NPORT-EX 2 QTLY_2369_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
January 31, 2024
TEK-NPRT1-0324
1.931232.112
Common Stocks - 67.6%
 
  
Shares
Value ($)
 
Brazil - 5.4%
 
  
  
Cury Construtora e Incorporado SA
 
16,600
61,985
Cyrela Brazil Realty SA
 
11,300
50,999
Dexco SA
 
212,643
332,201
ENGIE Brasil Energia SA
 
32,600
267,017
Equatorial Energia SA
 
70,915
507,129
Hapvida Participacoes e Investimentos SA (a)(b)
  
341,130
267,153
Hypera SA
 
19,859
127,185
Localiza Rent a Car SA
 
76,034
830,567
LOG Commercial Properties e Participacoes SA
 
18,100
74,930
Lojas Renner SA
 
99,002
320,721
MercadoLibre, Inc. (a)
  
292
499,849
Multiplan Empreendimentos Imobiliarios SA
 
2,700
15,183
PagSeguro Digital Ltd. (a)
  
94,680
1,218,532
Prio SA
 
51,400
455,757
Raia Drogasil SA
 
179,008
914,117
Rede D'Oregon Sao Luiz SA (b)
  
4,700
25,756
Rumo SA
 
170,600
794,049
StoneCo Ltd. Class A (a)
  
42,136
724,318
Suzano Papel e Celulose SA
 
51,200
533,454
Transmissora Alianca de Energia Eletrica SA
 
31,900
237,524
Vale SA sponsored ADR
 
99,868
1,367,193
XP, Inc. Class A
 
62,635
1,539,568
YDUQS Participacoes SA
 
49,925
194,283
TOTAL BRAZIL
  
  
11,359,470
Canada - 0.5%
 
  
  
Barrick Gold Corp.
 
72,000
1,123,200
Chile - 0.9%
 
  
  
Antofagasta PLC
 
44,858
986,322
Banco de Chile
 
7,720,800
865,663
TOTAL CHILE
  
  
1,851,985
China - 16.0%
 
  
  
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
8,500
134,937
Airtac International Group
 
17,000
509,592
Alibaba Group Holding Ltd.
 
366,788
3,289,714
Alibaba Group Holding Ltd. sponsored ADR
 
2,313
166,929
Anta Sports Products Ltd.
 
38,550
325,380
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)
  
9,395
72,863
Baidu, Inc. Class A (a)
  
13,709
177,493
BeiGene Ltd. ADR (a)
  
802
118,880
Beijing Enlight Media Co. Ltd. (A Shares)
 
102,900
106,191
Bilibili, Inc. ADR (a)(c)
  
7,671
69,576
BYD Co. Ltd. (H Shares)
 
24,305
544,193
C&S Paper Co. Ltd. (A Shares)
 
161,400
186,196
China Communications Services Corp. Ltd. (H Shares)
 
582,000
239,649
China Construction Bank Corp. (H Shares)
 
3,517,000
2,088,618
China Gas Holdings Ltd.
 
242,544
221,133
China Jushi Co. Ltd. (A Shares)
 
348,800
446,792
China Life Insurance Co. Ltd. (H Shares)
 
662,000
763,182
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
27,100
33,229
China Overseas Land and Investment Ltd.
 
90,040
136,212
China Petroleum & Chemical Corp. (H Shares)
 
1,292,000
672,103
China Resources Beer Holdings Co. Ltd.
 
100,666
364,043
China Resources Land Ltd.
 
80,510
244,433
China Tower Corp. Ltd. (H Shares) (b)
  
816,333
90,810
Daqin Railway Co. Ltd. (A Shares)
 
699,000
722,648
ENN Energy Holdings Ltd.
 
50,700
377,403
ESR Group Ltd. (b)
  
32,200
41,160
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
78,800
146,085
Fuyao Glass Industries Group Co. Ltd. (A Shares)
 
33,700
179,164
Guangdong Investment Ltd.
 
310,000
180,224
Haier Smart Home Co. Ltd.
 
255,000
720,544
Haier Smart Home Co. Ltd. (A Shares)
 
12,560
39,192
Haitian International Holdings Ltd.
 
132,000
293,820
Innovent Biologics, Inc. (a)(b)
  
42,082
169,545
JD.com, Inc.:
  
  
  
 Class A
 
51,829
584,431
 sponsored ADR
 
5,800
130,790
Kanzhun Ltd. ADR
 
8,639
120,168
KE Holdings, Inc. ADR
 
13,867
196,495
Kunlun Energy Co. Ltd.
 
378,040
338,685
Kweichow Moutai Co. Ltd. (A Shares)
 
3,800
851,948
Lenovo Group Ltd.
 
514,420
538,634
Li Auto, Inc.:
  
  
  
 ADR (a)
  
19,794
547,898
 Class A (a)
  
6,392
88,356
Li Ning Co. Ltd.
 
137,029
292,738
Medlive Technology Co. Ltd. (b)
  
74,611
58,791
Meituan Class B (a)(b)
  
109,836
883,436
NetEase, Inc. ADR
 
5,147
502,553
New Oriental Education & Technology Group, Inc. (a)
  
7,793
60,148
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
  
9,750
747,435
PDD Holdings, Inc. ADR (a)
  
22,465
2,850,135
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
374,000
1,572,125
Proya Cosmetics Co. Ltd. (A Shares)
 
37,056
426,112
Shangri-La Asia Ltd. (a)
  
46,000
28,585
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
7,890
295,867
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares)
 
500
5,123
Sinopec Engineering Group Co. Ltd. (H Shares)
 
299,000
149,968
Sinopharm Group Co. Ltd. (H Shares)
 
59,964
157,674
Sinotruk Hong Kong Ltd.
 
