |
| Barbados - 0.1% | |||
| Barbados Government 6.5% 10/1/29 (b) | 310,000 | 285,029 | |
| Benin - 0.2% | |||
| Republic of Benin: | |||
| 4.875% 1/19/32 (b) | EUR | 340,000 | 244,290 |
| 5.75% 3/26/26 (b) | EUR | 450,000 | 436,581 |
| 6.875% 1/19/52 (b) | EUR | 100,000 | 67,506 |
TOTAL BENIN | 748,377 | ||
| Brazil - 0.5% | |||
| Brazilian Federative Republic: | |||
| 3.875% 6/12/30 | 1,390,000 | 1,249,089 | |
| 4.75% 1/14/50 | 505,000 | 379,476 | |
TOTAL BRAZIL | 1,628,565 | ||
| Cameroon - 0.1% | |||
| Cameroon Republic 5.95% 7/7/32 (b) | EUR | 360,000 | 245,668 |
| Chile - 0.5% | |||
| Chilean Republic: | |||
| 2.45% 1/31/31 | 785,000 | 694,382 | |
| 2.75% 1/31/27 | 220,000 | 209,550 | |
| 3.5% 1/31/34 | 280,000 | 256,760 | |
| 4% 1/31/52 | 200,000 | 172,700 | |
| 4.34% 3/7/42 | 200,000 | 184,000 | |
TOTAL CHILE | 1,517,392 | ||
| Colombia - 0.8% | |||
| Colombian Republic: | |||
| 3% 1/30/30 | 915,000 | 737,604 | |
| 3.125% 4/15/31 | 548,000 | 432,852 | |
| 5% 6/15/45 | 805,000 | 585,788 | |
| 5.2% 5/15/49 | 185,000 | 136,125 | |
| 6.125% 1/18/41 | 200,000 | 167,975 | |
| 7.375% 9/18/37 | 650,000 | 635,903 | |
TOTAL COLOMBIA | 2,696,247 | ||
| Costa Rica - 0.1% | |||
| Costa Rican Republic: | |||
| 5.625% 4/30/43 (b) | 250,000 | 191,375 | |
| 6.125% 2/19/31 (b) | 265,000 | 254,450 | |
TOTAL COSTA RICA | 445,825 | ||
| Dominican Republic - 1.0% | |||
| Dominican Republic: | |||
| 4.5% 1/30/30 (b) | 715,000 | 614,140 | |
| 4.875% 9/23/32 (b) | 870,000 | 728,788 | |
| 5.875% 1/30/60 (b) | 680,000 | 514,590 | |
| 6% 7/19/28 (b) | 400,000 | 384,950 | |
| 6% 2/22/33 (b) | 425,000 | 384,306 | |
| 6.5% 2/15/48 (b) | 200,000 | 166,100 | |
| 6.85% 1/27/45 (b) | 350,000 | 307,409 | |
TOTAL DOMINICAN REPUBLIC | 3,100,283 | ||
| Ecuador - 0.4% | |||
| Ecuador Republic: | |||
| 1% 7/31/35 (b) | 1,385,256 | 627,521 | |
| 5% 7/31/30 (b) | 985,630 | 581,707 | |
TOTAL ECUADOR | 1,209,228 | ||
| Egypt - 0.8% | |||
| Arab Republic of Egypt: | |||
| 5.8% 9/30/27 (b) | 460,000 | 309,350 | |
| 5.875% 2/16/31 (b) | 400,000 | 247,000 | |
| 7.0529% 1/15/32 (b) | 890,000 | 560,700 | |
| 7.5% 1/31/27 (b) | 150,000 | 109,500 | |
| 7.903% 2/21/48 (b) | 865,000 | 486,563 | |
| 8.5% 1/31/47 (b) | 1,160,000 | 672,800 | |
| 8.7002% 3/1/49 (b) | 400,000 | 233,000 | |
TOTAL EGYPT | 2,618,913 | ||
| El Salvador - 0.1% | |||
| El Salvador Republic: | |||
| 7.1246% 1/20/50 (b) | 560,000 | 181,055 | |
| 7.75% 1/24/23 (b) | 230,000 | 199,424 | |
TOTAL EL SALVADOR | 380,479 | ||
| Gabon - 0.1% | |||
| Gabonese Republic 7% 11/24/31 (b) | 540,000 | 383,400 | |
| Georgia - 0.1% | |||
| Georgia Republic 2.75% 4/22/26 (b) | 505,000 | 428,871 | |
| Ghana - 0.3% | |||
| Ghana Republic: | |||
| 8.125% 1/18/26 (b) | 500,000 | 332,125 | |
| 8.627% 6/16/49 (b) | 615,000 | 266,295 | |
| 10.75% 10/14/30 (b) | 400,000 | 321,000 | |
TOTAL GHANA | 919,420 | ||
| Guatemala - 0.1% | |||
| Guatemalan Republic 6.125% 6/1/50 (b) | 350,000 | 332,566 | |
| Indonesia - 0.8% | |||
| Indonesian Republic: | |||
| 3.5% 2/14/50 | 680,000 | 569,840 | |
