Foreign Government and Government Agency Obligations - 57.3% |
| | Principal Amount (a) | Value ($) |
ANGOLA - 1.6% | | | |
Angola Republic 8% 11/26/2029 (b) | | 4,890,000 | 4,419,338 |
Angola Republic 8.25% 5/9/2028 (b) | | 5,065,000 | 4,805,419 |
Angola Republic 8.75% 4/14/2032 (b) | | 2,575,000 | 2,308,641 |
Angola Republic 9.125% 11/26/2049 (b) | | 3,555,000 | 2,937,070 |
Angola Republic 9.375% 5/8/2048 (b) | | 3,740,000 | 3,146,275 |
Angola Republic 9.5% 11/12/2025 (b) | | 5,565,000 | 5,662,388 |
TOTAL ANGOLA | | | 23,279,131 |
ARGENTINA - 2.0% | | | |
Argentine Republic 0.75% 7/9/2030 (c) | | 18,441,247 | 11,313,890 |
Argentine Republic 1% 7/9/2029 | | 4,963,783 | 3,223,977 |
Argentine Republic 4.125% 7/9/2035 (c) | | 19,073,027 | 9,155,053 |
Argentine Republic 5% 1/9/2038 (c) | | 10,211,997 | 5,361,298 |
TOTAL ARGENTINA | | | 29,054,218 |
ARMENIA - 0.2% | | | |
Republic of Armenia 3.6% 2/2/2031 (b) | | 3,805,000 | 3,240,195 |
BAHRAIN - 0.3% | | | |
Kingdom of Bahrain 5.625% 5/18/2034 (b) | | 3,055,000 | 2,914,653 |
Kingdom of Bahrain 7.5% 2/12/2036 (b) | | 1,195,000 | 1,292,094 |
TOTAL BAHRAIN | | | 4,206,747 |
BARBADOS - 0.2% | | | |
Barbados 6.5% 10/1/2029 (b) | | 2,440,000 | 2,331,725 |
BENIN - 0.3% | | | |
Republic of Benin 4.875% 1/19/2032 (b) | EUR | 1,920,000 | 1,910,165 |
Republic of Benin 7.96% 2/13/2038 (b) | | 1,810,000 | 1,793,597 |
TOTAL BENIN | | | 3,703,762 |
BERMUDA - 0.3% | | | |
Bermuda 3.375% 8/20/2050 (b) | | 965,000 | 709,275 |
Bermuda 3.717% 1/25/2027 (b) | | 620,000 | 607,794 |
Bermuda 4.75% 2/15/2029 (b) | | 2,270,000 | 2,273,019 |
Bermuda 5% 7/15/2032 (b) | | 1,005,000 | 1,015,050 |
TOTAL BERMUDA | | | 4,605,138 |
BRAZIL - 1.8% | | | |
Federative Republic of Brazil 3.875% 6/12/2030 | | 5,500,000 | 5,138,265 |
Federative Republic of Brazil 4.75% 1/14/2050 | | 4,150,000 | 3,167,944 |
Federative Republic of Brazil 5.625% 2/21/2047 | | 4,913,000 | 4,346,335 |
Federative Republic of Brazil 6% 10/20/2033 | | 1,880,000 | 1,910,944 |
Federative Republic of Brazil 7.125% 1/20/2037 | | 2,080,000 | 2,291,120 |
Federative Republic of Brazil 7.125% 5/13/2054 | | 1,995,000 | 2,068,137 |
Federative Republic of Brazil 8.25% 1/20/2034 | | 5,204,000 | 6,137,754 |
TOTAL BRAZIL | | | 25,060,499 |
CHILE - 1.3% | | | |
Chilean Republic 2.45% 1/31/2031 | | 7,745,000 | 6,904,668 |
Chilean Republic 3.1% 1/22/2061 | | 7,500,000 | 4,980,000 |
Chilean Republic 3.5% 1/31/2034 | | 1,775,000 | 1,627,675 |
Chilean Republic 4% 1/31/2052 | | 985,000 | 813,117 |
Chilean Republic 4.34% 3/7/2042 | | 1,410,000 | 1,285,215 |
Chilean Republic 5.33% 1/5/2054 | | 2,835,000 | 2,870,438 |
TOTAL CHILE | | | 18,481,113 |
COLOMBIA - 2.6% | | | |
Colombian Republic 3% 1/30/2030 | | 10,600,000 | 9,078,900 |
Colombian Republic 3.125% 4/15/2031 | | 4,300,000 | 3,547,500 |
Colombian Republic 3.875% 2/15/2061 | | 1,490,000 | 863,455 |
Colombian Republic 4.125% 5/15/2051 | | 3,120,000 | 1,962,480 |
Colombian Republic 5% 6/15/2045 | | 8,500,000 | 6,239,000 |
Colombian Republic 5.2% 5/15/2049 | | 5,390,000 | 3,985,905 |
Colombian Republic 6.125% 1/18/2041 | | 1,475,000 | 1,295,242 |
Colombian Republic 7.375% 9/18/2037 | | 845,000 | 856,516 |
Colombian Republic 7.5% 2/2/2034 | | 1,110,000 | 1,150,515 |
Colombian Republic 8% 11/14/2035 | | 3,585,000 | 3,816,233 |
Colombian Republic 8% 4/20/2033 | | 1,720,000 | 1,846,128 |
Colombian Republic 8.75% 11/14/2053 | | 1,690,000 | 1,849,925 |
TOTAL COLOMBIA | | | 36,491,799 |
COSTA RICA - 1.0% | | | |
Costa Rica Government International Bond 5.625% 4/30/2043 (b) | | 3,955,000 | 3,697,925 |
Costa Rica Government International Bond 6.125% 2/19/2031 (b) | | 2,415,000 | 2,501,940 |
Costa Rica Government International Bond 6.55% 4/3/2034 (b) | | 2,335,000 | 2,484,440 |
Costa Rica Government International Bond 7% 4/4/2044 (b) | | 1,965,000 | 2,098,875 |
Costa Rica Government International Bond 7.3% 11/13/2054 (b) | | 3,295,000 | 3,639,822 |
TOTAL COSTA RICA | | | 14,423,002 |
COTE D'IVOIRE - 0.9% | | | |
Cote d'Ivoire Treasury Bill 5.875% 10/17/2031 (b) | EUR | 5,335,000 | 5,626,876 |
Cote d'Ivoire Treasury Bill 6.375% 3/3/2028 (b) | | 5,580,000 | 5,580,000 |
Cote d'Ivoire Treasury Bill 8.25% 1/30/2037 (b) | | 1,805,000 | 1,853,509 |
TOTAL COTE D'IVOIRE | | | 13,060,385 |
DOMINICAN REPUBLIC - 3.7% | | | |
Dominican Republic International Bond 4.5% 1/30/2030 (b) | | 7,180,000 | 6,868,101 |
Dominican Republic International Bond 4.875% 9/23/2032 (b) | | 6,360,000 | 6,061,875 |
Dominican Republic International Bond 5.3% 1/21/2041 (b) | | 2,450,000 | 2,260,125 |
Dominican Republic International Bond 5.875% 1/30/2060 (b) | | 7,990,000 | 7,498,117 |
Dominican Republic International Bond 5.95% 1/25/2027 (b) | | 4,186,000 | 4,242,249 |
Dominican Republic International Bond 6% 7/19/2028 (b) | | 2,999,000 | 3,073,015 |
Dominican Republic International Bond 6.4% 6/5/2049 (b) | | 1,662,000 | 1,700,957 |
Dominican Republic International Bond 6.5% 2/15/2048 (b) | | 3,345,000 | 3,443,259 |
Dominican Republic International Bond 6.6% 6/1/2036 (b) | | 1,358,000 | 1,440,159 |
Dominican Republic International Bond 6.85% 1/27/2045 (b) | | 4,046,000 | 4,307,533 |
Dominican Republic International Bond 7.05% 2/3/2031 (b) | | 3,670,000 | 3,954,572 |
Dominican Republic International Bond 7.45% 4/30/2044 (b) | | 6,031,000 | 6,835,596 |
TOTAL DOMINICAN REPUBLIC | | | 51,685,558 |
ECUADOR - 1.3% | | | |
Republic of Ecuador 5% 7/31/2040 (b)(c) | | 2,800,000 | 1,454,600 |
