Fidelity Hastings Street Trust
02/20/2026 | Press release | Distributed by Public on 02/20/2026 10:22
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-00215
Fidelity Hastings Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
December 31, 2025 |
Item 1.
Reports to Stockholders
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ANNUAL SHAREHOLDER REPORT | AS OFDECEMBER 31, 2025
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Fidelity® Series Emerging Markets Debt Local Currency Fund
Fidelity® Series Emerging Markets Debt Local Currency Fund: FSEDX
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This annualshareholder reportcontains information about Fidelity® Series Emerging Markets Debt Local Currency Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Series Emerging Markets Debt Local Currency Fund
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$ 0 A
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0.00%B
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A Amount represents less than $.50
B Amount represents less than 0.005%
What affected the Fund's performance this period?
•Emerging-markets local debt achieved a strong gain in 2025, leading widespread advances among major fixed-income categories. Noteworthy drivers include U.S. dollar weakness versus most EM currencies, the U.S. Federal Reserve's September decision to continue easing its monetary policy, strong investor appetite for higher-yielding assets, improved fundamentals and country-specific developments.
•Against this backdrop, currency exposure and security selection were the primary detractors from the fund's performance versus the benchmark, the J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index, for the year. This included an out-of-benchmark allocation to multinational bonds.
•Our security choices in Colombia also weighed on relative performance, as did non-benchmark exposure to the United States.
•Security selection and an underweight, on average, in Malaysia was another noteworthy relative detractor.
•In contrast, the biggest country contributor to performance versus the benchmark was an underweight in China, given the underperformance of this market.
•Other relative contributors included an underweight in India, security selection and an underweight in Thailand, and an overweight in Brazil. The fund's cash position was a strong relative contributor in 2025.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
October 30, 2020 through December 31, 2025.
Initial investment of $10,000.
AVERAGE ANNUAL TOTAL RETURNS:
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1 Year
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5 Year
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Life of Fund A
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Fidelity® Series Emerging Markets Debt Local Currency Fund
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19.35%
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2.16%
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3.76%
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J.P. Morgan GBI-EM Global Diversified Index
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19.26%
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1.12%
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2.81%
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A FromOctober 30, 2020
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Visit www.fidelity.comfor more recent performance information.
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The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
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Key Fund Statistics
(as of December 31, 2025)
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KEY FACTS
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Fund Size
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$473,016,297
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Number of Holdings
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246
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Total Advisory Fee
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$0
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Portfolio Turnover
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59%
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What did the Fund invest in?
(as of December 31, 2025)
(as of December 31, 2025)
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QUALITY DIVERSIFICATION(% of Fund's net assets)
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U.S. Government and U.S. Government Agency Obligations - 0.5
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AAA - 1.9
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AA - 4.9
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A - 2.9
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BBB - 17.9
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BB - 10.6
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Not Rated - 48.6
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Short-Term Investments and Net Other Assets (Liabilities) - 12.7
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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
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ASSET ALLOCATION(% of Fund's net assets)
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Foreign Government and Government Agency Obligations - 84.0
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Corporate Bonds - 2.8
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U.S. Treasury Obligations - 0.5
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Short-Term Investments and Net Other Assets (Liabilities) - 12.7
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GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
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United States - 13.2
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Mexico - 10.1
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Indonesia - 9.1
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Brazil - 7.9
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South Africa - 7.2
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India - 6.8
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China - 4.7
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Malaysia - 4.7
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Poland - 4.7
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Others - 31.6
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TOP HOLDINGS
(% of Fund's net assets) |
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United Mexican States
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10.1
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Indonesia Government
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9.1
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South African Republic
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7.2
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Republic of India
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6.8
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Peoples Republic of China
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4.7
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Malaysia Government
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4.7
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Republic of Poland
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4.7
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Romanian Republic
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4.7
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Kingdom of Thailand
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4.6
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Czech Republic
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4.3
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60.9
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9914395.101 6287-TSRA-0226
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ANNUAL SHAREHOLDER REPORT | AS OFDECEMBER 31, 2025
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Fidelity® Series Emerging Markets Debt Fund
Fidelity® Series Emerging Markets Debt Fund: FEDCX
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This annualshareholder reportcontains information about Fidelity® Series Emerging Markets Debt Fund for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Fidelity® Series Emerging Markets Debt Fund
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$ 0 A
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0.00%B
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A Amount represents less than $.50
B Amount represents less than 0.005%
What affected the Fund's performance this period?
•Emerging-markets debt achieved a strong gain in 2025, leading widespread advances among major fixed-income categories. Noteworthy drivers included the U.S. Federal Reserve's September decision to continue easing its monetary policy, strong investor appetite for higher-yielding assets, improved fundamentals and country-specific developments.
•Against this backdrop, country positioning was the primary contributor to the fund's performance versus the benchmark, the J.P. Morgan Emerging Markets Bond Index Global Diversified Index, for the year. This included security selection and an overweight in Venezuela, which was the top country contributor by a wide margin, given the market's roughly 99% gain in 2025.
•It helped to underweight several investment-grade bond markets, including China, Indonesia and the Philippines, all of which trailed the benchmark.
•The fund also benefited from overweights in Mexico and Ecuador - two bond markets that outpaced the benchmark this year - and our security selection in Mexico.
•In contrast, the biggest detractor from performance versus the benchmark was security selection among U.S. Treasurys, which gained 4% for the year.
•Other noteworthy relative detractors included security selection in Brazil and Ghana.
•As of year-end, the top country overweights in the fund were Brazil, Mexico, Colombia, Chile and Guatemala. Underweights were most pronounced in China, the Philippines, Bahrain, Malaysia and Indonesia.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
December 31, 2015 through December 31, 2025.
Initial investment of $10,000.
AVERAGE ANNUAL TOTAL RETURNS:
|
1 Year
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5 Year
|
10 Year
|
|
|
Fidelity® Series Emerging Markets Debt Fund
|
14.87%
|
3.46%
|
5.29%
|
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J.P. Morgan Emerging Markets Bond Index Global Diversified Linked Index
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14.30%
|
2.29%
|
4.54%
|
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J.P. Morgan Emerging Markets Bond Index Global Diversified Index
|
14.30%
|
1.78%
|
4.40%
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Visit www.fidelity.comfor more recent performance information.
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|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
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Key Fund Statistics
(as of December 31, 2025)
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KEY FACTS
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Fund Size
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$1,631,689,997
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Number of Holdings
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501
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Total Advisory Fee
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$0
|
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Portfolio Turnover
|
24%
|
What did the Fund invest in?
(as of December 31, 2025)
(as of December 31, 2025)
|
QUALITY DIVERSIFICATION(% of Fund's net assets)
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U.S. Government and U.S. Government Agency Obligations - 2.8
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AA - 7.4
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A - 3.2
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BBB - 21.4
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BB - 24.9
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B - 12.4
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CCC,CC,C - 13.3
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D - 0.2
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Not Rated - 3.5
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Equities - 1.0
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Short-Term Investments and Net Other Assets (Liabilities) - 9.9
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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
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ASSET ALLOCATION(% of Fund's net assets)
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|
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Foreign Government and Government Agency Obligations - 56.3
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Corporate Bonds - 28.7
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U.S. Treasury Obligations - 2.8
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Preferred Securities - 1.3
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Fixed-Income Funds - 0.9
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Preferred Stocks - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 9.9
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GEOGRAPHIC DIVERSIFICATION(% of Fund's net assets)
|
|
|
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United States - 13.6
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Mexico - 6.6
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Brazil - 4.7
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Colombia - 4.4
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Saudi Arabia - 3.9
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Chile - 3.5
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Turkey - 3.5
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United Arab Emirates - 3.4
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Argentina - 3.3
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Others - 53.1
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TOP HOLDINGS
(% of Fund's net assets) |
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Argentine Republic