| 3.85% 10/15/30 | 655,000 | 644,888 | |
| 4.2% 10/15/50 | 900,000 | 828,099 | |
| 8.5% 10/12/35 (b) | 300,000 | 387,994 | |
TOTAL INDONESIA | 2,430,821 | ||
| Israel - 0.1% | |||
| Israeli State 4.5% 4/3/20 | 405,000 | 376,059 | |
| Ivory Coast - 0.2% | |||
| Ivory Coast: | |||
| 6.125% 6/15/33 (b) | 200,000 | 162,225 | |
| 6.375% 3/3/28 (b) | 635,000 | 581,025 | |
TOTAL IVORY COAST | 743,250 | ||
| Jordan - 0.1% | |||
| Jordanian Kingdom 7.375% 10/10/47 (b) | 280,000 | 222,390 | |
| Kenya - 0.3% | |||
| Republic of Kenya: | |||
| 6.875% 6/24/24 (b) | 830,000 | 717,950 | |
| 7% 5/22/27 (b) | 510,000 | 376,763 | |
TOTAL KENYA | 1,094,713 | ||
| Lebanon - 0.2% | |||
| Lebanese Republic: | |||
| 5.8% 12/31/49 (g) | 1,165,000 | 74,123 | |
| 6.375% 12/31/49 (g) | 7,090,000 | 451,101 | |
TOTAL LEBANON | 525,224 | ||
| Mexico - 0.6% | |||
| United Mexican States: | |||
| 2.659% 5/24/31 | 400,000 | 342,600 | |
| 3.25% 4/16/30 | 400,000 | 363,950 | |
| 4.35% 1/15/47 | 850,000 | 686,003 | |
| 4.75% 3/8/44 | 450,000 | 392,147 | |
TOTAL MEXICO | 1,784,700 | ||
| Mongolia - 0.1% | |||
| Mongolia Government: | |||
| 3.5% 7/7/27 (b) | 220,000 | 176,024 | |
| 5.125% 4/7/26 (b) | 200,000 | 177,022 | |
TOTAL MONGOLIA | 353,046 | ||
| Morocco - 0.1% | |||
| Moroccan Kingdom: | |||
| 2.375% 12/15/27 (b) | 375,000 | 324,844 | |
| 4% 12/15/50 (b) | 200,000 | 134,500 | |
TOTAL MOROCCO | 459,344 | ||
| Nigeria - 0.4% | |||
| Republic of Nigeria: | |||
| 6.125% 9/28/28 (b) | 325,000 | 232,741 | |
| 6.5% 11/28/27 (b) | 705,000 | 534,038 | |
| 7.143% 2/23/30 (b) | 850,000 | 608,813 | |
TOTAL NIGERIA | 1,375,592 | ||
| Oman - 1.0% | |||
| Sultanate of Oman: | |||
| 4.75% 6/15/26 (b) | 450,000 | 439,313 | |
| 5.375% 3/8/27 (b) | 395,000 | 389,569 | |
| 5.625% 1/17/28 (b) | 420,000 | 418,425 | |
| 6% 8/1/29 (b) | 285,000 | 283,575 | |
| 6.25% 1/25/31 (b) | 690,000 | 686,550 | |
| 6.5% 3/8/47 (b) | 1,150,000 | 997,625 | |
TOTAL OMAN | 3,215,057 | ||
| Pakistan - 0.2% | |||
| Islamic Republic of Pakistan: | |||
| 6% 4/8/26 (b) | 880,000 | 462,097 | |
| 6.875% 12/5/27 (b) | 560,000 | 287,630 | |
TOTAL PAKISTAN | 749,727 | ||
| Panama - 0.7% | |||
| Panamanian Republic: | |||
| 2.252% 9/29/32 | 485,000 | 387,333 | |
| 3.16% 1/23/30 | 660,000 | 597,218 | |
| 3.298% 1/19/33 | 540,000 | 469,260 | |
| 3.87% 7/23/60 | 510,000 | 369,208 | |
| 4.5% 5/15/47 | 405,000 | 339,137 | |
TOTAL PANAMA | 2,162,156 | ||
| Paraguay - 0.2% | |||
| Republic of Paraguay: | |||
| 2.739% 1/29/33 (b) | 415,000 | 341,804 | |
| 5.4% 3/30/50 (b) | 415,000 | 365,018 | |
TOTAL PARAGUAY | 706,822 | ||
| Peru - 0.7% | |||
| Peruvian Republic: | |||
| 2.783% 1/23/31 | 1,435,000 | 1,264,414 | |
| 3% 1/15/34 | 260,000 | 222,820 | |
| 3.3% 3/11/41 | 855,000 | 691,268 | |
TOTAL PERU | 2,178,502 | ||
| Qatar - 1.2% | |||
| State of Qatar: | |||
| 3.75% 4/16/30 (b) | 625,000 | 639,688 | |
| 4.4% 4/16/50 (b) | 1,730,000 | 1,764,600 | |
| 4.625% 6/2/46 (b) | 600,000 | 631,500 | |
| 4.817% 3/14/49 (b) | 855,000 | 914,850 | |
