Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Angola (Cost $8,645,687) | ||||
Angola (Rep of), 8.250%, 05/09/2028 | 1,105,000 | $925,570 | 0.17 | |
Angola (Rep of), 8.000%, 11/26/2029 | 1,471,000 | 1,176,968 | 0.22 | |
Angola (Rep of), 8.750%, 04/14/2032 | 794,000 | 641,123 | 0.12 | |
Angola (Rep of), 9.375%, 05/08/2048 | 3,507,000 | 2,704,023 | 0.50 | |
Angola (Rep of), 9.125%, 11/26/2049 | 2,354,000 | 1,794,925 | 0.33 | |
7,242,609 | 1.34 | |||
Argentina (Cost $19,525,023) | ||||
Argentina (Rep of), 1.000%, 07/09/2029 | 1,727,840 | 403,171 | 0.07 | |
Argentina (Rep of), (Step to 0.750% on 07/09/2023), 0.500%, 07/09/20302 | 15,796,451 | 3,717,046 | 0.69 | |
Argentina (Rep of), (Step to 3.625% on 07/09/2023), 1.500%, 07/09/20352 | 11,747,271 | 2,598,338 | 0.48 | |
Argentina (Rep of), (Step to 4.250% on 07/09/2023), 3.875%, 01/09/20382 | 2,172,373 | 609,483 | 0.11 | |
Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/20412 | 4,573,926 | 1,198,080 | 0.22 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | 770,000 | 608,300 | 0.11 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/20292 | 3,500,000 | 1,941,461 | 0.36 | |
11,075,879 | 2.04 | |||
Azerbaijan (Cost $3,239,439) | ||||
Southern Gas Corridor CJSC, 6.875%, 03/24/2026 | 1,941,000 | 2,033,594 | 0.38 | |
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030 | 961,000 | 932,170 | 0.17 | |
2,965,764 | 0.55 | |||
Bahrain (Cost $2,652,803) | ||||
Bahrain (Rep of), 7.500%, 09/20/2047 | 684,000 | 577,775 | 0.11 | |
Oil and Gas Holding (The) Co. BSCC, 7.625%, 11/07/2024 | 937,000 | 943,456 | 0.17 | |
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028 | 750,000 | 754,363 | 0.14 | |
2,275,594 | 0.42 | |||
Brazil (Cost $57,354,918) | ||||
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243 | 5,595,000 | 4,996,335 | 0.92 | |
Brazil (Rep of), 4.250%, 01/07/2025 | 1,280,000 | 1,285,213 | 0.24 | |
Brazil (Rep of), 6.000%, 04/07/2026 | 830,000 | 882,750 | 0.16 | |
Brazil (Rep of), 4.625%, 01/13/2028 | 820,000 | 800,063 | 0.15 | |
Brazil (Rep of), 8.250%, 01/20/2034 | 607,000 | 695,912 | 0.13 | |
Brazil (Rep of), 5.000%, 01/27/2045 | 1,451,000 | 1,152,317 | 0.21 | |
Brazil (Rep of), 5.625%, 02/21/2047 | 739,000 | 626,941 | 0.12 | |
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20234 | BRL | 47,948,000 | 8,232,042 | 1.52 |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20244 | BRL | 101,160,000 | 16,366,723 | 3.02 |
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20254 | BRL | 220,000 | 29,968 | 0.01 |
Currency1 | Par | Value | % of Net Assets | |
Brazil (continued) | ||||
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031 | BRL | 3,075,000 | $509,395 | 0.09 |
Oi S.A., 10.000%, 07/27/20255 | 21,604,000 | 10,234,173 | 1.89 | |
45,811,832 | 8.46 | |||
Chile (Cost $14,265,475) | ||||
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20286 | CLP | 1,320,000,000 | 1,332,463 | 0.25 |
Chile (Rep of), 2.750%, 01/31/2027 | 473,000 | 450,306 | 0.08 | |
Chile (Rep of), 3.240%, 02/06/2028 | 493,000 | 475,095 | 0.09 | |
Chile (Rep of), 2.550%, 07/27/2033 | 547,000 | 465,601 | 0.09 | |