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3.3
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Turkish Republic
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2.8
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Arab Republic of Egypt
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2.7
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Dominican Republic Bond
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2.7
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Colombian Republic
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2.5
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Petroleos Mexicanos
|
2.4
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Republic of Nigeria
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2.3
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United Mexican States
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2.0
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Romanian Republic
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1.9
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Saudi Arabian Oil Co
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1.8
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24.4
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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||
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|
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visitfundresearch.fidelity.com/prospectus/sec
1.9914343.101 2295-TSRA-0226
|
Item 2.
Code of Ethics
As of the end of the period, December 31, 2025, Fidelity Hastings Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund (the Funds):
Services Billed by PwC
December 31, 2025 FeesA
|
Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
|
|
Fidelity Series Emerging Markets Debt Fund |
$54,600 |
$2,500 |
$10,600 |
$800 |
|
Fidelity Series Emerging Markets Debt Local Currency Fund |
$53,800 |
$2,400 |
$10,100 |
$800 |
December 31, 2024 FeesA
|
Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
|
|
Fidelity Series Emerging Markets Debt Fund |
$53,200 |
$5,000 |
$10,300 |
$1,700 |
|
Fidelity Series Emerging Markets Debt Local Currency Fund |
$52,300 |
$4,900 |
$10,500 |
$1,700 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (Fund Service Providers):
Services Billed by PwC
|
December 31, 2025A |
December 31, 2024A |
|
|
Audit-Related Fees |
$8,914,100 |
$9,701,800 |
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Tax Fees |
$1,000 |
$61,000 |
|
All Other Fees |
$- |
$35,000 |
A Amounts may reflect rounding.
Audit-Related Fees represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
Tax Fees represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
All Other Fees represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
|
Billed By |
December 31, 2025A |
December 31, 2024A |
|
PwC |
$13,778,800 |
$15,325,200 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committees consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chairs absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (De Minimis Exception)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds(s) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Series Emerging Markets Debt Fund
Fidelity® Series Emerging Markets Debt Local Currency Fund
Annual Report
December 31, 2025
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report) |
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Fidelity® Series Emerging Markets Debt Fund |
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Fidelity® Series Emerging Markets Debt Local Currency Fund |
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Notes to Financial Statements |
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Report of Independent Registered Public Accounting Firm |
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Distributions |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Series Emerging Markets Debt Fund
Schedule of Investments December 31, 2025
Showing Percentage of Net Assets
|
Convertible Preferred Stocks - 0.1%
|
|||
|
Shares
|
Value ($)
|
||
|
BRAZIL - 0.1%
|
|||
|
Materials - 0.1%
|
|||
|
Metals & Mining - 0.1%
|
|||
|
Vale SA Series A6, 1.9554% (b)
(Cost $2,555,669)
|
407,295
|
3,066,001
|
|
|
Fixed-Income Funds - 0.9%
|
|||
|
Shares
|
Value ($)
|
||
|
iShares JP Morgan USD Emerging Markets Bond ETF
(Cost $14,293,033)
|
150,000
|
14,442,000
|
|
|
Foreign Government and Government Agency Obligations - 56.3%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
ALBANIA - 0.1%
|
|||
|
Republic of Albania Ministry of Finance & Economy 4.75% 2/14/2035 (g)
|
EUR
|
1,505,000
|
1,788,927
|
|
ANGOLA - 1.4%
|
|||
|
Angola Republic 8% 11/26/2029 (e)
|
4,890,000
|
4,776,399
|
|
|
Angola Republic 8.25% 5/9/2028 (e)
|
5,065,000
|
5,087,461
|
|
|
Angola Republic 8.75% 4/14/2032 (e)
|
5,075,000
|
4,935,476
|
|
|
Angola Republic 9.125% 11/26/2049 (e)
|
3,555,000
|
3,061,677
|
|
|
Angola Republic 9.244% 1/15/2031 (e)
|
1,065,000
|
1,073,315
|
|
|
Angola Republic 9.375% 5/8/2048 (e)
|
3,740,000
|
3,278,166
|
|
|
Angola Republic 9.875% 10/15/2035 (e)
|
1,135,000
|
1,124,717
|
|
|
TOTAL ANGOLA
|
23,337,211
|
||
|
ARGENTINA - 3.3%
|
|||
|
Argentine Republic 0.75% 7/9/2030 (h)
|
18,831,706
|
16,044,613
|
|
|
Argentine Republic 1% 7/9/2029
|
3,971,026
|
3,540,170
|
|
|
Argentine Republic 3.5% 7/9/2041 (h)
|
2,500,000
|
1,730,000
|
|
|
Argentine Republic 4.125% 7/9/2035 (h)
|
25,563,027
|
19,018,892
|
|
|
Argentine Republic 5% 1/9/2038 (h)
|
14,581,997
|
11,330,212
|
|
|
TOTAL ARGENTINA
|
51,663,887
|
||
|
ARMENIA - 0.5%
|
|||
|
Republic of Armenia 3.6% 2/2/2031 (e)
|
3,805,000
|
3,466,127
|
|
|
Republic of Armenia 6.75% 3/12/2035 (e)
|
4,700,000
|
4,890,961
|
|
|
TOTAL ARMENIA
|
8,357,088
|
||
|
BAHAMAS (NASSAU) - 0.2%
|
|||
|
Commonwealth of the Bahamas 8.25% 6/24/2036 (e)
|
2,200,000
|
2,451,394
|
|
|
BAHRAIN - 0.4%
|
|||
|
Bahrain Kingdom 5.625% 5/18/2034 (e)
|
3,055,000
|
2,929,929
|
|
|
Bahrain Kingdom 5.875% 2/6/2034 (e)
|
1,515,000
|
1,508,031
|
|
|
Bahrain Kingdom 6.625% 10/6/2037 (e)
|
1,135,000
|
1,132,429
|
|
|
Bahrain Kingdom 7.5% 2/12/2036 (e)
|
1,195,000
|
1,291,747
|
|
|
TOTAL BAHRAIN
|
6,862,136
|
||
|
BENIN - 0.3%
|
|||
|
Republic of Benin 7.96% 2/13/2038 (e)
|
3,010,000
|
3,127,571
|
|
|
Republic of Benin 8.375% 1/23/2041 (e)
|
1,070,000
|
1,125,843
|
|
|
TOTAL BENIN
|
4,253,414
|
||
|
BERMUDA - 0.3%
|
|||
|
Bermuda Government International Bond 3.375% 8/20/2050 (e)
|
965,000
|
668,562
|
|
|
Bermuda Government International Bond 3.717% 1/25/2027 (e)
|
620,000
|
615,737
|
|
|
Bermuda Government International Bond 4.75% 2/15/2029 (e)
|
2,270,000
|
2,283,961
|
|
|
Bermuda Government International Bond 5% 7/15/2032 (e)
|
1,005,000
|
1,015,683
|
|
|
TOTAL BERMUDA
|
4,583,943
|
||
|
BRAZIL - 2.1%
|
|||
|
Brazilian Federative Republic 10% 1/1/2027
|
BRL
|
39,435,000
|
6,968,699
|
|
Brazilian Federative Republic 10% 1/1/2031
|
BRL
|
6,000,000
|
963,154
|
|
Brazilian Federative Republic Treasury Bills 0% 1/1/2030 (i)
|
BRL
|
20,000,000
|
2,209,135
|
|
Federative Republic of Brazil 4.75% 1/14/2050
|
7,800,000
|
5,666,700
|
|
|
Federative Republic of Brazil 5% 1/27/2045
|
3,440,000
|
2,764,315
|
|
|
Federative Republic of Brazil 5.625% 2/21/2047
|
2,355,000
|
1,997,040
|
|
|
Federative Republic of Brazil 6% 10/20/2033
|
1,880,000
|
1,900,210
|
|
|
Federative Republic of Brazil 6.625% 3/15/2035
|
1,680,000
|
1,732,080
|
|
|
Federative Republic of Brazil 7.125% 1/20/2037
|
3,180,000
|
3,487,411
|
|
|
Federative Republic of Brazil 8.25% 1/20/2034
|
5,204,000
|
6,039,242
|
|
|
TOTAL BRAZIL
|
33,727,986
|
||
|
CHILE - 1.2%
|
|||
|
Chilean Republic 2.45% 1/31/2031
|
7,745,000
|
7,082,803
|
|
|
Chilean Republic 3.1% 1/22/2061
|
7,500,000
|
4,661,250
|
|
|
Chilean Republic 3.5% 1/31/2034
|
1,775,000
|
1,630,337
|
|
|
Chilean Republic 4% 1/31/2052
|
3,825,000
|
3,024,619
|
|
|
Chilean Republic 4.34% 3/7/2042
|
1,410,000
|
1,259,129
|
|
|
Chilean Republic 5.33% 1/5/2054
|
2,835,000
|
2,737,193
|
|
|
TOTAL CHILE
|
20,395,331
|
||
|
COLOMBIA - 2.5%
|
|||
|
Colombian Republic 3% 1/30/2030
|
5,600,000
|
5,037,200
|
|
|
Colombian Republic 3.125% 4/15/2031
|
3,355,000
|
2,910,463
|
|
|
Colombian Republic 3.875% 2/15/2061
|
3,690,000
|
2,118,983
|
|
|
Colombian Republic 4.125% 5/15/2051
|
3,120,000
|
1,927,380
|
|
|
Colombian Republic 5% 6/15/2045
|
11,700,000
|
8,576,100
|
|
|
Colombian Republic 5.2% 5/15/2049
|
5,390,000
|
3,972,430
|
|
|
Colombian Republic 6.125% 1/18/2041
|
1,475,000
|
1,306,850
|
|
|
Colombian Republic 7.375% 4/25/2030
|
1,485,000
|
1,568,160
|
|
|
Colombian Republic 7.375% 9/18/2037
|
845,000
|
858,519
|
|
|
Colombian Republic 7.5% 2/2/2034
|
1,110,000
|
1,155,509
|
|
|
Colombian Republic 7.75% 11/7/2036
|
2,390,000
|
2,490,978
|
|
|
Colombian Republic 8% 4/20/2033
|
1,720,000
|
1,849,000
|
|
|
Colombian Republic 8.5% 4/25/2035
|
3,475,000
|
3,825,975
|
|
|
Colombian Republic 8.75% 11/14/2053
|
1,690,000
|
1,859,423
|
|
|
TOTAL COLOMBIA
|
39,456,970
|
||
|
COSTA RICA - 1.1%
|
|||
|
Costa Rica Government International Bond 5.625% 4/30/2043 (e)
|
2,865,000
|
2,758,995
|
|
|
Costa Rica Government International Bond 6.125% 2/19/2031 (e)
|
5,675,000
|
5,981,450
|
|
|
Costa Rica Government International Bond 6.55% 4/3/2034 (e)
|
3,600,000
|
3,918,780
|
|
|
Costa Rica Government International Bond 7% 4/4/2044 (e)
|
965,000
|
1,055,710
|
|
|
Costa Rica Government International Bond 7.3% 11/13/2054 (e)
|
3,295,000
|
3,692,048
|
|
|
TOTAL COSTA RICA
|
17,406,983
|
||
|
COTE D'IVOIRE - 0.9%
|
|||
|
Cote d'Ivoire Treasury Bill 6.125% 6/15/2033 (e)
|
3,675,000
|
3,676,139
|
|
|
Cote d'Ivoire Treasury Bill 6.375% 3/3/2028 (e)
|
2,623,000
|
2,658,896
|
|
|
Cote d'Ivoire Treasury Bill 7.625% 1/30/2033 (e)
|
4,230,000
|
4,575,000
|
|
|
Cote d'Ivoire Treasury Bill 8.075% 4/1/2036 (e)
|
1,700,000
|
1,836,108
|
|
|
Cote d'Ivoire Treasury Bill 8.25% 1/30/2037 (e)
|
1,805,000
|
1,960,392
|
|
|
TOTAL COTE D'IVOIRE
|
14,706,535
|
||
|
DOMINICAN REPUBLIC - 2.7%
|
|||
|
Dominican Republic Bond 4.5% 1/30/2030 (e)
|
5,960,000
|
5,829,439
|
|
|
Dominican Republic Bond 4.875% 9/23/2032 (e)
|
6,360,000
|
6,120,800
|
|
|
Dominican Republic Bond 5.3% 1/21/2041 (e)
|
2,450,000
|
2,224,600
|
|
|
Dominican Republic Bond 5.875% 1/30/2060 (e)
|
5,790,000
|
5,176,260
|
|
|
Dominican Republic Bond 6% 7/19/2028 (e)
|
2,999,000
|
3,076,599
|
|
|
Dominican Republic Bond 6.6% 6/1/2036 (e)
|
1,358,000
|
1,430,993
|
|
|
Dominican Republic Bond 6.85% 1/27/2045 (e)
|
4,046,000
|
4,215,932
|
|
|
Dominican Republic Bond 7.05% 2/3/2031 (e)
|
5,660,000
|
6,078,500
|
|
|
Dominican Republic Bond 7.15% 2/24/2055 (e)
|
2,245,000
|
2,398,056
|
|
|
Dominican Republic Bond 7.45% 4/30/2044 (e)
|
6,031,000
|
6,659,732
|
|
|
TOTAL DOMINICAN REPUBLIC
|
43,210,911
|
||
|
ECUADOR - 1.6%
|
|||
|
Ecuador Government International Bond 5% 7/31/2040 (e)(h)
|
2,800,000
|
2,174,813
|
|
|
Ecuador Government International Bond 6.9% 7/31/2030 (e)(h)
|
10,406,894
|
10,292,418
|
|
|
Ecuador Government International Bond 6.9% 7/31/2035 (e)(h)
|
16,325,000
|
14,382,325
|
|
|
TOTAL ECUADOR
|
26,849,556
|
||
|
EGYPT - 2.8%
|
|||
|
Arab Republic of Egypt 7.0529% 1/15/2032 (e)
|
830,000
|
863,723
|
|
|
Arab Republic of Egypt 7.3% 9/30/2033 (e)
|
5,100,000
|
5,238,618
|
|
|
Arab Republic of Egypt 7.5% 1/31/2027 (e)
|
5,596,000
|
5,737,523
|
|
|
Arab Republic of Egypt 7.5% 2/16/2061 (e)
|
6,705,000
|
5,845,419
|
|
|
Arab Republic of Egypt 7.625% 5/29/2032 (e)
|
3,200,000
|
3,399,232
|
|
|
Arab Republic of Egypt 7.903% 2/21/2048 (e)
|
3,265,000
|
3,030,247
|
|
|
Arab Republic of Egypt 8.5% 1/31/2047 (e)
|
7,939,000
|
7,781,199
|
|
|
Arab Republic of Egypt 8.7002% 3/1/2049 (e)
|
3,665,000
|
3,651,440
|
|
|
Arab Republic of Egypt 8.875% 5/29/2050 (e)
|
2,930,000
|
2,975,796
|
|
|
Arab Republic of Egypt 9.45% 2/4/2033 (e)
|
1,890,000
|
2,162,973
|
|
|
Arab Republic of Egypt Treasury Bills 0% 2/17/2026 (i)
|
EGP
|
42,275,000
|
857,765
|
|
Arab Republic of Egypt Treasury Bills 0% 4/14/2026 (i)
|
EGP
|
59,125,000
|
1,157,505
|
|
Arab Republic of Egypt Treasury Bills 0% 6/9/2026 (i)
|
EGP
|
43,950,000
|
830,214
|
|
Egyptian Financial Co for Sovereign Taskeek/The 7.95% 10/7/2032 (e)
|
1,110,000
|
1,176,367
|
|
|
TOTAL EGYPT
|
44,708,021
|
||
|
EL SALVADOR - 0.7%
|
|||
|
El Salvador Republic 0.25% 4/17/2030 (e)
|
1,765,000
|
46,772
|
|
|
El Salvador Republic 7.1246% 1/20/2050 (e)
|
1,492,000
|
1,369,880
|
|
|
El Salvador Republic 7.625% 2/1/2041 (e)
|
1,035,000
|
1,031,512
|
|
|
El Salvador Republic 7.65% 6/15/2035 (e)
|
5,940,000
|
6,158,236
|
|
|
El Salvador Republic 9.25% 4/17/2030 (e)
|
1,765,000
|
1,918,758
|
|
|
El Salvador Republic 9.65% 11/21/2054 (e)
|
1,035,000
|
1,185,075
|
|
|
TOTAL EL SALVADOR
|
11,710,233
|
||
|
GABON - 0.1%
|
|||
|
Gabonese Republic 7% 11/24/2031 (e)
|
2,965,000
|
2,268,166
|
|
|
GEORGIA - 0.1%
|
|||
|
Georgia Republic 2.75% 4/22/2026 (e)
|
2,135,000
|
2,110,981
|
|
|
GHANA - 0.6%
|
|||
|
Ghana Republic 0% 1/3/2030 (e)(i)
|
625,309
|
552,416
|
|
|
Ghana Republic 0% 7/3/2026 (e)(i)
|
295,409
|
289,870
|
|
|
Ghana Republic 5% 7/3/2029 (e)(h)
|
5,278,064
|
5,186,226
|
|
|
Ghana Republic 5% 7/3/2035 (e)(h)
|
4,460,150
|
4,070,909
|
|
|
TOTAL GHANA
|
10,099,421
|
||
|
GUATEMALA - 1.2%
|
|||
|
Republic of Guatemala 4.9% 6/1/2030 (e)
|
485,000
|
482,939
|
|
|
Republic of Guatemala 5.25% 8/10/2029 (e)
|
1,200,000
|
1,210,500
|
|
|
Republic of Guatemala 5.375% 4/24/2032 (e)
|
2,015,000
|
2,031,120
|
|
|
Republic of Guatemala 6.125% 6/1/2050 (e)
|
4,110,000
|
4,020,114
|
|
|
Republic of Guatemala 6.25% 8/15/2036 (e)
|
2,785,000
|
2,913,836
|
|
|
Republic of Guatemala 6.55% 2/6/2037 (e)
|
1,500,000
|
1,596,375
|
|
|
Republic of Guatemala 6.6% 6/13/2036 (e)
|
5,670,000
|
6,088,276
|
|
|
Republic of Guatemala 6.875% 8/15/2055 (e)
|
1,705,000
|
1,824,652
|
|
|
TOTAL GUATEMALA
|
20,167,812
|
||
|
HUNGARY - 1.6%
|
|||
|
Hungary Government 2.125% 9/22/2031 (e)
|
2,950,000
|
2,535,422
|
|
|
Hungary Government 3.125% 9/21/2051 (e)
|
5,810,000
|
3,572,801
|
|
|
Hungary Government 5.25% 6/16/2029 (e)
|
3,185,000
|
3,245,117
|
|
|
Hungary Government 5.5% 3/26/2036 (e)
|
3,200,000
|
3,197,375
|
|
|
Hungary Government 5.5% 6/16/2034 (e)
|
2,890,000
|
2,930,460
|
|
|
Hungary Government 6.25% 9/22/2032 (e)
|
1,125,000
|
1,197,539
|
|
|
Hungary Government 6.75% 10/22/2028
|
HUF
|
522,420,000
|
1,616,317
|
|
Hungary Government 6.75% 9/25/2052 (e)
|
3,800,000
|
4,028,000
|
|
|
Hungary Government 7% 10/24/2035
|
HUF
|
489,480,000
|
1,516,381
|
|