Republic of Ecuador 5.5% 7/31/2035 (b)(c) | | 14,640,000 | 8,322,840 |
Republic of Ecuador 6.9% 7/31/2030 (b)(c) | | 11,715,000 | 8,510,948 |
TOTAL ECUADOR | | | 18,288,388 |
EGYPT - 2.9% | | | |
Arab Republic of Egypt 5.875% 2/16/2031 (b) | | 2,625,000 | 2,190,234 |
Arab Republic of Egypt 7.0529% 1/15/2032 (b) | | 830,000 | 718,987 |
Arab Republic of Egypt 7.5% 1/31/2027 (b) | | 5,596,000 | 5,573,266 |
Arab Republic of Egypt 7.5% 2/16/2061 (b) | | 6,070,000 | 4,396,987 |
Arab Republic of Egypt 7.6003% 3/1/2029 (b) | | 8,726,000 | 8,426,044 |
Arab Republic of Egypt 7.625% 5/29/2032 (b) | | 3,200,000 | 2,832,000 |
Arab Republic of Egypt 7.903% 2/21/2048 (b) | | 3,265,000 | 2,501,806 |
Arab Republic of Egypt 8.5% 1/31/2047 (b) | | 7,939,000 | 6,408,262 |
Arab Republic of Egypt 8.7002% 3/1/2049 (b) | | 3,665,000 | 3,003,028 |
Arab Republic of Egypt 8.875% 5/29/2050 (b) | | 1,945,000 | 1,605,850 |
Arab Republic of Egypt Treasury Bills 0% 1/14/2025 | EGP | 55,475,000 | 1,059,851 |
Arab Republic of Egypt Treasury Bills 0% 12/10/2024 | EGP | 45,075,000 | 884,023 |
Arab Republic of Egypt Treasury Bills 0% 3/18/2025 | EGP | 91,325,000 | 1,667,116 |
TOTAL EGYPT | | | 41,267,454 |
EL SALVADOR - 0.7% | | | |
El Salvador Republic 0.25% 4/17/2030 (b) | | 1,765,000 | 39,712 |
El Salvador Republic 6.375% 1/18/2027 (b) | | 435,000 | 417,600 |
El Salvador Republic 7.1246% 1/20/2050 (b) | | 3,292,000 | 2,501,920 |
El Salvador Republic 7.625% 2/1/2041 (b) | | 1,035,000 | 843,204 |
El Salvador Republic 7.65% 6/15/2035 (b) | | 5,940,000 | 5,129,190 |
El Salvador Republic 9.25% 4/17/2030 (b) | | 1,765,000 | 1,752,226 |
TOTAL EL SALVADOR | | | 10,683,852 |
GABON - 0.5% | | | |
Gabon Government International Bond 6.625% 2/6/2031 (b) | | 1,625,000 | 1,254,805 |
Gabon Government International Bond 6.95% 6/16/2025 (b) | | 2,410,000 | 2,261,634 |
Gabon Government International Bond 7% 11/24/2031 (b) | | 4,490,000 | 3,451,688 |
TOTAL GABON | | | 6,968,127 |
GEORGIA - 0.1% | | | |
Georgia Republic 2.75% 4/22/2026 (b) | | 2,135,000 | 2,019,122 |
GHANA - 0.7% | | | |
Ghana Republic 10.75% 10/14/2030 (b) | | 4,845,000 | 3,288,544 |
Ghana Republic 7.75% (b)(d) | | 3,695,000 | 1,962,969 |
Ghana Republic 8.125% (b)(d) | | 5,475,000 | 2,908,594 |
Ghana Republic 8.125% (b)(d) | | 1,603,076 | 861,652 |
Ghana Republic 8.627% (b)(d) | | 2,845,000 | 1,504,294 |
TOTAL GHANA | | | 10,526,053 |
GUATEMALA - 0.9% | | | |
Republic of Guatemala 4.9% 6/1/2030 (b) | | 485,000 | 473,026 |
Republic of Guatemala 5.25% 8/10/2029 (b) | | 1,200,000 | 1,184,400 |
Republic of Guatemala 5.375% 4/24/2032 (b) | | 2,015,000 | 1,999,888 |
Republic of Guatemala 6.125% 6/1/2050 (b) | | 1,355,000 | 1,295,295 |
Republic of Guatemala 6.55% 2/6/2037 (b) | | 1,500,000 | 1,555,050 |
Republic of Guatemala 6.6% 6/13/2036 (b) | | 5,670,000 | 5,933,655 |
TOTAL GUATEMALA | | | 12,441,314 |
HUNGARY - 1.5% | | | |
Hungary Government 2.125% 9/22/2031 (b) | | 2,950,000 | 2,444,075 |
Hungary Government 3.125% 9/21/2051 (b) | | 5,810,000 | 3,882,678 |
Hungary Government 5.25% 6/16/2029 (b) | | 1,585,000 | 1,607,380 |
Hungary Government 5.5% 3/26/2036 (b) | | 3,200,000 | 3,220,000 |
Hungary Government 5.5% 6/16/2034 (b) | | 2,890,000 | 2,946,153 |
Hungary Government 6.25% 9/22/2032 (b) | | 1,125,000 | 1,207,968 |
Hungary Government 6.75% 9/25/2052 (b) | | 3,800,000 | 4,283,550 |
Hungary Government 7.625% 3/29/2041 | | 1,655,000 | 1,972,036 |
TOTAL HUNGARY | | | 21,563,840 |
INDONESIA - 2.3% | | | |
Indonesia Government 3.85% 10/15/2030 | | 2,650,000 | 2,587,063 |
Indonesia Government 5.125% 1/15/2045 (b) | | 3,353,000 | 3,435,777 |
Indonesia Government 5.25% 1/17/2042 (b) | | 3,000,000 | 3,119,063 |
Indonesia Government 5.45% 9/20/2052 | | 2,955,000 | 3,128,606 |
Indonesia Government 5.95% 1/8/2046 (b) | | 2,100,000 | 2,344,125 |
Indonesia Government 6.625% 2/17/2037 (b) | | 3,549,000 | 4,147,894 |
Indonesia Government 6.75% 1/15/2044 (b) | | 3,035,000 | 3,700,803 |
Indonesia Government 7.75% 1/17/2038 (b) | | 4,298,000 | 5,513,528 |
Indonesia Government 8.5% 10/12/2035 (b) | | 4,169,000 | 5,488,749 |
TOTAL INDONESIA | | | 33,465,608 |
JAMAICA - 0.1% | | | |
Jamaican Government 7.875% 7/28/2045 | | 1,685,000 | 2,075,078 |
JORDAN - 0.6% | | | |
Jordan Government 5.85% 7/7/2030 (b) | | 2,325,000 | 2,179,688 |
Jordan Government 6.125% 1/29/2026 (b) | | 985,000 | 972,995 |
Jordan Government 7.375% 10/10/2047 (b) | | 2,005,000 | 1,837,081 |
Jordan Government 7.5% 1/13/2029 (b) | | 1,410,000 | 1,429,035 |
Jordan Government 7.75% 1/15/2028 (b) | | 1,725,000 | 1,769,747 |
TOTAL JORDAN | | | 8,188,546 |
KENYA - 0.7% | | | |
Republic of Kenya Infrastructure Bond 6.3% 1/23/2034 (b) | | 5,110,000 | 4,167,844 |
Republic of Kenya Infrastructure Bond 7% 5/22/2027 (b) | | 2,375,000 | 2,333,438 |
Republic of Kenya Infrastructure Bond 7.25% 2/28/2028 (b) | | 570,000 | 547,912 |
Republic of Kenya Infrastructure Bond 8% 5/22/2032 (b) | | 685,000 | 633,659 |
Republic of Kenya Infrastructure Bond 9.75% 2/16/2031 (b) | | 2,170,000 | 2,183,563 |
TOTAL KENYA | | | 9,866,416 |
LEBANON - 0.1% | | | |
Lebanon Republic 5.8% (d)(e) | | 5,875,000 | 458,984 |
Lebanon Republic 6% (d)(e) | | 1,587,000 | 122,992 |
Lebanon Republic 6.1% (d)(e) | | 685,000 | 53,087 |
Lebanon Republic 6.375% (d) | | 7,072,000 | 548,434 |
TOTAL LEBANON | | | 1,183,497 |
MEXICO - 1.7% | | | |
United Mexican States 3.25% 4/16/2030 | | 3,700,000 | 3,391,050 |
United Mexican States 4.5% 4/22/2029 | | 2,040,000 | 2,014,500 |