126,500
287,306
Sunny Optical Technology Group Co. Ltd.
 
36,090
221,823
Tencent Holdings Ltd.
 
148,815
5,165,565
Tongdao Liepin Group (a)
  
45,298
22,459
TravelSky Technology Ltd. (H Shares)
 
175,000
176,022
Trip.com Group Ltd. ADR (a)
  
23,779
869,360
Tsingtao Brewery Co. Ltd. (H Shares)
 
62,000
353,817
Uni-President China Holdings Ltd.
 
273,600
153,687
WuXi AppTec Co. Ltd. (H Shares) (b)
  
6,029
41,715
Wuxi Biologics (Cayman), Inc. (a)(b)
  
63,250
166,445
Xinyi Solar Holdings Ltd.
 
280,974
129,007
XPeng, Inc.:
  
  
  
 ADR (a)(c)
  
13,359
111,280
 Class A (a)
  
8,200
34,150
Zai Lab Ltd. (a)
  
58,570
124,447
ZTO Express, Inc. sponsored ADR
 
41,722
682,572
TOTAL CHINA
  
  
33,839,683
Greece - 0.7%
 
  
  
Alpha Bank SA (a)
  
494,600
881,948
Piraeus Financial Holdings SA (a)
  
160,000
648,420
TOTAL GREECE
  
  
1,530,368
Hong Kong - 0.7%
 
  
  
ASMPT Ltd.
 
33,993
328,045
Huanxi Media Group Ltd. (a)
  
761,081
60,489
Kerry Properties Ltd.
 
38,000
60,343
Prudential PLC
 
92,556
950,788
TOTAL HONG KONG
  
  
1,399,665
Hungary - 0.1%
 
  
  
Richter Gedeon PLC
 
10,288
277,721
India - 14.0%
 
  
  
Apollo Hospitals Enterprise Ltd.
 
5,276
403,250
Bajaj Auto Ltd.
 
6,465
597,386
Bajaj Finance Ltd.
 
16,564
1,370,436
Bharat Electronics Ltd.
 
370,400
829,252
Bharti Airtel Ltd.
 
118,103
1,665,305
Biocon Ltd.
 
1,699
5,494
Coal India Ltd.
 
148,200
725,328
Divi's Laboratories Ltd.
 
200
8,837
Embassy Office Parks (REIT)
 
22,400
96,882
Gland Pharma Ltd. (a)(b)
  
300
7,065
HCL Technologies Ltd.
 
10,061
190,732
HDFC Bank Ltd.
 
200,496
3,524,375
HDFC Standard Life Insurance Co. Ltd. (b)
  
142,400
988,367
Hero Motocorp Ltd.
 
11,282
627,812
Hindustan Aeronautics Ltd.
 
17,700
640,240
ICICI Bank Ltd.
 
93,300
1,155,035
Indraprastha Gas Ltd.
 
63,793
330,800
Infosys Ltd.
 
6,629
132,100
Infosys Ltd. sponsored ADR
 
98,480
1,955,813
ITC Ltd.
 
163,013
866,217
JK Cement Ltd.
 
20,474
1,074,125
Larsen & Toubro Ltd.
 
30,958
1,295,506
Ltimindtree Ltd. (b)
  
5,497
359,891
Mahanagar Gas Ltd.
 
21,625
385,772
Mahindra & Mahindra Ltd.
 
5,814
115,562
MakeMyTrip Ltd. (a)
  
11,356
629,009
Mankind Pharma Ltd.
 
11,301
270,918
Max Healthcare Institute Ltd.
 
22,721
213,580
NTPC Ltd.
 
177,938
680,969
Persistent Systems Ltd.
 
3,487
349,811
Petronet LNG Ltd.
 
71,206
230,733
Power Grid Corp. of India Ltd.
 
216,116
674,714
Reliance Industries Ltd.
 
87,813
3,015,648
Shree Cement Ltd.
 
1,651
567,188
Sona Blw Precision Forgings Ltd. (b)
  
6,167
45,882
SRF Ltd.
 
9,300
260,011
Star Health & Allied Insurance Co. Ltd. (a)
  
93,700
653,809
Syngene International Ltd. (b)
  
1,000
9,037
Tata Motors Ltd.
 
24,765
263,456
Tata Steel Ltd.
 
526,100
861,118
Torrent Pharmaceuticals Ltd.
 
6,062
184,657
Zomato Ltd. (a)
  
875,623
1,470,533
TOTAL INDIA
  
  
29,732,655
Indonesia - 1.9%
 
  
  
First Resources Ltd.
 
381,300
419,653
PT Bank Central Asia Tbk
 
2,492,700
1,508,149
PT Bank Rakyat Indonesia (Persero) Tbk
 
4,461,679
1,607,255
PT Sumber Alfaria Trijaya Tbk
 
2,197,900
368,883
PT Telkom Indonesia Persero Tbk
 
712,000
178,589
TOTAL INDONESIA
  
  
4,082,529
Kazakhstan - 0.1%
 
  
  
Kaspi.KZ JSC ADR
 
2,100
192,045
Korea (South) - 6.8%
 
  
  
AMOREPACIFIC Corp.
 
6,800
599,834
Celltrion, Inc.
 
1,576
211,487
Coway Co. Ltd.
 
8,250
342,212
Delivery Hero AG (a)(b)
  
5,468
124,065
HLB, Inc.
 
1,630
82,216
Hyundai Motor Co. Ltd.
 