Hungary Government 7.625% 3/29/2041
|
1,655,000
|
1,935,440
|
|
|
TOTAL HUNGARY
|
25,774,852
|
||
|
INDONESIA - 1.4%
|
|||
|
Indonesia Government 5.25% 1/17/2042 (e)
|
3,000,000
|
3,009,750
|
|
|
Indonesia Government 5.95% 1/8/2046 (e)
|
2,100,000
|
2,232,825
|
|
|
Indonesia Government 6.625% 2/17/2037 (e)
|
3,549,000
|
4,050,296
|
|
|
Indonesia Government 6.75% 1/15/2044 (e)
|
3,035,000
|
3,513,316
|
|
|
Indonesia Government 7.75% 1/17/2038 (e)
|
4,298,000
|
5,384,449
|
|
|
Indonesia Government 8.5% 10/12/2035 (e)
|
4,169,000
|
5,345,700
|
|
|
TOTAL INDONESIA
|
23,536,336
|
||
|
JAMAICA - 0.1%
|
|||
|
Jamaican Government 7.875% 7/28/2045
|
1,685,000
|
2,031,268
|
|
|
JORDAN - 0.5%
|
|||
|
Jordan Government 7.375% 10/10/2047 (e)
|
3,290,000
|
3,303,358
|
|
|
Jordan Government 7.5% 1/13/2029 (e)
|
2,805,000
|
2,951,367
|
|
|
Jordan Government 7.75% 1/15/2028 (e)
|
2,010,000
|
2,091,666
|
|
|
TOTAL JORDAN
|
8,346,391
|
||
|
KENYA - 1.0%
|
|||
|
Republic of Kenya Government Bond 6.3% 1/23/2034 (e)
|
6,310,000
|
5,767,908
|
|
|
Republic of Kenya Government Bond 8% 5/22/2032 (e)
|
685,000
|
708,800
|
|
|
Republic of Kenya Government Bond 8.8% 10/9/2038 (e)
|
1,045,000
|
1,056,488
|
|
|
Republic of Kenya Government Bond 9.5% 3/5/2036 (e)
|
3,795,000
|
4,036,362
|
|
|
Republic of Kenya Government Bond 9.75% 2/16/2031 (e)
|
3,710,000
|
4,053,175
|
|
|
TOTAL KENYA
|
15,622,733
|
||
|
LEBANON - 0.4%
|
|||
|
Lebanon Republic 5.8% (c)(g)
|
5,875,000
|
1,351,250
|
|
|
Lebanon Republic 6% (c)(g)
|
1,587,000
|
365,010
|
|
|
Lebanon Republic 6.1% (c)(g)
|
4,135,000
|
951,050
|
|
|
Lebanon Republic 6.2% (c)(g)
|
3,645,000
|
838,350
|
|
|
Lebanon Republic 6.375% (c)(g)
|
3,472,000
|
802,483
|
|
|
Lebanon Republic 8.25% (c)(g)
|
11,955,000
|
2,761,605
|
|
|
TOTAL LEBANON
|
7,069,748
|
||
|
MEXICO - 2.0%
|
|||
|
United Mexican States 3.771% 5/24/2061
|
3,135,000
|
1,928,025
|
|
|
United Mexican States 4.35% 1/15/2047
|
5,925,000
|
4,461,525
|
|
|
United Mexican States 5.375% 3/22/2033
|
2,065,000
|
2,045,857
|
|
|
United Mexican States 5.75% 10/12/2110
|
2,355,000
|
1,971,135
|
|
|
United Mexican States 6.05% 1/11/2040
|
10,222,000
|
10,174,979
|
|
|
United Mexican States 6.338% 5/4/2053
|
1,695,000
|
1,612,793
|
|
|
United Mexican States 6.35% 2/9/2035
|
2,485,000
|
2,599,882
|
|
|
United Mexican States 6.875% 5/13/2037
|
1,460,000
|
1,558,550
|
|
|
United Mexican States 7.375% 5/13/2055
|
2,540,000
|
2,733,040
|
|
|
United Mexican States 8% 11/7/2047
|
MXN
|
32,000,000
|
1,528,625
|
|
United Mexican States 8.5% 3/1/2029
|
MXN
|
50,000,000
|
2,803,575
|
|
TOTAL MEXICO
|
33,417,986
|
||
|
MONGOLIA - 0.2%
|
|||
|
Mongolia Government 6.625% 2/25/2030 (e)
|
2,705,000
|
2,781,078
|
|
|
Mongolia Government 7.875% 6/5/2029 (e)
|
490,000
|
521,238
|
|
|
TOTAL MONGOLIA
|
3,302,316
|
||
|
MONTENEGRO - 0.4%
|
|||
|
Republic of Montenegro 4.875% 4/1/2032 (e)
|
EUR
|
1,155,000
|
1,366,694
|
|
Republic of Montenegro 7.25% 3/12/2031 (e)
|
5,350,000
|
5,709,467
|
|
|
TOTAL MONTENEGRO
|
7,076,161
|
||
|
MOROCCO - 0.4%
|
|||
|
Moroccan Kingdom 4% 12/15/2050 (e)
|
5,000,000
|
3,640,650
|
|
|
Moroccan Kingdom 6.5% 9/8/2033 (e)
|
2,740,000
|
2,973,051
|
|
|
TOTAL MOROCCO
|
6,613,701
|
||
|
NIGERIA - 2.3%
|
|||
|
Republic of Nigeria 0% 3/24/2026 (i)
|
NGN
|
3,713,000,000
|
2,453,878
|
|
Republic of Nigeria 6.125% 9/28/2028 (e)
|
5,520,000
|
5,543,350
|
|
|
Republic of Nigeria 6.5% 11/28/2027 (e)
|
5,087,000
|
5,140,770
|
|
|
Republic of Nigeria 7.143% 2/23/2030 (e)
|
4,110,000
|
4,243,904
|
|
|
Republic of Nigeria 7.625% 11/28/2047 (e)
|
5,315,000
|
5,013,267
|
|
|
Republic of Nigeria 7.696% 2/23/2038 (e)
|
980,000
|
981,077
|
|
|
Republic of Nigeria 7.875% 2/16/2032 (e)
|
2,625,000
|
2,734,200
|
|
|
Republic of Nigeria 8.375% 3/24/2029 (e)
|
4,095,000
|
4,361,585
|
|
|
Republic of Nigeria 9.1297% 1/13/2046 (e)
|
2,145,000
|
2,303,194
|
|
|
Republic of Nigeria 9.625% 6/9/2031 (e)
|
3,050,000
|
3,456,138
|
|
|
Republic of Nigeria Treasury Bills 0% 3/17/2026 (i)
|
NGN
|
2,399,360,000
|
1,592,226
|
|
TOTAL NIGERIA
|
37,823,589
|
||
|
OMAN - 1.4%
|
|||
|
Oman Sultanate 6% 8/1/2029 (e)
|
1,525,000
|
1,602,087
|
|
|
Oman Sultanate 6.25% 1/25/2031 (e)
|
4,805,000
|
5,131,596
|
|
|
Oman Sultanate 6.5% 3/8/2047 (e)
|
6,690,000
|
7,164,120
|
|
|
Oman Sultanate 6.75% 1/17/2048 (e)
|
7,720,000
|
8,513,693
|
|
|
Oman Sultanate 7% 1/25/2051 (e)
|
490,000
|
555,736
|
|
|
TOTAL OMAN
|
22,967,232
|
||
|
PAKISTAN - 1.1%
|
|||
|
Islamic Republic of Pakistan 6% 4/8/2026 (e)
|
6,130,000
|
6,110,874
|
|
|
Islamic Republic of Pakistan 6.875% 12/5/2027 (e)
|
7,405,000
|
7,465,166
|
|
|
Islamic Republic of Pakistan 7.375% 4/8/2031 (e)
|
2,755,000
|
2,744,669
|
|
|
Islamic Republic of Pakistan 7.875% 3/31/2036 (e)
|
2,025,000
|
1,976,906
|
|
|
TOTAL PAKISTAN
|
18,297,615
|
||
|
PANAMA - 1.6%
|
|||
|
Panamanian Republic 2.252% 9/29/2032
|
2,705,000
|
2,231,625
|
|
|
Panamanian Republic 3.16% 1/23/2030
|
3,670,000
|
3,435,120
|
|
|
Panamanian Republic 3.298% 1/19/2033
|
5,355,000
|
4,704,263
|
|
|
Panamanian Republic 3.87% 7/23/2060
|
1,880,000
|
1,241,739
|
|
|
Panamanian Republic 4.3% 4/29/2053
|
1,795,000
|
1,344,021
|
|
|
Panamanian Republic 4.5% 4/16/2050
|
4,575,000
|
3,522,152
|
|
|
Panamanian Republic 6.4% 2/14/2035
|
2,700,000
|
2,843,541
|
|
|
Panamanian Republic 7.875% 3/1/2057
|
4,390,000
|
5,106,364
|
|
|
Panamanian Republic 8% 3/1/2038
|
1,880,000
|
2,197,485
|
|
|
TOTAL PANAMA
|
26,626,310
|
||
|
PARAGUAY - 0.7%
|
|||
|
Republic of Paraguay 2.739% 1/29/2033 (e)
|
1,305,000
|
1,166,670
|
|
|
Republic of Paraguay 4.95% 4/28/2031 (e)
|
3,865,000
|
3,921,894
|
|
|
Republic of Paraguay 5.4% 3/30/2050 (e)
|
3,925,000
|
3,673,309
|
|
|
Republic of Paraguay 6% 2/9/2036 (e)
|
1,155,000
|
1,240,470
|
|
|
Republic of Paraguay 6.65% 3/4/2055 (e)
|
1,045,000
|
1,138,919
|
|
|
TOTAL PARAGUAY
|
11,141,262
|
||
|
PERU - 0.8%
|
|||
|
Peruvian Republic 2.783% 1/23/2031
|
3,585,000
|
3,317,917
|
|
|
Peruvian Republic 3% 1/15/2034
|
5,225,000
|
4,545,750
|
|
|
Peruvian Republic 3.3% 3/11/2041
|
7,075,000
|
5,472,513
|
|
|
TOTAL PERU
|
13,336,180
|
||
|
PHILIPPINES - 0.9%
|
|||
|
Philippine Republic 2.65% 12/10/2045
|
2,130,000
|
1,411,924
|
|
|
Philippine Republic 2.95% 5/5/2045
|
865,000
|
605,500
|
|
|
Philippine Republic 4.75% 3/5/2035
|
1,485,000
|
1,488,713
|
|
|
Philippine Republic 5% 7/17/2033
|
1,135,000
|
1,164,439
|
|
|
Philippine Republic 5.175% 9/5/2049
|
1,970,000
|
1,884,423
|
|
|
Philippine Republic 5.5% 1/17/2048
|
1,005,000
|
1,006,568
|
|
|
Philippine Republic 5.6% 5/14/2049
|
1,795,000
|
1,817,998
|
|
|
Philippine Republic 5.609% 4/13/2033
|
1,670,000
|
1,770,200
|
|
|
Philippine Republic 5.95% 10/13/2047
|
2,670,000
|
2,814,180
|
|
|
TOTAL PHILIPPINES
|
13,963,945
|
||
|
POLAND - 1.0%
|
|||
|
Bank Gospodarstwa Krajowego 5.375% 5/22/2033 (e)
|
2,000,000
|
2,060,420
|
|
|
Bank Gospodarstwa Krajowego 6.25% 10/31/2028 (e)
|
985,000
|
1,041,125
|
|
|
Bank Gospodarstwa Krajowego 6.25% 7/9/2054 (e)
|
1,700,000
|
1,756,559
|
|
|
Republic of Poland 5.375% 2/12/2035
|
2,780,000
|
2,886,335
|
|
|
Republic of Poland 5.5% 3/18/2054
|
1,775,000
|
1,693,199
|
|
|
Republic of Poland 5.5% 4/4/2053
|
7,395,000
|
7,056,729
|
|
|
TOTAL POLAND
|
16,494,367
|
||
|
QATAR - 0.2%
|
|||
|
State of Qatar 4.817% 3/14/2049 (e)
|
1,424,000
|
1,337,933
|
|
|
State of Qatar 5.103% 4/23/2048 (e)
|
2,770,000
|
2,726,151
|
|
|
TOTAL QATAR
|
4,064,084
|
||
|
ROMANIA - 1.9%
|
|||
|
Romanian Republic 3% 2/14/2031 (e)
|
5,296,000
|
4,810,569
|
|
|
Romanian Republic 3.625% 3/27/2032 (e)
|
2,618,000
|
2,391,386
|
|
|
Romanian Republic 4% 2/14/2051 (e)
|
6,255,000
|
4,269,783
|
|
|
Romanian Republic 5.75% 9/16/2030 (e)
|
2,256,000
|
2,323,860
|
|
|
Romanian Republic 6% 5/25/2034 (e)
|
2,500,000
|
2,533,613
|
|
|
Romanian Republic 6.125% 1/22/2044 (e)
|
1,700,000
|
1,642,625
|
|
|
Romanian Republic 6.125% 10/7/2037 (e)
|
EUR
|
2,720,000
|
3,213,518
|
|
Romanian Republic 6.85% 7/29/2030
|
RON
|
6,455,000
|
1,498,306
|
|
Romanian Republic 7.125% 1/17/2033 (e)
|
2,880,000
|
3,132,302
|
|
|
Romanian Republic 7.5% 2/10/2037 (e)
|
3,382,000
|
3,734,176
|
|
|
Romanian Republic 7.625% 1/17/2053 (e)
|
1,138,000
|
1,249,592
|
|
|
TOTAL ROMANIA
|
30,799,730
|
||
|
RWANDA - 0.2%
|
|||
|
Rwanda Republic 5.5% 8/9/2031 (e)
|
3,195,000
|
2,966,366
|
|
|
SAUDI ARABIA - 0.9%
|
|||
|
Kingdom of Saudi Arabia 2.25% 2/2/2033 (e)
|
4,030,000
|
3,473,860
|
|
|
Kingdom of Saudi Arabia 3.45% 2/2/2061 (e)
|
2,775,000
|
1,768,021
|
|
|
Kingdom of Saudi Arabia 3.75% 1/21/2055 (e)
|
3,755,000
|
2,651,969
|
|
|
Kingdom of Saudi Arabia 4.5% 10/26/2046 (e)
|
3,471,000
|
2,967,705
|
|
|
Kingdom of Saudi Arabia 4.5% 4/22/2060 (e)
|
2,055,000
|
1,638,862
|
|
|
Kingdom of Saudi Arabia 4.625% 10/4/2047 (e)
|
3,040,000
|
2,624,430
|
|
|
TOTAL SAUDI ARABIA
|
15,124,847
|
||
|
SENEGAL - 0.2%
|
|||
|
Republic of Senegal 4.75% 3/13/2028 (g)
|
EUR
|
1,555,000
|
1,272,352
|
|
Republic of Senegal 6.75% 3/13/2048 (e)
|
5,030,000
|
2,678,475
|
|
|
TOTAL SENEGAL
|
3,950,827
|
||
|
SERBIA - 0.7%
|
|||
|
Republic of Serbia 2.125% 12/1/2030 (e)
|
3,540,000
|
3,085,995
|
|
|
Republic of Serbia 6% 6/12/2034 (e)
|
2,125,000
|
2,194,063
|
|
|
Republic of Serbia 6.25% 5/26/2028 (e)
|
865,000
|
895,743
|
|
|
Republic of Serbia 6.5% 9/26/2033 (e)
|
5,020,000
|
5,383,950
|
|
|
TOTAL SERBIA
|
11,559,751
|
||
|
SOUTH AFRICA - 1.4%
|
|||
|
South African Republic 5% 10/12/2046
|
1,460,000
|
1,143,925
|
|
|
South African Republic 5.65% 9/27/2047
|
6,075,000
|
5,135,106
|
|
|
South African Republic 5.75% 9/30/2049
|
7,030,000
|
5,931,563
|
|
|
South African Republic 6.125% 12/11/2037 (e)
|
855,000
|
843,670
|
|
|
South African Republic 7.1% 11/19/2036 (e)
|
2,840,000
|
3,047,150
|
|
|
South African Republic 7.3% 4/20/2052
|
3,545,000
|
3,580,450
|
|
|
South African Republic 7.95% 11/19/2054 (e)
|
2,500,000
|
2,687,500
|
|
|
TOTAL SOUTH AFRICA
|
22,369,364
|
||
|
SRI LANKA - 1.4%
|
|||
|
Democratic Socialist Republic of Sri Lanka 3.1% 1/15/2030 (e)(h)
|
3,176,603
|
3,005,861
|
|
|
Democratic Socialist Republic of Sri Lanka 3.35% 3/15/2033 (e)(h)
|
8,508,949
|
7,285,788
|
|
|
Democratic Socialist Republic of Sri Lanka 3.6% 2/15/2038 (e)(h)
|
5,217,007
|
4,734,434
|
|
|
Democratic Socialist Republic of Sri Lanka 3.6% 5/15/2036 (e)(h)
|
2,607,407
|
2,362,962
|
|
|
Democratic Socialist Republic of Sri Lanka 3.6% 6/15/2035 (e)(h)
|
3,886,947
|
2,948,423
|
|
|
Democratic Socialist Republic of Sri Lanka 4% 4/15/2028 (e)
|
2,785,081
|
2,666,715
|
|
|
TOTAL SRI LANKA
|
23,004,183
|
||
|
TURKEY - 2.8%
|
|||
|
Turkish Republic 32.6% 2/10/2027
|
TRY
|
91,355,000
|
2,087,956
|
|
Turkish Republic 4.875% 4/16/2043
|
5,290,000
|
4,074,094
|
|
|
Turkish Republic 5.125% 2/17/2028
|
1,505,000
|
1,517,416
|
|
|
Turkish Republic 5.75% 5/11/2047
|
2,110,000
|
1,734,948
|
|
|
Turkish Republic 5.875% 6/26/2031
|
1,615,000
|
1,617,365
|
|
|
Turkish Republic 5.95% 1/15/2031
|
2,685,000
|
2,710,134
|
|
|
Turkish Republic 6% 1/14/2041
|
6,082,000
|
5,479,517
|
|
|
Turkish Republic 6.5% 1/3/2035
|
4,480,000
|
4,502,400
|
|
|
Turkish Republic 6.625% 2/17/2045
|
150,000
|
139,649
|
|
|
Turkish Republic 6.75% 5/30/2040
|
2,112,000
|
2,084,945
|
|
|
Turkish Republic 6.8% 11/4/2036
|
1,670,000
|
1,683,460
|
|
|
Turkish Republic 7.25% 5/29/2032
|
2,115,000
|
2,251,312
|
|
|
Turkish Republic 7.625% 5/15/2034
|
3,025,000
|
3,279,433
|
|
|
Turkish Republic 9.125% 7/13/2030
|
3,825,000
|
4,371,153
|
|
|
Turkish Republic 9.375% 1/19/2033
|
515,000
|
607,828
|
|
|
Turkish Republic 9.375% 3/14/2029
|
5,270,000
|
5,915,470
|
|
|
TOTAL TURKEY
|
44,057,080
|
||
|
UKRAINE - 1.5%
|
|||
|
Ukraine Government 0% 2/1/2030 (e)(h)
|
1,029,342
|
607,312
|
|
|
Ukraine Government 0% 2/1/2034 (e)(h)
|
3,846,504
|
1,817,473
|
|
|
Ukraine Government 0% 2/1/2035 (e)(h)
|
3,810,568
|
2,152,971
|
|
|
Ukraine Government 0% 2/1/2036 (e)(h)
|
2,708,807
|
1,523,704
|
|
|
Ukraine Government 4% 2/1/2032 (e)(h)
|
2,988,200
|
2,256,091
|
|
|
Ukraine Government 4.5% 2/1/2029 (e)(h)
|
5,423,626
|
4,054,160
|
|
|
Ukraine Government 4.5% 2/1/2034 (e)(h)
|
12,856,568
|
7,810,366
|
|
|
Ukraine Government 4.5% 2/1/2035 (e)(h)
|
3,491,888
|
2,077,673
|
|
|
Ukraine Government 4.5% 2/1/2036 (e)(h)
|
2,466,802
|
1,443,079
|
|
|
TOTAL UKRAINE
|
23,742,829
|
||
|
UNITED ARAB EMIRATES - 1.0%
|
|||
|
Emirate of Abu Dhabi 3.125% 9/30/2049 (e)
|
13,102,000
|
9,354,828
|
|
|
Emirate of Abu Dhabi 3.875% 4/16/2050 (e)
|
1,720,000
|
1,381,160
|
|
|
Emirate of Abu Dhabi 5.5% 4/30/2054 (e)
|
2,370,000
|
2,412,423
|
|
|
Emirate of Dubai 3.9% 9/9/2050 (g)
|
4,805,000
|
3,630,922
|
|
|
TOTAL UNITED ARAB EMIRATES
|
16,779,333
|
||
|
URUGUAY - 0.6%
|
|||
|
Uruguay Republic 4.975% 4/20/2055
|
2,840,000
|
2,582,980
|
|
|
Uruguay Republic 5.1% 6/18/2050
|
6,360,000
|
6,007,020
|
|
|
Uruguay Republic 5.75% 10/28/2034
|
1,745,000
|
1,860,170
|
|
|
TOTAL URUGUAY
|
10,450,170
|
||
|
UZBEKISTAN - 0.3%
|
|||
|
Republic of Uzbekistan 3.7% 11/25/2030 (e)
|
1,095,000
|
1,016,642
|
|
|
Republic of Uzbekistan 3.9% 10/19/2031 (e)
|
2,880,000
|
2,653,459
|
|
|
Republic of Uzbekistan 5.375% 2/20/2029 (e)
|
1,145,000
|
1,147,656
|
|
|
TOTAL UZBEKISTAN
|
4,817,757
|
||
|
VENEZUELA - 1.0%
|
|||
|
Venezuela Republic 11.95% (c)(g)
|
17,015,000
|
5,410,770
|
|
|
Venezuela Republic 12.75% (c)(g)
|
3,625,000
|
1,150,938
|
|
|
Venezuela Republic 9.25% (c)
|
27,915,000
|
9,016,545
|
|
|
TOTAL VENEZUELA
|
15,578,253
|
||
|
ZAMBIA - 0.3%
|
|||
|
Republic of Zambia 0.5% 12/31/2053 (e)
|
4,690,236
|
3,317,641
|
|
|
Republic of Zambia 5.75% 6/30/2033 (e)(h)
|
1,838,828
|
1,807,807
|
|
|
TOTAL ZAMBIA
|
5,125,448
|
||
|
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $893,270,332)
|
917,948,920
|
||
|
Non-Convertible Corporate Bonds - 28.7%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
AZERBAIJAN - 0.7%
|
|||
|
Energy - 0.7%
|
|||
|
Energy Equipment & Services - 0.7%
|
|||
|
Southern Gas Corridor CJSC 6.875% 3/24/2026 (e)
|
7,646,000
|
7,682,089
|
|
|
State Oil Co of the Azerbaijan Republic 6.95% 3/18/2030 (g)
|
2,950,000
|
3,189,481
|
|
|
TOTAL AZERBAIJAN
|
10,871,570
|
||
|
BAHRAIN - 0.5%
|
|||
|
Energy - 0.5%
|
|||
|
Energy Equipment & Services - 0.5%
|
|||
|
Bapco Energies BSC Closed 7.5% 10/25/2027 (e)
|
6,889,000
|
7,122,813
|
|
|
Bapco Energies BSC Closed 8.375% 11/7/2028 (e)
|
1,470,000
|
1,580,323
|
|
|
TOTAL BAHRAIN
|
8,703,136
|
||
|
BRAZIL - 2.5%
|
|||
|
Consumer Discretionary - 0.1%
|
|||
|
Broadline Retail - 0.1%
|
|||
|
MercadoLibre Inc 4.9% 1/15/2033
|
2,335,000
|
2,309,840
|
|
|
Consumer Staples - 0.4%
|
|||
|
