NPORT-EX 2 QTLY_2369_20220131.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
January 31, 2022
TEK-NPRT1-0422
1.931232.110
Common Stocks - 69.8%
 
  
Shares
Value ($)
 
Belgium - 0.3%
 
  
  
Titan Cement International Trading SA
 
101,400
1,585,663
Bermuda - 0.8%
 
  
  
China Gas Holdings Ltd.
 
554,944
942,840
Credicorp Ltd. (United States)
 
13,979
2,002,072
Huanxi Media Group Ltd. (a)
  
2,025,206
373,698
Kerry Properties Ltd.
 
91,000
257,063
Kunlun Energy Co. Ltd.
 
952,040
987,311
Shangri-La Asia Ltd. (a)
  
112,000
87,605
TOTAL BERMUDA
  
  
4,650,589
Brazil - 2.5%
 
  
  
Atacadao SA
 
617,600
1,938,832
Dexco SA
 
422,730
1,190,150
ENGIE Brasil Energia SA
 
67,200
515,064
Equatorial Energia SA
 
217,200
939,137
Localiza Rent A Car SA
 
98,897
1,091,385
LOG Commercial Properties e Participacoes SA
 
84,400
449,489
Lojas Renner SA
 
140,712
745,150
Natura & Co. Holding SA (a)
  
288,318
1,232,523
Rede D'Oregon Sao Luiz SA (b)
  
102,518
855,652
Rumo SA (a)
  
354,900
1,043,961
Suzano Papel e Celulose SA
 
105,600
1,177,289
Transmissora Alianca de Energia Eletrica SA unit
 
85,100
611,715
Vale SA sponsored ADR
 
185,068
2,809,332
TOTAL BRAZIL
  
  
14,599,679
British Virgin Islands - 0.1%
 
  
  
Fix Price Group Ltd. GDR (Reg. S)
 
76,105
434,444
Canada - 0.6%
 
  
  
Barrick Gold Corp.
 
173,200
3,316,780
Cayman Islands - 15.9%
 
  
  
Akeso, Inc. (a)(b)
  
99,505
270,286
Alibaba Group Holding Ltd. (a)
  
806,380
12,638,849
Ant International Co. Ltd. Class C (a)(c)(d)
  
424,550
755,699
Antengene Corp. (a)(b)
  
374,792
294,569
Archosaur Games, Inc. (b)
  
35,813
37,976
BeiGene Ltd. ADR (a)
  
504
122,260
Bilibili, Inc. ADR (a)
  
74,872
2,642,233
Chailease Holding Co. Ltd.
 
397,138
3,645,568
China Resources Land Ltd.
 
170,510
824,181
CIFI Holdings Group Co. Ltd.
 
796,711
520,486
CK Asset Holdings Ltd.
 
47,500
317,082
ENN Energy Holdings Ltd.
 
90,600
1,442,377
ESR Cayman Ltd. (a)(b)
  
83,200
282,106
GlobalFoundries, Inc.
 
6,300
310,842
Haitian International Holdings Ltd.
 
261,000
679,035
Hansoh Pharmaceutical Group Co. Ltd. (b)
  
296,803
611,833
Innovent Biologics, Inc. (a)(b)
  
119,659
506,733
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b)
  
261,592
313,159
JD Health International, Inc. (a)(b)
  
34,998
282,685
JD.com, Inc.:
  
  
  
 Class A (a)
  
115,823
4,389,856
 sponsored ADR (a)
  
16,589
1,242,184
KE Holdings, Inc. ADR (a)
  
4,500
98,055
Kingdee International Software Group Co. Ltd. (a)
  
223,130
511,267
Kuaishou Technology Class B (b)
  
123,613
1,412,991
KWG Group Holdings Ltd.
 
442,000
241,679
Li Ning Co. Ltd.
 
187,563
1,830,240
Longfor Properties Co. Ltd. (b)
  
111,500
668,869
Medlive Technology Co. Ltd. (b)
  
175,901
285,596
Meituan Class B (a)(b)
  
281,497
8,398,278
NetEase, Inc. ADR
 
9,080
938,509
PagSeguro Digital Ltd. (a)
  
45,489
1,028,961
Parade Technologies Ltd.
 
8,188
604,993
Pinduoduo, Inc. ADR (a)
  
71,578
4,283,228
Pop Mart International Group Ltd. (b)(e)
  
64,785
322,503
Sea Ltd. ADR (a)
  
21,884
3,289,384
Shimao Property Holdings Ltd.
 
102,800
75,763
Silergy Corp.
 
7,000
946,900
SITC International Holdings Co. Ltd.
 
151,000
575,549
Tencent Holdings Ltd.
 
404,236
25,330,350
Tencent Music Entertainment Group ADR (a)
  
28,518
176,241
Tongdao Liepin Group (a)
  
117,531
284,805
Trip.com Group Ltd. ADR (a)
  
46,659
1,241,596
Uni-President China Holdings Ltd.
 
775,600
733,042
Wuxi Biologics (Cayman), Inc. (a)(b)
  
233,344
2,338,752
XP, Inc. Class A (a)
  
88,635
2,952,432
XPeng, Inc.:
  
  
  
 ADR (a)
  
80,571
2,827,236
 Class A
 
1
17
Zai Lab Ltd. (a)
  
12,691
599,462
TOTAL CAYMAN ISLANDS
  
  
94,126,697
Chile - 0.5%
 
  
  
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
51,121
2,768,202
China - 6.3%
 
  
  
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)
  
14,740
517,175
Bafang Electric Suzhou Co. Ltd. (A Shares)
 
23,145
750,245
Beijing Enlight Media Co. Ltd. (A Shares)
 
519,000
864,188
Beijing Sinohytec Co. Ltd. (A Shares) (a)
  
13,500
452,968
C&S Paper Co. Ltd. (A Shares)
 
333,300
783,418
China Communications Services Corp. Ltd. (H Shares)
 
1,152,000
613,209
China Construction Bank Corp. (H Shares)
 
8,645,000
6,633,728
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
232,600
497,454
China Petroleum & Chemical Corp. (H Shares)
 
3,160,000
1,654,544
China Tower Corp. Ltd. (H Shares) (b)
  
1,934,603
233,698
Contemporary Amperex Technology Co. Ltd.
 
3,273
316,346
Daqin Railway Co. Ltd. (A Shares)
 
1,032,900
1,076,117
Flat Glass Group Co. Ltd. (e)
  
52,335
210,106
Gemdale Corp. (A Shares)
 
247,558
504,967
Great Wall Motor Co. Ltd. (H Shares)
 
467,514
1,268,407
Haier Smart Home Co. Ltd.
 