857
124,652
Jeisys Medical, Inc. (a)
  
1,639
10,445
Kakao Corp.
 
7,884
308,314
Kakao Pay Corp. (a)
  
3,129
110,431
Kia Corp.
 
14,773
1,134,743
LG Corp.
 
7,920
486,322
LS Electric Co. Ltd.
 
2,970
156,149
NAVER Corp.
 
6,609
985,560
POSCO
 
254
80,590
Samsung Biologics Co. Ltd. (a)(b)
  
804
506,102
Samsung Electronics Co. Ltd.
 
127,754
6,941,827
Samsung SDS Co. Ltd.
 
207
23,540
SK Hynix, Inc.
 
22,300
2,233,162
TOTAL KOREA (SOUTH)
  
  
14,461,651
Mauritius - 0.0%
 
  
  
Jumo World Holding Ltd. (d)(e)
  
30,055
49,891
Jumo World Ltd. (a)(e)
  
30
0
TOTAL MAURITIUS
  
  
49,891
Mexico - 1.6%
 
  
  
CEMEX S.A.B. de CV sponsored ADR (a)
  
81,300
673,164
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
20,155
76,643
Fibra Uno Administracion SA de CV
 
63,800
108,462
Gruma S.A.B. de CV Series B
 
1,500
28,080
Grupo Financiero Banorte S.A.B. de CV Series O
 
162,521
1,653,018
Wal-Mart de Mexico SA de CV Series V
 
205,700
849,858
TOTAL MEXICO
  
  
3,389,225
Netherlands - 0.0%
 
  
  
CTP BV (b)
  
5,352
91,617
Panama - 0.2%
 
  
  
Copa Holdings SA Class A
 
5,413
519,973
Peru - 0.4%
 
  
  
Credicorp Ltd. (United States)
 
5,279
783,562
Philippines - 0.3%
 
  
  
Ayala Land, Inc.
 
282,800
170,837
SM Investments Corp.
 
18,000
287,263
SM Prime Holdings, Inc.
 
127,700
77,652
TOTAL PHILIPPINES
  
  
535,752
Poland - 0.3%
 
  
  
CD Projekt RED SA
 
7,862
205,673
Dino Polska SA (a)(b)
  
3,300
357,596
TOTAL POLAND
  
  
563,269
Romania - 0.0%
 
  
  
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
3,200
86,742
Russia - 0.9%
 
  
  
Fix Price Group Ltd. GDR (Reg. S) (a)(e)
  
68,238
25,202
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
  
155,600
35,545
LSR Group OJSC (a)(e)
  
755
785
LUKOIL PJSC sponsored ADR (a)(e)
  
35,200
9,958
Novatek PJSC GDR (Reg. S) (a)(e)
  
9,100
509,600
Sberbank of Russia (a)(e)
  
30
0
Sberbank of Russia sponsored ADR (a)(e)
  
324,104
5,769
Severstal PAO GDR (Reg. S) (a)(e)
  
83,700
1,976
X5 Retail Group NV GDR (Reg. S) (a)(e)
  
19,400
271,600
Yandex NV Series A (a)(e)
  
88,218
1,129,190
TOTAL RUSSIA
  
  
1,989,625
Saudi Arabia - 2.5%
 
  
  
Al Rajhi Bank
 
62,214
1,393,556
Alinma Bank
 
99,000
1,094,251
Bupa Arabia for Cooperative Insurance Co.
 
15,675
863,565
Saudi Arabian Oil Co. (b)
  
26,200
213,786
The Saudi National Bank
 
159,467
1,726,450
TOTAL SAUDI ARABIA
  
  
5,291,608
Singapore - 0.8%
 
  
  
Sea Ltd. ADR (a)
  
41,422
1,579,835
South Africa - 2.2%
 
  
  
Capitec Bank Holdings Ltd.
 
12,350
1,317,949
Discovery Ltd.
 
104,700
774,688
Gold Fields Ltd.
 
7,300
107,713
Impala Platinum Holdings Ltd.
 
131,900
511,990
Naspers Ltd. Class N
 
6,442
1,079,455
Pick 'n Pay Stores Ltd.
 
165,400
206,722
Shoprite Holdings Ltd.
 
44,800
649,633
TOTAL SOUTH AFRICA
  
  
4,648,150
Taiwan - 9.5%
 
  
  
Accton Technology Corp.
 
8,796
148,002
Alchip Technologies Ltd.
 
8,839
1,096,617
Alchip Technologies Ltd. GDR (Reg. S) (b)
  
400
49,851
ASE Technology Holding Co. Ltd.
 
29,471
127,452
Asia Vital Components Co. Ltd.
 
27,239
370,019
ASUSTeK Computer, Inc.
 
5,000
71,011
AURAS Technology Co. Ltd.
 
12,000
144,532
BizLink Holding, Inc.
 
38,027
279,910
Chailease Holding Co. Ltd.
 
218,626
1,210,461
Chroma ATE, Inc.
 
3,698
23,640
eMemory Technology, Inc.
 
5,946
530,431
Formosa Plastics Corp.
 
188,000
432,123
Gigabyte Technology Co. Ltd.
 
16,000
158,362
Global Unichip Corp.
 
4,280
210,178
Inventec Corp.
 
184,723
324,500
King Yuan Electronics Co. Ltd.
 
127,338
340,218
M31 Technology Corp.
 
2,512
140,723
Quanta Computer, Inc.
 
45,000
355,890
Taiwan Semiconductor Manufacturing Co. Ltd.
 
639,380
12,802,066
Uni-President Enterprises Corp.
 
268,000
619,446
Unimicron Technology Corp.
 