TOTAL QATAR | 3,950,638 | ||
| Romania - 0.4% | |||
| Romanian Republic: | |||
| 3% 2/27/27 (b) | 334,000 | 303,898 | |
| 3% 2/14/31 (b) | 574,000 | 471,146 | |
| 3.625% 3/27/32 (b) | 334,000 | 275,091 | |
| 6.125% 1/22/44 (b) | 400,000 | 375,450 | |
TOTAL ROMANIA | 1,425,585 | ||
| Russia - 0.1% | |||
| Ministry of Finance of the Russian Federation 5.1% 3/28/35(Reg. S) (g) | 600,000 | 294,000 | |
| Rwanda - 0.2% | |||
| Rwanda Republic 5.5% 8/9/31 (b) | 700,000 | 513,100 | |
| Saudi Arabia - 0.1% | |||
| Kingdom of Saudi Arabia 2.25% 2/2/33 (b) | 445,000 | 392,156 | |
| Serbia - 0.1% | |||
| Republic of Serbia 2.125% 12/1/30 (b) | 455,000 | 335,563 | |
| South Africa - 0.1% | |||
| South African Republic 4.85% 9/27/27 | 400,000 | 387,825 | |
| Sri Lanka - 0.1% | |||
| Democratic Socialist Republic of Sri Lanka: | |||
| 6.2% 5/11/27 (b)(g) | 935,000 | 275,416 | |
| 7.55% 3/28/30 (b)(g) | 50,000 | 14,681 | |
| 7.85% 3/14/29 (b)(g) | 165,000 | 48,448 | |
TOTAL SRI LANKA | 338,545 | ||
| Turkey - 1.2% | |||
| Turkish Republic: | |||
| 4.25% 3/13/25 | 365,000 | 315,908 | |
| 4.75% 1/26/26 | 540,000 | 453,600 | |
| 4.875% 10/9/26 | 820,000 | 670,760 | |
| 4.875% 4/16/43 | 1,005,000 | 598,163 | |
| 5.125% 2/17/28 | 470,000 | 365,660 | |
| 5.75% 5/11/47 | 665,000 | 413,879 | |
| 6.125% 10/24/28 | 220,000 | 175,560 | |
| 6.375% 10/14/25 | 290,000 | 260,329 | |
| 8.6% 9/24/27 | 550,000 | 512,188 | |
TOTAL TURKEY | 3,766,047 | ||
| Ukraine - 0.3% | |||
| Ukraine Government: | |||
| 0% 5/31/40 (b)(j) | 775,000 | 205,375 | |
| 6.876% 5/21/29 (b) | 200,000 | 38,700 | |
| 7.253% 3/15/33 (b) | 380,000 | 71,630 | |
| 7.375% 9/25/32 (b) | 200,000 | 37,700 | |
| 7.75% 9/1/23 (b) | 830,000 | 200,030 | |
| 7.75% 9/1/24 (b) | 830,000 | 172,225 | |
| 7.75% 9/1/25 (b) | 345,000 | 70,035 | |
| 7.75% 9/1/26 (b) | 560,000 | 100,800 | |
| 7.75% 9/1/27 (b) | 400,000 | 72,000 | |
TOTAL UKRAINE | 968,495 | ||
| United Arab Emirates - 0.4% | |||
| Emirate of Abu Dhabi: | |||
| 1.7% 3/2/31 (b) | 350,000 | 307,300 | |
| 3.125% 4/16/30 (b) | 300,000 | 295,369 | |
| Emirate of Dubai 3.9% 9/9/50 (Reg. S) | 650,000 | 471,778 | |
| United Arab Emirates 4.05% 7/7/32 (b) | 200,000 | 208,500 | |
TOTAL UNITED ARAB EMIRATES | 1,282,947 | ||
| United States of America - 0.6% | |||
| U.S. Treasury Bills, yield at date of purchase 1.6% to 2.44% 9/15/22 to 10/20/22 | 200,000 | 199,423 | |
| U.S. Treasury Bonds 2.875% 5/15/52 | 1,827,000 | 1,767,052 | |
TOTAL UNITED STATES OF AMERICA | 1,966,475 | ||
| Uruguay - 0.2% | |||
| Uruguay Republic 5.1% 6/18/50 | 730,000 | 777,587 | |
| Uzbekistan - 0.1% | |||
| Republic of Uzbekistan: | |||
| 3.7% 11/25/30 (b) | 200,000 | 148,250 | |
| 3.9% 10/19/31 (b) | 240,000 | 176,400 | |
TOTAL UZBEKISTAN | 324,650 | ||
| Venezuela - 0.2% | |||
| Venezuelan Republic 9.25% 9/15/27 (g) | 6,200,000 | 527,000 | |
| Zambia - 0.0% | |||
| Republic of Zambia 8.97% 7/30/27 (b) | 200,000 | 113,975 | |
| TOTAL GOVERNMENT OBLIGATIONS (Cost $82,347,847) | 57,718,836 | ||
| Preferred Securities - 0.8% | |||