Consumer Staples Distribution & Retail - 0.3%
|
|||
|
Minerva Luxembourg SA 4.375% 3/18/2031 (e)
|
690,000
|
640,665
|
|
|
Minerva Luxembourg SA 8.875% 9/13/2033 (e)
|
1,130,000
|
1,234,126
|
|
|
NBM US Holdings Inc 6.625% 8/6/2029 (e)
|
2,270,000
|
2,293,767
|
|
|
4,168,558
|
|||
|
Food Products - 0.1%
|
|||
|
Marb Bondco PLC 3.95% 1/29/2031 (e)
|
2,430,000
|
2,198,300
|
|
|
TOTAL CONSUMER STAPLES
|
6,366,858
|
||
|
Energy - 0.5%
|
|||
|
Energy Equipment & Services - 0.2%
|
|||
|
Yinson Boronia Production BV 8.947% 7/31/2042 (e)
|
2,521,401
|
2,747,096
|
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
|
MC Brazil Downstream Trading SARL 7.25% 6/30/2031 (e)
|
2,990,836
|
2,620,720
|
|
|
PRIO Luxembourg Holding Sarl 6.75% 10/15/2030 (e)
|
2,785,000
|
2,715,042
|
|
|
5,335,762
|
|||
|
TOTAL ENERGY
|
8,082,858
|
||
|
Financials - 0.2%
|
|||
|
Financial Services - 0.2%
|
|||
|
Cosan Luxembourg SA 7.25% 6/27/2031 (e)
|
2,695,000
|
2,770,810
|
|
|
Industrials - 0.2%
|
|||
|
Marine Transportation - 0.1%
|
|||
|
Yinson Bergenia Production BV 8.498% 1/31/2045 (e)
|
1,035,000
|
1,087,402
|
|
|
Passenger Airlines - 0.1%
|
|||
|
Azul Secured Finance LLP 11.5% (c)
|
2,465,160
|
49,303
|
|
|
Azul Secured Finance LLP 11.93% (c)
|
3,645,668
|
1,831,948
|
|
|
1,881,251
|
|||
|
TOTAL INDUSTRIALS
|
2,968,653
|
||
|
Materials - 1.1%
|
|||
|
Chemicals - 0.1%
|
|||
|
Braskem Netherlands Finance BV 5.875% 1/31/2050 (e)
|
1,495,000
|
515,775
|
|
|
Braskem Netherlands Finance BV 7.25% 2/13/2033 (e)
|
3,305,000
|
1,272,425
|
|
|
Braskem Netherlands Finance BV 8% 10/15/2034 (e)
|
1,345,000
|
522,869
|
|
|
2,311,069
|
|||
|
Metals & Mining - 0.7%
|
|||
|
CSN Resources SA 5.875% 4/8/2032 (e)
|
2,115,000
|
1,661,142
|
|
|
CSN Resources SA 8.875% 12/5/2030 (e)
|
1,630,000
|
1,509,559
|
|
|
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (b)(e)
|
5,699,084
|
5,797,038
|
|
|
Usiminas International Sarl 7.5% 1/27/2032 (e)
|
2,100,000
|
2,178,666
|
|
|
11,146,405
|
|||
|
Paper & Forest Products - 0.3%
|
|||
|
LD Celulose International GmbH 7.95% 1/26/2032 (e)
|
1,970,000
|
2,066,037
|
|
|
Suzano Netherlands BV 5.5% 1/15/2036
|
2,865,000
|
2,840,304
|
|
|
4,906,341
|
|||
|
TOTAL MATERIALS
|
18,363,815
|
||
|
TOTAL BRAZIL
|
40,862,834
|
||
|
CHILE - 2.1%
|
|||
|
Communication Services - 0.1%
|
|||
|
Wireless Telecommunication Services - 0.1%
|
|||
|
VTR Comunicaciones SpA 4.375% 4/15/2029 (e)
|
933,000
|
905,009
|
|
|
Energy - 0.2%
|
|||
|
Oil, Gas & Consumable Fuels - 0.2%
|
|||
|
Empresa Nacional del Petroleo 5.95% 7/30/2034 (e)
|
1,215,000
|
1,267,780
|
|
|
Empresa Nacional del Petroleo 6.15% 5/10/2033 (e)
|
1,885,000
|
1,990,767
|
|
|
TOTAL ENERGY
|
3,258,547
|
||
|
Materials - 1.7%
|
|||
|
Metals & Mining - 1.6%
|
|||
|
Antofagasta PLC 5.625% 9/9/2035 (e)
|
1,500,000
|
1,540,500
|
|
|
Antofagasta PLC 5.625% 5/13/2032 (e)
|
4,790,000
|
4,964,979
|
|
|
Corp Nacional del Cobre de Chile 3% 9/30/2029 (e)
|
2,000,000
|
1,899,375
|
|
|
Corp Nacional del Cobre de Chile 3.15% 1/14/2030 (e)
|
1,645,000
|
1,560,562
|
|
|
Corp Nacional del Cobre de Chile 3.15% 1/15/2051 (e)
|
1,865,000
|
1,209,462
|
|
|
Corp Nacional del Cobre de Chile 3.7% 1/30/2050 (e)
|
3,765,000
|
2,673,338
|
|
|
Corp Nacional del Cobre de Chile 4.5% 8/1/2047 (e)
|
1,970,000
|
1,605,353
|
|
|
Corp Nacional del Cobre de Chile 5.125% 2/2/2033 (e)
|
1,575,000
|
1,582,875
|
|
|
Corp Nacional del Cobre de Chile 5.95% 1/8/2034 (e)
|
955,000
|
997,000
|
|
|
Corp Nacional del Cobre de Chile 6.3% 9/8/2053 (e)
|
1,730,000
|
1,770,378
|
|
|
Corp Nacional del Cobre de Chile 6.33% 1/13/2035 (e)
|
1,160,000
|
1,233,660
|
|
|
Corp Nacional del Cobre de Chile 6.44% 1/26/2036 (e)
|
1,860,000
|
2,011,172
|
|
|
Corp Nacional del Cobre de Chile 6.78% 1/13/2055 (e)
|
1,905,000
|
2,048,466
|
|
|
25,097,120
|
|||
|
Paper & Forest Products - 0.1%
|
|||
|
Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 (e)
|
1,330,000
|
1,371,829
|
|
|
Inversiones CMPC SA 6.7% 12/9/2057 (b)(e)
|
1,010,000
|
1,014,353
|
|
|
2,386,182
|
|||
|
TOTAL MATERIALS
|
27,483,302
|
||
|
Utilities - 0.1%
|
|||
|
Electric Utilities - 0.1%
|
|||
|
Chile Electricity Lux Mpc II Sarl 5.58% 10/20/2035 (e)
|
1,104,581
|
1,137,033
|
|
|
Chile Electricity Lux MPC Sarl 6.01% 1/20/2033 (e)
|
930,800
|
975,302
|
|
|
TOTAL UTILITIES
|
2,112,335
|
||
|
TOTAL CHILE
|
33,759,193
|
||
|
CHINA - 0.4%
|
|||
|
Consumer Discretionary - 0.4%
|
|||
|
Broadline Retail - 0.4%
|
|||
|
Prosus NV 3.832% 2/8/2051 (e)
|
1,590,000
|
1,068,766
|
|
|
Prosus NV 4.027% 8/3/2050 (e)
|
2,950,000
|
2,050,250
|
|
|
Prosus NV 4.193% 1/19/2032 (e)
|
3,505,000
|
3,359,332
|
|
|
TOTAL CHINA
|
6,478,348
|
||
|
COLOMBIA - 1.9%
|
|||
|
Communication Services - 0.1%
|
|||
|
Diversified Telecommunication Services - 0.1%
|
|||
|
Colombia Telecomunicaciones SA ESP 4.95% 7/17/2030 (e)
|
1,255,000
|
1,141,785
|
|
|
Energy - 1.1%
|
|||
|
Oil, Gas & Consumable Fuels - 1.1%
|
|||
|
Ecopetrol SA 4.625% 11/2/2031
|
2,660,000
|
2,369,395
|
|
|
Ecopetrol SA 8.375% 1/19/2036
|
4,725,000
|
4,845,960
|
|
|
Ecopetrol SA 8.875% 1/13/2033
|
5,635,000
|
5,995,640
|
|
|
Geopark Ltd 5.5% 1/17/2027 (e)
|
2,685,000
|
2,537,325
|
|
|
Geopark Ltd 8.75% 1/31/2030 (e)
|
2,545,000
|
2,373,213
|
|
|
TOTAL ENERGY
|
18,121,533
|
||
|
Materials - 0.2%
|
|||
|
Metals & Mining - 0.2%
|
|||
|
Aris Mining Corp 8% 10/31/2029 (e)
|
3,465,000
|
3,614,003
|
|
|
Utilities - 0.5%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.5%
|
|||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (e)
|
5,545,000
|
5,149,364
|
|
|
Termocandelaria Power SA 7.75% 9/17/2031 (e)
|
2,475,000
|
2,555,438
|
|
|
TOTAL UTILITIES
|
7,704,802
|
||
|
TOTAL COLOMBIA
|
30,582,123
|
||
|
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
|
|||
|
Materials - 0.1%
|
|||
|
Metals & Mining - 0.1%
|
|||
|
Ivanhoe Mines Ltd 7.875% 1/23/2030 (e)
|
2,305,000
|
2,378,098
|
|
|
COSTA RICA - 0.1%
|
|||
|
Financials - 0.1%
|
|||
|
Financial Services - 0.1%
|
|||
|
Liberty Costa Rica Senior Secured Finance 10.875% 1/15/2031 (e)
|
2,280,000
|
2,389,736
|
|
|
COTE D'IVOIRE - 0.2%
|
|||
|
Materials - 0.2%
|
|||
|
Metals & Mining - 0.2%
|
|||
|
Endeavour Mining PLC 7% 5/28/2030 (e)
|
2,685,000
|
2,773,954
|
|
|
CZECH REPUBLIC - 0.2%
|
|||
|
Industrials - 0.2%
|
|||
|
Aerospace & Defense - 0.2%
|
|||
|
Czechoslovak Group AS 5.25% 1/10/2031 (e)
|
EUR
|
670,000
|
814,942
|
|
Czechoslovak Group AS 6.5% 1/10/2031 (e)
|
2,185,000
|
2,245,088
|
|
|
TOTAL CZECH REPUBLIC
|
3,060,030
|
||
|
DOMINICAN REPUBLIC - 0.1%
|
|||
|
Industrials - 0.1%
|
|||
|
Transportation Infrastructure - 0.1%
|
|||
|
Aeropuertos Dominicanos Siglo XXI SA 7% 6/30/2034 (e)
|
1,825,000
|
1,919,681
|
|
|
GEORGIA - 0.3%
|
|||
|
Communication Services - 0.1%
|
|||
|
Wireless Telecommunication Services - 0.1%
|
|||
|
Silk Road Group Holding LLC 7.5% 9/15/2030 (e)
|
1,965,000
|
1,976,053
|
|
|
Industrials - 0.2%
|
|||
|
Ground Transportation - 0.2%
|
|||
|
Georgian Railway JSC 4% 6/17/2028 (e)
|
2,290,000
|
2,154,753
|
|
|
TOTAL GEORGIA
|
4,130,806
|
||
|
GHANA - 0.3%
|
|||
|
Energy - 0.3%
|
|||
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
|
Kosmos Energy Ltd 7.5% 3/1/2028 (e)
|
875,000
|
586,250
|
|
|
Kosmos Energy Ltd 8.75% 10/1/2031 (e)
|
7,075,000
|
3,997,375
|
|
|
TOTAL GHANA
|
4,583,625
|
||
|
GUATEMALA - 0.8%
|
|||
|
Communication Services - 0.5%
|
|||
|
Wireless Telecommunication Services - 0.5%
|
|||
|
CT Trust 5.125% 2/3/2032 (e)
|
3,975,000
|
3,797,318
|
|
|
Millicom International Cellular SA 4.5% 4/27/2031 (e)
|
2,050,000
|
1,903,692
|
|
|
Millicom International Cellular SA 7.375% 4/2/2032 (e)
|
1,650,000
|
1,715,488
|
|
|
TOTAL COMMUNICATION SERVICES
|
7,416,498
|
||
|
Utilities - 0.3%
|
|||
|
Electric Utilities - 0.1%
|
|||
|
Energuate Trust 2 0 6.35% 9/15/2035 (e)
|
2,155,000
|
2,154,169
|
|
|
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
|
Investment Energy Resources Ltd 6.25% 4/26/2029 (e)
|
2,970,000
|
2,973,713
|
|
|
TOTAL UTILITIES
|
5,127,882
|
||
|
TOTAL GUATEMALA
|
12,544,380
|
||
|
HUNGARY - 0.2%
|
|||
|
Financials - 0.1%
|
|||
|
Banks - 0.1%
|
|||
|
Magyar Export-Import Bank Zrt 6.125% 12/4/2027 (e)
|
1,070,000
|
1,099,093
|
|
|
Utilities - 0.1%
|
|||
|
Electric Utilities - 0.1%
|
|||
|
MVM Energetika Zrt 6.5% 3/13/2031 (g)
|
1,280,000
|
1,350,400
|
|
|
MVM Energetika Zrt 7.5% 6/9/2028 (g)
|
330,000
|
348,305
|
|
|
TOTAL UTILITIES
|
1,698,705
|
||
|
TOTAL HUNGARY
|
2,797,798
|
||
|
INDIA - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Consumer Finance - 0.0%
|
|||
|
Shriram Finance Ltd 6.625% 4/22/2027 (e)
|
1,365,000
|
1,392,300
|
|
|
INDONESIA - 0.9%
|
|||
|
Energy - 0.4%
|
|||
|
Oil, Gas & Consumable Fuels - 0.4%
|
|||
|
Medco Laurel Tree Pte Ltd 6.95% 11/12/2028 (e)
|
3,730,000
|
3,741,451
|
|
|
Pertamina Persero PT 4.175% 1/21/2050 (e)
|
2,985,000
|
2,331,106
|
|
|
TOTAL ENERGY
|
6,072,557
|
||
|
Materials - 0.5%
|
|||
|
Metals & Mining - 0.5%
|
|||
|
Freeport Indonesia PT 4.763% 4/14/2027 (e)
|
1,225,000
|
1,228,063
|
|
|
Freeport Indonesia PT 5.315% 4/14/2032 (e)
|
2,085,000
|
2,121,977
|
|
|
Freeport Indonesia PT 6.2% 4/14/2052 (e)
|
1,420,000
|
1,446,952
|
|
|
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT 5.45% 5/15/2030 (e)
|
2,955,000
|
3,041,256
|
|
|
TOTAL MATERIALS
|
7,838,248
|
||
|
Utilities - 0.0%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
|
Pertamina Geothermal Energy PT 5.15% 4/27/2028 (e)
|
1,140,000
|
1,155,675
|
|
|
TOTAL INDONESIA
|
15,066,480
|
||
|
ISRAEL - 0.4%
|
|||
|
Energy - 0.4%
|
|||
|
Oil, Gas & Consumable Fuels - 0.4%
|
|||
|
Energean Israel Finance Ltd 5.375% 3/30/2028 (e)(g)
|
1,335,000
|
1,316,650
|
|
|
Energean Israel Finance Ltd 5.875% 3/30/2031 (e)(g)
|
1,265,000
|
1,223,513
|
|
|
Leviathan Bond Ltd 6.5% 6/30/2027 (e)(g)
|
2,590,000
|
2,604,942
|
|
|
Leviathan Bond Ltd 6.75% 6/30/2030 (e)(g)
|
1,220,000
|
1,241,497
|
|
|
TOTAL ISRAEL
|
6,386,602
|
||
|
JAMAICA - 0.1%
|
|||
|
Industrials - 0.1%
|
|||
|
Transportation Infrastructure - 0.1%
|
|||
|
Kingston Airport Revenue Finance Ltd 6.75% 12/15/2036 (e)
|
1,300,000
|
1,332,903
|
|
|
Montego Bay Airport Revenue Finance Ltd 6.6% 6/15/2035 (e)
|
1,020,000
|
1,018,409
|
|
|
TOTAL JAMAICA
|
2,351,312
|
||
|
KAZAKHSTAN - 0.4%
|
|||
|
Energy - 0.4%
|
|||
|
Oil, Gas & Consumable Fuels - 0.4%
|
|||
|
KazMunayGas National Co JSC 3.5% 4/14/2033 (e)
|
2,010,000
|
1,813,402
|
|
|
KazMunayGas National Co JSC 5.75% 4/19/2047 (e)
|
1,010,000
|
952,652
|
|
|
KazMunayGas National Co JSC 6.375% 10/24/2048 (e)
|
1,400,000
|
1,409,758
|
|
|
Tengizchevroil Finance Co International Ltd 3.25% 8/15/2030 (e)
|
2,570,000
|
2,378,869
|
|
|
TOTAL KAZAKHSTAN
|
6,554,681
|
||
|
MALAYSIA - 0.7%
|
|||
|
Consumer Discretionary - 0.2%
|
|||
|
Hotels, Restaurants & Leisure - 0.2%
|
|||
|
GENM Capital Labuan Ltd 3.882% 4/19/2031 (e)
|
3,610,000
|
3,268,169
|
|
|
Energy - 0.3%
|
|||
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
|
Petronas Capital Ltd 3.404% 4/28/2061 (e)
|
5,315,000
|
3,609,045
|
|
|
Petronas Capital Ltd 3.5% 4/21/2030 (e)
|
1,730,000
|
1,682,027
|
|
|
TOTAL ENERGY
|
5,291,072
|
||
|
Industrials - 0.2%
|
|||
|
Marine Transportation - 0.2%
|
|||
|
MISC Capital Two Labuan Ltd 3.75% 4/6/2027 (e)
|
3,090,000
|
3,068,246
|
|
|
TOTAL MALAYSIA
|
11,627,487
|
||
|
MAURITIUS - 0.1%
|
|||
|
Communication Services - 0.1%
|
|||
|
Wireless Telecommunication Services - 0.1%
|
|||
|
Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (e)
|
1,685,000
|
1,699,744
|
|
|
MEXICO - 3.7%
|
|||
|
Communication Services - 0.2%
|
|||
|
Media - 0.2%
|
|||
|
TV Azteca SAB de CV 8.25% (c)(g)
|
10,535,000
|
3,581,900
|
|
|
Consumer Staples - 0.1%
|
|||
|
Food Products - 0.1%
|
|||
|
Gruma SAB de CV 5.761% 12/9/2054 (e)
|
1,160,000
|
1,161,427
|
|
|
Energy - 2.4%
|
|||
|
Oil, Gas & Consumable Fuels - 2.4%
|
|||
|
Petroleos Mexicanos 10% 2/7/2033
|
700,000
|
809,179
|
|
|
Petroleos Mexicanos 6.625% 6/15/2035
|
14,146,000
|
13,392,726
|
|
|
Petroleos Mexicanos 6.7% 2/16/2032
|
4,827,000
|
4,813,147
|
|
|
Petroleos Mexicanos 6.75% 9/21/2047
|
10,407,000
|
8,535,821
|
|
|
Petroleos Mexicanos 6.95% 1/28/2060
|
5,995,000
|
4,865,542
|
|
|
Petroleos Mexicanos 7.69% 1/23/2050
|
7,493,000
|
6,716,276
|
|
|
TOTAL ENERGY
|
39,132,691
|
||
|
Financials - 0.2%
|
|||
|
Capital Markets - 0.2%
|
|||
|
Eagle Funding Luxco Sarl 5.5% 8/17/2030 (e)
|
3,100,000
|
3,152,700
|
|
|
Materials - 0.3%
|
|||
|
Chemicals - 0.3%
|
|||
|
Braskem Idesa SAPI 7.45% (c)(e)
|
1,965,000
|
1,147,481
|
|
|
Orbia Advance Corp SAB de CV 6.8% 5/13/2030 (e)
|
3,975,000
|
3,919,350
|
|
|
TOTAL MATERIALS
|
5,066,831
|
||
|
Utilities - 0.5%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.5%
|
|||
|
Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy 7.875% 2/15/2039 (e)
|
2,790,726
|
3,049,733
|
|
|
Saavi Energia Sarl 8.875% 2/10/2035 (e)
|
4,410,000
|
4,769,084
|
|
|
TOTAL UTILITIES
|
7,818,817
|
||
|
TOTAL MEXICO
|
59,914,366
|
||
|
MOROCCO - 0.6%
|
|||
|
Materials - 0.6%
|
|||
|
Chemicals - 0.6%
|
|||
|
OCP SA 3.75% 6/23/2031 (e)
|
3,980,000
|
3,719,987
|
|
|
OCP SA 5.125% 6/23/2051 (e)
|
1,000,000
|
824,770
|
|
|
OCP SA 6.1% 4/30/2030 (e)
|
1,660,000
|
1,733,239
|
|
|
OCP SA 6.875% 4/25/2044 (e)
|
3,000,000
|
3,123,330
|
|
|
TOTAL MOROCCO
|
9,401,326
|
||
|
NIGERIA - 0.3%
|
|||
|
Communication Services - 0.2%
|
|||
|
Diversified Telecommunication Services - 0.2%
|
|||
|
IHS Holding Ltd 5.625% 11/29/2026 (e)
|
944,000
|
937,590
|
|
|
IHS Holding Ltd 7.875% 5/29/2030 (e)
|
2,780,000
|
2,858,396
|
|
|
TOTAL COMMUNICATION SERVICES
|
3,795,986
|
||
|
Information Technology - 0.1%
|
|||
|
Communications Equipment - 0.1%
|
|||
|
IHS Netherlands Holdco BV 8% 9/18/2027 (e)
|
1,024,338
|
1,024,154
|
|
|
TOTAL NIGERIA
|
4,820,140
|
||
|
PANAMA - 0.7%
|
|||
|
Communication Services - 0.7%
|
|||
|
Diversified Telecommunication Services - 0.2%
|
|||
|
Sable International Finance Ltd 7.125% 10/15/2032 (e)
|
3,275,000
|
3,320,031
|
|
|
Media - 0.3%
|
|||
|
Telecomunicaciones Digitales SA 4.5% 1/30/2030 (e)
|
4,955,000
|
4,713,445
|
|
|
Wireless Telecommunication Services - 0.2%
|
|||
|
C&W Senior Finance Ltd 9% 1/15/2033 (e)
|
2,805,000
|
2,890,092
|
|
|
TOTAL COMMUNICATION SERVICES
|
10,923,568
|
||
|
Industrials - 0.0%
|
|||
|
Air Freight & Logistics - 0.0%
|
|||
|
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 (e)
|
1,230,000
|
992,007
|
|
|
TOTAL PANAMA
|
11,915,575
|
||
|
PARAGUAY - 0.0%
|
|||
|
Communication Services - 0.0%
|
|||
|
Diversified Telecommunication Services - 0.0%
|
|||
|
Telefonica Celular del Paraguay SA 5.875% 4/15/2027 (e)
|
1,164,000
|
1,157,458
|
|
|