29,787
167,148
Wistron Corp.
 
41,000
150,146
Wiwynn Corp.
 
5,043
355,610
TOTAL TAIWAN
  
  
20,108,336
Tanzania - 0.0%
 
  
  
Helios Towers PLC (a)
  
54,000
54,131
Thailand - 0.4%
 
  
  
Carabao Group PCL (For. Reg.)
 
90,200
190,827
PTT Global Chemical PCL (For. Reg.)
 
541,700
509,022
Supalai PCL (For. Reg.)
 
101,400
56,064
TOTAL THAILAND
  
  
755,913
United Arab Emirates - 0.1%
 
  
  
Emaar Properties PJSC
 
71,600
144,839
United States of America - 1.3%
 
  
  
FirstCash Holdings, Inc.
 
8,901
1,021,568
Globant SA (a)
  
1,289
303,959
Legend Biotech Corp. ADR (a)
  
3,727
205,209
Parade Technologies Ltd.
 
8,474
300,696
Tenaris SA sponsored ADR
 
11,300
359,453
Titan Cement International Trading SA
 
25,800
659,411
TOTAL UNITED STATES OF AMERICA
  
  
2,850,296
 
TOTAL COMMON STOCKS
 (Cost $130,128,017)
  
  
  
143,293,736
 
  
  
  
Preferred Stocks - 2.2%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
  
  
China - 0.0%
  
  
  
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
  
11,962
70,935
India - 0.2%
  
  
  
Meesho Series F (a)(d)(e)
  
7,108
362,224
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
433,159
Nonconvertible Preferred Stocks - 2.0%
 
  
  
Brazil - 1.3%
  
  
  
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
42,500
219,689
Metalurgica Gerdau SA (PN)
 
338,270
676,622
Petroleo Brasileiro SA - Petrobras:
  
  
  
 (PN) sponsored ADR (non-vtg.)
 
63,506
1,041,498
 sponsored ADR
 
53,300
909,831
 
  
  
2,847,640
Korea (South) - 0.6%
  
  
  
Hyundai Motor Co. Ltd. Series 2
 
6,527
576,742
Samsung Electronics Co. Ltd.
 
15,657
685,093
 
  
  
1,261,835
United States of America - 0.1%
  
  
  
Gupshup, Inc. (a)(d)(e)
  
8,409
107,635
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
4,217,110
 
TOTAL PREFERRED STOCKS
 (Cost $3,518,042)
  
  
  
4,650,269
 
  
  
  
Corporate Bonds - 9.6%
 
  
Principal
Amount (f)
 
Value ($)
 
Convertible Bonds - 0.3%
 
  
  
Brazil - 0.3%
  
  
  
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e)
  
506,964
537,788
Nonconvertible Bonds - 9.3%
 
  
  
Azerbaijan - 0.2%
  
  
  
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
  
395,000
399,444
Brazil - 0.5%
  
  
  
Braskem Netherlands BV 7.25% 2/13/33 (b)
  
170,000
150,450
Embraer Netherlands Finance BV:
  
  
  
 5.4% 2/1/27
 
55,000
54,450
 7% 7/28/30 (b)
  
240,000
251,340
MARB BondCo PLC 3.95% 1/29/31 (b)
  
145,000
115,130
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
  
366,039
281,740
Samarco Mineracao SA 9.0494% 6/30/31 pay-in-kind (b)(g)
  
120,000
99,660
 
  
  
952,770
Burkina Faso - 0.1%
  
  
  
Endeavour Mining PLC 5% 10/14/26 (b)
  
285,000
261,488
Chile - 0.6%
  
  
  
Antofagasta PLC 2.375% 10/14/30 (b)
  
250,000
205,469
Corporacion Nacional del Cobre de Chile (Codelco):
  
  
  
 4.5% 8/1/47 (b)
  
250,000
196,125
 5.95% 1/8/34 (b)
  
200,000
199,540
 6.3% 9/8/53 (b)
  
200,000
196,198
Sable International Finance Ltd. 5.75% 9/7/27 (b)
  
200,000
192,000
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
  
400,000
232,000
 
  
  
1,221,332
China - 0.4%
  
  
  
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e)
  
585,256
586,017
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
  
195,000
183,694
Prosus NV 3.832% 2/8/51 (b)
  
225,000
138,375
 
  
  
908,086
Colombia - 0.4%
  
  
  
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
  
200,000
155,500
Gcm Mining Corp. 6.875% 8/9/26 (b)
  
200,000
174,000
GeoPark Ltd. 5.5% 1/17/27 (b)
  
300,000
266,063
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
  
234,500
229,810
 
  
  
825,373
Egypt - 0.1%
  
  
  
Energean PLC 6.5% 4/30/27 (b)
  
160,000
143,450
Ghana - 0.4%
  
  
  
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
  
400,000
384,500
Tullow Oil PLC:
  
  
  
 7% 3/1/25 (b)
  
200,000
189,125
 10.25% 5/15/26 (b)
  
411,000
375,680
 
  
  
949,305
Guatemala - 0.2%
  
  
  
CT Trust 5.125% 2/3/32 (b)
  
240,000
208,800
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
  
260,000
246,085
 
  
  
454,885
Hungary - 0.1%
  
  
  
Magyar Export-Import Bank 6.125% 12/4/27 (b)
  
200,000
202,250
India - 0.1%
  
  
  
CA Magnum Holdings 5.375% 10/31/26 (b)
  
200,000
186,750
Indonesia - 0.7%
  
  
  
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
  
335,000
322,438
PT Freeport Indonesia 6.2% 4/14/52 (b)
  