Principal Amount (f) | Value ($) | ||
| Cayman Islands - 0.3% | |||
| Banco Mercantil del Norte SA 6.75% (b)(h)(j) | 400,000 | 376,575 | |
| DP World Salaam 6% (Reg. S) (h)(j) | 600,000 | 601,125 | |
TOTAL CAYMAN ISLANDS | 977,700 | ||
| Georgia - 0.2% | |||
| Georgia Bank Joint Stock Co. 11.125% (Reg. S) (h)(j) | 700,000 | 686,000 | |
| Mexico - 0.1% | |||
| CEMEX S.A.B. de CV 5.125% (b)(h)(j) | 400,000 | 334,000 | |
| United Arab Emirates - 0.2% | |||
| Emirates NBD Bank PJSC 6.125% (Reg. S) (h)(j) | 400,000 | 393,500 | |
| NBK Tier 1 Financing 2 Ltd. 4.5% (b)(h)(j) | 400,000 | 372,825 | |
TOTAL UNITED ARAB EMIRATES | 766,325 | ||
| TOTAL PREFERRED SECURITIES (Cost $3,044,675) | 2,764,025 | ||
| Money Market Funds - 1.7% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 2.01% (k) | 4,559,869 | 4,560,781 | |
| Fidelity Securities Lending Cash Central Fund 2.01% (k)(l) | 903,983 | 904,073 | |
| TOTAL MONEY MARKET FUNDS (Cost $5,464,557) | 5,464,854 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $347,436,882) | 325,200,194 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 708,824 |
| NET ASSETS - 100.0% | 325,909,018 |
Currency Abbreviations
| EUR | - | European Monetary Unit |
Categorizations in Schedule of Investments are based on country or territory of incorporation.
Legend
| (a) | Non-income producing |
| (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 $85,040,125 or 26.1% of net assets. |
| (c) | Level 3 security |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,891,686 or 0.6% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Non-income producing - Security is in default. |
| (h) | Security is perpetual in nature with no stated maturity date. |
| (i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (j) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (l) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Ant International Co. Ltd. Class C | 5/16/18 | 1,618,120 |
| Creditas Financial Solutions Ltd. Series F | 1/28/22 | 337,976 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 169,898 |
| Gupshup, Inc. | 6/08/21 | 192,273 |
| Meesho Series F | 9/21/21 | 544,986 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
| Fidelity Cash Central Fund 2.01% | 18,857,299 | 426,114,130 | 440,410,648 | 24,305 | 1 | (1) | 4,560,781 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 2.01% | 1,116,639 | 5,325,767 | 5,538,333 | 15,330 | - | - | 904,073 | 0.0% |
| Total | 19,973,938 | 431,439,897 | 445,948,981 | 39,635 | 1 | (1) | 5,464,854 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
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 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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.Nonconvertible Bonds, Government Obligations and Preferred Securities 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 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.
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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