United Mexican States 4.75% 4/27/2032 | | 970,000 | 932,655 |
United Mexican States 5.75% 10/12/2110 | | 3,295,000 | 2,850,175 |
United Mexican States 6.05% 1/11/2040 | | 10,222,000 | 10,343,437 |
United Mexican States 6.338% 5/4/2053 | | 1,695,000 | 1,684,936 |
United Mexican States 6.35% 2/9/2035 | | 2,485,000 | 2,604,280 |
TOTAL MEXICO | | | 23,821,033 |
MONGOLIA - 0.1% | | | |
Mongolia Government 5.125% 4/7/2026 (b) | | 1,240,000 | 1,221,400 |
Mongolia Government 7.875% 6/5/2029 (b) | | 490,000 | 517,562 |
TOTAL MONGOLIA | | | 1,738,962 |
MONTENEGRO - 0.2% | | | |
Republic of Montenegro 7.25% 3/12/2031 (b) | | 3,300,000 | 3,439,425 |
MOROCCO - 0.2% | | | |
Moroccan Kingdom 6.5% 9/8/2033 (b) | | 2,740,000 | 2,970,331 |
NIGERIA - 2.3% | | | |
Republic of Nigeria 6.125% 9/28/2028 (b) | | 5,520,000 | 5,007,675 |
Republic of Nigeria 6.5% 11/28/2027 (b) | | 5,087,000 | 4,772,242 |
Republic of Nigeria 7.143% 2/23/2030 (b) | | 4,110,000 | 3,731,109 |
Republic of Nigeria 7.625% 11/21/2025 (b) | | 5,383,000 | 5,384,683 |
Republic of Nigeria 7.625% 11/28/2047 (b) | | 5,315,000 | 4,067,636 |
Republic of Nigeria 7.696% 2/23/2038 (b) | | 980,000 | 798,700 |
Republic of Nigeria 7.875% 2/16/2032 (b) | | 2,625,000 | 2,362,500 |
Republic of Nigeria 8.375% 3/24/2029 (b) | | 4,095,000 | 3,967,031 |
Republic of Nigeria Treasury Bills 0% 3/6/2025 | NGN | 3,744,960,000 | 2,034,096 |
Republic of Nigeria Treasury Bills 0% 4/10/2025 | NGN | 1,167,745,000 | 619,499 |
Republic of Nigeria Treasury Bills 0% 5/20/2025 | NGN | 999,215,000 | 515,655 |
TOTAL NIGERIA | | | 33,260,826 |
OMAN - 2.3% | | | |
Oman Sultanate 5.625% 1/17/2028 (b) | | 6,505,000 | 6,661,527 |
Oman Sultanate 6% 8/1/2029 (b) | | 3,625,000 | 3,800,586 |
Oman Sultanate 6.25% 1/25/2031 (b) | | 4,805,000 | 5,123,331 |
Oman Sultanate 6.5% 3/8/2047 (b) | | 8,100,000 | 8,537,906 |
Oman Sultanate 6.75% 1/17/2048 (b) | | 7,720,000 | 8,366,550 |
Oman Sultanate 7% 1/25/2051 (b) | | 490,000 | 547,575 |
TOTAL OMAN | | | 33,037,475 |
PAKISTAN - 1.1% | | | |
Islamic Republic of Pakistan 6% 4/8/2026 (b) | | 6,130,000 | 5,731,550 |
Islamic Republic of Pakistan 6.875% 12/5/2027 (b) | | 5,905,000 | 5,351,406 |
Islamic Republic of Pakistan 7.375% 4/8/2031 (b) | | 3,995,000 | 3,380,769 |
Islamic Republic of Pakistan 7.875% 3/31/2036 (b) | | 2,025,000 | 1,617,469 |
TOTAL PAKISTAN | | | 16,081,194 |
PANAMA - 2.2% | | | |
Panamanian Republic 2.252% 9/29/2032 | | 5,065,000 | 3,912,713 |
Panamanian Republic 3.16% 1/23/2030 | | 3,670,000 | 3,275,475 |
Panamanian Republic 3.298% 1/19/2033 | | 5,355,000 | 4,463,393 |
Panamanian Republic 3.87% 7/23/2060 | | 3,880,000 | 2,439,550 |
Panamanian Republic 4.3% 4/29/2053 | | 1,795,000 | 1,268,795 |
Panamanian Republic 4.5% 4/16/2050 | | 2,680,000 | 1,969,638 |
Panamanian Republic 4.5% 5/15/2047 | | 2,005,000 | 1,516,782 |
Panamanian Republic 6.4% 2/14/2035 | | 2,700,000 | 2,763,288 |
Panamanian Republic 6.853% 3/28/2054 | | 2,055,000 | 2,076,578 |
Panamanian Republic 7.875% 3/1/2057 | | 4,390,000 | 4,952,579 |
Panamanian Republic 8% 3/1/2038 | | 1,880,000 | 2,117,820 |
TOTAL PANAMA | | | 30,756,611 |
PARAGUAY - 0.8% | | | |
Republic of Paraguay 2.739% 1/29/2033 (b) | | 1,305,000 | 1,111,696 |
Republic of Paraguay 4.95% 4/28/2031 (b) | | 3,865,000 | 3,854,130 |
Republic of Paraguay 5.4% 3/30/2050 (b) | | 3,925,000 | 3,660,063 |
Republic of Paraguay 5.6% 3/13/2048 (b) | | 1,925,000 | 1,841,263 |
Republic of Paraguay 6% 2/9/2036 (b) | | 1,155,000 | 1,217,370 |
TOTAL PARAGUAY | | | 11,684,522 |
PERU - 0.9% | | | |
Peruvian Republic 2.783% 1/23/2031 | | 3,585,000 | 3,199,612 |
Peruvian Republic 3% 1/15/2034 | | 5,225,000 | 4,472,600 |
Peruvian Republic 3.3% 3/11/2041 | | 7,075,000 | 5,585,996 |
TOTAL PERU | | | 13,258,208 |
PHILIPPINES - 1.0% | | | |
Philippine Republic 2.65% 12/10/2045 | | 2,130,000 | 1,500,319 |
Philippine Republic 2.95% 5/5/2045 | | 865,000 | 639,559 |
Philippine Republic 4.75% 3/5/2035 | | 1,485,000 | 1,499,850 |
Philippine Republic 5% 7/17/2033 | | 1,135,000 | 1,170,114 |
Philippine Republic 5.175% 9/5/2049 | | 1,970,000 | 2,004,475 |
Philippine Republic 5.5% 1/17/2048 | | 1,005,000 | 1,072,044 |
Philippine Republic 5.6% 5/14/2049 | | 1,795,000 | 1,939,161 |
Philippine Republic 5.609% 4/13/2033 | | 1,670,000 | 1,790,031 |
Philippine Republic 5.95% 10/13/2047 | | 2,670,000 | 3,005,419 |
TOTAL PHILIPPINES | | | 14,620,972 |
POLAND - 0.7% | | | |
Bank Gospodarstwa Krajowego 5.375% 5/22/2033 (b) | | 2,000,000 | 2,045,200 |
Bank Gospodarstwa Krajowego 6.25% 10/31/2028 (b) | | 985,000 | 1,055,723 |
Bank Gospodarstwa Krajowego 6.25% 7/9/2054 (b) | | 3,000,000 | 3,220,380 |
Republic of Poland 5.5% 3/18/2054 | | 1,775,000 | 1,807,074 |
Republic of Poland 5.5% 4/4/2053 | | 1,945,000 | 1,994,695 |
TOTAL POLAND | | | 10,123,072 |
QATAR - 1.7% | | | |
State of Qatar 4.4% 4/16/2050 (b) | | 9,660,000 | 8,935,500 |
State of Qatar 4.817% 3/14/2049 (b) | | 9,549,000 | 9,432,622 |
State of Qatar 5.103% 4/23/2048 (b) | | 5,105,000 | 5,251,411 |
TOTAL QATAR | | | 23,619,533 |
ROMANIA - 1.3% | | | |
Romanian Republic 2% 4/14/2033 (e) | EUR | 2,030,000 | 1,758,336 |
Romanian Republic 3% 2/14/2031 (b) | | 5,296,000 | 4,608,844 |
Romanian Republic 3.375% 1/28/2050 (e) | EUR | 3,875,000 | 2,925,386 |
Romanian Republic 3.625% 3/27/2032 (b) | | 2,618,000 | 2,327,566 |
Romanian Republic 4% 2/14/2051 (b) | | 3,100,000 | 2,250,600 |
Romanian Republic 7.125% 1/17/2033 (b) | | 1,615,000 | 1,766,911 |
Romanian Republic 7.625% 1/17/2053 (b) | | 1,138,000 | 1,307,266 |