200,000
193,100
PT Hutama Karya Persero 3.75% 5/11/30 (b)
  
300,000
277,594
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
  
415,000
412,452
PT Pertamina Persero 4.175% 1/21/50 (b)
  
450,000
353,300
 
  
  
1,558,884
Israel - 0.1%
  
  
  
Energean Israel Finance Ltd. 8.5% 9/30/33 (Reg. S) (b)
  
250,000
234,195
Kazakhstan - 0.2%
  
  
  
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
  
200,000
163,400
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
  
350,000
287,000
 
  
  
450,400
Malaysia - 0.4%
  
  
  
Petronas Capital Ltd.:
  
  
  
 3.404% 4/28/61 (b)
  
500,000
343,960
 3.5% 4/21/30 (b)
  
450,000
418,824
 
  
  
762,784
Mexico - 1.3%
  
  
  
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b)
  
200,000
218,778
Braskem Idesa SAPI:
  
  
  
 6.99% 2/20/32 (b)
  
160,000
104,250
 7.45% 11/15/29 (b)
  
135,000
93,278
Comision Federal de Electricidad 3.348% 2/9/31 (b)
  
250,000
206,563
Petroleos Mexicanos:
  
  
  
 5.35% 2/12/28
 
320,000
279,574
 6.5% 6/2/41
 
170,000
113,167
 6.625% 6/15/35
 
85,000
63,737
 6.7% 2/16/32
 
415,000
336,752
 6.75% 9/21/47
 
960,000
614,112
 6.84% 1/23/30
 
80,000
68,328
 6.95% 1/28/60
 
225,000
143,663
 7.69% 1/23/50
 
589,000
410,239
 
  
  
2,652,441
Morocco - 0.1%
  
  
  
OCP SA:
  
  
  
 5.125% 6/23/51 (b)
  
200,000
143,700
 6.875% 4/25/44 (b)
  
85,000
77,881
 
  
  
221,581
Nigeria - 0.1%
  
  
  
IHS Netherlands Holdco BV 8% 9/18/27 (b)
  
315,000
288,323
Panama - 0.2%
  
  
  
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b)
  
200,000
146,854
Cable Onda SA 4.5% 1/30/30 (b)
  
330,000
286,688
 
  
  
433,542
Paraguay - 0.1%
  
  
  
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
  
250,000
241,172
Peru - 0.2%
  
  
  
Camposol SA 6% 2/3/27 (b)
  
300,000
215,925
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
  
165,000
156,750
 
  
  
372,675
Qatar - 0.4%
  
  
  
Qatar Petroleum:
  
  
  
 2.25% 7/12/31 (b)
  
305,000
255,819
 3.125% 7/12/41 (b)
  
650,000
482,869
 3.3% 7/12/51 (b)
  
230,000
160,511
 
  
  
899,199
Saudi Arabia - 0.8%
  
  
  
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
  
420,000
351,750
Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (b)
  
200,000
203,800
Saudi Arabian Oil Co.:
  
  
  
 3.25% 11/24/50 (b)
  
260,000
172,900
 4.25% 4/16/39 (b)
  
1,080,000
932,715
 
  
  
1,661,165
South Africa - 0.5%
  
  
  
Eskom Holdings SOC Ltd.:
  
  
  
 7.125% 2/11/25 (b)
  
560,000
556,500
 8.45% 8/10/28 (b)
  
235,000
234,706
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
  
270,000
168,581
Stillwater Mining Co. 4% 11/16/26 (b)
  
165,000
145,716
 
  
  
1,105,503
Ukraine - 0.1%
  
  
  
NAK Naftogaz Ukraine 7.65% (Reg. S) (h)
  
380,000
290,700
United Arab Emirates - 0.6%
  
  
  
Abu Dhabi National Energy Co. PJSC:
  
  
  
 4% 10/3/49 (b)
  
115,000
92,431
 4.696% 4/24/33 (b)
  
165,000
162,319
 4.875% 4/23/30 (b)
  
50,000
50,188
Galaxy Pipeline Assets BidCo Ltd.:
  
  
  
 2.16% 3/31/34 (b)
  
382,248
327,539
 2.625% 3/31/36 (b)
  
220,000
178,409
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b)
  
250,000
245,859
MDGH GMTN RSC Ltd. 5.5% 4/28/33 (b)
  
200,000
206,750
 
  
  
1,263,495
Venezuela - 0.4%
  
  
  
Petroleos de Venezuela SA:
  
  
  
 6% (b)(h)
  
3,325,000
353,854
 6% (Reg. S) (h)
  
3,975,000
423,578
 
  
  
777,432
TOTAL NONCONVERTIBLE BONDS
  
  
19,718,624
 
TOTAL CORPORATE BONDS
 (Cost $22,966,590)
  
  
  
20,256,412
 
  
  
  
Government Obligations - 15.4%
 
  
Principal
Amount (f)
 
Value ($)
 
Angola - 0.4%
 
  
  
Angola Republic:
  
  
  
 8.25% 5/9/28 (b)
  
150,000
135,000
 8.75% 4/14/32 (b)
  
200,000
171,000
 9.125% 11/26/49 (b)
  
225,000
177,469
 9.375% 5/8/48 (b)
  
100,000
80,000
 9.5% 11/12/25 (b)
  
265,000
260,018
TOTAL ANGOLA
  
  
823,487
Argentina - 0.4%
 
  
  
Argentine Republic:
  
  
  
 0.75% 7/9/30 (i)
  
410,365
165,993
 1% 7/9/29
 
188,666
75,844
 3.625% 7/9/35 (i)
  