350,800
1,406,373
Haier Smart Home Co. Ltd. (A Shares)
 
26,260
115,892
Hongfa Technology Co. Ltd. (A Shares)
 
66,306
668,195
Pharmaron Beijing Co. Ltd. (H Shares) (b)
  
59,126
752,195
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
744,000
5,904,253
Poly Developments & Holdings (A Shares)
 
190,900
471,228
Proya Cosmetics Co. Ltd. (A Shares)
 
55,600
1,487,824
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
29,229
1,492,594
Sinopec Engineering Group Co. Ltd. (H Shares)
 
495,500
241,715
Sinopharm Group Co. Ltd. (H Shares)
 
256,718
574,226
Sungrow Power Supply Co. Ltd. (A Shares)
 
27,196
494,079
TravelSky Technology Ltd. (H Shares)
 
263,000
492,873
Tsingtao Brewery Co. Ltd. (H Shares)
 
358,000
3,221,985
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
  
87,389
338,423
WuXi AppTec Co. Ltd. (H Shares) (b)
  
53,181
762,789
Xiamen Faratronic Co. Ltd. (A Shares)
 
8,014
249,708
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares)
 
23,074
610,227
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
92,800
281,626
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
219,800
1,160,916
TOTAL CHINA
  
  
37,103,691
Cyprus - 0.7%
 
  
  
TCS Group Holding PLC GDR
 
57,695
4,163,317
France - 0.1%
 
  
  
Ubisoft Entertainment SA (a)
  
6,427
368,810
Germany - 0.1%
 
  
  
Delivery Hero AG (a)(b)
  
4,509
348,049
Greece - 0.3%
 
  
  
Alpha Bank SA (a)
  
958,500
1,450,546
Piraeus Financial Holdings SA (a)
  
320,900
539,997
TOTAL GREECE
  
  
1,990,543
Hong Kong - 1.0%
 
  
  
AIA Group Ltd.
 
203,800
2,127,634
China Overseas Land and Investment Ltd.
 
207,040
611,074
China Resources Beer Holdings Co. Ltd.
 
302,666
2,259,668
Guangdong Investment Ltd.
 
540,000
771,355
TOTAL HONG KONG
  
  
5,769,731
Hungary - 0.5%
 
  
  
OTP Bank PLC (a)
  
46,140
2,668,425
Richter Gedeon PLC
 
24,329
641,234
TOTAL HUNGARY
  
  
3,309,659
India - 9.8%
 
  
  
Adani Ports & Special Economic Zone Ltd.
 
192,766
1,866,938
Apollo Hospitals Enterprise Ltd.
 
10,575
635,795
Axis Bank Ltd. (a)
  
109,419
1,146,619
Bajaj Finance Ltd.
 
29,764
2,820,740
Bandhan Bank Ltd. (b)
  
442,400
1,885,428
Bharat Electronics Ltd.
 
308,600
874,159
CE Info Systems Ltd.
 
10,924
201,001
Divi's Laboratories Ltd.
 
10,885
591,446
Embassy Office Parks (REIT)
 
59,600
295,164
HDFC Bank Ltd.
 
424,796
8,548,458
Hindustan Aeronautics Ltd.
 
400
7,787
Housing Development Finance Corp. Ltd.
 
5,550
189,489
Indraprastha Gas Ltd.
 
169,593
898,001
Indus Towers Ltd.
 
23,900
81,430
Infosys Ltd.
 
91,719
2,159,288
Infosys Ltd. sponsored ADR
 
113,841
2,683,232
ITC Ltd.
 
403,913
1,200,341
JK Cement Ltd.
 
74,574
3,316,242
Larsen & Toubro Ltd.
 
94,469
2,436,065
Mahanagar Gas Ltd.
 
45,639
503,730
Manappuram General Finance & Leasing Ltd.
 
490,051
1,044,232
Maruti Suzuki India Ltd.
 
7,317
848,234
Max Healthcare Institute Ltd. (a)
  
86,406
427,937
NTPC Ltd.
 
608,184
1,167,044
Oberoi Realty Ltd. (a)
  
44,970
555,873
Oil & Natural Gas Corp. Ltd.
 
600,400
1,404,791
Petronet LNG Ltd.
 
172,606
496,515
Power Grid Corp. of India Ltd.
 
593,510
1,721,245
Reliance Industries Ltd.
 
210,413
6,785,262
Shree Cement Ltd.
 
5,751
1,881,556
Shriram Transport Finance Co. Ltd.
 
169,835
2,821,815
Sun Pharmaceutical Industries Ltd.
 
29,295
329,322
Tata Motors Ltd. (a)
  
214,158
1,478,401
Tata Steel Ltd.
 
102,500
1,512,361
Tech Mahindra Ltd.
 
83,880
1,675,436
Titan Co. Ltd.
 
16,250
518,474
Torrent Pharmaceuticals Ltd.
 
17,373
624,202
Voltas Ltd.
 
39,614
631,895
Zomato Ltd. (a)
  
88,910
108,430
TOTAL INDIA
  
  
58,374,378
Indonesia - 1.2%
 
  
  
PT Bank Central Asia Tbk
 
5,687,600
3,025,219
PT Bank Rakyat Indonesia (Persero) Tbk
 
12,826,579
3,650,899
PT Dayamitra Telekomunikasi Tbk (a)
  
1,610,200
89,244
PT United Tractors Tbk
 
244,000
394,509
TOTAL INDONESIA
  
  
7,159,871
Japan - 0.8%
 
  
  
Capcom Co. Ltd.
 
16,782
405,130
JTOWER, Inc. (a)
  
3,590
164,499
Money Forward, Inc. (a)
  
9,144
416,109
Recruit Holdings Co. Ltd.
 
5,525
273,093
Renesas Electronics Corp. (a)
  
63,149
724,749
Square Enix Holdings Co. Ltd.
 
9,450
463,409
Tokyo Electron Ltd.
 
1,650
807,070
Z Holdings Corp.
 
301,766
1,532,569
TOTAL JAPAN
  
  
4,786,628
Korea (South) - 8.6%
 
  
  
AMOREPACIFIC Group, Inc.
 
32,839
1,129,864
Coway Co. Ltd.
 
17,200
990,789
Hana Financial Group, Inc.
 
56,310
2,121,380
Hanon Systems
 
57,680
517,508
Hyundai Mobis
 
6,032
1,183,934
Hyundai Motor Co.
 