Romanian Republic 8% 4/29/2030 | RON | 6,940,000 | 1,655,641 |
TOTAL ROMANIA | | | 18,600,550 |
RWANDA - 0.2% | | | |
Rwanda Republic 5.5% 8/9/2031 (b) | | 3,195,000 | 2,642,864 |
SAUDI ARABIA - 1.3% | | | |
Kingdom of Saudi Arabia 2.25% 2/2/2033 (b) | | 4,030,000 | 3,366,309 |
Kingdom of Saudi Arabia 3.45% 2/2/2061 (b) | | 2,775,000 | 1,882,921 |
Kingdom of Saudi Arabia 3.625% 3/4/2028 (b) | | 1,770,000 | 1,734,600 |
Kingdom of Saudi Arabia 3.75% 1/21/2055 (b) | | 3,755,000 | 2,770,486 |
Kingdom of Saudi Arabia 4.5% 10/26/2046 (b) | | 3,471,000 | 3,058,819 |
Kingdom of Saudi Arabia 4.5% 4/22/2060 (b) | | 2,055,000 | 1,728,769 |
Kingdom of Saudi Arabia 4.625% 10/4/2047 (b) | | 3,040,000 | 2,718,900 |
Kingdom of Saudi Arabia 5.75% 1/16/2054 (b) | | 945,000 | 962,718 |
TOTAL SAUDI ARABIA | | | 18,223,522 |
SENEGAL - 0.2% | | | |
Republic of Senegal 6.25% 5/23/2033 (b) | | 1,955,000 | 1,683,132 |
Republic of Senegal 6.75% 3/13/2048 (b) | | 2,420,000 | 1,783,238 |
TOTAL SENEGAL | | | 3,466,370 |
SERBIA - 0.9% | | | |
Republic of Serbia 2.125% 12/1/2030 (b) | | 5,110,000 | 4,269,405 |
Republic of Serbia 6% 6/12/2034 (b) | | 2,620,000 | 2,697,290 |
Republic of Serbia 6.25% 5/26/2028 (b) | | 865,000 | 899,193 |
Republic of Serbia 6.5% 9/26/2033 (b) | | 5,020,000 | 5,362,766 |
TOTAL SERBIA | | | 13,228,654 |
SOUTH AFRICA - 1.1% | | | |
South African Republic 5% 10/12/2046 | | 880,000 | 678,699 |
South African Republic 5.65% 9/27/2047 | | 6,075,000 | 5,057,438 |
South African Republic 5.75% 9/30/2049 | | 7,030,000 | 5,826,113 |
South African Republic 7.3% 4/20/2052 | | 3,545,000 | 3,518,413 |
TOTAL SOUTH AFRICA | | | 15,080,663 |
SRI LANKA - 1.1% | | | |
Sri Lanka Government International Bond 6.2% (b)(d) | | 4,350,000 | 2,426,474 |
Sri Lanka Government International Bond 6.825% (b)(d) | | 5,090,000 | 2,859,944 |
Sri Lanka Government International Bond 6.85% (b)(d) | | 8,175,000 | 4,598,438 |
Sri Lanka Government International Bond 7.55% (b)(d) | | 3,405,000 | 1,911,055 |
Sri Lanka Government International Bond 7.85% (b)(d) | | 6,363,000 | 3,587,141 |
TOTAL SRI LANKA | | | 15,383,052 |
TURKEY - 3.4% | | | |
Turkish Republic 0% 1/3/2035 | | 4,480,000 | 4,394,880 |
Turkish Republic 26.2% 10/5/2033 | TRY | 51,490,000 | 1,481,575 |
Turkish Republic 31.08% 11/8/2028 | TRY | 82,225,000 | 2,465,127 |
Turkish Republic 37% 2/18/2026 | TRY | 24,550,000 | 710,710 |
Turkish Republic 4.75% 1/26/2026 | | 2,030,000 | 2,033,172 |
Turkish Republic 4.875% 4/16/2043 | | 5,290,000 | 3,987,073 |
Turkish Republic 5.125% 2/17/2028 | | 3,070,000 | 3,043,905 |
Turkish Republic 5.75% 5/11/2047 | | 4,040,000 | 3,272,400 |
Turkish Republic 5.95% 1/15/2031 | | 2,685,000 | 2,627,944 |
Turkish Republic 6% 1/14/2041 | | 9,082,000 | 8,003,513 |
Turkish Republic 6.625% 2/17/2045 | | 150,000 | 136,304 |
Turkish Republic 6.75% 5/30/2040 | | 2,112,000 | 2,033,460 |
Turkish Republic 7.625% 5/15/2034 | | 2,040,000 | 2,164,950 |
Turkish Republic 9.125% 7/13/2030 | | 3,825,000 | 4,366,477 |
Turkish Republic 9.375% 1/19/2033 | | 515,000 | 603,194 |
Turkish Republic 9.375% 3/14/2029 | | 5,270,000 | 5,978,156 |
TOTAL TURKEY | | | 47,302,840 |
UKRAINE - 1.1% | | | |
Ukraine Government 0% 2/1/2030 (b)(c)(g) | | 1,029,342 | 447,763 |
Ukraine Government 0% 2/1/2034 (b)(c)(g) | | 3,846,504 | 1,302,042 |
Ukraine Government 0% 2/1/2035 (b)(c)(g) | | 4,980,568 | 2,169,037 |
Ukraine Government 0% 2/1/2036 (b)(c)(g) | | 2,708,807 | 1,166,819 |
Ukraine Government 0% 8/1/2041 (b)(f) | | 2,230,000 | 1,562,115 |
Ukraine Government 1.75% 2/1/2029 (b)(c) | | 5,423,626 | 3,177,702 |
Ukraine Government 1.75% 2/1/2034 (b)(c) | | 6,256,568 | 2,771,660 |
Ukraine Government 1.75% 2/1/2035 (b)(c) | | 3,491,888 | 1,505,004 |
Ukraine Government 1.75% 2/1/2036 (b)(c) | | 2,466,802 | 1,051,351 |
TOTAL UKRAINE | | | 15,153,493 |
UNITED ARAB EMIRATES - 1.3% | | | |
Emirate of Abu Dhabi 3.125% 9/30/2049 (b) | | 13,102,000 | 9,580,838 |
Emirate of Abu Dhabi 3.875% 4/16/2050 (b) | | 2,990,000 | 2,507,862 |
Emirate of Abu Dhabi 5.5% 4/30/2054 (b) | | 2,370,000 | 2,524,050 |
Emirate of Dubai 3.9% 9/9/2050 (e) | | 4,165,000 | 3,212,256 |
TOTAL UNITED ARAB EMIRATES | | | 17,825,006 |
URUGUAY - 0.6% | | | |
Uruguay Republic 5.1% 6/18/2050 | | 6,360,000 | 6,337,740 |
Uruguay Republic 5.75% 10/28/2034 | | 1,745,000 | 1,897,142 |
TOTAL URUGUAY | | | 8,234,882 |
UZBEKISTAN - 0.3% | | | |
Republic of Uzbekistan 3.7% 11/25/2030 (b) | | 1,095,000 | 944,095 |
Republic of Uzbekistan 3.9% 10/19/2031 (b) | | 2,880,000 | 2,457,900 |
Republic of Uzbekistan 5.375% 2/20/2029 (b) | | 1,145,000 | 1,107,788 |
TOTAL UZBEKISTAN | | | 4,509,783 |
VENEZUELA - 0.5% | | | |
Venezuela Republic 11.95% (d)(e) | | 17,015,000 | 2,696,878 |
Venezuela Republic 12.75% (d)(e) | | 3,625,000 | 579,999 |
Venezuela Republic 9.25% (d) | | 27,915,000 | 4,396,613 |
TOTAL VENEZUELA | | | 7,673,490 |
ZAMBIA - 0.2% | | | |
Republic of Zambia 0.5% 12/31/2053 (b) | | 2,065,236 | 1,017,129 |
Republic of Zambia 5.75% 6/30/2033 (b)(c) | | 2,199,853 | 1,930,371 |
TOTAL ZAMBIA | | | 2,947,500 |
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $857,743,133) | | | 816,845,400 |
| | | |
Non-Convertible Corporate Bonds - 32.3% |
| | Principal Amount (a) | Value ($) |
ARGENTINA - 0.1% | | | |
Provincia de Cordoba 6.875% 12/10/2025 (b)(c) | | 917,722 | 891,098 |
AZERBAIJAN - 0.9% | | | |
Energy - 0.9% | | | |
Energy Equipment & Services - 0.9% | | | |