PERU - 0.8%
|
|||
|
Consumer Discretionary - 0.1%
|
|||
|
Broadline Retail - 0.1%
|
|||
|
InRetail Shopping Malls 5.65% 10/16/2032 (e)
|
2,265,000
|
2,272,089
|
|
|
Materials - 0.6%
|
|||
|
Metals & Mining - 0.6%
|
|||
|
Cia de Minas Buenaventura SAA 6.8% 2/4/2032 (e)
|
4,180,000
|
4,347,744
|
|
|
Volcan Cia Minera SAA 8.5% 10/28/2032 (e)
|
3,955,000
|
4,058,344
|
|
|
TOTAL MATERIALS
|
8,406,088
|
||
|
Utilities - 0.1%
|
|||
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
|
Niagara Energy SAC 5.746% 10/3/2034 (e)
|
1,685,000
|
1,722,828
|
|
|
TOTAL PERU
|
12,401,005
|
||
|
POLAND - 0.3%
|
|||
|
Energy - 0.3%
|
|||
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
|
ORLEN SA 6% 1/30/2035 (e)
|
3,890,000
|
4,099,118
|
|
|
QATAR - 0.8%
|
|||
|
Energy - 0.8%
|
|||
|
Oil, Gas & Consumable Fuels - 0.8%
|
|||
|
QatarEnergy 2.25% 7/12/2031 (e)
|
3,295,000
|
2,956,603
|
|
|
QatarEnergy 3.125% 7/12/2041 (e)
|
5,805,000
|
4,469,850
|
|
|
QatarEnergy 3.3% 7/12/2051 (e)
|
7,160,000
|
5,012,573
|
|
|
TOTAL QATAR
|
12,439,026
|
||
|
SAUDI ARABIA - 2.9%
|
|||
|
Energy - 2.2%
|
|||
|
Oil, Gas & Consumable Fuels - 2.2%
|
|||
|
EIG Pearl Holdings Sarl 3.545% 8/31/2036 (e)
|
6,746,474
|
6,250,676
|
|
|
Saudi Arabian Oil Co 2.25% 11/24/2030 (e)
|
4,120,000
|
3,722,853
|
|
|
Saudi Arabian Oil Co 3.25% 11/24/2050 (e)
|
4,170,000
|
2,776,678
|
|
|
Saudi Arabian Oil Co 3.5% 4/16/2029 (e)
|
3,899,000
|
3,797,996
|
|
|
Saudi Arabian Oil Co 4.25% 4/16/2039 (e)
|
11,775,000
|
10,684,164
|
|
|
Saudi Arabian Oil Co 4.375% 4/16/2049 (e)
|
3,671,000
|
3,024,335
|
|
|
Saudi Arabian Oil Co 5.875% 7/17/2064 (e)
|
1,030,000
|
1,000,388
|
|
|
Saudi Arabian Oil Co 6.375% 6/2/2055 (e)
|
2,455,000
|
2,564,935
|
|
|
Saudi Arabian Oil Co 6.375% 6/2/2055 (g)
|
870,000
|
908,958
|
|
|
TOTAL ENERGY
|
34,730,983
|
||
|
Industrials - 0.6%
|
|||
|
Construction & Engineering - 0.6%
|
|||
|
Greensaif Pipelines Bidco Sarl 5.8528% 2/23/2036 (e)
|
1,265,000
|
1,320,571
|
|
|
Greensaif Pipelines Bidco Sarl 6.1027% 8/23/2042 (e)
|
2,330,000
|
2,431,939
|
|
|
Greensaif Pipelines Bidco Sarl 6.129% 2/23/2038 (e)
|
2,260,000
|
2,402,301
|
|
|
Greensaif Pipelines Bidco Sarl 6.51% 2/23/2042 (e)
|
1,685,000
|
1,842,446
|
|
|
TMS Issuer Sarl 5.78% 8/23/2032 (e)
|
1,670,000
|
1,740,453
|
|
|
TOTAL INDUSTRIALS
|
9,737,710
|
||
|
Materials - 0.1%
|
|||
|
Chemicals - 0.1%
|
|||
|
Ma'aden Sukuk Ltd 5.25% 2/13/2030 (e)
|
2,005,000
|
2,052,378
|
|
|
TOTAL SAUDI ARABIA
|
46,521,071
|
||
|
SERBIA - 0.2%
|
|||
|
Consumer Discretionary - 0.2%
|
|||
|
Distributors - 0.2%
|
|||
|
Telecommunications co Telekom Srbija AD Belgrade 7% 10/28/2029 (e)
|
2,770,000
|
2,766,548
|
|
|
SOUTH AFRICA - 1.0%
|
|||
|
Communication Services - 0.2%
|
|||
|
Diversified Telecommunication Services - 0.2%
|
|||
|
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (e)
|
4,320,000
|
3,890,246
|
|
|
Industrials - 0.1%
|
|||
|
Ground Transportation - 0.1%
|
|||
|
Transnet/South Africa 8.25% 2/6/2028 (e)
|
2,125,000
|
2,245,195
|
|
|
Materials - 0.4%
|
|||
|
Chemicals - 0.4%
|
|||
|
Sasol Financing USA LLC 4.375% 9/18/2026
|
3,705,000
|
3,681,845
|
|
|
Sasol Financing USA LLC 6.5% 9/27/2028
|
560,000
|
549,640
|
|
|
Sasol Financing USA LLC 8.75% 5/3/2029 (e)
|
1,210,000
|
1,228,421
|
|
|
TOTAL MATERIALS
|
5,459,906
|
||
|
Utilities - 0.3%
|
|||
|
Electric Utilities - 0.3%
|
|||
|
Eskom Holdings 6.35% 8/10/2028 (e)
|
3,515,000
|
3,635,828
|
|
|
Eskom Holdings 8.45% 8/10/2028 (e)
|
1,310,000
|
1,405,800
|
|
|
TOTAL UTILITIES
|
5,041,628
|
||
|
TOTAL SOUTH AFRICA
|
16,636,975
|
||
|
TURKEY - 0.7%
|
|||
|
Communication Services - 0.1%
|
|||
|
Diversified Telecommunication Services - 0.1%
|
|||
|
Turk Telekomunikasyon AS 6.95% 10/7/2032 (e)
|
1,600,000
|
1,632,496
|
|
|
Financials - 0.5%
|
|||
|
Banks - 0.5%
|
|||
|
Turkiye Garanti Bankasi AS 8.125% 1/8/2036 (b)(e)
|
4,500,000
|
4,669,065
|
|
|
Turkiye Ihracat Kredi Bankasi AS 6.375% 10/3/2030 (e)
|
1,895,000
|
1,902,106
|
|
|
Turkiye Ihracat Kredi Bankasi AS 6.875% 7/3/2028 (e)
|
2,170,000
|
2,240,525
|
|
|
TOTAL FINANCIALS
|
8,811,696
|
||
|
Industrials - 0.1%
|
|||
|
Transportation Infrastructure - 0.1%
|
|||
|
TAV Havalimanlari Holding AS 8.5% 12/7/2028 (e)
|
1,355,000
|
1,412,588
|
|
|
TOTAL TURKEY
|
11,856,780
|
||
|
UKRAINE - 0.0%
|
|||
|
Energy - 0.0%
|
|||
|
Oil, Gas & Consumable Fuels - 0.0%
|
|||
|
NAK Naftogaz Ukraine via Kondor Finance PLC loan participation 7.625% 11/8/2028 pay-in-kind (e)
|
1,441,937
|
1,102,562
|
|
|
UNITED ARAB EMIRATES - 2.3%
|
|||
|
Energy - 0.7%
|
|||
|
Oil, Gas & Consumable Fuels - 0.7%
|
|||
|
Adnoc Murban Rsc Ltd 5.125% 9/11/2054 (e)
|
4,215,000
|
3,963,786
|
|
|
Galaxy Pipeline Assets Bidco Ltd 2.625% 3/31/2036 (e)
|
8,100,000
|
7,147,278
|
|
|
TOTAL ENERGY
|
11,111,064
|
||
|
Financials - 0.8%
|
|||
|
Financial Services - 0.8%
|
|||
|
Abu Dhabi Developmental Holding Co PJSC 5.25% 10/2/2054 (e)
|
2,855,000
|
2,768,465
|
|
|
Abu Dhabi Developmental Holding Co PJSC 5.5% 5/8/2034 (e)
|
1,390,000
|
1,465,240
|
|
|
MDGH GMTN RSC Ltd 2.875% 11/7/2029 (e)
|
1,515,000
|
1,441,916
|
|
|
MDGH GMTN RSC Ltd 4.375% 11/22/2033 (e)
|
1,715,000
|
1,687,131
|
|
|
MDGH GMTN RSC Ltd 5.084% 5/22/2053 (e)
|
3,040,000
|
2,885,356
|
|
|
MDGH GMTN RSC Ltd Series 1, 5.5% 4/28/2033 (e)
|
1,620,000
|
1,710,623
|
|
|
TOTAL FINANCIALS
|
11,958,731
|
||
|
Real Estate - 0.4%
|
|||
|
Real Estate Management & Development - 0.4%
|
|||
|
Aldar Properties PJSC 6.6227% 4/15/2055 (b)(g)
|
3,505,000
|
3,659,606
|
|
|
Alpha Star Holding IX Ltd 7% 8/26/2028 (g)
|
1,980,000
|
2,023,699
|
|
|
Alpha Star Holding VIII Ltd 8.375% 4/12/2027 (g)
|
1,505,000
|
1,551,549
|
|
|
TOTAL REAL ESTATE
|
7,234,854
|
||
|
Utilities - 0.4%
|
|||
|
Multi-Utilities - 0.4%
|
|||
|
Abu Dhabi National Energy Co PJSC 4% 10/3/2049 (e)
|
2,460,000
|
1,987,557
|
|
|
Abu Dhabi National Energy Co PJSC 4.375% 1/24/2029 (e)
|
1,740,000
|
1,751,605
|
|
|
Abu Dhabi National Energy Co PJSC 4.75% 3/9/2037 (e)
|
2,850,000
|
2,794,796
|
|
|
TOTAL UTILITIES
|
6,533,958
|
||
|
TOTAL UNITED ARAB EMIRATES
|
36,838,607
|
||
|
UZBEKISTAN - 0.7%
|
|||
|
Materials - 0.7%
|
|||
|
Metals & Mining - 0.7%
|
|||
|
Navoi Mining & Metallurgical Combinat 6.7% 10/17/2028 (e)
|
1,595,000
|
1,650,825
|
|
|
Navoi Mining & Metallurgical Combinat 6.75% 5/14/2030 (e)
|
2,875,000
|
3,009,923
|
|
|
Navoi Mining & Metallurgical Combinat 6.95% 10/17/2031 (e)
|
3,010,000
|
3,207,532
|
|
|
Navoiyuran State Enterprise 6.7% 7/2/2030 (e)
|
3,185,000
|
3,208,059
|
|
|
TOTAL UZBEKISTAN
|
11,076,339
|
||
|
VENEZUELA - 0.7%
|
|||
|
Energy - 0.7%
|
|||
|
Oil, Gas & Consumable Fuels - 0.7%
|
|||
|
Petroleos de Venezuela SA 12.75% (c)(e)
|
3,065,000
|
870,460
|
|
|
Petroleos de Venezuela SA 5.375% (c)(g)
|
6,115,000
|
1,411,831
|
|
|
Petroleos de Venezuela SA 5.5% (c)(g)
|
3,475,000
|
806,200
|
|
|
Petroleos de Venezuela SA 6% (c)(e)
|
15,840,000
|
3,682,800
|
|
|
Petroleos de Venezuela SA 6% (c)(e)
|
4,980,000
|
1,157,850
|
|
|
Petroleos de Venezuela SA 9.75% (c)(e)
|
12,585,000
|
3,259,515
|
|
|
TOTAL VENEZUELA
|
11,188,656
|
||
|
VIETNAM - 0.0%
|
|||
|
Utilities - 0.0%
|
|||
|
Electric Utilities - 0.0%
|
|||
|
Mong Duong Finance Holdings BV 5.125% 5/7/2029 (e)
|
1,630,958
|
1,616,181
|
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $494,443,270)
|
468,665,651
|
||
|
Preferred Securities - 1.3%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
CHILE - 0.2%
|
|||
|
Financials - 0.2%
|
|||
|
Banks - 0.2%
|
|||
|
Banco de Credito e Inversiones SA 7.5% (b)(d)(e)
|
1,775,000
|
1,925,089
|
|
|
Banco de Credito e Inversiones SA 8.75% (b)(d)(e)
|
1,745,000
|
1,939,615
|
|
|
TOTAL CHILE
|
3,864,704
|
||
|
MEXICO - 0.9%
|
|||
|
Financials - 0.3%
|
|||
|
Banks - 0.3%
|
|||
|
Banco Mercantil del Norte SA/Grand Cayman 7.625% (b)(d)(e)
|
3,300,000
|
3,430,932
|
|
|
Banco Mercantil del Norte SA/Grand Cayman 8.375% (b)(d)(e)
|
1,195,000
|
1,262,587
|
|
|
TOTAL FINANCIALS
|
4,693,519
|
||
|
Materials - 0.6%
|
|||
|
Construction Materials - 0.6%
|
|||
|
Cemex SAB de CV 5.125% (b)(d)(e)
|
5,290,000
|
5,366,238
|
|
|
Cemex SAB de CV 7.2% (b)(d)(e)
|
2,760,000
|
2,939,055
|
|
|
TOTAL MATERIALS
|
8,305,293
|
||
|
TOTAL MEXICO
|
12,998,812
|
||
|
RUSSIA - 0.0%
|
|||
|
Financials - 0.0%
|
|||
|
Banks - 0.0%
|
|||
|
Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (b)(c)(d)(e)(f)
|
1,625,000
|
81,250
|
|
|
SAUDI ARABIA - 0.1%
|
|||
|
Financials - 0.1%
|
|||
|
Banks - 0.1%
|
|||
|
NCB Tier 1 Sukuk Ltd 3.5% (b)(d)(g)
|
1,965,000
|
1,957,420
|
|
|
UNITED ARAB EMIRATES - 0.1%
|
|||
|
Financials - 0.1%
|
|||
|
Banks - 0.1%
|
|||
|
Emirates NBD Bank PJSC 4.25% (b)(d)(g)
|
2,000,000
|
1,961,418
|
|
|
TOTAL PREFERRED SECURITIES
(Cost $21,547,895)
|
20,863,604
|
||
|
U.S. Treasury Obligations - 2.8%
|
||||
|
Yield (%) (j)
|
Principal
Amount (a)
|
Value ($)
|
||
|
US Treasury Bonds 2.875% 5/15/2052
|
3.09 to 3.12
|
12,474,000
|
8,716,208
|
|
|
US Treasury Bonds 3.25% 5/15/2042
|
3.37 to 5.18
|
9,912,000
|
8,266,453
|
|
|
US Treasury Bonds 3.625% 2/15/2053
|
3.96 to 5.06
|
4,641,000
|
3,757,397
|
|
|
US Treasury Notes 3.625% 3/31/2030
|
3.31 to 3.33
|
4,389,000
|
4,380,771
|
|
|
US Treasury Notes 3.75% 5/31/2030
|
3.84 to 3.87
|
3,633,000
|
3,641,941
|
|
|
US Treasury Notes 4% 2/28/2030
|
3.40
|
2,772,000
|
2,807,299
|
|
|
US Treasury Notes 4.125% 3/31/2031
|
4.66
|
6,174,000
|
6,278,910
|
|
|
US Treasury Notes 4.625% 9/30/2028
|
4.87
|
4,578,000
|
4,707,472
|
|
|
US Treasury Notes 4.625% 9/30/2030
|
5.00
|
2,898,000
|
3,011,429
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $50,027,493)
|
45,567,880
|
|||
|
Money Market Funds - 8.2%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (k)
(Cost $133,000,429)
|
3.79
|
132,973,835
|
133,000,429
|
|
|
TOTAL INVESTMENT IN SECURITIES - 98.3%
(Cost $1,609,138,121)
|
1,603,554,485
|
|
NET OTHER ASSETS (LIABILITIES) - 1.7%
|
28,135,512
|
|
NET ASSETS - 100.0%
|
1,631,689,997
|
|
Futures Contracts
|
||||
|
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
|
LONG
|
||||
|
Interest Rate Contracts
|
||||
|
CBOT 10Y US Treasury Notes Contracts (United States)
|
572
|
3/2026
|
64,224,875
|
(310,093)
|
|
The notional amount of long futures as a percentage of Net Assets is 3.9%.
|
||||
|
Credit Default Swaps
|
||||||||||
|
Underlying Reference
|
Maturity
Date
|
Clearinghouse /
Counterparty(1)
|
Fixed
Payment
Received/
(Paid)
|
Payment
Frequency
|
Notional
Amount(3)
|
Value ($)
|
Upfront
Premium
Received/
(Paid) ($)(2)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
||
|
Buy Protection
|
||||||||||
|
5Y CDX EMIG CDSI Series 44 Index
|
12/2030
|
ICE
|
(1%)
|
Quarterly
|
14,800,000
|
(18,584)
|
0
|
(18,584)
|
||
(1)Swaps with Intercontinental Exchange (ICE) are centrally cleared swaps.
(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).
(3)Notional amount is stated in U.S. Dollars unless otherwise noted.
|
Interest Rate Swaps
|
||||||||||
|
Payment Received
|
Payment
Frequency
|
Payment Paid
|
Payment
Frequency
|
Clearinghouse /
Counterparty(1)
|
Maturity
Date
|
Notional
Amount(4)
|
Value ($)
|
Upfront
Premium
Received/
(Paid) ($)(2)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
|
7.45%
|
Monthly
|
1D TIIE(3)
|
Monthly
|
CME
|
8/2026
|
MXN
|
28,000,000
|
4,319
|
0
|
4,319
|
(1)Swaps with CME Group (CME) are centrally cleared swaps.
(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).
(3)Represents floating rate.
(4)Notional amount is stated in U.S. Dollars unless otherwise noted.
Currency Abbreviations
|
BRL
|
-
|
Brazilian Real
|
|
EGP
|
-
|
Egyptian Pound
|
|
EUR
|
-
|
European Monetary Unit (Euro)
|
|
HUF
|
-
|
Hungarian Forint
|
|
MXN
|
-
|
Mexican Peso
|
|
NGN
|
-
|
Nigerian Naira
|
|
RON
|
-
|
Romanian Leu
|
|
TRY
|
-
|
New Turkish Lira
|
Security Type Abbreviations
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(c)
|
Non-income producing - Security is in default.
|
|
(d)
|
Security is perpetual in nature with no stated maturity date.
|
|
(e)
|
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 $961,768,188 or 58.9% of net assets.
|
|
(f)
|
Level 3 security.
|
|
(g)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $49,461,026 or 3.0% of net assets.
|
|
(h)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
|
(i)
|
Zero coupon bond which is issued at a discount.
|
|
(j)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Cash Central Fund
|
39,530,437
|
655,113,106
|
561,644,485
|
3,524,845
|
1,371
|
-
|
133,000,429
|
132,973,835
|
0.2%
|
|
Total
|
39,530,437
|
655,113,106
|
561,644,485
|
3,524,845
|
1,371
|
-
|
133,000,429
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Convertible Preferred Stocks
|
||||
|
Materials
|
3,066,001
|
-
|
3,066,001
|
-
|
|
Fixed-Income Funds
|
14,442,000
|
14,442,000
|
-
|
-
|
|
Foreign Government and Government Agency Obligations
|
917,948,920
|
-
|
917,948,920
|
-
|
|
Non-Convertible Corporate Bonds
|
||||
|
Communication Services
|
38,120,743
|
-
|
38,120,743
|
-
|
|
Consumer Discretionary
|
17,094,994
|
-
|
17,094,994
|
-
|
|
Consumer Staples
|
7,528,285
|
-
|
7,528,285
|
-
|
|
Energy
|
191,730,281
|
-
|
191,730,281
|
-
|
|
Financials
|
31,575,066
|
-
|
31,575,066
|
-
|
|
Industrials
|
29,910,175
|
-
|
29,910,175
|
-
|
|
Information Technology
|
1,024,154
|
-
|
1,024,154
|
-
|
|
Materials
|
103,914,288
|
-
|
103,914,288
|
-
|
|
Real Estate
|
7,234,854
|
-
|
7,234,854
|
-
|
|
Utilities
|
40,532,811
|
-
|
40,532,811
|
-
|
|
Preferred Securities
|
||||
|
Financials
|
12,558,311
|
-
|
12,477,061
|
81,250
|
|
Materials
|
8,305,293
|
-
|
8,305,293
|
-
|
|
U.S. Treasury Obligations
|
45,567,880
|
-
|
45,567,880
|
-
|
|
Money Market Funds
|
133,000,429
|
133,000,429
|
-
|
-
|
|
Total Investments in Securities:
|
1,603,554,485
|
147,442,429
|
1,456,030,806
|
81,250
|
|
Derivative Instruments:
|
||||
|
Assets
|
||||
|
Swaps
|
4,319
|
-
|
4,319
|
-
|
|
Total Assets
|
4,319
|
-
|
4,319
|
-
|
|
Liabilities
|
||||
|
Futures Contracts
|
(310,093)
|
(310,093)
|
-
|
-
|
|
Swaps
|
(18,584)
|
-
|
(18,584)
|
-
|
|
Total Liabilities
|
(328,677)
|
(310,093)
|
(18,584)
|
-
|
|
Total Derivative Instruments:
|
(324,358)
|
(310,093)
|
(14,265)
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
|
Primary Risk Exposure / Derivative Type
|
Value
|
|
|
Asset ($)
|
Liability ($)
|
|
|
Credit Risk
|
||
|
Swaps (a)
|
-
|
(18,584)
|
|
Total Credit Risk
|
-
|
(18,584)
|
|
Interest Rate Risk
|
||
|
Futures Contracts (b)
|
-
|
(310,093)
|
|
Swaps (a)
|
4,319
|
-
|
|
Total Interest Rate Risk
|
4,319
|
(310,093)
|
|
Total Value of Derivatives
|
4,319
|
(328,677)
|
(a)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).