1,991
320,863
Kakao Corp.
 
24,076
1,738,813
Kakao Pay Corp. (a)
  
4,346
462,815
KB Financial Group, Inc.
 
78,928
3,911,113
Kia Corp.
 
44,310
3,089,125
LG Chemical Ltd.
 
2,552
1,367,840
LG Corp.
 
14,050
868,754
NCSOFT Corp.
 
1,679
756,395
Netmarble Corp. (b)
  
1,871
173,212
POSCO
 
16,182
3,619,312
S-Oil Corp.
 
12,370
938,920
Samsung Biologics Co. Ltd. (a)(b)
  
2,557
1,582,769
Samsung Electronics Co. Ltd.
 
290,140
18,043,974
Samsung SDI Co. Ltd.
 
1,888
936,856
SK Hynix, Inc.
 
68,752
7,115,397
Studio Dragon Corp. (a)
  
6,001
384,398
TOTAL KOREA (SOUTH)
  
  
51,254,031
Luxembourg - 0.2%
 
  
  
Adecoagro SA (a)
  
16,700
135,270
Globant SA (a)
  
4,729
1,206,746
TOTAL LUXEMBOURG
  
  
1,342,016
Mauritius - 0.0%
 
  
  
Jumo World Ltd. (d)
  
30
225,472
Mexico - 1.7%
 
  
  
CEMEX S.A.B. de CV sponsored ADR (a)
  
597,900
3,659,148
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
259,155
490,847
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
83,300
1,145,274
Grupo Aeroportuario Norte S.A.B. de CV
 
62,000
415,227
Grupo Financiero Banorte S.A.B. de CV Series O
 
491,621
3,115,888
Wal-Mart de Mexico SA de CV Series V
 
356,900
1,213,543
TOTAL MEXICO
  
  
10,039,927
Netherlands - 1.2%
 
  
  
Adyen BV (a)(b)
  
175
356,107
ASML Holding NV (Netherlands)
 
821
556,059
CTP BV (b)
  
8,409
171,059
NXP Semiconductors NV
 
2,011
413,140
X5 Retail Group NV GDR (Reg. S)
 
67,300
1,521,668
Yandex NV Series A (a)
  
86,753
4,169,349
TOTAL NETHERLANDS
  
  
7,187,382
Panama - 0.2%
 
  
  
Copa Holdings SA Class A (a)
  
11,286
943,284
Philippines - 0.1%
 
  
  
Ayala Land, Inc.
 
600,300
423,081
SM Investments Corp.
 
26,000
483,774
TOTAL PHILIPPINES
  
  
906,855
Poland - 0.1%
 
  
  
CD Projekt RED SA (e)
  
18,747
832,279
Russia - 2.5%
 
  
  
Gazprom OAO sponsored ADR (Reg. S)
 
275,300
2,396,573
LSR Group OJSC
 
1,655
14,050
LUKOIL PJSC sponsored ADR
 
40,600
3,635,748
Novatek PJSC GDR (Reg. S)
 
11,300
2,386,624
Sberbank of Russia
 
55,230
190,335
Sberbank of Russia sponsored ADR
 
315,304
4,423,080
Severstal PAO GDR (Reg. S)
 
92,100
1,816,040
TOTAL RUSSIA
  
  
14,862,450
Saudi Arabia - 0.9%
 
  
  
Al Rajhi Bank
 
108,509
4,286,104
Saudi Tadawul Group Holding Co.
 
32,200
1,390,336
TOTAL SAUDI ARABIA
  
  
5,676,440
Singapore - 0.3%
 
  
  
First Resources Ltd.
 
1,300,800
1,595,594
South Africa - 1.8%
 
  
  
Bidvest Group Ltd./The
 
2,191
26,863
Capitec Bank Holdings Ltd.
 
16,350
2,152,410
FirstRand Ltd.
 
608,507
2,452,954
Impala Platinum Holdings Ltd.
 
277,100
4,272,013
Pick 'n Pay Stores Ltd.
 
574,800
1,924,439
TOTAL SOUTH AFRICA
  
  
10,828,679
Taiwan - 8.0%
 
  
  
ASE Technology Holding Co. Ltd.
 
280,577
1,022,696
MediaTek, Inc.
 
138,055
5,487,774
Taiwan Semiconductor Manufacturing Co. Ltd.
 
1,602,139
37,073,956
Unified-President Enterprises Corp.
 
677,000
1,660,621
United Microelectronics Corp.
 
952,000
1,990,588
Yageo Corp.
 
2,000
34,113
TOTAL TAIWAN
  
  
47,269,748
Thailand - 0.2%
 
  
  
Land & House PCL (For. Reg.)
 
865,700
255,577
PTT Global Chemical PCL (For. Reg.)
 
730,700
1,252,357
TOTAL THAILAND
  
  
1,507,934
Turkey - 0.3%
 
  
  
Aselsan A/S
 
728,508
1,181,342
Bim Birlesik Magazalar A/S JSC
 
127,000
670,742
TOTAL TURKEY
  
  
1,852,084
United Kingdom - 0.6%
 
  
  
Helios Towers PLC (a)
  
133,800
276,592
Mondi PLC
 
35,627
891,253
Prudential PLC (a)
  
128,135
2,159,810
TOTAL UNITED KINGDOM
  
  
3,327,655
United States of America - 1.6%
 
  
  
Airbnb, Inc. Class A (a)
  
1,400
215,558
Dlocal Ltd.
 
49,545
1,482,386
Dynatrace, Inc. (a)
  
5,200
285,272
FirstCash Holdings, Inc.
 
23,799
1,658,790
HubSpot, Inc. (a)
  
600
293,280
Li Auto, Inc. ADR (a)
  
97,361
2,540,148
Marvell Technology, Inc.
 
8,812
629,177
MongoDB, Inc. Class A (a)
  
700
283,577
NVIDIA Corp.
 
2,491
609,946
Salesforce.com, Inc. (a)
  
2,518
585,762
Snap, Inc. Class A (a)
  
20,566
669,218
TOTAL UNITED STATES OF AMERICA
  
  
9,253,114
 
TOTAL COMMON STOCKS
 (Cost $317,925,780)
  
  
  
413,761,675
 
  
  
  
Preferred Stocks - 1.6%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
  
  
Cayman Islands - 0.1%
  
  
  
Creditas Financial Solutions Ltd. Series F (c)(d)
  
1,073
337,976
China - 0.0%
  
  
  
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)
  
11,962
118,663
India - 0.1%
  
  
  
Meesho Series F (c)(d)
  
7,108
544,987
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
1,001,626
Nonconvertible Preferred Stocks - 1.4%
 
  
  
Brazil - 1.2%
  
  
  
Ambev SA sponsored ADR
 
902,600
2,554,358
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
64,400
293,008
Metalurgica Gerdau SA (PN)
 
874,570
1,905,571
Petroleo Brasileiro SA - Petrobras:
  
  
  
 (PN) sponsored ADR (non-vtg.)
 