Southern Gas Corridor CJSC 6.875% 3/24/2026 (b) | | 9,951,000 | 10,171,788 |
State Oil Co of the Azerbaijan Republic 6.95% 3/18/2030 (e) | | 2,010,000 | 2,131,866 |
| | | |
TOTAL AZERBAIJAN | | | 12,303,654 |
BAHRAIN - 0.6% | | | |
Energy - 0.6% | | | |
Energy Equipment & Services - 0.6% | | | |
Bapco Energies BSC Closed 7.5% 10/25/2027 (b) | | 6,889,000 | 7,207,617 |
Bapco Energies BSC Closed 8.375% 11/7/2028 (b) | | 1,065,000 | 1,155,578 |
| | | |
TOTAL BAHRAIN | | | 8,363,195 |
BRAZIL - 2.6% | | | |
Consumer Staples - 0.3% | | | |
Consumer Staples Distribution & Retail - 0.1% | | | |
NBM US Holdings Inc 6.625% 8/6/2029 (b) | | 2,270,000 | 2,306,888 |
Food Products - 0.2% | | | |
Adecoagro SA 6% 9/21/2027 (b) | | 1,440,000 | 1,435,954 |
Marb Bondco PLC 3.95% 1/29/2031 (b) | | 1,295,000 | 1,142,578 |
| | | 2,578,532 |
Energy - 0.3% | | | |
Energy Equipment & Services - 0.1% | | | |
Yinson Boronia Production BV 8.947% 7/31/2042 (b) | | 1,090,000 | 1,163,084 |
Oil, Gas & Consumable Fuels - 0.2% | | | |
MC Brazil Downstream Trading SARL 7.25% 6/30/2031 (b) | | 3,551,341 | 3,042,789 |
TOTAL ENERGY | | | 4,205,873 |
| | | |
Financials - 0.2% | | | |
Financial Services - 0.2% | | | |
Cosan Luxembourg SA 7.25% 6/27/2031 (b) | | 2,695,000 | 2,817,554 |
Industrials - 0.4% | | | |
Aerospace & Defense - 0.1% | | | |
Embraer Netherlands Finance BV 5.4% 2/1/2027 | | 660,000 | 668,613 |
Embraer Netherlands Finance BV 6.95% 1/17/2028 (b) | | 1,620,000 | 1,704,483 |
| | | 2,373,096 |
Passenger Airlines - 0.3% | | | |
Azul Secured Finance LLP 11.5% 5/28/2029 (b) | | 3,722,238 | 2,344,861 |
Azul Secured Finance LLP 11.93% 8/28/2028 (b) | | 1,710,000 | 1,654,425 |
| | | 3,999,286 |
TOTAL INDUSTRIALS | | | 6,372,382 |
| | | |
Materials - 1.2% | | | |
Chemicals - 0.3% | | | |
Braskem Netherlands Finance BV 5.875% 1/31/2050 (b) | | 1,495,000 | 1,166,100 |
Braskem Netherlands Finance BV 7.25% 2/13/2033 (b) | | 2,170,000 | 2,149,819 |
| | | 3,315,919 |
Metals & Mining - 0.8% | | | |
CSN Inova Ventures 6.75% 1/28/2028 (b) | | 1,250,000 | 1,208,499 |
CSN Resources SA 5.875% 4/8/2032 (b) | | 2,115,000 | 1,796,693 |
CSN Resources SA 8.875% 12/5/2030 (b) | | 1,630,000 | 1,646,789 |
Nexa Resources SA 6.5% 1/18/2028 (b) | | 1,070,000 | 1,104,107 |
Nexa Resources SA 6.75% 4/9/2034 (b) | | 895,000 | 947,581 |
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (b)(f) | | 4,183,291 | 3,896,736 |
| | | 10,600,405 |
Paper & Forest Products - 0.1% | | | |
LD Celulose International GmbH 7.95% 1/26/2032 (b) | | 1,970,000 | 2,017,280 |
TOTAL MATERIALS | | | 15,933,604 |
| | | |
Utilities - 0.2% | | | |
Water Utilities - 0.2% | | | |
Aegea Finance Sarl 9% 1/20/2031 (b) | | 3,015,000 | 3,256,200 |
TOTAL BRAZIL | | | 37,471,033 |
BURKINA FASO - 0.2% | | | |
Materials - 0.2% | | | |
Metals & Mining - 0.2% | | | |
Endeavour Mining PLC 5% 10/14/2026 (b) | | 3,310,000 | 3,209,045 |
CHILE - 2.0% | | | |
Communication Services - 0.3% | | | |
Wireless Telecommunication Services - 0.3% | | | |
VTR Comunicaciones SpA 4.375% 4/15/2029 (b) | | 933,000 | 800,048 |
VTR Comunicaciones SpA 5.125% 1/15/2028 (b) | | 3,749,000 | 3,433,859 |
| | | 4,233,907 |
Energy - 0.2% | | | |
Oil, Gas & Consumable Fuels - 0.2% | | | |
Empresa Nacional del Petroleo 5.95% 7/30/2034 (b) | | 1,215,000 | 1,276,357 |
Empresa Nacional del Petroleo 6.15% 5/10/2033 (b) | | 1,885,000 | 2,001,644 |
| | | 3,278,001 |
Materials - 1.4% | | | |
Metals & Mining - 1.4% | | | |
Antofagasta PLC 2.375% 10/14/2030 (b) | | 3,865,000 | 3,346,858 |
Antofagasta PLC 5.625% 5/13/2032 (b) | | 1,390,000 | 1,421,094 |
Corp Nacional del Cobre de Chile 3% 9/30/2029 (b) | | 2,000,000 | 1,841,875 |
Corp Nacional del Cobre de Chile 3.15% 1/14/2030 (b) | | 1,645,000 | 1,517,726 |
Corp Nacional del Cobre de Chile 3.15% 1/15/2051 (b) | | 1,865,000 | 1,253,280 |
Corp Nacional del Cobre de Chile 3.7% 1/30/2050 (b) | | 3,765,000 | 2,802,572 |
Corp Nacional del Cobre de Chile 4.5% 8/1/2047 (b) | | 1,970,000 | 1,676,347 |
Corp Nacional del Cobre de Chile 5.125% 2/2/2033 (b) | | 1,575,000 | 1,569,586 |
Corp Nacional del Cobre de Chile 5.95% 1/8/2034 (b) | | 955,000 | 1,003,645 |
Corp Nacional del Cobre de Chile 6.3% 9/8/2053 (b) | | 1,730,000 | 1,832,719 |
Corp Nacional del Cobre de Chile 6.44% 1/26/2036 (b) | | 1,860,000 | 2,022,169 |
| | | 20,287,871 |
Utilities - 0.1% | | | |
Electric Utilities - 0.1% | | | |
Chile Electricity Lux MPC Sarl 6.01% 1/20/2033 (b) | | 1,003,600 | 1,044,276 |
TOTAL CHILE | | | 28,844,055 |
CHINA - 1.2% | | | |
Consumer Discretionary - 0.6% | | | |
Broadline Retail - 0.4% | | | |
Prosus NV 3.832% 2/8/2051 (b) | | 1,590,000 | 1,116,975 |
Prosus NV 4.027% 8/3/2050 (b) | | 650,000 | 473,285 |
Prosus NV 4.193% 1/19/2032 (b) | | 3,505,000 | 3,290,319 |
| | | 4,880,579 |
Hotels, Restaurants & Leisure - 0.2% | | | |
Meituan 3.05% 10/28/2030 (b) | | 1,995,000 | 1,816,697 |
Meituan 4.625% 10/2/2029 (b) | | 1,700,000 | 1,689,964 |
| | | 3,506,661 |
TOTAL CONSUMER DISCRETIONARY | | | 8,387,240 |
| | | |
Information Technology - 0.2% | | | |
Technology Hardware, Storage & Peripherals - 0.2% | | | |
Lenovo Group Ltd 3.421% 11/2/2030 (b) | | 2,915,000 | 2,705,484 |
Materials - 0.2% | | | |
Chemicals - 0.2% | | | |
ENN Clean Energy International Investment Ltd 3.375% 5/12/2026 (b) | | 3,275,000 | 3,179,820 |
Utilities - 0.2% | | | |
Gas Utilities - 0.2% | | | |
ENN Energy Holdings Ltd 4.625% 5/17/2027 (b) | | 3,430,000 | 3,431,029 |
TOTAL CHINA | | | 17,703,573 |
COLOMBIA - 1.5% | | | |
Energy - 0.7% | | | |