1,537,734
514,372
 4.25% 1/9/38 (i)
  
331,834
127,424
TOTAL ARGENTINA
  
  
883,633
Armenia - 0.1%
 
  
  
Republic of Armenia 3.6% 2/2/31 (b)
  
300,000
241,875
Benin - 0.1%
 
  
  
Republic of Benin 4.875% 1/19/32 (b)
EUR
140,000
122,362
Brazil - 0.4%
 
  
  
Brazilian Federative Republic:
  
  
  
 3.875% 6/12/30
 
375,000
339,563
 4.75% 1/14/50
 
230,000
169,510
 6% 10/20/33
 
295,000
291,165
TOTAL BRAZIL
  
  
800,238
Chile - 0.4%
 
  
  
Chilean Republic:
  
  
  
 3.5% 1/31/34
 
280,000
246,680
 4% 1/31/52
 
200,000
159,400
 4.34% 3/7/42
 
200,000
175,700
 5.33% 1/5/54
 
230,000
222,640
TOTAL CHILE
  
  
804,420
Colombia - 0.8%
 
  
  
Colombian Republic:
  
  
  
 3% 1/30/30
 
215,000
178,020
 3.125% 4/15/31
 
548,000
437,304
 5% 6/15/45
 
165,000
120,120
 5.2% 5/15/49
 
185,000
136,068
 6.125% 1/18/41
 
200,000
173,500
 7.375% 9/18/37
 
125,000
124,250
 7.5% 2/2/34
 
200,000
204,100
 8% 4/20/33
 
160,000
169,650
Ecopetrol SA 8.375% 1/19/36
 
75,000
75,765
TOTAL COLOMBIA
  
  
1,618,777
Costa Rica - 0.4%
 
  
  
Costa Rican Republic:
  
  
  
 6.125% 2/19/31 (b)
  
315,000
318,150
 6.55% 4/3/34 (b)
  
245,000
250,635
 7% 4/4/44 (b)
  
105,000
106,365
 7.3% 11/13/54 (b)
  
200,000
208,900
TOTAL COSTA RICA
  
  
884,050
Dominican Republic - 0.9%
 
  
  
Dominican Republic:
  
  
  
 4.5% 1/30/30 (b)
  
265,000
241,548
 4.875% 9/23/32 (b)
  
445,000
397,163
 5.3% 1/21/41 (b)
  
200,000
168,200
 5.875% 1/30/60 (b)
  
450,000
381,375
 6% 2/22/33 (b)
  
225,000
217,103
 6.5% 2/15/48 (b)
  
200,000
188,800
 6.85% 1/27/45 (b)
  
175,000
171,063
 7.05% 2/3/31 (b)
  
150,000
155,850
TOTAL DOMINICAN REPUBLIC
  
  
1,921,102
Ecuador - 0.3%
 
  
  
Ecuador Republic:
  
  
  
 2.5% 7/31/40 (b)(i)
  
250,000
91,500
 3.5% 7/31/35 (b)(i)
  
705,256
285,981
 6% 7/31/30 (b)(i)
  
390,630
205,051
TOTAL ECUADOR
  
  
582,532
Egypt - 0.5%
 
  
  
Arab Republic of Egypt:
  
  
  
 7.5% 1/31/27 (b)
  
200,000
163,600
 7.903% 2/21/48 (b)
  
865,000
513,594
 8.5% 1/31/47 (b)
  
710,000
433,100
TOTAL EGYPT
  
  
1,110,294
El Salvador - 0.1%
 
  
  
El Salvador Republic 7.1246% 1/20/50 (b)
  
335,000
238,688
Gabon - 0.1%
 
  
  
Gabonese Republic 7% 11/24/31 (b)
  
390,000
317,850
Ghana - 0.2%
 
  
  
Ghana Republic:
  
  
  
 8.125% (b)(h)
  
200,000
95,000
 8.627% (b)(h)
  
215,000
92,988
 10.75% 10/14/30 (b)
  
475,000
306,375
TOTAL GHANA
  
  
494,363
Guatemala - 0.1%
 
  
  
Guatemalan Republic 6.125% 6/1/50 (b)
  
350,000
318,264
Hungary - 0.3%
 
  
  
Hungarian Republic:
  
  
  
 2.125% 9/22/31 (b)
  
300,000
238,500
 5.5% 6/16/34 (b)
  
95,000
94,050
 6.75% 9/25/52 (b)
  
200,000
214,250
 7.625% 3/29/41
 
125,000
143,781
TOTAL HUNGARY
  
  
690,581
Indonesia - 0.4%
 
  
  
Indonesian Republic:
  
  
  
 3.35% 3/12/71
 
220,000
146,599
 3.5% 2/14/50
 
380,000
285,042
 4.2% 10/15/50
 
300,000
254,283
 8.5% 10/12/35 (b)
  
150,000
193,517
TOTAL INDONESIA
  
  
879,441
Ivory Coast - 0.2%
 
  
  
Ivory Coast:
  
  
  
 5.875% 10/17/31 (b)
EUR
255,000
248,468
 6.375% 3/3/28 (b)
  
260,000
253,175
TOTAL IVORY COAST
  
  
501,643
Jordan - 0.1%
 
  
  
Jordanian Kingdom 7.375% 10/10/47 (b)
  
280,000
238,000
Kenya - 0.2%
 
  
  
Republic of Kenya 6.3% 1/23/34 (b)
  
480,000
372,600
Lebanon - 0.1%
 
  
  
Lebanese Republic 6.375% (h)
  
4,090,000
225,768
Mexico - 0.5%
 
  
  
United Mexican States:
  
  
  