101,706
1,234,711
 sponsored ADR
 
74,100
989,235
 
  
  
6,976,883
Korea (South) - 0.2%
  
  
  
Hyundai Motor Co. Series 2
 
13,992
1,137,665
United States of America - 0.0%
  
  
  
Gupshup, Inc. (c)(d)
  
8,409
192,273
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
8,306,821
 
TOTAL PREFERRED STOCKS
 (Cost $7,977,424)
  
  
  
9,308,447
 
  
  
  
Nonconvertible Bonds - 11.7%
 
  
Principal
Amount (f)
 
Value ($)
 
Azerbaijan - 0.3%
 
  
  
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
  
1,250,000
1,423,281
State Oil Co. of Azerbaijan Republic:
  
  
  
 4.75% 3/13/23 (Reg. S)
 
200,000
205,725
 6.95% 3/18/30 (Reg. S)
 
350,000
415,503
TOTAL AZERBAIJAN
  
  
2,044,509
Bahrain - 0.4%
 
  
  
The Oil and Gas Holding Co.:
  
  
  
 7.5% 10/25/27 (b)
  
2,005,000
2,144,909
 7.625% 11/7/24 (b)
  
400,000
427,500
TOTAL BAHRAIN
  
  
2,572,409
Bailiwick of Jersey - 0.1%
 
  
  
Galaxy Pipeline Assets BidCo Ltd.:
  
  
  
 2.16% 3/31/34 (b)
  
450,000
431,100
 2.625% 3/31/36 (b)
  
440,000
413,050
TOTAL BAILIWICK OF JERSEY
  
  
844,150
Bermuda - 0.4%
 
  
  
GeoPark Ltd. 5.5% 1/17/27 (b)
  
700,000
658,000
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
  
510,000
527,850
Qtel International Finance Ltd. 2.625% 4/8/31 (b)
  
495,000
485,719
Sagicor Financial Co. Ltd. 5.3% 5/13/28 (b)
  
400,000
408,000
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
  
550,000
526,075
TOTAL BERMUDA
  
  
2,605,644
Brazil - 0.1%
 
  
  
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
  
385,000
367,290
Natura Cosmeticos SA 4.125% 5/3/28 (b)
  
435,000
422,352
TOTAL BRAZIL
  
  
789,642
British Virgin Islands - 0.5%
 
  
  
1MDB Global Investments Ltd. 4.4% 3/9/23
 
2,000,000
1,996,200
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
  
395,000
388,885
Sinopec Group Overseas Development Ltd. 2.7% 5/13/30 (b)
  
350,000
348,070
TOTAL BRITISH VIRGIN ISLANDS
  
  
2,733,155
Canada - 0.2%
 
  
  
First Quantum Minerals Ltd.:
  
  
  
 7.25% 4/1/23 (b)
  
200,000
201,625
 7.5% 4/1/25 (b)
  
825,000
843,563
Gcm Mining Corp. 6.875% 8/9/26 (b)
  
400,000
389,004
TOTAL CANADA
  
  
1,434,192
Cayman Islands - 1.0%
 
  
  
DP World Crescent Ltd.:
  
  
  
 3.875% 7/18/29 (Reg. S)
 
700,000
726,600
 4.848% 9/26/28 (b)
  
400,000
437,500
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)
  
690,000
706,301
Lamar Funding Ltd. 3.958% 5/7/25 (b)
  
430,000
424,819
Meituan 2.125% 10/28/25 (b)
  
640,000
603,456
Mumtalakat Sukuk Holding Co. 5.625% 2/27/24 (Reg. S)
 
400,000
417,825
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
400,000
370,950
QNB Finance Ltd. 2.75% 2/12/27 (Reg. S)
 
395,000
399,148
SA Global Sukuk Ltd. 1.602% 6/17/26 (b)
  
635,000
614,045
Sable International Finance Ltd. 5.75% 9/7/27 (b)
  
600,000
612,000
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
  
454,750
455,887
TOTAL CAYMAN ISLANDS
  
  
5,768,531
Chile - 0.4%
 
  
  
Corporacion Nacional del Cobre de Chile (Codelco):
  
  
  
 3.7% 1/30/50 (b)
  
300,000
283,931
 3.75% 1/15/31 (b)
  
300,000
312,000
 4.25% 7/17/42 (b)
  
500,000
514,625
 4.5% 8/1/47 (b)
  
250,000
269,031
Empresa de Transporte de Pasajeros Metro SA 3.65% 5/7/30 (b)
  
350,000
364,175
Empresa Nacional de Petroleo 4.5% 9/14/47 (b)
  
440,000
392,425
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
  
400,000
392,800
TOTAL CHILE
  
  
2,528,987
Colombia - 0.1%
 
  
  
Oleoducto Central SA 4% 7/14/27 (b)
  
350,000
339,693
Dominican Republic - 0.1%
 
  
  
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (b)
  
650,000
669,906
Guatemala - 0.1%
 
  
  
CT Trust 5.125% 2/3/32 (b)
  
350,000
356,913
Hong Kong - 0.1%
 
  
  
Lenovo Group Ltd. 3.421% 11/2/30 (b)
  
495,000
483,337
Indonesia - 0.5%
 
  
  
Hutama Karya Persero PT 3.75% 5/11/30 (b)
  
600,000
618,863
Indonesia Asahan Aluminium Tbk PT:
  
  
  
 4.75% 5/15/25 (b)
  
400,000
417,044
 5.45% 5/15/30 (b)
  
400,000
435,800
PT Adaro Indonesia 4.25% 10/31/24 (b)
  
550,000
555,947
PT Pertamina Persero:
  
  
  
 4.15% 2/25/60 (b)
  
365,000
336,348
 4.175% 1/21/50 (b)
  
450,000
436,163
TOTAL INDONESIA
  
  
2,800,165
Ireland - 0.1%
 
  
  
SUEK Securities DAC 3.375% 9/15/26 (b)
  
535,000
506,057
Kazakhstan - 0.1%
 
  
  
KazMunaiGaz National Co.:
  
  
  
 3.5% 4/14/33 (b)
  