Energy Equipment & Services - 0.2% | | | |
Oleoducto Central SA 4% 7/14/2027 (b) | | 2,483,000 | 2,374,990 |
Oil, Gas & Consumable Fuels - 0.5% | | | |
Ecopetrol SA 8.375% 1/19/2036 | | 1,740,000 | 1,774,800 |
Ecopetrol SA 8.875% 1/13/2033 | | 2,900,000 | 3,106,480 |
Geopark Ltd 5.5% 1/17/2027 (b) | | 2,685,000 | 2,554,509 |
| | | 7,435,789 |
TOTAL ENERGY | | | 9,810,779 |
| | | |
Materials - 0.3% | | | |
Metals & Mining - 0.3% | | | |
Aris Mining Corp 6.875% 8/9/2026 (b) | | 3,895,000 | 3,859,945 |
Utilities - 0.5% | | | |
Independent Power and Renewable Electricity Producers - 0.5% | | | |
Enfragen Energia Sur SA 5.375% 12/30/2030 (b) | | 5,545,000 | 4,768,700 |
Termocandelaria Power SA 7.75% 9/17/2031 (b) | | 2,670,000 | 2,726,871 |
| | | 7,495,571 |
TOTAL COLOMBIA | | | 21,166,295 |
COSTA RICA - 0.2% | | | |
Financials - 0.2% | | | |
Financial Services - 0.2% | | | |
Liberty Costa Rica Senior Secured Finance 10.875% 1/15/2031 (b) | | 2,280,000 | 2,502,300 |
CZECH REPUBLIC - 0.1% | | | |
Utilities - 0.1% | | | |
Independent Power and Renewable Electricity Producers - 0.1% | | | |
Energo-Pro AS 11% 11/2/2028 (b) | | 1,700,000 | 1,838,125 |
DOMINICAN REPUBLIC - 0.1% | | | |
Industrials - 0.1% | | | |
Transportation Infrastructure - 0.1% | | | |
Aeropuertos Dominicanos Siglo XXI SA 7% 6/30/2034 (b) | | 1,825,000 | 1,905,802 |
GEORGIA - 0.1% | | | |
Industrials - 0.1% | | | |
Ground Transportation - 0.1% | | | |
Georgian Railway JSC 4% 6/17/2028 (b) | | 2,290,000 | 2,067,733 |
GHANA - 0.9% | | | |
Energy - 0.9% | | | |
Oil, Gas & Consumable Fuels - 0.9% | | | |
Kosmos Energy Ltd 7.5% 3/1/2028 (b) | | 875,000 | 845,742 |
Kosmos Energy Ltd 8.75% 10/1/2031 (b) | | 7,075,000 | 6,986,563 |
Tullow Oil PLC 10.25% 5/15/2026 (b) | | 4,860,000 | 4,442,344 |
Tullow Oil PLC 7% 3/1/2025 (b) | | 735,000 | 696,030 |
| | | |
TOTAL GHANA | | | 12,970,679 |
GUATEMALA - 0.7% | | | |
Communication Services - 0.5% | | | |
Wireless Telecommunication Services - 0.5% | | | |
CT Trust 5.125% 2/3/2032 (b) | | 3,975,000 | 3,643,883 |
Millicom International Cellular SA 4.5% 4/27/2031 (b) | | 2,050,000 | 1,837,313 |
Millicom International Cellular SA 7.375% 4/2/2032 (b) | | 1,650,000 | 1,691,249 |
| | | 7,172,445 |
Utilities - 0.2% | | | |
Independent Power and Renewable Electricity Producers - 0.2% | | | |
Investment Energy Resources Ltd 6.25% 4/26/2029 (b) | | 2,970,000 | 2,925,450 |
TOTAL GUATEMALA | | | 10,097,895 |
HUNGARY - 0.1% | | | |
Financials - 0.1% | | | |
Banks - 0.1% | | | |
Magyar Export-Import Bank Zrt 6.125% 12/4/2027 (b) | | 1,070,000 | 1,099,093 |
INDIA - 0.3% | | | |
Financials - 0.1% | | | |
Consumer Finance - 0.1% | | | |
Shriram Finance Ltd 6.625% 4/22/2027 (b) | | 1,365,000 | 1,386,431 |
Information Technology - 0.2% | | | |
IT Services - 0.2% | | | |
CA Magnum Holdings 5.375% 10/31/2026 (b) | | 3,545,000 | 3,494,980 |
TOTAL INDIA | | | 4,881,411 |
INDONESIA - 1.4% | | | |
Energy - 0.7% | | | |
Oil, Gas & Consumable Fuels - 0.7% | | | |
Adaro Indonesia PT 4.25% 10/31/2024 (b) | | 3,515,000 | 3,502,487 |
Medco Bell Pte Ltd 6.375% 1/30/2027 (b) | | 3,120,000 | 3,111,918 |
Medco Laurel Tree Pte Ltd 6.95% 11/12/2028 (b) | | 3,730,000 | 3,724,853 |
| | | 10,339,258 |
Materials - 0.6% | | | |
Metals & Mining - 0.6% | | | |
Freeport Indonesia PT 4.763% 4/14/2027 (b) | | 1,225,000 | 1,231,124 |
Freeport Indonesia PT 5.315% 4/14/2032 (b) | | 2,085,000 | 2,112,887 |
Freeport Indonesia PT 6.2% 4/14/2052 (b) | | 1,420,000 | 1,503,752 |
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT 5.45% 5/15/2030 (b) | | 2,955,000 | 3,009,668 |
| | | 7,857,431 |
Utilities - 0.1% | | | |
Independent Power and Renewable Electricity Producers - 0.1% | | | |
Pertamina Geothermal Energy PT 5.15% 4/27/2028 (b) | | 1,140,000 | 1,159,594 |
TOTAL INDONESIA | | | 19,356,283 |
ISRAEL - 0.5% | | | |
Energy - 0.5% | | | |
Oil, Gas & Consumable Fuels - 0.5% | | | |
Energean Israel Finance Ltd 4.875% 3/30/2026 (b)(e) | | 3,470,000 | 3,306,768 |
Leviathan Bond Ltd 6.125% 6/30/2025 (b)(e) | | 2,980,000 | 2,929,435 |
Leviathan Bond Ltd 6.5% 6/30/2027 (b)(e) | | 1,400,000 | 1,325,212 |
| | | |
TOTAL ISRAEL | | | 7,561,415 |
JAMAICA - 0.1% | | | |
Industrials - 0.1% | | | |
Transportation Infrastructure - 0.1% | | | |
Kingston Airport Revenue Finance Ltd 6.75% 12/15/2036 (b) | | 1,300,000 | 1,340,950 |
KAZAKHSTAN - 0.5% | | | |
Energy - 0.5% | | | |
Oil, Gas & Consumable Fuels - 0.5% | | | |
KazMunayGas National Co JSC 3.5% 4/14/2033 (b) | | 2,010,000 | 1,748,700 |
KazMunayGas National Co JSC 5.75% 4/19/2047 (b) | | 1,010,000 | 932,038 |
KazMunayGas National Co JSC 6.375% 10/24/2048 (b) | | 1,400,000 | 1,387,456 |
Tengizchevroil Finance Co International Ltd 3.25% 8/15/2030 (b) | | 3,800,000 | 3,295,170 |
| | | |
TOTAL KAZAKHSTAN | | | 7,363,364 |
KUWAIT - 0.2% | | | |
Materials - 0.2% | | | |
Chemicals - 0.2% | | | |
MEGlobal BV 4.25% 11/3/2026 (b) | | 1,930,000 | 1,905,682 |
MEGlobal Canada ULC 5% 5/18/2025 (b) | | 1,635,000 | 1,632,445 |
| | | |
TOTAL KUWAIT | | | 3,538,127 |
MALAYSIA - 0.9% | | | |
Consumer Discretionary - 0.2% | | | |
Hotels, Restaurants & Leisure - 0.2% | | | |
GENM Capital Labuan Ltd 3.882% 4/19/2031 (b) | | 3,610,000 | 3,281,716 |
Energy - 0.4% | | | |
Oil, Gas & Consumable Fuels - 0.4% | | | |
Petronas Capital Ltd 3.404% 4/28/2061 (b) | | 5,315,000 | 3,865,812 |
Petronas Capital Ltd 3.5% 4/21/2030 (b) | | 1,730,000 | 1,656,665 |
| | | 5,522,477 |
Industrials - 0.3% | | | |