 4.35% 1/15/47
 
255,000
200,558
 4.75% 3/8/44
 
150,000
125,475
 6% 5/7/36
 
250,000
253,250
 6.338% 5/4/53
 
200,000
198,800
 6.35% 2/9/35
 
220,000
228,822
TOTAL MEXICO
  
  
1,006,905
Mongolia - 0.1%
 
  
  
Mongolia Government 7.875% 6/5/29 (b)
  
200,000
205,272
Nigeria - 0.5%
 
  
  
Republic of Nigeria:
  
  
  
 6.125% 9/28/28 (b)
  
325,000
282,344
 6.5% 11/28/27 (b)
  
230,000
208,265
 7.143% 2/23/30 (b)
  
275,000
239,938
 8.25% 9/28/51 (b)
  
200,000
159,000
 8.375% 3/24/29 (b)
  
190,000
177,888
TOTAL NIGERIA
  
  
1,067,435
Oman - 0.7%
 
  
  
Sultanate of Oman:
  
  
  
 5.625% 1/17/28 (b)
  
220,000
222,558
 6% 8/1/29 (b)
  
285,000
291,056
 6.25% 1/25/31 (b)
  
300,000
310,215
 6.5% 3/8/47 (b)
  
650,000
640,169
 7% 1/25/51 (b)
  
115,000
118,439
TOTAL OMAN
  
  
1,582,437
Pakistan - 0.3%
 
  
  
Islamic Republic of Pakistan:
  
  
  
 6% 4/8/26 (b)
  
245,000
189,122
 6.875% 12/5/27 (b)
  
560,000
401,862
TOTAL PAKISTAN
  
  
590,984
Panama - 0.5%
 
  
  
Panamanian Republic:
  
  
  
 2.252% 9/29/32
 
485,000
343,138
 3.298% 1/19/33
 
190,000
145,825
 4.5% 5/15/47
 
205,000
138,170
 6.4% 2/14/35
 
250,000
235,250
 6.853% 3/28/54
 
200,000
178,000
TOTAL PANAMA
  
  
1,040,383
Paraguay - 0.2%
 
  
  
Republic of Paraguay:
  
  
  
 2.739% 1/29/33 (b)
  
215,000
173,290
 5.4% 3/30/50 (b)
  
215,000
185,115
 5.6% 3/13/48 (b)
  
65,000
57,883
TOTAL PARAGUAY
  
  
416,288
Peru - 0.3%
 
  
  
Peruvian Republic:
  
  
  
 2.783% 1/23/31
 
210,000
181,335
 3% 1/15/34
 
260,000
216,554
 3.3% 3/11/41
 
310,000
234,205
TOTAL PERU
  
  
632,094
Philippines - 0.3%
 
  
  
Philippine Republic:
  
  
  
 2.65% 12/10/45
 
230,000
153,249
 2.95% 5/5/45
 
320,000
226,035
 5.95% 10/13/47
 
225,000
241,619
TOTAL PHILIPPINES
  
  
620,903
Poland - 0.2%
 
  
  
Bank Gospodarstwa Krajowego 6.25% 10/31/28 (b)
  
200,000
210,000
Polish Government 5.5% 4/4/53
 
170,000
171,845
TOTAL POLAND
  
  
381,845
Qatar - 0.6%
 
  
  
State of Qatar:
  
  
  
 4.4% 4/16/50 (b)
  
425,000
371,153
 4.625% 6/2/46 (b)
  
225,000
206,438
 4.817% 3/14/49 (b)
  
855,000
796,219
TOTAL QATAR
  
  
1,373,810
Romania - 0.4%
 
  
  
Romanian Republic:
  
  
  
 2% 4/14/33 (Reg. S)
EUR
60,000
49,108
 3.375% 1/28/50 (Reg. S)
EUR
100,000
73,758
 3.624% 5/26/30 (b)
EUR
135,000
134,916
 3.625% 3/27/32 (b)
  
84,000
72,450
 6.125% 1/22/44 (b)
  
400,000
392,120
 7.125% 1/17/33 (b)
  
35,000
37,716
TOTAL ROMANIA
  
  
760,068
Rwanda - 0.2%
 
  
  
Rwanda Republic 5.5% 8/9/31 (b)
  
470,000
374,384
Saudi Arabia - 0.2%
 
  
  
Kingdom of Saudi Arabia:
  
  
  
 2.25% 2/2/33 (b)
  
245,000
197,838
 3.45% 2/2/61 (b)
  
370,000
242,350
TOTAL SAUDI ARABIA
  
  
440,188
Senegal - 0.1%
 
  
  
Republic of Senegal 6.75% 3/13/48 (b)
  
200,000
149,000
Serbia - 0.2%
 
  
  
Republic of Serbia:
  
  
  
 2.125% 12/1/30 (b)
  
295,000
235,263
 6.25% 5/26/28 (b)
  
105,000
107,244
 6.5% 9/26/33 (b)
  
55,000
56,181
TOTAL SERBIA
  
  
398,688
South Africa - 0.3%
 
  
  
South African Republic:
  
  
  
 5% 10/12/46
 
155,000
107,338
 5.65% 9/27/47
 
325,000
242,344
 5.75% 9/30/49
 
295,000
218,610
TOTAL SOUTH AFRICA
  
  
568,292
Sri Lanka - 0.3%
 
  
  
Democratic Socialist Republic of Sri Lanka:
  
  
  
 6.2% (b)(h)
  
360,000
182,740
 6.85% (b)(h)
  
345,000
179,869
 7.55% (b)(h)
  
150,000
75,392
 7.85% (b)(h)
  