400,000
390,600
 5.375% 4/24/30 (b)
  
250,000
276,733
TOTAL KAZAKHSTAN
  
  
667,333
Luxembourg - 0.1%
 
  
  
B2W Digital Lux SARL 4.375% 12/20/30 (b)
  
385,000
337,501
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
  
465,000
463,094
TOTAL LUXEMBOURG
  
  
800,595
Malaysia - 0.2%
 
  
  
Petronas Capital Ltd.:
  
  
  
 3.5% 4/21/30 (b)
  
450,000
473,418
 4.55% 4/21/50 (b)
  
400,000
471,750
TOTAL MALAYSIA
  
  
945,168
Mauritius - 0.1%
 
  
  
CA Magnum Holdings 5.375% (b)(g)
  
400,000
407,880
HTA Group Ltd. 7% 12/18/25 (b)
  
400,000
414,825
TOTAL MAURITIUS
  
  
822,705
Mexico - 2.3%
 
  
  
Comision Federal de Electricid 3.348% 2/9/31 (b)
  
450,000
419,428
Petroleos Mexicanos:
  
  
  
 3 month U.S. LIBOR + 3.650% 3.8509% 3/11/22 (h)(i)
  
350,000
349,475
 3.5% 1/30/23
 
905,000
911,190
 4.25% 1/15/25
 
600,000
603,000
 4.5% 1/23/26
 
400,000
397,000
 4.625% 9/21/23
 
500,000
512,000
 4.875% 1/18/24
 
535,000
550,783
 5.35% 2/12/28
 
320,000
312,051
 6.49% 1/23/27
 
890,000
928,715
 6.5% 3/13/27
 
185,000
192,747
 6.5% 6/2/41
 
1,170,000
1,011,465
 6.625% 6/15/35
 
1,675,000
1,560,263
 6.7% 2/16/32 (b)
  
415,000
409,854
 6.75% 9/21/47
 
960,000
818,880
 6.84% 1/23/30
 
520,000
529,620
 6.875% 10/16/25 (b)
  
150,000
160,875
 6.95% 1/28/60
 
2,175,000
1,849,294
 7.69% 1/23/50
 
2,044,000
1,888,656
TOTAL MEXICO
  
  
13,405,296
Morocco - 0.2%
 
  
  
OCP SA:
  
  
  
 3.75% 6/23/31 (b)
  
635,000
609,600
 4.5% 10/22/25 (b)
  
345,000
357,571
TOTAL MOROCCO
  
  
967,171
Netherlands - 0.5%
 
  
  
Embraer Netherlands Finance BV 5.05% 6/15/25
 
400,000
410,075
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b)
  
250,000
308,172
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b)
  
890,000
815,908
Prosus NV:
  
  
  
 3.68% 1/21/30 (b)
  
400,000
390,075
 3.832% 2/8/51 (b)
  
425,000
353,547
 4.027% 8/3/50 (b)
  
350,000
303,632
 4.193% 1/19/32 (b)
  
445,000
438,881
TOTAL NETHERLANDS
  
  
3,020,290
Panama - 0.2%
 
  
  
Aeropuerto Internacional de Tocumen SA:
  
  
  
 4% 8/11/41 (b)
  
400,000
387,825
 5.125% 8/11/61 (b)
  
200,000
193,975
Cable Onda SA 4.5% 1/30/30 (b)
  
580,000
588,990
TOTAL PANAMA
  
  
1,170,790
Paraguay - 0.1%
 
  
  
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
  
700,000
721,935
Peru - 0.1%
 
  
  
Camposol SA 6% 2/3/27 (b)
  
500,000
507,938
Qatar - 0.4%
 
  
  
Qatar Petroleum:
  
  
  
 1.375% 9/12/26 (b)
  
725,000
697,813
 2.25% 7/12/31 (b)
  
565,000
543,813
 3.125% 7/12/41 (b)
  
650,000
629,473
 3.3% 7/12/51 (b)
  
380,000
373,350
TOTAL QATAR
  
  
2,244,449
Saudi Arabia - 0.8%
 
  
  
Saudi Arabian Oil Co.:
  
  
  
 1.625% 11/24/25 (b)
  
950,000
927,675
 3.5% 4/16/29 (b)
  
450,000
469,800
 4.25% 4/16/39 (b)
  
2,955,000
3,183,865
TOTAL SAUDI ARABIA
  
  
4,581,340
Singapore - 0.2%
 
  
  
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (b)
  
500,000
495,094
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
  
730,000
708,100
TOTAL SINGAPORE
  
  
1,203,194
South Africa - 0.5%
 
  
  
Eskom Holdings SOC Ltd.:
  
  
  
 6.75% 8/6/23 (b)
  
2,050,000
2,071,525
 7.125% 2/11/25 (b)
  
650,000
657,434
TOTAL SOUTH AFRICA
  
  
2,728,959
Spain - 0.1%
 
  
  
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
  
450,000
396,567
Thailand - 0.0%
 
  
  
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b)
  
350,000
330,816
United Arab Emirates - 0.1%
 
  
  
Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b)
  
515,000
569,011
United Kingdom - 0.6%
 
  
  
Antofagasta PLC 2.375% 10/14/30 (b)
  
450,000
417,938
Biz Finance PLC 9.625% 4/27/22 (b)
  
437,500
419,262
Endeavour Mining PLC 5% 10/14/26 (b)
  
405,000
397,406
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
  
400,000
403,000
NAK Naftogaz Ukraine 7.375% 7/19/22 (Reg. S)
 
400,000
361,950
The Bidvest Group UK PLC 3.625% 9/23/26 (b)
  
450,000
443,250
Tullow Oil PLC:
  
  
  
 7% 3/1/25 (b)
  
840,000
705,600
 10.25% 5/15/26 (b)
  
665,000
671,650
TOTAL UNITED KINGDOM
  
  
3,820,056
United States of America - 0.5%
 
  
  
Citgo Holding, Inc. 9.25% 8/1/24 (b)
  
750,000
749,018
DAE Funding LLC 1.55% 8/1/24 (b)
  
450,000
438,075
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
  
775,000
756,981
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b)
  
25,000
26,754
Sasol Financing U.S.A. LLC 5.875% 3/27/24
 
500,000
513,750
Stillwater Mining Co. 4% 11/16/26 (b)
  
690,000
658,398
TOTAL UNITED STATES OF AMERICA
  
  
3,142,976
Uzbekistan - 0.1%
 
  
  
National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S)
 
350,000
338,253
Uzbekneftegaz JSC 4.75% 11/16/28 (b)
  