Marine Transportation - 0.3% | | | |
MISC Capital Two Labuan Ltd 3.625% 4/6/2025 (b) | | 945,000 | 938,798 |
MISC Capital Two Labuan Ltd 3.75% 4/6/2027 (b) | | 3,090,000 | 3,036,605 |
| | | 3,975,403 |
TOTAL MALAYSIA | | | 12,779,596 |
MAURITIUS - 0.2% | | | |
Communication Services - 0.2% | | | |
Wireless Telecommunication Services - 0.2% | | | |
Axian Telecom 7.375% 2/16/2027 (b) | | 2,870,000 | 2,880,763 |
MEXICO - 4.7% | | | |
Communication Services - 0.3% | | | |
Media - 0.3% | | | |
TV Azteca SAB de CV 8.25% (d)(e) | | 10,535,000 | 4,003,300 |
Consumer Discretionary - 0.3% | | | |
Hotels, Restaurants & Leisure - 0.3% | | | |
Bimbo Bakeries USA Inc 5.375% 1/9/2036 (b) | | 1,155,000 | 1,190,732 |
Bimbo Bakeries USA Inc 6.4% 1/15/2034 (b) | | 2,285,000 | 2,519,927 |
| | | 3,710,659 |
Energy - 3.7% | | | |
Oil, Gas & Consumable Fuels - 3.7% | | | |
Petroleos Mexicanos 6.5% 3/13/2027 | | 1,725,000 | 1,689,637 |
Petroleos Mexicanos 6.5% 6/2/2041 | | 2,587,000 | 1,895,883 |
Petroleos Mexicanos 6.625% 6/15/2035 | | 15,841,000 | 12,877,941 |
Petroleos Mexicanos 6.7% 2/16/2032 | | 4,827,000 | 4,316,062 |
Petroleos Mexicanos 6.75% 9/21/2047 | | 10,407,000 | 7,441,005 |
Petroleos Mexicanos 6.875% 10/16/2025 | | 2,295,000 | 2,299,303 |
Petroleos Mexicanos 6.875% 8/4/2026 | | 2,485,000 | 2,465,866 |
Petroleos Mexicanos 6.95% 1/28/2060 | | 9,575,000 | 6,851,870 |
Petroleos Mexicanos 7.69% 1/23/2050 | | 16,573,000 | 12,867,277 |
| | | 52,704,844 |
Materials - 0.2% | | | |
Chemicals - 0.2% | | | |
Braskem Idesa SAPI 6.99% 2/20/2032 (b) | | 1,045,000 | 822,938 |
Braskem Idesa SAPI 7.45% 11/15/2029 (b) | | 2,825,000 | 2,437,975 |
| | | 3,260,913 |
Utilities - 0.2% | | | |
Electric Utilities - 0.1% | | | |
Electricidad Firme de Mexico Holdings SA de CV 4.9% 11/20/2026 (b) | | 1,350,000 | 1,308,150 |
Independent Power and Renewable Electricity Producers - 0.1% | | | |
Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy 7.875% 2/15/2039 (b) | | 1,780,000 | 1,900,150 |
TOTAL MEXICO | | | 66,888,016 |
MOROCCO - 0.5% | | | |
Materials - 0.5% | | | |
Chemicals - 0.5% | | | |
OCP SA 3.75% 6/23/2031 (b) | | 2,180,000 | 1,957,913 |
OCP SA 6.875% 4/25/2044 (b) | | 3,000,000 | 3,054,375 |
OCP SA 7.5% 5/2/2054 (b) | | 2,100,000 | 2,277,576 |
| | | |
TOTAL MOROCCO | | | 7,289,864 |
NIGERIA - 0.4% | | | |
Communication Services - 0.2% | | | |
Diversified Telecommunication Services - 0.2% | | | |
IHS Holding Ltd 5.625% 11/29/2026 (b) | | 2,420,000 | 2,378,908 |
Information Technology - 0.2% | | | |
Communications Equipment - 0.2% | | | |
IHS Netherlands Holdco BV 8% 9/18/2027 (b) | | 3,490,000 | 3,496,544 |
TOTAL NIGERIA | | | 5,875,452 |
OMAN - 0.1% | | | |
Utilities - 0.1% | | | |
Electric Utilities - 0.1% | | | |
Lamar Funding Ltd 3.958% 5/7/2025 (b) | | 1,015,000 | 1,006,108 |
PANAMA - 0.9% | | | |
Communication Services - 0.8% | | | |
Diversified Telecommunication Services - 0.4% | | | |
Sable International Finance Ltd 5.75% 9/7/2027 (b) | | 2,287,000 | 2,274,147 |
Sable International Finance Ltd 7.125% 10/15/2032 (b) | | 2,340,000 | 2,344,750 |
| | | 4,618,897 |
Media - 0.3% | | | |
Telecomunicaciones Digitales SA 4.5% 1/30/2030 (b) | | 4,955,000 | 4,538,483 |
Wireless Telecommunication Services - 0.1% | | | |
C&W Senior Finance Ltd 6.875% 9/15/2027 (b) | | 2,060,000 | 2,052,839 |
Financials - 0.0% | | | |
Financial Services - 0.0% | | | |
SPARC EM SPC 0% (b) | | 57,671 | 57,596 |
Industrials - 0.1% | | | |
Air Freight & Logistics - 0.1% | | | |
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 (b) | | 1,230,000 | 976,694 |
TOTAL PANAMA | | | 12,244,509 |
PARAGUAY - 0.2% | | | |
Communication Services - 0.2% | | | |
Diversified Telecommunication Services - 0.2% | | | |
Telefonica Celular del Paraguay SA 5.875% 4/15/2027 (b) | | 2,400,000 | 2,379,624 |
PERU - 0.6% | | | |
Consumer Staples - 0.1% | | | |
Food Products - 0.1% | | | |
Camposol SA 6% 2/3/2027 (b) | | 2,340,000 | 2,095,774 |
Materials - 0.4% | | | |
Metals & Mining - 0.4% | | | |
Cia de Minas Buenaventura SAA 5.5% 7/23/2026 (b) | | 2,100,000 | 2,064,825 |
Volcan Cia Minera SAA 8.75% 1/24/2030 (b) | | 2,898,000 | 2,499,119 |
| | | 4,563,944 |
Utilities - 0.1% | | | |
Independent Power and Renewable Electricity Producers - 0.1% | | | |
Niagara Energy SAC 5.746% 10/3/2034 (b) | | 1,685,000 | 1,690,055 |
TOTAL PERU | | | 8,349,773 |
PUERTO RICO - 0.2% | | | |
Communication Services - 0.2% | | | |
Media - 0.2% | | | |
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (b) | | 4,260,000 | 3,483,590 |
QATAR - 1.3% | | | |
Energy - 1.3% | | | |
Oil, Gas & Consumable Fuels - 1.3% | | | |
QatarEnergy 2.25% 7/12/2031 (b) | | 7,425,000 | 6,534,000 |
QatarEnergy 3.125% 7/12/2041 (b) | | 5,805,000 | 4,599,940 |
QatarEnergy 3.3% 7/12/2051 (b) | | 9,800,000 | 7,337,750 |
| | | |
TOTAL QATAR | | | 18,471,690 |
SAUDI ARABIA - 3.0% | | | |
Energy - 2.3% | | | |
Oil, Gas & Consumable Fuels - 2.3% | | | |
EIG Pearl Holdings Sarl 3.545% 8/31/2036 (b) | | 6,860,000 | 6,091,611 |
SA Global Sukuk Ltd 1.602% 6/17/2026 (b) | | 2,530,000 | 2,413,778 |
Saudi Arabian Oil Co 2.25% 11/24/2030 (b) | | 4,120,000 | 3,619,997 |
Saudi Arabian Oil Co 3.25% 11/24/2050 (b) | | 4,170,000 | 2,933,345 |
Saudi Arabian Oil Co 3.5% 4/16/2029 (b) | | 11,299,000 | 10,885,880 |
Saudi Arabian Oil Co 4.25% 4/16/2039 (b) | | 3,505,000 | 3,180,788 |
Saudi Arabian Oil Co 4.375% 4/16/2049 (b) | | 3,671,000 | 3,170,826 |
Saudi Arabian Oil Co 5.875% 7/17/2064 (b) | | 1,030,000 | 1,039,064 |