210,000
105,601
TOTAL SRI LANKA
  
  
543,602
TAJIKISTAN - 0.1%
 
  
  
Tajikistan Republic 7.125% 9/14/27 (b)
  
260,000
227,240
Turkey - 0.9%
 
  
  
Export Credit Bank of Turkey 9% 1/28/27 (b)
  
200,000
207,500
Turkish Republic:
  
  
  
 4.875% 10/9/26
 
520,000
496,340
 4.875% 4/16/43
 
455,000
307,125
 5.75% 5/11/47
 
405,000
295,832
 6.625% 2/17/45
 
15,000
12,394
 9.375% 3/14/29
 
495,000
532,125
 26.2% 10/5/33
TRY
3,765,000
123,949
TOTAL TURKEY
  
  
1,975,265
Ukraine - 0.3%
 
  
  
Ukraine Government:
  
  
  
 6.876% 5/21/31 (b)
  
200,000
43,500
 7.253% 3/15/35 (b)
  
380,000
85,975
 7.75% 9/1/25 (b)
  
280,000
76,580
 7.75% 9/1/26 (b)
  
830,000
215,593
 7.75% 9/1/27 (b)
  
120,000
30,240
 7.75% 9/1/28 (b)
  
560,000
140,000
 7.75% 9/1/29 (b)
  
125,000
31,000
 7.75% 8/1/41 (b)(g)
  
250,000
113,988
TOTAL UKRAINE
  
  
736,876
United Arab Emirates - 0.3%
 
  
  
Emirate of Abu Dhabi 3.125% 9/30/49 (b)
  
210,000
146,213
Emirate of Dubai:
  
  
  
 3.9% 9/9/50 (Reg. S)
 
225,000
163,969
 5.25% 1/30/43 (Reg. S)
 
295,000
276,931
TOTAL UNITED ARAB EMIRATES
  
  
587,113
United States of America - 0.7%
 
  
  
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.32% 2/29/24 to 4/11/24 (j)
  
980,000
970,362
U.S. Treasury Bonds:
  
  
  
 2.875% 5/15/52 (j)
  
333,000
257,256
 3.625% 2/15/53
 
399,000
358,227
TOTAL UNITED STATES OF AMERICA
  
  
1,585,845
Uruguay - 0.2%
 
  
  
Uruguay Republic 5.1% 6/18/50
 
430,000
418,347
Uzbekistan - 0.1%
 
  
  
Republic of Uzbekistan 3.9% 10/19/31 (b)
  
240,000
194,400
Venezuela - 0.3%
 
  
  
Venezuelan Republic 9.25% (h)
  
3,625,000
642,015
Zambia - 0.1%
 
  
  
Republic of Zambia:
  
  
  
 8.5% (b)(h)
  
50,000
31,500
 8.97% (b)(h)
  
170,000
106,038
TOTAL ZAMBIA
  
  
137,538
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $38,343,070)
  
  
  
32,727,185
 
  
  
  
Preferred Securities - 0.4%
 
  
Principal
Amount (f)
 
Value ($)
 
Mexico - 0.2%
 
  
  
Banco Mercantil del Norte SA:
  
  
  
 6.75% (b)(g)(k)
  
170,000
167,926
 7.625% (b)(g)(k)
  
125,000
119,688
CEMEX S.A.B. de CV 5.125% (b)(g)(k)
  
200,000
189,800
TOTAL MEXICO
  
  
477,414
United Arab Emirates - 0.2%
 
  
  
DP World Salaam 6% (Reg. S) (g)(k)
  
350,000
347,025
 
TOTAL PREFERRED SECURITIES
 (Cost $887,138)
  
  
  
824,439
 
  
  
  
Money Market Funds - 4.4%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (l)
  
9,206,883
9,208,724
Fidelity Securities Lending Cash Central Fund 5.39% (l)(m)
  
49,070
49,075
 
TOTAL MONEY MARKET FUNDS
 (Cost $9,257,502)
  
  
9,257,799
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $205,100,359)
 
  
 
211,009,840
NET OTHER ASSETS (LIABILITIES) - 0.4%  
766,912
NET ASSETS - 100.0%
211,776,752
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Index Contracts
  
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
90
Mar 2024
4,413,600
(105,805)
(105,805)
 
  
  
  
  
  
Treasury Contracts
  
  
  
  
  
CBOT 10-Year U.S. Treasury Note Contracts (United States)
8
Mar 2024
898,625
25,111
25,111
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
(80,694)
The notional amount of futures purchased as a percentage of Net Assets is 2.5%
 
Currency Abbreviations
         EUR
-
European Monetary Unit
         TRY
-
Turkish Lira
 
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 $39,929,138 or 18.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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 $1,714,490 or 0.8% of net assets.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(h)
Non-income producing - Security is in default.
 
(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)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $196,886.
 
(k)
Security is perpetual in nature with no stated maturity date.
 
(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. 3.55% 8/14/24
8/14/23
585,256
 
  
  
Creditas Financial Solutions Ltd. 5% 7/28/27
1/28/22 - 7/28/23
506,964
 
  
  
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
169,898
 
  
  
Gupshup, Inc.
6/08/21
192,273
 
  
  
Jumo World Holding Ltd.
9/06/23
30,055
 
  
  
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 5.39%
2,632,253
59,025,108
52,448,637
63,727
-
-
9,208,724
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
255,433
1,063,475
1,269,833
629
-
-
49,075
0.0%
Total
2,887,686
60,088,583
53,718,470
64,356
-
-
9,257,799
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 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 service 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 services or from brokers who make markets in such securities. Corporate Bonds, Government Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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