Chile (Rep of), 3.100%, 05/07/2041 | 1,264,000 | 997,541 | 0.18 | |
Chile (Rep of), 3.500%, 01/25/2050 | 1,012,000 | 809,314 | 0.15 | |
Chile (Rep of), 3.100%, 01/22/2061 | 1,327,000 | 945,567 | 0.17 | |
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043 | 1,209,000 | 1,228,358 | 0.23 | |
Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044 | 390,000 | 363,388 | 0.07 | |
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047 | 368,000 | 325,971 | 0.06 | |
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049 | 779,000 | 680,286 | 0.13 | |
Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051 | 446,000 | 324,024 | 0.06 | |
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050 | 1,581,000 | 1,312,315 | 0.24 | |
Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | 730,000 | 677,075 | 0.12 | |
Empresa Nacional del Petroleo, 4.500%, 09/14/2047 | 1,207,000 | 885,636 | 0.16 | |
11,272,940 | 2.08 | |||
China (Cost $90,158,797) | ||||
Central China Real Estate Ltd., 6.875%, 08/08/2022 | 1,810,000 | 1,725,248 | 0.32 | |
Central China Real Estate Ltd., 7.650%, 08/27/2023 | 3,520,000 | 1,229,772 | 0.23 | |
Central China Real Estate Ltd., 7.750%, 05/24/2024 | 4,550,000 | 1,359,349 | 0.25 | |
CFLD Cayman Investment Ltd., 9.000%, 07/31/20217,8 | 6,142,000 | 399,230 | 0.07 | |
CFLD Cayman Investment Ltd., 6.900%, 01/13/2023 | 5,000,000 | 373,905 | 0.07 | |
China (Rep of), 2.680%, 05/21/2030 | CNY | 8,920,000 | 1,311,731 | 0.24 |
China (Rep of), 2.750%, 02/17/2032 | CNY | 16,430,000 | 2,429,392 | 0.45 |
China (Rep of), 3.720%, 04/12/2051 | CNY | 10,720,000 | 1,708,024 | 0.32 |
China Evergrande Group, 8.250%, 03/23/20227,8 | 2,680,000 | 225,368 | 0.04 | |
China Evergrande Group, 11.500%, 01/22/2023 | 3,600,000 | 297,000 | 0.05 | |
China Evergrande Group, 7.500%, 06/28/2023 | 10,500,000 | 873,096 | 0.16 | |
China Evergrande Group, 10.500%, 04/11/2024 | 2,300,000 | 196,650 | 0.04 | |
China Evergrande Group, 8.750%, 06/28/2025 | 3,150,000 | 269,325 | 0.05 | |
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20217,8 | 4,515,000 | 366,775 | 0.07 | |
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20228 | 5,635,000 | 441,289 | 0.08 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | 1,189,000 | 94,382 | 0.02 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | 2,175,000 | 172,660 | 0.03 | |
Kaisa Group Holdings Ltd., 11.250%, 04/09/20228 | 1,260,000 | 125,936 | 0.02 | |
Kaisa Group Holdings Ltd., 8.500%, 06/30/20228 | 4,150,000 | 414,789 | 0.08 | |
Kaisa Group Holdings Ltd., 11.950%, 10/22/2022 | 1,300,000 | 133,250 | 0.02 |
Currency1 | Par | Value | % of Net Assets | |
China (continued) | ||||
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | 2,270,000 | $232,675 | 0.04 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | 2,900,000 | 288,370 | 0.05 | |
Kaisa Group Holdings Ltd., 9.375%, 06/30/20247 | 3,350,000 | 328,118 | 0.06 | |
Kaisa Group Holdings Ltd., 11.700%, 11/11/20257 | 2,400,000 | 228,000 | 0.04 | |
Kaisa Group Holdings Ltd., 11.650%, 06/01/2026 | 1,300,000 | 127,322 | 0.02 | |