400,000
370,000
TOTAL UZBEKISTAN
  
  
708,253
Venezuela - 0.1%
 
  
  
Petroleos de Venezuela SA:
  
  
  
 6% 5/16/24 (b)(j)
  
5,700,000
213,750
 6% 11/15/26 (Reg. S) (j)
  
6,800,000
238,000
TOTAL VENEZUELA
  
  
451,750
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $72,039,156)
  
  
  
69,683,882
 
  
  
  
Government Obligations - 15.1%
 
  
Principal
Amount (f)
 
Value ($)
 
Angola - 0.4%
 
  
  
Angola Republic:
  
  
  
 8.25% 5/9/28 (b)
  
1,020,000
1,023,379
 9.5% 11/12/25 (b)
  
1,480,000
1,615,790
TOTAL ANGOLA
  
  
2,639,169
Argentina - 0.6%
 
  
  
Argentine Republic:
  
  
  
 0.5% 7/9/30 (k)
  
3,025,365
1,022,573
 1% 7/9/29
 
498,666
176,278
 1.125% 7/9/35 (k)
  
3,922,734
1,210,163
 2% 1/9/38 (k)
  
2,011,834
762,485
Buenos Aires Province 3.9% 9/1/37 (b)(k)
  
1,030,000
437,943
TOTAL ARGENTINA
  
  
3,609,442
Armenia - 0.1%
 
  
  
Republic of Armenia 7.15% 3/26/25 (b)
  
370,000
403,254
Barbados - 0.1%
 
  
  
Barbados Government 6.5% 10/1/29 (b)
  
855,000
853,557
Belarus - 0.0%
 
  
  
Belarus Republic 6.875% 2/28/23 (b)
  
190,000
179,550
Benin - 0.2%
 
  
  
Republic of Benin:
  
  
  
 4.875% 1/19/32 (b)
EUR
340,000
366,766
 5.75% 3/26/26 (b)
EUR
750,000
897,777
 6.875% 1/19/52 (b)
EUR
100,000
109,101
TOTAL BENIN
  
  
1,373,644
Brazil - 0.4%
 
  
  
Brazilian Federative Republic:
  
  
  
 3.75% 9/12/31
 
600,000
546,600
 3.875% 6/12/30
 
1,510,000
1,419,211
 4.75% 1/14/50
 
505,000
425,242
TOTAL BRAZIL
  
  
2,391,053
Cameroon - 0.2%
 
  
  
Cameroon Republic:
  
  
  
 5.95% 7/7/32 (b)
EUR
360,000
370,949
 9.5% 11/19/25 (b)
  
775,000
817,286
TOTAL CAMEROON
  
  
1,188,235
Chile - 0.3%
 
  
  
Chilean Republic:
  
  
  
 2.45% 1/31/31
 
1,085,000
1,043,499
 2.75% 1/31/27
 
220,000
222,640
 3.5% 1/31/34
 
200,000
202,663
 4% 1/31/52
 
200,000
203,913
TOTAL CHILE
  
  
1,672,715
Colombia - 0.6%
 
  
  
Colombian Republic:
  
  
  
 3% 1/30/30
 
840,000
732,270
 3.125% 4/15/31
 
748,000
641,083
 3.25% 4/22/32
 
385,000
329,175
 5% 6/15/45
 
805,000
684,401
 6.125% 1/18/41
 
200,000
195,725
 7.375% 9/18/37
 
650,000
721,419
TOTAL COLOMBIA
  
  
3,304,073
Costa Rica - 0.1%
 
  
  
Costa Rican Republic:
  
  
  
 5.625% 4/30/43 (b)
  
250,000
203,094
 6.125% 2/19/31 (b)
  
265,000
258,922
TOTAL COSTA RICA
  
  
462,016
Dominican Republic - 0.6%
 
  
  
Dominican Republic:
  
  
  
 4.5% 1/30/30 (b)
  
715,000
700,834
 4.875% 9/23/32 (b)
  
1,145,000
1,123,388
 5.875% 1/30/60 (b)
  
680,000
615,528
 6% 7/19/28 (b)
  
400,000
436,825
 6.5% 2/15/48 (Reg. S)
 
200,000
201,788
 6.85% 1/27/45 (b)
  
350,000
367,456
TOTAL DOMINICAN REPUBLIC
  
  
3,445,819
Ecuador - 0.3%
 
  
  
Ecuador Republic:
  
  
  
 1% 7/31/35 (b)(k)
  
1,385,256
969,939
 5% 7/31/30 (b)(k)
  
1,285,630
1,119,543
TOTAL ECUADOR
  
  
2,089,482
Egypt - 0.8%
 
  
  
Arab Republic of Egypt:
  
  
  
 , yield at date of purchase 11.7501% to 11.8507% 4/12/22 to 6/21/22
EGP
10,475,000
646,591
 5.8% 9/30/27 (b)
  
460,000
431,250
 5.875% 6/11/25 (b)
  
400,000
404,000
 5.875% 2/16/31 (b)
  
400,000
337,000
 7.0529% 1/15/32 (b)
  
890,000
779,863
 7.5% 1/31/27 (b)
  
150,000
151,125
 7.903% 2/21/48 (b)
  
865,000
688,756
 8.5% 1/31/47 (b)
  
1,160,000
968,600
 8.7002% 3/1/49 (b)
  
400,000
337,500
TOTAL EGYPT
  
  
4,744,685
El Salvador - 0.1%
 
  
  
El Salvador Republic:
  
  
  
 7.1246% 1/20/50 (b)
  
560,000
290,605
 7.75% 1/24/23 (b)
  
230,000
181,312
TOTAL EL SALVADOR
  
  
471,917
Gabon - 0.1%
 
  
  
Gabonese Republic 7% 11/24/31 (b)
  
540,000
527,175
Georgia - 0.1%
 
  
  
Georgia Republic 2.75% 4/22/26 (b)
  
505,000
491,113
Ghana - 0.2%
 
  
  
Ghana Republic:
  
  
  
 8.125% 1/18/26 (b)
  
1,145,000
1,020,481
 10.75% 10/14/30 (b)
  
400,000
424,000
TOTAL GHANA
  
  
1,444,481
Guatemala - 0.1%
 
  
  
Guatemalan Republic 6.125% 6/1/50 (b)
  
350,000
382,003
Honduras - 0.1%
 
  
  
Republic of Honduras:
  
  
  
 5.625% 6/24/30 (b)
  