(b)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Series Emerging Markets Debt Fund
Financial Statements
|
Statement of Assets and Liabilities
|
||||
|
As of December 31, 2025
|
||||
|
Assets
|
||||
|
Investment in securities, at value - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $1,476,137,692)
|
$
|
1,470,554,056
|
||
|
Fidelity Central Funds (cost $133,000,429)
|
133,000,429
|
|||
|
Total Investment in Securities (cost $1,609,138,121)
|
$
|
1,603,554,485
|
||
|
Segregated cash with brokers for derivative instruments
|
1,367,501
|
|||
|
Foreign currency held at value (cost $156,383)
|
160,549
|
|||
|
Receivable for fund shares sold
|
8,394,507
|
|||
|
Interest receivable
|
24,814,672
|
|||
|
Distributions receivable from Fidelity Central Funds
|
441,372
|
|||
|
Receivable from investment adviser for expense reductions
|
40,366
|
|||
|
Total assets
|
1,638,773,452
|
|||
|
Liabilities
|
||||
|
Payable for investments purchased
|
$
|
2,830,439
|
||
|
Payable for fund shares redeemed
|
3,971,144
|
|||
|
Distributions payable
|
21,069
|
|||
|
Payable for daily variation margin on futures contracts
|
205,562
|
|||
|
Payable for daily variation margin on centrally cleared swaps
|
1,974
|
|||
|
Other payables and accrued expenses
|
53,267
|
|||
|
Total liabilities
|
7,083,455
|
|||
|
Net Assets
|
$
|
1,631,689,997
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
1,846,975,828
|
||
|
Total accumulated earnings (loss)
|
(215,285,831)
|
|||
|
Net Assets
|
$
|
1,631,689,997
|
||
|
Net Asset Value, offering price and redemption price per share ($1,631,689,997 ÷ 191,372,632 shares)
|
$
|
8.53
|
||
|
Statement of Operations
|
||||
|
Year ended December 31, 2025
|
||||
|
Investment Income
|
||||
|
Dividends
|
$
|
1,795,126
|
||
|
Interest
|
95,387,193
|
|||
|
Income from Fidelity Central Funds
|
3,524,845
|
|||
|
Income before foreign taxes withheld
|
$
|
100,707,164
|
||
|
Less foreign taxes withheld
|
(192,093)
|
|||
|
Total income
|
100,515,071
|
|||
|
Expenses
|
||||
|
Custodian fees and expenses
|
$
|
15,688
|
||
|
Independent trustees' fees and expenses
|
5,732
|
|||
|
Legal
|
166,025
|
|||
|
Total expenses before reductions
|
187,445
|
|||
|
Expense reductions
|
(151,939)
|
|||
|
Total expenses after reductions
|
35,506
|
|||
|
Net Investment income (loss)
|
100,479,565
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
(17,384,526)
|
|||
|
Fidelity Central Funds
|
1,371
|
|||
|
Foreign currency transactions
|
(240,243)
|
|||
|
Futures contracts
|
1,906,598
|
|||
|
Swaps
|
(99,132)
|
|||
|
Total net realized gain (loss)
|
(15,815,932)
|
|||
|
Change in net unrealized appreciation (depreciation) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers (net of increase in deferred foreign taxes of $50,409)
|
120,924,289
|
|||
|
Assets and liabilities in foreign currencies
|
10,134
|
|||
|
Futures contracts
|
318,688
|
|||
|
Swaps
|
(14,265)
|
|||
|
Total change in net unrealized appreciation (depreciation)
|
121,238,846
|
|||
|
Net gain (loss)
|
105,422,914
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
205,902,479
|
||
|
Statement of Changes in Net Assets
|
||||
|
Year ended
December 31, 2025
|
Year ended
December 31, 2024
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
100,479,565
|
$
|
85,707,851
|
|
Net realized gain (loss)
|
(15,815,932)
|
(13,528,910)
|
||
|
Change in net unrealized appreciation (depreciation)
|
121,238,846
|
32,768,483
|
||
|
Net increase (decrease) in net assets resulting from operations
|
205,902,479
|
104,947,424
|
||
|
Distributions to shareholders
|
(92,370,464)
|
(77,300,052)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
227,719,634
|
215,494,185
|
||
|
Reinvestment of distributions
|
92,332,932
|
77,300,052
|
||
|
Cost of shares redeemed
|
(183,407,920)
|
(224,579,109)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
136,644,646
|
68,215,128
|
||
|
Total increase (decrease) in net assets
|
250,176,661
|
95,862,500
|
||
|
Net Assets
|
||||
|
Beginning of period
|
1,381,513,336
|
1,285,650,836
|
||
|
End of period
|
$
|
1,631,689,997
|
$
|
1,381,513,336
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
27,697,811
|
27,463,426
|
||
|
Issued in reinvestment of distributions
|
11,251,690
|
9,829,395
|
||
|
Redeemed
|
(22,414,373)
|
(28,400,452)
|
||
|
Net increase (decrease)
|
16,535,128
|
8,892,369
|
||
Financial Highlights
|
Fidelity® Series Emerging Markets Debt Fund
|
|
Years ended December 31,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
|
Selected Per-Share Data
|
||||||||||
|
Net asset value, beginning of period
|
$
|
7.90
|
$
|
7.75
|
$
|
7.34
|
$
|
9.07
|
$
|
9.54
|
|
Income from Investment Operations
|
||||||||||
|
Net investment income (loss) A,B
|
.554
|
.496
|
.524
|
.470
|
.456
|
|||||
|
Net realized and unrealized gain (loss)
|
.585
|
.101
|
.353
|
(1.779)
|
(.515)
|
|||||
|
Total from investment operations
|
1.139
|
.597
|
.877
|
(1.309)
|
(.059)
|
|||||
|
Distributions from net investment income
|
(.509)
|
(.447)
|
(.467)
|
(.421)
|
(.411)
|
|||||
|
Total distributions
|
(.509)
|
(.447)
|
(.467)
|
(.421)
|
(.411)
|
|||||
|
Net asset value, end of period
|
$
|
8.53
|
$
|
7.90
|
$
|
7.75
|
$
|
7.34
|
$
|
9.07
|
|
Total Return C
|
14.87
%
|
7.89%
|
12.47%
|
(14.45)%
|
(.60)%
|
|||||
|
Ratios to Average Net Assets B,D,E
|
||||||||||
|
Expenses before reductions
|
.01%
|
.01%
|
.02%
|
-% F
|
-% F
|
|||||
|
Expenses net of fee waivers, if any F
|
-
%
|
-%
|
-%
|
-%
|
-%
|
|||||
|
Expenses net of all reductions, if any F
|
-%
|
-%
|
-%
|
-%
|
-%
|
|||||
|
Net investment income (loss)
|
6.80%
|
6.29%
|
7.12%
|
6.12%
|
4.93%
|
|||||
|
Supplemental Data
|
||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
1,631,690
|
$
|
1,381,513
|
$
|
1,285,651
|
$
|
1,160,867
|
$
|
1,442,565
|
|
Portfolio turnover rate G
|
24
%
|
18%
|
22%
|
27%
|
29%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount represents less than .005%.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Series Emerging Markets Debt Local Currency Fund
Schedule of Investments December 31, 2025
Showing Percentage of Net Assets
|
Foreign Government and Government Agency Obligations - 84.0%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
BRAZIL - 7.9%
|
|||
|
Brazilian Federative Republic 10% 1/1/2027
|
BRL
|
38,000,000
|
6,715,115
|
|
Brazilian Federative Republic 10% 1/1/2029
|
BRL
|
34,000,000
|
5,746,813
|
|
Brazilian Federative Republic 10% 1/1/2031
|
BRL
|
13,250,000
|
2,126,964
|
|
Brazilian Federative Republic 10% 1/1/2033
|
BRL
|
14,700,000
|
2,264,869
|
|
Brazilian Federative Republic 10% 1/1/2035
|
BRL
|
17,500,000
|
2,620,906
|
|
Brazilian Federative Republic Treasury Bills 0% 1/1/2029 (d)
|
BRL
|
11,000,000
|
1,384,353
|
|
Brazilian Federative Republic Treasury Bills 0% 1/1/2030 (d)
|
BRL
|
26,500,000
|
2,927,104
|
|
Brazilian Federative Republic Treasury Bills 0% 1/1/2032 (d)
|
BRL
|
13,500,000
|
1,142,800
|
|
Brazilian Federative Republic Treasury Bills 0% 7/1/2026 (d)
|
BRL
|
43,500,000
|
7,425,455
|
|
Brazilian Federative Republic Treasury Bills 0% 7/1/2027 (d)
|
BRL
|
17,000,000
|
2,574,058
|
|
Brazilian Federative Republic Treasury Bills 0% 7/1/2028 (d)
|
BRL
|
19,500,000
|
2,615,217
|
|
TOTAL BRAZIL
|
37,543,654
|
||
|
CHILE - 1.9%
|
|||
|
Chilean Republic 4.7% 9/1/2030 (b)(c)
|
CLP
|
1,770,000,000
|
1,928,562
|
|
Chilean Republic 5% 3/1/2035
|
CLP
|
3,150,000,000
|
3,410,629
|
|
Chilean Republic 6% 1/1/2043
|
CLP
|
675,000,000
|
790,456
|
|
Chilean Republic 6% 4/1/2033 (b)(c)
|
CLP
|
2,650,000,000
|
3,055,996
|
|
TOTAL CHILE
|
9,185,643
|
||
|
CHINA - 4.7%
|
|||
|
Peoples Republic of China 1.63% 10/25/2030
|
CNY
|
6,000,000
|
857,426
|
|
Peoples Republic of China 1.78% 9/15/2032
|
CNY
|
23,500,000
|
3,365,598
|
|
Peoples Republic of China 1.88% 4/25/2055
|
CNY
|
16,000,000
|
2,092,461
|
|
Peoples Republic of China 2.04% 11/25/2034
|
CNY
|
25,500,000
|
3,698,733
|
|
Peoples Republic of China 2.49% 5/25/2044
|
CNY
|
9,250,000
|
1,352,047
|
|
Peoples Republic of China 2.57% 5/20/2054
|
CNY
|
4,750,000
|
708,139
|
|
Peoples Republic of China 2.68% 5/21/2030
|
CNY
|
23,500,000
|
3,516,046
|
|
Peoples Republic of China 2.88% 2/25/2033
|
CNY
|
28,000,000
|
4,317,128
|
|
Peoples Republic of China 3.12% 10/25/2052
|
CNY
|
13,250,000
|
2,178,343
|
|
Peoples Republic of China 3.81% 9/14/2050
|
CNY
|
1,950,000
|
353,425
|
|
TOTAL CHINA
|
22,439,346
|
||
|
COLOMBIA - 3.6%
|
|||
|
Colombian Republic 12.75% 11/28/2040
|
COP
|
7,000,000,000
|
1,812,484
|
|
Colombian Republic 5.75% 11/3/2027
|
COP
|
21,950,000,000
|
5,249,458
|
|
Colombian Republic 7% 3/26/2031
|
COP
|
5,000,000,000
|
1,033,627
|
|
Colombian Republic 7% 6/30/2032
|
COP
|
14,550,000,000
|
2,867,501
|
|
Colombian Republic 7.25% 10/18/2034
|
COP
|
12,750,000,000
|
2,402,678
|
|
Colombian Republic 7.25% 10/26/2050
|
COP
|
13,000,000,000
|
2,009,946
|
|
Colombian Republic 9.25% 5/28/2042
|
COP
|
7,400,000,000
|
1,482,034
|
|
TOTAL COLOMBIA
|
16,857,728
|
||
|
CZECH REPUBLIC - 4.3%
|
|||
|
Czech Republic 0.95% 5/15/2030 (c)
|
CZK
|
175,750,000
|
7,529,862
|
|
Czech Republic 1.2% 3/13/2031
|
CZK
|
185,120,000
|
7,809,946
|
|
Czech Republic 1.5% 4/24/2040
|
CZK
|
21,500,000
|
687,623
|
|
Czech Republic 1.95% 7/30/2037
|
CZK
|
13,500,000
|
496,071
|
|
Czech Republic 2% 10/13/2033
|
CZK
|
35,500,000
|
1,452,484
|
|
Czech Republic 2.75% 7/23/2029
|
CZK
|
26,000,000
|
1,216,852
|
|
Czech Republic 3.5% 5/30/2035
|
CZK
|
26,000,000
|
1,167,040
|
|
TOTAL CZECH REPUBLIC
|
20,359,878
|
||
|
DOMINICAN REPUBLIC - 0.6%
|
|||
|
Dominican Republic Bond 10.75% 6/1/2036 (c)
|
DOP
|
51,000,000
|
878,620
|
|
Dominican Republic Bond 13.625% 2/3/2033 (b)
|
DOP
|
38,500,000
|
736,970
|
|
Dominican Republic Bond 9.75% 6/5/2026 (c)
|
DOP
|
88,500,000
|
1,401,671
|
|
TOTAL DOMINICAN REPUBLIC
|
3,017,261
|
||
|
EGYPT - 0.9%
|
|||
|
Arab Republic of Egypt 14.556% 10/13/2027
|
EGP
|
36,000,000
|
658,415
|
|
Arab Republic of Egypt 16.1% 5/7/2029
|
EGP
|
12,000,000
|
221,714
|
|
Arab Republic of Egypt Treasury Bills 0% 2/24/2026 (d)
|
EGP
|
132,000,000
|
2,665,943
|
|
Arab Republic of Egypt Treasury Bills 0% 2/3/2026 (d)
|
EGP
|
30,000,000
|
614,393
|
|
TOTAL EGYPT
|
4,160,465
|
||
|
HUNGARY - 2.4%
|
|||
|
Hungary Government 2% 5/23/2029
|
HUF
|
275,000,000
|
734,089
|
|
Hungary Government 2.25% 4/20/2033
|
HUF
|
680,000,000
|
1,562,034
|
|
Hungary Government 3.25% 10/22/2031
|
HUF
|
110,000,000
|
285,476
|
|
Hungary Government 4.75% 11/24/2032
|
HUF
|
680,000,000
|
1,869,766
|
|
Hungary Government 6.75% 10/22/2028
|
HUF
|
2,053,000,000
|
6,351,784
|
|
Hungary Government 7% 10/24/2035
|
HUF
|
225,000,000
|
697,037
|
|
TOTAL HUNGARY
|
11,500,186
|
||
|
INDIA - 6.8%
|
|||
|
Republic of India 6.54% 1/17/2032
|
INR
|
264,000,000
|
2,933,823
|
|
Republic of India 6.67% 12/17/2050
|
INR
|
475,000,000
|
4,917,192
|
|
Republic of India 6.79% 10/7/2034
|
INR
|
540,000,000
|
6,063,209
|
|
Republic of India 7.1% 4/18/2029
|
INR
|
85,000,000
|
974,214
|
|
Republic of India 7.1% 4/8/2034
|
INR
|
175,000,000
|
2,000,168
|
|
Republic of India 7.17% 4/17/2030
|
INR
|
94,500,000
|
1,080,316
|
|
Republic of India 7.18% 7/24/2037
|
INR
|
461,500,000
|
5,262,375
|
|
Republic of India 7.18% 8/14/2033
|
INR
|
190,000,000
|
2,181,618
|
|
Republic of India 7.26% 8/22/2032
|
INR
|
55,000,000
|
632,752
|
|
Republic of India 7.3% 6/19/2053
|
INR
|
323,500,000
|
3,603,101
|
|
Republic of India 7.32% 11/13/2030
|
INR
|
136,500,000
|
1,575,620
|
|
Republic of India 7.38% 6/20/2027
|
INR
|
90,000,000
|
1,025,363
|
|
TOTAL INDIA
|
32,249,751
|
||
|
INDONESIA - 9.1%
|
|||
|
Indonesia Government 6.375% 4/15/2032
|
IDR
|
55,500,000,000
|
3,407,550
|
|
Indonesia Government 6.5% 2/15/2031
|
IDR
|
65,000,000,000
|
4,035,964
|
|
Indonesia Government 6.5% 7/15/2030
|
IDR
|
46,750,000,000
|
2,910,629
|
|
Indonesia Government 6.625% 2/15/2034
|
IDR
|
89,000,000,000
|
5,526,384
|
|
Indonesia Government 6.75% 7/15/2035
|
IDR
|
47,000,000,000
|
2,958,280
|
|
Indonesia Government 6.875% 4/15/2029
|
IDR
|
24,500,000,000
|
1,536,822
|
|
Indonesia Government 7% 2/15/2033
|
IDR
|
29,000,000,000
|
1,835,652
|
|
Indonesia Government 7% 9/15/2030
|
IDR
|
16,250,000,000
|
1,027,891
|
|
Indonesia Government 7.125% 6/15/2038
|
IDR
|
15,500,000,000
|
992,880
|
|
Indonesia Government 7.125% 6/15/2042
|
IDR
|
24,750,000,000
|
1,579,176
|
|
Indonesia Government 7.125% 6/15/2043
|
IDR
|
11,000,000,000
|
698,980
|
|
Indonesia Government 7.125% 8/15/2040
|
IDR
|
14,500,000,000
|
928,705
|
|
Indonesia Government 7.5% 4/15/2040
|
IDR
|
58,250,000,000
|
3,825,112
|
|
Indonesia Government 8.25% 5/15/2029
|
IDR
|
91,500,000,000
|
5,973,319
|
|
Indonesia Government 8.25% 5/15/2036
|
IDR
|
51,000,000,000
|
3,535,562
|
|
Indonesia Government 8.375% 3/15/2034
|
IDR
|
34,788,000,000
|
2,381,924
|
|
TOTAL INDONESIA
|
43,154,830
|
||
|
MALAYSIA - 4.7%
|
|||
|
Malaysia Government 3.757% 5/22/2040
|
MYR
|
250,000
|
61,147
|
|
Malaysia Government 3.828% 7/5/2034
|
MYR
|
23,300,000
|
5,864,446
|
|
Malaysia Government 4.054% 4/18/2039
|
MYR
|
4,000,000
|
1,014,056
|
|
Malaysia Government 4.065% 6/15/2050
|
MYR
|
17,000,000
|
4,238,270
|
|
Malaysia Government 4.18% 5/16/2044
|
MYR
|
6,750,000
|
1,732,977
|
|
Malaysia Government 4.457% 3/31/2053
|
MYR
|
4,500,000
|
1,187,992
|
|
Malaysia Government 4.642% 11/7/2033
|
MYR
|
2,250,000
|
598,745
|
|
Malaysia Government 4.696% 10/15/2042
|
MYR
|
12,700,000
|
3,445,681
|
|
Malaysia Government 4.736% 3/15/2046
|
MYR
|
4,500,000
|
1,229,632
|
|
Malaysia Government 4.762% 4/7/2037
|
MYR
|
8,750,000
|
2,364,279
|
|
Malaysia Government 4.893% 6/8/2038
|
MYR
|
2,000,000
|
547,536
|
|
TOTAL MALAYSIA
|
22,284,761
|
||
|
MEXICO - 10.1%
|
|||
|
United Mexican States 10% 11/20/2036
|
MXN
|
10,000,000
|
590,761
|
|
United Mexican States 7% 9/3/2026
|
MXN
|
99,250,000
|
5,503,876
|
|
United Mexican States 7.5% 5/26/2033
|
MXN
|
113,000,000
|