| | | 33,335,289 |
Industrials - 0.7% | | | |
Construction & Engineering - 0.7% | | | |
Greensaif Pipelines Bidco Sarl 5.8528% 2/23/2036 (b) | | 1,265,000 | 1,307,694 |
Greensaif Pipelines Bidco Sarl 6.1027% 8/23/2042 (b) | | 2,330,000 | 2,408,638 |
Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 (b) | | 2,260,000 | 2,394,199 |
Greensaif Pipelines Bidco Sarl 6.51% 2/23/2042 (b) | | 1,685,000 | 1,818,220 |
TMS Issuer Sarl 5.78% 8/23/2032 (b) | | 1,670,000 | 1,754,769 |
| | | 9,683,520 |
TOTAL SAUDI ARABIA | | | 43,018,809 |
SOUTH AFRICA - 1.8% | | | |
Communication Services - 0.2% | | | |
Diversified Telecommunication Services - 0.2% | | | |
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (b) | | 4,940,000 | 3,334,500 |
Materials - 0.6% | | | |
Chemicals - 0.5% | | | |
Sasol Financing USA LLC 4.375% 9/18/2026 | | 5,555,000 | 5,381,406 |
Sasol Financing USA LLC 8.75% 5/3/2029 (b) | | 820,000 | 867,233 |
| | | 6,248,639 |
Metals & Mining - 0.1% | | | |
Stillwater Mining Co 4% 11/16/2026 (b) | | 2,210,000 | 2,110,550 |
Utilities - 1.0% | | | |
Electric Utilities - 1.0% | | | |
Eskom Holdings SOC Ltd 6.35% 8/10/2028 (b) | | 3,515,000 | 3,567,725 |
Eskom Holdings SOC Ltd 7.125% 2/11/2025 (b) | | 8,380,000 | 8,387,123 |
Eskom Holdings SOC Ltd 8.45% 8/10/2028 (b) | | 1,310,000 | 1,385,561 |
| | | 13,340,409 |
TOTAL SOUTH AFRICA | | | 25,034,098 |
TURKEY - 0.4% | | | |
Financials - 0.1% | | | |
Banks - 0.1% | | | |
Turkiye Ihracat Kredi Bankasi AS 9% 1/28/2027 (b) | | 1,735,000 | 1,851,028 |
Industrials - 0.3% | | | |
Building Products - 0.3% | | | |
Sisecam UK PLC 8.625% 5/2/2032 (b) | | 3,310,000 | 3,401,025 |
TOTAL TURKEY | | | 5,252,053 |
UKRAINE - 0.2% | | | |
Energy - 0.2% | | | |
Oil, Gas & Consumable Fuels - 0.2% | | | |
NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.625% 11/8/2028 (b) | | 1,235,000 | 1,006,525 |
NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.65% 7/19/2025 pay-in-kind (e) | | 1,821,224 | 1,639,102 |
| | | 2,645,627 |
Financials - 0.0% | | | |
Banks - 0.0% | | | |
Ukreximbank Via Biz Finance PLC loan participation 9.75% 1/22/2025 (b) | | 293,500 | 275,890 |
TOTAL UKRAINE | | | 2,921,517 |
UNITED ARAB EMIRATES - 2.0% | | | |
Energy - 0.5% | | | |
Oil, Gas & Consumable Fuels - 0.5% | | | |
Adnoc Murban Rsc Ltd 5.125% 9/11/2054 (b) | | 2,280,000 | 2,241,240 |
Galaxy Pipeline Assets Bidco Ltd 2.625% 3/31/2036 (b) | | 5,915,000 | 5,049,931 |
| | | 7,291,171 |
Financials - 0.9% | | | |
Financial Services - 0.9% | | | |
Abu Dhabi Developmental Holding Co PJSC 5.25% 10/2/2054 (b) | | 2,855,000 | 2,819,313 |
Abu Dhabi Developmental Holding Co PJSC 5.5% 5/8/2034 (b) | | 1,390,000 | 1,471,662 |
MDGH GMTN RSC Ltd 2.875% 11/7/2029 (b) | | 1,515,000 | 1,416,934 |
MDGH GMTN RSC Ltd 3.375% 3/28/2032 (e) | | 570,000 | 533,128 |
MDGH GMTN RSC Ltd 4.375% 11/22/2033 (b) | | 1,715,000 | 1,689,811 |
MDGH GMTN RSC Ltd 5.084% 5/22/2053 (b) | | 3,040,000 | 3,030,501 |
MDGH GMTN RSC Ltd Series 1, 5.5% 4/28/2033 (b) | | 1,620,000 | 1,726,612 |
| | | 12,687,961 |
Industrials - 0.1% | | | |
Transportation Infrastructure - 0.1% | | | |
DP World Crescent Ltd 3.7495% 1/30/2030 (b) | | 1,075,000 | 1,033,924 |
Real Estate - 0.1% | | | |
Real Estate Management & Development - 0.1% | | | |
Alpha Star Holding VIII Ltd 8.375% 4/12/2027 (e) | | 1,505,000 | 1,554,477 |
Utilities - 0.4% | | | |
Multi-Utilities - 0.4% | | | |
Abu Dhabi National Energy Co PJSC 4% 10/3/2049 (b) | | 2,460,000 | 2,092,919 |
Abu Dhabi National Energy Co PJSC 4.375% 1/24/2029 (b) | | 1,740,000 | 1,749,518 |
Abu Dhabi National Energy Co PJSC 4.696% 4/24/2033 (b) | | 1,945,000 | 1,976,003 |
Abu Dhabi National Energy Co PJSC 4.875% 4/23/2030 (b) | | 545,000 | 561,453 |
| | | 6,379,893 |
TOTAL UNITED ARAB EMIRATES | | | 28,947,426 |
VENEZUELA - 0.4% | | | |
Energy - 0.4% | | | |
Oil, Gas & Consumable Fuels - 0.4% | | | |
Petroleos de Venezuela SA 12.75% (b)(d) | | 3,065,000 | 354,008 |
Petroleos de Venezuela SA 5.375% (d)(e) | | 6,115,000 | 574,810 |
Petroleos de Venezuela SA 5.5% (d)(e) | | 3,475,000 | 337,075 |
Petroleos de Venezuela SA 6% (b)(d) | | 15,840,000 | 1,520,640 |
Petroleos de Venezuela SA 6% (b)(d) | | 8,980,000 | 853,100 |
Petroleos de Venezuela SA 9.75% (b)(d) | | 12,585,000 | 1,447,275 |
| | | |
TOTAL VENEZUELA | | | 5,086,908 |
VIETNAM - 0.2% | | | |
Utilities - 0.2% | | | |
Electric Utilities - 0.2% | | | |
Mong Duong Finance Holdings BV 5.125% 5/7/2029 (b) | | 2,373,835 | 2,297,576 |
TOTAL NON-CONVERTIBLE CORPORATE BONDS (Cost $500,419,552) | | | 460,682,497 |
| | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations, Foreign Government and Government Agency Obligations, Non-Convertible Corporate Bonds 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.
Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
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.
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):
Credit Risk - Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
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 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.
Swaps: A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.
A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
Open swaps at period end are included in the Schedule of Investments under the caption Credit Default Swaps, Interest Rate Swaps and/or Total Return Swaps, as applicable.
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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