300,000
292,369
 6.25% 1/19/27
 
200,000
199,538
TOTAL HONDURAS
  
  
491,907
Hungary - 0.1%
 
  
  
Hungarian Republic 2.125% 9/22/31 (b)
  
400,000
378,512
Indonesia - 0.7%
 
  
  
Indonesian Republic:
  
  
  
 3.4% 9/18/29
 
270,000
281,357
 3.5% 1/11/28
 
415,000
435,698
 3.5% 2/14/50
 
680,000
650,165
 3.85% 10/15/30
 
655,000
709,160
 4.1% 4/24/28
 
300,000
325,556
 4.2% 10/15/50
 
900,000
952,974
 6.625% 2/17/37 (b)
  
300,000
394,463
 8.5% 10/12/35 (b)
  
300,000
453,713
TOTAL INDONESIA
  
  
4,203,086
Israel - 0.1%
 
  
  
Israeli State:
  
  
  
 2.75% 7/3/30
 
300,000
309,375
 4.5% 4/3/20
 
405,000
484,481
TOTAL ISRAEL
  
  
793,856
Ivory Coast - 0.4%
 
  
  
Ivory Coast:
  
  
  
 5.875% 10/17/31 (b)
EUR
1,085,000
1,225,647
 6.125% 6/15/33 (b)
  
200,000
204,663
 6.375% 3/3/28 (b)
  
835,000
890,214
TOTAL IVORY COAST
  
  
2,320,524
Jamaica - 0.1%
 
  
  
Jamaican Government 8% 3/15/39
 
400,000
549,950
Jordan - 0.1%
 
  
  
Jordanian Kingdom:
  
  
  
 4.95% 7/7/25 (b)
  
400,000
409,500
 7.375% 10/10/47 (b)
  
425,000
415,650
TOTAL JORDAN
  
  
825,150
Kenya - 0.3%
 
  
  
Republic of Kenya:
  
  
  
 6.875% 6/24/24 (b)
  
830,000
877,725
 7% 5/22/27 (b)
  
660,000
677,325
TOTAL KENYA
  
  
1,555,050
Lebanon - 0.1%
 
  
  
Lebanese Republic:
  
  
  
 5.8% 12/31/49 (j)
  
1,165,000
123,781
 6.375% 12/31/49 (j)
  
7,090,000
753,313
TOTAL LEBANON
  
  
877,094
Mexico - 0.4%
 
  
  
United Mexican States:
  
  
  
 2.659% 5/24/31
 
400,000
376,800
 3.25% 4/16/30
 
400,000
398,400
 3.75% 1/11/28
 
350,000
368,025
 4.35% 1/15/47
 
850,000
822,800
 4.75% 3/8/44
 
450,000
462,600
TOTAL MEXICO
  
  
2,428,625
Mongolia - 0.1%
 
  
  
Mongolia Government:
  
  
  
 3.5% 7/7/27 (b)
  
220,000
204,600
 5.125% 4/7/26 (b)
  
400,000
404,044
TOTAL MONGOLIA
  
  
608,644
Morocco - 0.1%
 
  
  
Moroccan Kingdom:
  
  
  
 2.375% 12/15/27 (b)
  
375,000
355,781
 4% 12/15/50 (b)
  
200,000
172,000
TOTAL MOROCCO
  
  
527,781
Nigeria - 0.7%
 
  
  
Republic of Nigeria:
  
  
  
 5.625% 6/27/22
 
380,000
384,228
 6.125% 9/28/28 (b)
  
325,000
311,655
 6.375% 7/12/23 (b)
  
800,000
832,000
 6.5% 11/28/27 (b)
  
1,105,000
1,107,763
 7.143% 2/23/30 (b)
  
850,000
829,813
 7.625% 11/21/25 (b)
  
830,000
896,400
TOTAL NIGERIA
  
  
4,361,859
Oman - 0.6%
 
  
  
Sultanate of Oman:
  
  
  
 4.75% 6/15/26 (b)
  
450,000
459,000
 5.375% 3/8/27 (b)
  
395,000
406,850
 5.625% 1/17/28 (b)
  
420,000
436,800
 6% 8/1/29 (b)
  
285,000
299,250
 6.25% 1/25/31 (b)
  
690,000
733,125
 6.5% 3/8/47 (b)
  
1,150,000
1,093,938
TOTAL OMAN
  
  
3,428,963
Pakistan - 0.3%
 
  
  
Islamic Republic of Pakistan:
  
  
  
 6% 4/8/26 (b)
  
1,330,000
1,280,271
 6.875% 12/5/27 (b)
  
560,000
542,605
TOTAL PAKISTAN
  
  
1,822,876
Panama - 0.4%
 
  
  
Panamanian Republic:
  
  
  
 2.252% 9/29/32
 
485,000
443,108
 3.16% 1/23/30
 
660,000
663,630
 3.298% 1/19/33
 
540,000
537,570
 3.87% 7/23/60
 
200,000
183,288
 4.5% 5/15/47
 
255,000
263,017
TOTAL PANAMA
  
  
2,090,613
Paraguay - 0.3%
 
  
  
Republic of Paraguay:
  
  
  
 2.739% 1/29/33 (b)
  
415,000
382,786
 4.7% 3/27/27 (b)
  
400,000
431,575
 4.95% 4/28/31 (b)
  
590,000
642,104
 5.4% 3/30/50 (b)
  
415,000
444,128
TOTAL PARAGUAY
  
  
1,900,593
Peru - 0.4%
 
  
  
Peruvian Republic:
  
  
  
 2.783% 1/23/31
 
1,435,000
1,388,632
 3% 1/15/34
 
260,000
249,210
 3.3% 3/11/41
 
580,000
544,620
TOTAL PERU
  
  
2,182,462
Qatar - 0.8%
 
  
  
State of Qatar:
  
  
  
 3.75% 4/16/30 (b)
  
625,000
682,813
 4.4% 4/16/50 (b)
  
1,730,000
2,045,725
 4.625% 6/2/46 (b)
  
600,000
723,750
 4.817% 3/14/49 (b)
  
855,000
1,066,613
TOTAL QATAR
  
  
4,518,901
Romania - 0.3%
 
  
  
Romanian Republic:
  
  
  
 2.124% 7/16/31 (Reg. S)
EUR
325,000
333,630
 3% 2/27/27 (b)
  
334,000
334,501
 3% 2/14/31 (b)
  
574,000
556,206
 3.625% 3/27/32 (b)
  
334,000
334,000
 6.125% 1/22/44 (b)
  
400,000
496,000
TOTAL ROMANIA
  
  
2,054,337
Russia - 0.5%
 
  
  