5,838,898
|
|
United Mexican States 7.5% 6/3/2027
|
MXN
|
38,250,000
|
2,122,803
|
|
United Mexican States 7.75% 11/13/2042
|
MXN
|
151,250,000
|
7,176,070
|
|
United Mexican States 7.75% 11/23/2034
|
MXN
|
100,500,000
|
5,176,748
|
|
United Mexican States 8% 7/31/2053
|
MXN
|
92,000,000
|
4,349,353
|
|
United Mexican States 8.5% 11/18/2038
|
MXN
|
26,000,000
|
1,351,502
|
|
United Mexican States 8.5% 2/28/2030
|
MXN
|
18,000,000
|
1,002,395
|
|
United Mexican States 8.5% 5/31/2029
|
MXN
|
249,750,000
|
13,994,773
|
|
TOTAL MEXICO
|
47,107,179
|
||
|
PERU - 2.0%
|
|||
|
Peruvian Republic 5.35% 8/12/2040
|
PEN
|
2,250,000
|
594,227
|
|
Peruvian Republic 5.4% 8/12/2034
|
PEN
|
1,850,000
|
548,729
|
|
Peruvian Republic 6.15% 8/12/2032
|
PEN
|
3,750,000
|
1,200,609
|
|
Peruvian Republic 6.85% 8/12/2035 (b)(c)
|
PEN
|
4,750,000
|
1,522,135
|
|
Peruvian Republic 6.9% 8/12/2037
|
PEN
|
4,250,000
|
1,323,486
|
|
Peruvian Republic 6.95% 8/12/2031
|
PEN
|
8,250,000
|
2,725,585
|
|
Peruvian Republic 7.3% 8/12/2033 (b)(c)
|
PEN
|
1,750,000
|
593,467
|
|
Peruvian Republic 7.6% 8/12/2039 (b)(c)
|
PEN
|
3,250,000
|
1,053,729
|
|
TOTAL PERU
|
9,561,967
|
||
|
POLAND - 4.7%
|
|||
|
Republic of Poland 1.25% 10/25/2030
|
PLN
|
11,700,000
|
2,814,942
|
|
Republic of Poland 1.75% 4/25/2032
|
PLN
|
20,500,000
|
4,807,250
|
|
Republic of Poland 2.75% 10/25/2029
|
PLN
|
6,450,000
|
1,703,420
|
|
Republic of Poland 5% 1/25/2030
|
PLN
|
14,400,000
|
4,105,073
|
|
Republic of Poland 5% 10/25/2034
|
PLN
|
16,250,000
|
4,509,262
|
|
Republic of Poland 5% 10/25/2035
|
PLN
|
2,500,000
|
687,857
|
|
Republic of Poland 6% 10/25/2033
|
PLN
|
11,500,000
|
3,426,415
|
|
TOTAL POLAND
|
22,054,219
|
||
|
ROMANIA - 4.7%
|
|||
|
Romanian Republic 3.25% 6/24/2026
|
RON
|
16,500,000
|
3,757,964
|
|
Romanian Republic 3.65% 9/24/2031
|
RON
|
4,500,000
|
891,653
|
|
Romanian Republic 4.25% 4/28/2036
|
RON
|
2,500,000
|
470,372
|
|
Romanian Republic 4.75% 10/11/2034
|
RON
|
5,250,000
|
1,051,647
|
|
Romanian Republic 4.85% 7/25/2029
|
RON
|
5,250,000
|
1,142,001
|
|
Romanian Republic 5% 2/12/2029
|
RON
|
29,950,000
|
6,602,315
|
|
Romanian Republic 5.8% 7/26/2027
|
RON
|
5,750,000
|
1,315,324
|
|
Romanian Republic 6.7% 2/25/2032
|
RON
|
5,750,000
|
1,317,778
|
|
Romanian Republic 6.85% 7/29/2030
|
RON
|
8,750,000
|
2,031,012
|
|
Romanian Republic 7.2% 10/30/2033
|
RON
|
10,500,000
|
2,483,796
|
|
Romanian Republic 7.2% 5/31/2027
|
RON
|
4,000,000
|
932,754
|
|
TOTAL ROMANIA
|
21,996,616
|
||
|
SOUTH AFRICA - 7.2%
|
|||
|
South African Republic 11.625% 3/31/2053
|
ZAR
|
17,000,000
|
1,301,650
|
|
South African Republic 6.25% 3/31/2036
|
ZAR
|
49,500,000
|
2,553,843
|
|
South African Republic 6.5% 2/28/2041
|
ZAR
|
30,000,000
|
1,440,126
|
|
South African Republic 7% 2/28/2031
|
ZAR
|
43,750,000
|
2,582,957
|
|
South African Republic 8% 1/31/2030
|
ZAR
|
42,250,000
|
2,608,021
|
|
South African Republic 8.25% 3/31/2032
|
ZAR
|
32,250,000
|
1,997,254
|
|
South African Republic 8.5% 1/31/2037
|
ZAR
|
80,000,000
|
4,799,136
|
|
South African Republic 8.75% 2/28/2048
|
ZAR
|
128,750,000
|
7,494,517
|
|
South African Republic 8.875% 2/28/2035
|
ZAR
|
144,000,000
|
9,064,558
|
|
TOTAL SOUTH AFRICA
|
33,842,062
|
||
|
THAILAND - 4.6%
|
|||
|
Kingdom of Thailand 1.585% 12/17/2035
|
THB
|
127,750,000
|
4,001,070
|
|
Kingdom of Thailand 1.6% 6/17/2035
|
THB
|
222,350,000
|
7,000,090
|
|
Kingdom of Thailand 2% 6/17/2042
|
THB
|
66,000,000
|
2,030,533
|
|
Kingdom of Thailand 2.875% 6/17/2046
|
THB
|
44,400,000
|
1,519,058
|
|
Kingdom of Thailand 3.3% 6/17/2038
|
THB
|
15,750,000
|
572,343
|
|
Kingdom of Thailand 3.39% 6/17/2037
|
THB
|
72,500,000
|
2,671,490
|
|
Kingdom of Thailand 3.45% 6/17/2043
|
THB
|
103,500,000
|
3,829,811
|
|
TOTAL THAILAND
|
21,624,395
|
||
|
TURKEY - 2.9%
|
|||
|
Turkish Republic 10.5% 8/11/2027
|
TRY
|
27,500,000
|
464,065
|
|
Turkish Republic 17.3% 7/19/2028
|
TRY
|
35,500,000
|
628,530
|
|
Turkish Republic 17.8% 7/13/2033
|
TRY
|
23,500,000
|
385,101
|
|
Turkish Republic 26.2% 10/5/2033
|
TRY
|
61,500,000
|
1,383,936
|
|
Turkish Republic 30% 9/12/2029
|
TRY
|
55,250,000
|
1,254,556
|
|
Turkish Republic 31.08% 11/8/2028
|
TRY
|
50,500,000
|
1,164,346
|
|
Turkish Republic 32.6% 2/10/2027
|
TRY
|
50,000,000
|
1,142,771
|
|
Turkish Republic 36% 8/12/2026
|
TRY
|
239,000,000
|
5,593,297
|
|
Turkish Republic 37.84% 7/14/2027
|
TRY
|
77,500,000
|
1,874,214
|
|
TOTAL TURKEY
|
13,890,816
|
||
|
URUGUAY - 0.7%
|
|||
|
Uruguay Republic 8.25% 5/21/2031
|
UYU
|
31,500,000
|
830,247
|
|
Uruguay Republic 8.5% 3/15/2028 (c)
|
UYU
|
60,025,000
|
1,566,022
|
|
Uruguay Republic 9.75% 7/20/2033
|
UYU
|
34,298,120
|
986,548
|
|
TOTAL URUGUAY
|
3,382,817
|
||
|
UZBEKISTAN - 0.2%
|
|||
|
Republic of Uzbekistan 15.5% 2/25/2028 (c)
|
UZS
|
13,410,000,000
|
1,172,883
|
|
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $381,096,041)
|
397,386,457
|
||
|
Non-Convertible Corporate Bonds - 2.8%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
GEORGIA - 0.3%
|
|||
|
Financials - 0.3%
|
|||
|
Banks - 0.3%
|
|||
|
Bank of Georgia JSC 11.5% 11/17/2028 (b)
|
GEL
|
3,240,000
|
1,220,636
|
|
MULTI-NATIONAL - 2.5%
|
|||
|
Financials - 2.5%
|
|||
|
Banks - 1.9%
|
|||
|
Corp Andina de Fomento 7.65% 3/5/2031 (c)
|
INR
|
234,500,000
|
2,633,617
|
|
European Bank for Reconstruction & Development 6.25% 4/11/2028
|
INR
|
277,000,000
|
3,051,880
|
|
Inter-American Development Bank 5.1% 11/17/2026
|
IDR
|
15,000,000,000
|
898,289
|
|
Inter-American Development Bank 7% 1/25/2029
|
INR
|
170,000,000
|
1,899,300
|
|
Inter-American Development Bank 7.35% 10/6/2030
|
INR
|
50,000,000
|
569,373
|
|
9,052,459
|
|||
|
Financial Services - 0.6%
|
|||
|
International Bank for Reconstruction & Development 10% 9/16/2026
|
KZT
|
550,000,000
|
1,034,258
|
|
International Bank for Reconstruction & Development 7.05% 7/22/2029
|
INR
|
172,000,000
|
1,933,378
|
|
2,967,636
|
|||
|
TOTAL MULTI-NATIONAL
|
12,020,095
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $13,869,045)
|
13,240,731
|
||
|
U.S. Treasury Obligations - 0.5%
|
||||
|
Yield (%) (e)
|
Principal
Amount (a)
|
Value ($)
|
||
|
US Treasury Bills 0% 2/12/2026
(Cost $2,344,566)
|
3.83
|
2,355,000
|
2,345,373
|
|
|
Money Market Funds - 10.5%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (f)
(Cost $49,795,420)
|
3.79
|
49,783,872
|
49,793,829
|
|
|
TOTAL INVESTMENT IN SECURITIES - 97.8%
(Cost $447,105,072)
|
462,766,390
|
|
NET OTHER ASSETS (LIABILITIES) - 2.2%
|
10,249,907
|
|
NET ASSETS - 100.0%
|
473,016,297
|
|
Forward Foreign Currency Contracts
|
||||||
|
Currency
Purchased
|
Currency
Sold
|
Counterparty
|
Settlement
Date
|
Unrealized
Appreciation/
(Depreciation) ($)
|
||
|
BRL
|
6,464,000
|
USD
|
1,189,985
|
Citibank NA
|
2/2026
|
(21,551)
|
|
BRL
|
4,424,000
|
USD
|
810,806
|
State Street Bank & Trust Co
|
2/2026
|
(11,123)
|
|
CAD
|
1,637,000
|
USD
|
1,187,134
|
Goldman Sachs Bank USA
|
2/2026
|
7,588
|
|
CLP
|
1,109,543,000
|
USD
|
1,193,699
|
Goldman Sachs Bank USA
|
2/2026
|
39,887
|
|
CLP
|
1,638,545,000
|
USD
|
1,730,851
|
State Street Bank & Trust Co
|
2/2026
|
90,876
|
|
CNY
|
143,455,000
|
USD
|
20,326,603
|
Citibank NA
|
2/2026
|
222,213
|
|
COP
|
2,762,400,000
|
USD
|
714,013
|
BNP Paribas SA
|
2/2026
|
4,093
|
|
CZK
|
18,312,000
|
USD
|
875,593
|
Canadian Imperial Bank of Commerce
|
2/2026
|
15,729
|
|
CZK
|
25,507,000
|
USD
|
1,226,280
|
JPMorgan Chase Bank NA
|
2/2026
|
15,252
|
|
EUR
|
974,000
|
USD
|
1,139,356
|
Brown Brothers Harriman & Co.
|
2/2026
|
7,372
|
|
EUR
|
1,049,000
|
USD
|
1,235,855
|
State Street Bank & Trust Co
|
2/2026
|
(827)
|
|
GBP
|
894,000
|
USD
|
1,191,886
|
Canadian Imperial Bank of Commerce
|
2/2026
|
13,103
|
|
HUF
|
360,127,000
|
USD
|
1,092,341
|
Canadian Imperial Bank of Commerce
|
2/2026
|
5,935
|
|
HUF
|
784,935,000
|
USD
|
2,361,165
|
Citibank NA
|
2/2026
|
32,645
|
|
HUF
|
58,562,000
|
USD
|
177,310
|
Goldman Sachs Bank USA
|
2/2026
|
1,286
|
|
INR
|
119,963,000
|
USD
|
1,327,391
|
Canadian Imperial Bank of Commerce
|
2/2026
|
3,403
|
|
INR
|
25,020,000
|
USD
|
280,792
|
Royal Bank of Canada
|
2/2026
|
(3,236)
|
|
INR
|
172,240,000
|
USD
|
1,936,586
|
State Street Bank & Trust Co
|
2/2026
|
(25,864)
|
|
KRW
|
1,503,200,000
|
USD
|
1,032,311
|
Bank of America NA
|
2/2026
|
12,148
|
|
KRW
|
3,383,200,000
|
USD
|
2,329,225
|
Goldman Sachs Bank USA
|
2/2026
|
21,503
|
|
KZT
|
719,036,000
|
USD
|
1,333,771
|
Citibank NA
|
2/2026
|
63,308
|
|
MXN
|
121,108,000
|
USD
|
6,485,290
|
Royal Bank of Canada
|
2/2026
|
215,064
|
|
MYR
|
11,967,000
|
USD
|
2,921,631
|
Goldman Sachs Bank USA
|
2/2026
|
30,487
|
|
MYR
|
7,200,000
|
USD
|
1,746,301
|
Goldman Sachs Bank USA
|
2/2026
|
29,854
|
|
MYR
|
32,434,000
|
USD
|
7,824,849
|
Goldman Sachs Bank USA
|
2/2026
|
176,237
|
|
MYR
|
7,489,070
|
USD
|
1,820,386
|
Goldman Sachs Bank USA
|
2/2026
|
27,079
|
|
MYR
|
10,295,000
|
USD
|
2,488,819
|
Goldman Sachs Bank USA
|
2/2026
|
50,836
|
|
MYR
|
11,464,000
|
USD
|
2,767,879
|
Goldman Sachs Bank USA
|
2/2026
|
60,155
|
|
MYR
|
9,416,000
|
USD
|
2,285,326
|
Royal Bank of Canada
|
2/2026
|
37,490
|
|
MYR
|
5,039,000
|
USD
|
1,226,332
|
State Street Bank & Trust Co
|
2/2026
|
16,730
|
|
MYR
|
13,557,000
|
USD
|
3,273,056
|
State Street Bank & Trust Co
|
2/2026
|
71,296
|
|
PEN
|
3,675,000
|
USD
|
1,089,858
|
State Street Bank & Trust Co
|
2/2026
|
1,949
|
|
PHP
|
69,027,000
|
USD
|
1,178,740
|
JPMorgan Chase Bank NA
|
2/2026
|
(7,446)
|
|
PLN
|
15,967,000
|
USD
|
4,398,143
|
Canadian Imperial Bank of Commerce
|
2/2026
|
48,395
|
|
PLN
|
2,903,000
|
USD
|
791,251
|
Canadian Imperial Bank of Commerce
|
2/2026
|
17,185
|
|
PLN
|
977,000
|
USD
|
272,206
|
Canadian Imperial Bank of Commerce
|
2/2026
|
(128)
|
|
PLN
|
8,760,000
|
USD
|
2,441,628
|
Canadian Imperial Bank of Commerce
|
2/2026
|
(2,117)
|
|
PLN
|
4,205,000
|
USD
|
1,173,670
|
Citibank NA
|
2/2026
|
(2,649)
|
|
PLN
|
3,457,000
|
USD
|
946,862
|
Goldman Sachs Bank USA
|
2/2026
|
15,854
|
|
PLN
|
8,852,000
|
USD
|
2,435,127
|
Goldman Sachs Bank USA
|
2/2026
|
30,004
|
|
PLN
|
4,356,000
|
USD
|
1,194,347
|
State Street Bank & Trust Co
|
2/2026
|
18,725
|
|
RON
|
18,452,000
|
USD
|
4,182,910
|
Bank of America NA
|
2/2026
|
65,242
|
|
THB
|
37,929,000
|
USD
|
1,178,078
|
JPMorgan Chase Bank NA
|
2/2026
|
24,327
|
|
THB
|
20,500,000
|
USD
|
662,646
|
JPMorgan Chase Bank NA
|
2/2026
|
(12,765)
|
|
THB
|
45,773,000
|
USD
|
1,447,164
|
JPMorgan Chase Bank NA
|
2/2026
|
3,908
|
|
THB
|
33,600,000
|
USD
|
1,054,358
|
JPMorgan Chase Bank NA
|
2/2026
|
10,812
|
|
THB
|
527,278,000
|
USD
|
16,380,180
|
JPMorgan Chase Bank NA
|
2/2026
|
335,319
|
|
USD
|
2,442,861
|
BRL
|
13,666,000
|
BNP Paribas SA
|
2/2026
|
(27,408)
|
|
USD
|
1,973,369
|
BRL
|
10,967,000
|
State Street Bank & Trust Co
|
2/2026
|
(9,028)
|
|
USD
|
1,323,985
|
BRL
|
7,270,000
|
State Street Bank & Trust Co
|
2/2026
|
9,858
|
|
USD
|
1,170,756
|
CAD
|
1,637,000
|
Brown Brothers Harriman & Co.
|
2/2026
|
(23,967)
|
|
USD
|
963,273
|
CLP
|
901,768,000
|
Bank of America NA
|
2/2026
|
(39,309)
|
|
USD
|
1,987,812
|
CLP
|
1,846,320,000
|
State Street Bank & Trust Co
|
2/2026
|
(64,919)
|
|
USD
|
1,914,348
|
CNY
|
13,475,000
|
BNP Paribas SA
|
2/2026
|
(15,841)
|
|
USD
|
713,636
|
CNY
|
5,024,000
|
Bank of America NA
|
2/2026
|
(6,013)
|
|
USD
|
4,479,733
|
CNY
|
31,380,000
|
Citibank NA
|
2/2026
|
(15,209)
|
|
USD
|
1,329,079
|
CNY
|
9,372,000
|
Goldman Sachs Bank USA
|
2/2026
|
(13,387)
|
|
USD
|
723,141
|
COP
|
2,762,400,000
|
Bank of America NA
|
2/2026
|
5,036
|
|
USD
|
736,463
|
CZK
|
15,321,000
|
Bank of America NA
|
2/2026
|
(9,274)
|
|
USD
|
1,544,456
|
CZK
|
32,383,000
|
Canadian Imperial Bank of Commerce
|
2/2026
|
(31,761)
|
|
USD
|
7,029,176
|
EUR
|
6,039,000
|
JPMorgan Chase Bank NA
|
2/2026
|
(80,771)
|
|
USD
|
1,169,349
|
GBP
|
894,000
|
Bank of America NA
|
2/2026
|
(35,640)
|
|
USD
|
1,270,236
|
HUF
|
424,873,000
|
Goldman Sachs Bank USA
|
2/2026
|
(25,496)
|
|
USD
|
2,336,525
|
HUF
|
778,751,000
|
Goldman Sachs Bank USA
|
2/2026
|
(38,426)
|
|
USD
|
2,369,019
|
INR
|
212,122,000
|
Bank of America NA
|
2/2026
|
15,871
|
|
USD
|
1,173,749
|
INR
|
105,101,000
|
Goldman Sachs Bank USA
|
2/2026
|
7,824
|
|
USD
|
4,555,155
|
KRW
|
6,612,900,000
|
BNP Paribas SA
|
2/2026
|
(39,647)
|
|
USD
|
1,376,145
|
KZT
|
719,036,000
|
Bank of America NA
|
2/2026
|
(20,934)
|
|
USD
|
2,587,085
|
MXN
|
46,978,000
|
Bank of America NA
|
2/2026
|
(11,994)
|
|
USD
|
1,739,308
|
MXN
|
31,485,000
|
State Street Bank & Trust Co
|
2/2026
|
(2,614)
|
|
USD
|
2,298,897
|
MXN
|
42,645,000
|
State Street Bank & Trust Co
|
2/2026
|
(60,457)
|
|
USD
|
1,126,805
|
MYR
|
4,643,000
|
Goldman Sachs Bank USA
|
2/2026
|
(18,568)
|
|
USD
|
1,086,314
|
PEN
|
3,675,000
|
Bank of America NA
|
2/2026
|
(5,493)
|
|
USD
|
1,164,227
|
PHP
|
69,027,000
|
State Street Bank & Trust Co
|
2/2026
|
(7,067)
|
|
USD
|
1,215,561
|
RON
|
5,353,000
|
Goldman Sachs Bank USA
|
2/2026
|
(16,845)
|
|
USD
|
1,069,926
|
RON
|
4,721,000
|
JPMorgan Chase Bank NA
|
2/2026
|
(16,977)
|
|
USD
|
1,596,115
|
THB
|
51,542,000
|
JPMorgan Chase Bank NA
|
2/2026
|
(37,843)
|
|
USD
|
729,585
|
THB
|
23,587,000
|
JPMorgan Chase Bank NA
|
2/2026
|
(18,158)
|
|
ZAR
|
12,734,000
|
USD
|
767,432
|
Citibank NA
|
2/2026
|
(555)
|
|
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS
|
1,100,571
|
|||||
|
Unrealized Appreciation
|
1,881,878
|
|||||
|
Unrealized Depreciation
|
(781,307)
|
|||||
|
Interest Rate Swaps
|
||||||||||
|
Payment Received
|
Payment
Frequency
|
Payment Paid
|
Payment
Frequency
|
Clearinghouse /
Counterparty(1)
|
Maturity
Date
|
Notional
Amount(4)
|
Value ($)
|
Upfront
Premium
Received/
(Paid) ($)(2)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
|
7.49%
|
Quarterly
|
3M JIBAR(3)
|
Quarterly
|
CME
|
6/2030
|
ZAR
|
1,000,000
|
2,128
|
0
|
2,128
|
(1)Swaps with CME Group (CME) are centrally cleared swaps.