Ministry of Finance of the Russian Federation:
  
  
  
 4.25% 6/23/27(Reg. S)
 
400,000
399,600
 5.1% 3/28/35 (b)
  
600,000
625,800
 5.1% 3/28/35(Reg. S)
 
400,000
417,200
 5.25% 6/23/47(Reg. S)
 
800,000
867,200
 5.625% 4/4/42 (b)
  
400,000
445,200
TOTAL RUSSIA
  
  
2,755,000
Rwanda - 0.1%
 
  
  
Rwanda Republic 5.5% 8/9/31 (b)
  
700,000
685,038
Saudi Arabia - 0.1%
 
  
  
Kingdom of Saudi Arabia:
  
  
  
 2.25% 2/2/33 (b)
  
445,000
423,244
 4% 4/17/25 (b)
  
225,000
238,275
TOTAL SAUDI ARABIA
  
  
661,519
Serbia - 0.1%
 
  
  
Republic of Serbia 2.125% 12/1/30 (b)
  
455,000
407,225
South Africa - 0.1%
 
  
  
South African Republic 4.85% 9/27/27
 
400,000
413,575
Sri Lanka - 0.1%
 
  
  
Democratic Socialist Republic of Sri Lanka:
  
  
  
 6.2% 5/11/27 (b)
  
850,000
415,066
 7.85% 3/14/29 (b)
  
165,000
80,365
TOTAL SRI LANKA
  
  
495,431
Tunisia - 0.0%
 
  
  
Banque Centrale de Tunisie 5.75% 1/30/25 (b)
  
30,000
23,250
Turkey - 0.7%
 
  
  
Turkish Republic:
  
  
  
 4.25% 3/13/25
 
365,000
342,712
 4.75% 1/26/26
 
540,000
502,200
 4.875% 10/9/26
 
820,000
746,866
 4.875% 4/16/43
 
1,005,000
724,103
 5.125% 2/17/28
 
470,000
417,507
 5.75% 5/11/47
 
1,460,000
1,122,193
 6.125% 10/24/28
 
220,000
203,610
 6.375% 10/14/25
 
290,000
285,704
TOTAL TURKEY
  
  
4,344,895
Ukraine - 0.7%
 
  
  
Ukraine Government:
  
  
  
 1.258% 5/31/40 (b)(h)
  
775,000
581,395
 6.876% 5/21/29 (b)
  
200,000
167,600
 7.253% 3/15/33 (b)
  
380,000
319,200
 7.375% 9/25/32 (b)
  
200,000
168,800
 7.75% 9/1/23 (b)
  
850,000
781,097
 7.75% 9/1/24 (b)
  
830,000
740,412
 7.75% 9/1/25 (b)
  
345,000
303,600
 7.75% 9/1/26 (b)
  
560,000
489,580
 7.75% 9/1/27 (b)
  
400,000
349,600
TOTAL UKRAINE
  
  
3,901,284
United Arab Emirates - 0.2%
 
  
  
Emirate of Abu Dhabi:
  
  
  
 1.7% 3/2/31 (b)
  
350,000
331,188
 3.125% 4/16/30 (b)
  
300,000
316,500
Emirate of Dubai 3.9% 9/9/50 (Reg. S)
 
650,000
595,278
TOTAL UNITED ARAB EMIRATES
  
  
1,242,966
United States of America - 0.4%
 
  
  
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.06% 2/3/22 to 3/31/22
 
2,680,000
2,679,806
Uruguay - 0.2%
 
  
  
Uruguay Republic 5.1% 6/18/50
 
1,005,000
1,248,587
Uzbekistan - 0.1%
 
  
  
Republic of Uzbekistan:
  
  
  
 3.7% 11/25/30 (b)
  
200,000
186,500
 3.9% 10/19/31 (b)
  
240,000
223,560
 4.75% 2/20/24 (b)
  
300,000
310,200
TOTAL UZBEKISTAN
  
  
720,260
Venezuela - 0.1%
 
  
  
Venezuelan Republic 9.25% 9/15/27 (j)
  
6,200,000
356,500
Zambia - 0.0%
 
  
  
Republic of Zambia 8.97% 7/30/27 (b)
  
200,000
147,663
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $99,877,033)
  
  
  
89,677,165
 
  
  
  
Preferred Securities - 0.5%
 
  
Principal
Amount (f)
 
Value ($)
 
Cayman Islands - 0.2%
 
  
  
Banco Mercantil del Norte SA 6.75% (b)(g)(h)
  
400,000
407,825
DP World Salaam 6% (Reg. S) (g)(h)
  
600,000
642,188
TOTAL CAYMAN ISLANDS
  
  
1,050,013
Georgia - 0.1%
 
  
  
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (g)(h)
  
700,000
752,500
Mexico - 0.1%
 
  
  
CEMEX S.A.B. de CV 5.125% (b)(g)(h)
  
400,000
400,604
United Arab Emirates - 0.1%
 
  
  
Emirates NBD Bank PJSC 6.125% (Reg. S) (g)(h)
  
400,000
416,000
NBK Tier 1 Financing 2 Ltd. 4.5% (b)(g)(h)
  
400,000
401,325
TOTAL UNITED ARAB EMIRATES
  
  
817,325
 
TOTAL PREFERRED SECURITIES
 (Cost $3,044,675)
  
  
  
3,020,442
 
  
  
  
Money Market Funds - 1.9%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.08% (l)
  
10,059,138
10,061,150
Fidelity Securities Lending Cash Central Fund 0.08% (l)(m)
  
961,886
961,982
 
TOTAL MONEY MARKET FUNDS
 (Cost $11,022,834)
  
  
11,023,132
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $511,886,902)
 
  
 
596,474,743
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(3,706,732)
NET ASSETS - 100.0%
592,768,011
 
  
Currency Abbreviations
         EGP
-
Egyptian pound
         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 $129,859,309 or 21.9% of net assets.
 
(c)
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 $1,949,598 or 0.3% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security is perpetual in nature with no stated maturity date.
 
(h)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(i)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(j)
Non-income producing - Security is in default.
 
(k)
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.
 
(l)
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.
 
(m)
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 0.08%
18,857,299
231,547,690
240,343,839
6,443
-
-
10,061,150
0.0%
Fidelity Securities Lending Cash Central Fund 0.08%
1,116,639
2,271,050
2,425,707
3,165
-
-
961,982
0.0%
Total
19,973,938
233,818,740
242,769,546
9,608
-
-
11,023,132
  
 
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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.