(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).
(3)Represents floating rate.
(4)Notional amount is stated in U.S. Dollars unless otherwise noted.
Currency Abbreviations
|
BRL
|
-
|
Brazilian Real
|
|
CAD
|
-
|
Canadian Dollar
|
|
CLP
|
-
|
Chilean Peso
|
|
CNY
|
-
|
Chinese (Peoples Rep) Yuan
|
|
COP
|
-
|
Colombian Peso
|
|
CZK
|
-
|
Czech Koruna
|
|
DOP
|
-
|
Dominican Republic Peso
|
|
EGP
|
-
|
Egyptian Pound
|
|
EUR
|
-
|
European Monetary Unit (Euro)
|
|
GBP
|
-
|
British Pound Sterling
|
|
GEL
|
-
|
Georgia Lari
|
|
HUF
|
-
|
Hungarian Forint
|
|
IDR
|
-
|
Indonesian Rupiah
|
|
INR
|
-
|
Indian Rupee
|
|
KRW
|
-
|
Korean Won
|
|
KZT
|
-
|
Kazakhstan Tenge
|
|
MXN
|
-
|
Mexican Peso
|
|
MYR
|
-
|
Malaysian Ringgit
|
|
PEN
|
-
|
Peruvian New Sol
|
|
PHP
|
-
|
Philippines
|
|
PLN
|
-
|
Polish Zloty
|
|
RON
|
-
|
Romanian Leu
|
|
THB
|
-
|
Thai Baht
|
|
TRY
|
-
|
New Turkish Lira
|
|
USD
|
-
|
United States Dollar
|
|
UYU
|
-
|
Uruguay Peso
|
|
UZS
|
-
|
Uzbekistan Sum
|
|
ZAR
|
-
|
South African Rand
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,111,495 or 2.1% of net assets.
|
|
(c)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $23,336,564 or 4.9% of net assets.
|
|
(d)
|
Zero coupon bond which is issued at a discount.
|
|
(e)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Cash Central Fund
|
39,243,522
|
190,312,073
|
179,760,210
|
1,108,848
|
35
|
(1,591)
|
49,793,829
|
49,783,872
|
0.1%
|
|
Total
|
39,243,522
|
190,312,073
|
179,760,210
|
1,108,848
|
35
|
(1,591)
|
49,793,829
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
|
Valuation Inputs at Reporting Date:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Foreign Government and Government Agency Obligations
|
397,386,457
|
-
|
397,386,457
|
-
|
|
Non-Convertible Corporate Bonds
|
||||
|
Financials
|
13,240,731
|
-
|
13,240,731
|
-
|
|
U.S. Treasury Obligations
|
2,345,373
|
-
|
2,345,373
|
-
|
|
Money Market Funds
|
49,793,829
|
49,793,829
|
-
|
-
|
|
Total Investments in Securities:
|
462,766,390
|
49,793,829
|
412,972,561
|
-
|
|
Derivative Instruments:
|
||||
|
Assets
|
||||
|
Forward Foreign Currency Contracts
|
1,881,878
|
-
|
1,881,878
|
-
|
|
Swaps
|
2,128
|
-
|
2,128
|
-
|
|
Total Assets
|
1,884,006
|
-
|
1,884,006
|
-
|
|
Liabilities
|
||||
|
Forward Foreign Currency Contracts
|
(781,307)
|
-
|
(781,307)
|
-
|
|
Total Liabilities
|
(781,307)
|
-
|
(781,307)
|
-
|
|
Total Derivative Instruments:
|
1,102,699
|
-
|
1,102,699
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
|
Primary Risk Exposure / Derivative Type
|
Value
|
|
|
Asset ($)
|
Liability ($)
|
|
|
Foreign Exchange Risk
|
||
|
Forward Foreign Currency Contracts (a)
|
1,881,878
|
(781,307)
|
|
Total Foreign Exchange Risk
|
1,881,878
|
(781,307)
|
|
Interest Rate Risk
|
||
|
Swaps (b)
|
2,128
|
-
|
|
Total Interest Rate Risk
|
2,128
|
-
|
|
Total Value of Derivatives
|
1,884,006
|
(781,307)
|
(a)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).
(b)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).
Fidelity® Series Emerging Markets Debt Local Currency Fund
Financial Statements
|
Statement of Assets and Liabilities
|
||||
|
As of December 31, 2025
|
||||
|
Assets
|
||||
|
Investment in securities, at value - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $397,309,652)
|
$
|
412,972,561
|
||
|
Fidelity Central Funds (cost $49,795,420)
|
49,793,829
|
|||
|
Total Investment in Securities (cost $447,105,072)
|
$
|
462,766,390
|
||
|
Segregated cash with brokers for derivative instruments
|
2,044
|
|||
|
Foreign currency held at value (cost $1,473,232)
|
1,290,469
|
|||
|
Unrealized appreciation on forward foreign currency contracts
|
1,881,878
|
|||
|
Receivable for fund shares sold
|
61,378
|
|||
|
Reclaims receivable
|
291,088
|
|||
|
Interest receivable
|
8,776,125
|
|||
|
Distributions receivable from Fidelity Central Funds
|
141,502
|
|||
|
Receivable from investment adviser for expense reductions
|
5,156
|
|||
|
Total assets
|
475,216,030
|
|||
|
Liabilities
|
||||
|
Unrealized depreciation on forward foreign currency contracts
|
$
|
781,307
|
||
|
Payable for fund shares redeemed
|
1,249,600
|
|||
|
Payable for daily variation margin on centrally cleared swaps
|
34
|
|||
|
Deferred taxes
|
156,095
|
|||
|
Other payables and accrued expenses
|
12,697
|
|||
|
Total liabilities
|
2,199,733
|
|||
|
Net Assets
|
$
|
473,016,297
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
502,903,522
|
||
|
Total accumulated earnings (loss)
|
(29,887,225)
|
|||
|
Net Assets
|
$
|
473,016,297
|
||
|
Net Asset Value, offering price and redemption price per share ($473,016,297 ÷ 49,614,205 shares)
|
$
|
9.53
|
||
|
Statement of Operations
|
||||
|
Year ended December 31, 2025
|
||||
|
Investment Income
|
||||
|
Interest
|
$
|
31,419,429
|
||
|
Income from Fidelity Central Funds
|
1,108,848
|
|||
|
Income before foreign taxes withheld
|
$
|
32,528,277
|
||
|
Less foreign taxes withheld
|
(643,825)
|
|||
|
Total income
|
31,884,452
|
|||
|
Expenses
|
||||
|
Custodian fees and expenses
|
$
|
75,858
|
||
|
Independent trustees' fees and expenses
|
1,729
|
|||
|
Total expenses before reductions
|
77,587
|
|||
|
Expense reductions
|
(70,302)
|
|||
|
Total expenses after reductions
|
7,285
|
|||
|
Net Investment income (loss)
|
31,877,167
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers (net of foreign taxes of $139,686)
|
1,285,254
|
|||
|
Fidelity Central Funds
|
35
|
|||
|
Forward foreign currency contracts
|
(178,339)
|
|||
|
Foreign currency transactions
|
185,217
|
|||
|
Swaps
|
1,106
|
|||
|
Total net realized gain (loss)
|
1,293,273
|
|||
|
Change in net unrealized appreciation (depreciation) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers (net of increase in deferred foreign taxes of $147,878)
|
43,452,297
|
|||
|
Fidelity Central Funds
|
(1,591)
|
|||
|
Forward foreign currency contracts
|
1,258,938
|
|||
|
Assets and liabilities in foreign currencies
|
330,730
|
|||
|
Swaps
|
2,128
|
|||
|
Total change in net unrealized appreciation (depreciation)
|
45,042,502
|
|||
|
Net gain (loss)
|
46,335,775
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
78,212,942
|
||
|
Statement of Changes in Net Assets
|
||||
|
Year ended
December 31, 2025
|
Year ended
December 31, 2024
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
31,877,167
|
$
|
29,214,152
|
|
Net realized gain (loss)
|
1,293,273
|
(6,852,331)
|
||
|
Change in net unrealized appreciation (depreciation)
|
45,042,502
|
(32,823,530)
|
||
|
Net increase (decrease) in net assets resulting from operations
|
78,212,942
|
(10,461,709)
|
||
|
Distributions to shareholders
|
(30,945,258)
|
(27,290,410)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
42,960,314
|
64,228,884
|
||
|
Reinvestment of distributions
|
30,945,182
|
27,290,410
|
||
|
Cost of shares redeemed
|
(54,532,015)
|
(67,250,159)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
19,373,481
|
24,269,135
|
||
|
Total increase (decrease) in net assets
|
66,641,165
|
(13,482,984)
|
||
|
Net Assets
|
||||
|
Beginning of period
|
406,375,132
|
419,858,116
|
||
|
End of period
|
$
|
473,016,297
|
$
|
406,375,132
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
4,597,124
|
6,995,994
|
||
|
Issued in reinvestment of distributions
|
3,292,041
|
3,089,406
|
||
|
Redeemed
|
(5,812,804)
|
(7,360,453)
|
||
|
Net increase (decrease)
|
2,076,361
|
2,724,947
|
||
Financial Highlights
|
Fidelity® Series Emerging Markets Debt Local Currency Fund
|
|
Years ended December 31,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
|
Selected Per-Share Data
|
||||||||||
|
Net asset value, beginning of period
|
$
|
8.55
|
$
|
9.37
|
$
|
8.69
|
$
|
9.43
|
$
|
10.81
|
|
Income from Investment Operations
|
||||||||||
|
Net investment income (loss) A,B
|
.674
|
.625
|
.598
|
.445
|
.439
|
|||||
|
Net realized and unrealized gain (loss)
|
.971
|
(.853)
|
.564
|
(1.185)
|
(1.358)
|
|||||
|
Total from investment operations
|
1.645
|
(.228)
|
1.162
|
(.740)
|
(.919)
|
|||||
|
Distributions from net investment income
|
(.665)
|
(.592)
|
(.482)
|
-
|
(.456)
|
|||||
|
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
(.005)
|
|||||
|
Total distributions
|
(.665)
|
(.592)
|
(.482)
|
-
|
(.461)
|
|||||
|
Net asset value, end of period
|
$
|
9.53
|
$
|
8.55
|
$
|
9.37
|
$
|
8.69
|
$
|
9.43
|
|
Total Return C
|
19.35
%
|
(2.54)%
|
13.53%
|
(7.85)%
|
(8.56)%
|
|||||
|
Ratios to Average Net Assets B,D,E
|
||||||||||
|
Expenses before reductions
|
.02%
|
.02%
|
.02%
|
.02%
|
.03%
|
|||||
|
Expenses net of fee waivers, if any F
|
-
%
|
-%
|
-%
|
-%
|
-%
|
|||||
|
Expenses net of all reductions, if any F
|
-%
|
-%
|
-%
|
-%
|
-%
|
|||||
|
Net investment income (loss)
|
7.16%
|
6.87%
|
6.51%
|
5.17%
|
4.31%
|
|||||
|
Supplemental Data
|
||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
473,016
|
$
|
406,375
|
$
|
419,858
|
$
|
383,293
|
$
|
483,309
|
|
Portfolio turnover rate G
|
59
%
|
46%
|
71%
|
53%
|
65%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FAmount represents less than .005%.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
For the period ended December 31, 2025
1. Organization.
Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund (the Funds) are funds of Fidelity Hastings Street Trust (the Trust). Fidelity Series Emerging Markets Debt Local Currency Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Funds are only available for purchase by mutual funds for which Fidelity Management & Research Company LLC (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments 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 each Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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, debt securities and swaps 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 and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Fidelity Series Emerging Markets Debt 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.
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 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.
Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price or official closing 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable, as applicable.
Expenses.Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders.Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series Emerging Markets Debt Local Currency Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses and Deferred taxes on each applicable Fund's Statement of Assets and Liabilities.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, swaps, foreign currency transactions, certain foreign taxes, defaulted bonds, market discount, capital loss carryforwards and losses deferred due to wash sales, futures contracts and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
|
|
Tax cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation)($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
1,583,096,910
|
106,129,012
|
(85,682,033)
|
20,446,979
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
445,825,977
|
22,138,836
|
(15,347,599)
|
6,791,237
|
The tax-based components of distributable earnings as of period end were as follows for each Fund:
|
|
Undistributed ordinary income ($)
|
Capital loss carryforward ($)
|
Net unrealized appreciation (depreciation) on securities and other investments ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
1,234,416
|
(236,913,141)
|
20,443,303
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
2,446,139
|
(38,858,354)
|
6,681,085
|
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
|
|
Short-term ($)
|
Long-term ($)
|
Total capital loss carryforward ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
(26,419,130)
|
(210,494,011)
|
(236,913,141)
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
(11,592,759)
|
(27,265,595)
|
(38,858,354)
|
The tax character of distributions paid was as follows:
|
December 31, 2025
|
|
|
|
Ordinary Income ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
92,370,464
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
30,945,258
|
|
December 31, 2024
|
|
|
|
Ordinary Income ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
77,300,052
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
27,290,410
|
Restricted Securities (including Private Placements).Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments.Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts, forward foreign currency contracts and swaps. 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.
Derivatives were used to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and 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 objectives may not be achieved.
Derivatives were used to increase or decrease 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 a fund.
|
|
Foreign Exchange Risk
|
Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
|
|
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.
|
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.
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 and amounts recognized in the Statement of Assets and Liabilities. 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.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
|
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
|
|
|
Credit Risk
|
|
|
|
Swaps
|
(13,506)
|
(18,584)
|
|
Total Credit Risk
|
(13,506)
|
(18,584)
|
|
Interest Rate Risk
|
|
|
|
Futures Contracts
|
1,906,598
|
318,688
|
|
Swaps
|
(85,626)
|
4,319
|
|
Total Interest Rate Risk
|
1,820,972
|
323,007
|
|
Totals
|
1,807,466
|
304,423
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
|
|
|
Foreign Exchange Risk
|
|
|
|
Forward Foreign Currency Contracts
|
(178,339)
|
1,258,938
|
|
Total Foreign Exchange Risk
|
(178,339)
|
1,258,938
|
|
Interest Rate Risk
|
|
|
|
Swaps
|
1,106
|
2,128
|
|
Total Interest Rate Risk
|
1,106
|
2,128
|
|
Totals
|
(177,233)
|
1,261,066
|
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
Forward Foreign Currency Contracts.Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.
Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.
Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period., unless an average contract value is presented in the table below.
|
|
Average Contracts Amount ($)
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
167,011,582
|
Futures Contracts.A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
Swaps.A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. 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.
Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.
Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.
For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.
Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.
Credit Default Swaps.Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.
For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.
As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.
As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.
Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.
Interest Rate Swaps.Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
|
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
366,048,331
|
324,033,441
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
232,805,391
|
238,617,417
|
6. Fees and Other Transactions with Affiliates.
Management Fee.Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades.Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2029. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
|
|
Expense Limitations
|
Reimbursement ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
.003%
|
137,359
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
.003%
|
62,478
|
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
|
|
Custodian credits ($)
|
|
Fidelity Series Emerging Markets Debt Fund
|
14,580
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
7,824
|
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
10. Credit Risk.
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hastings Street Trust and Shareholders of Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Series Emerging Markets Debt Fund and Fidelity Series Emerging Markets Debt Local Currency Fund (two of the funds constituting Fidelity Hastings Street Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
February 13, 2026
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available onFidelity.com orInstitutional.Fidelity.com.
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
|
Fidelity Series Emerging Markets Debt Fund
|
3.01%
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
1.17%
|
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:
|
Fidelity Series Emerging Markets Debt Fund
|
$92,370,464
|
|
Fidelity Series Emerging Markets Debt Local Currency Fund
|
$30,945,175
|
The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
|
|
1.924250.114
SED-ANN-0226
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trusts disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
|
(a) |
(1) |
|
|
(a) |
(2) |
|
|
(a) |
(3) |
Not applicable. |
|
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Hastings Street Trust
|
By: |
/s/Stacie M. Smith |
|
Stacie M. Smith |
|
|
President and Treasurer (Principal Executive Officer) |
|
|
Date: |
February 20, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/Stacie M. Smith |
|
Stacie M. Smith |
|
|
President and Treasurer (Principal Executive Officer) |
|
|
Date: |
February 20, 2026 |
|
By: |
/s/Stephanie Caron |
|
Stephanie Caron |
|
|
Chief Financial Officer (Principal Financial Officer) |
|
|
Date: |
February 20, 2026 |
Fidelity Hastings Street Trust published this content on February 20, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 20, 2026 at 16:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]