KWG Group Holdings Ltd., 6.000%, 09/15/2022 | 1,705,000 | 418,151 | 0.08 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | 4,000,000 | 190,167 | 0.04 | |
Scenery Journey Ltd., 12.000%, 10/24/2023 | 1,880,000 | 89,300 | 0.02 | |
Scenery Journey Ltd., 13.750%, 11/06/20237 | 500,000 | 25,000 | — | |
Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042 | 710,000 | 702,795 | 0.13 | |
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030 | 1,180,000 | 1,094,121 | 0.20 | |
Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050 | 231,000 | 175,825 | 0.03 | |
Sunac China Holdings Ltd., 7.250%, 06/14/20228 | 3,157,000 | 376,719 | 0.07 | |
Sunac China Holdings Ltd., 7.950%, 08/08/2022 | 3,200,000 | 353,529 | 0.07 | |
Sunac China Holdings Ltd., 8.350%, 04/19/20237 | 1,855,000 | 204,845 | 0.04 | |
Sunac China Holdings Ltd., 7.950%, 10/11/20237 | 3,700,000 | 462,500 | 0.09 | |
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023 | 1,000,000 | 71,250 | 0.01 | |
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/20237 | 2,425,000 | 170,276 | 0.03 | |
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/20237 | 2,595,000 | 185,542 | 0.03 | |
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20237 | 3,065,000 | 215,200 | 0.04 | |
Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/2026 | 2,013,000 | 141,370 | 0.03 | |
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027 | 2,440,000 | 171,358 | 0.03 | |
Zhenro Properties Group Ltd., 8.700%, 08/03/2022 | 1,110,000 | 75,364 | 0.01 | |
Zhenro Properties Group Ltd., 8.000%, 03/06/2023 | 488,000 | 28,473 | 0.01 | |
Zhenro Properties Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 3Y + 13.414%), 14.724%, 03/06/20233 | 1,360,000 | 78,200 | 0.01 | |
Zhenro Properties Group Ltd., 8.300%, 09/15/20237 | 3,313,000 | 214,932 | 0.04 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/20247 | 1,269,000 | 82,247 | 0.02 | |
20,878,820 | 3.85 | |||
Colombia (Cost $21,772,467) | ||||
Colombia (Rep of), 8.125%, 05/21/2024 | 1,404,000 | 1,472,579 | 0.27 | |
Colombia (Rep of), 3.875%, 04/25/2027 | 1,383,000 | 1,263,856 | 0.23 | |
Colombia (Rep of), 7.375%, 09/18/2037 | 977,000 | 957,200 | 0.18 | |
Colombia (Rep of), 6.125%, 01/18/2041 | 1,771,000 | 1,484,365 | 0.27 | |
Colombia (Rep of), 5.625%, 02/26/2044 | 1,730,000 | 1,343,584 | 0.25 | |
Colombia (Rep of), 5.000%, 06/15/2045 | 344,000 | 249,933 | 0.05 | |
Colombia (Rep of), 4.125%, 05/15/2051 | 783,000 | 516,473 | 0.09 | |
Colombian TES, 4.750%, 02/23/2023 | COP | 16,910,000 | 1,243,759 | 0.23 |
Colombian TES, 10.000%, 07/24/2024 | COP | 4,248,800,000 | 975,153 | 0.18 |
Colombian TES, 6.250%, 11/26/2025 | COP | 2,582,700,000 | 521,578 | 0.10 |
Colombian TES, 6.000%, 04/28/2028 | COP | 5,447,800,000 | 968,964 | 0.18 |
Colombian TES, 7.000%, 03/26/2031 | COP | 982,900,000 | 166,224 | 0.03 |
Currency1 | Par | Value | % of Net Assets | |
Colombia (continued) | ||||
Colombian TES, 7.250%, 10/18/2034 | COP | 5,009,900,000 | $795,834 | 0.15 |
Colombian TES, 6.250%, 07/09/2036 | COP | 6,516,700,000 | 916,328 | 0.17 |
Colombian TES, 9.250%, 05/28/2042 | COP | 4,013,600,000 | 697,055 | 0.13 |
Colombian TES, 7.250%, 10/26/2050 | COP | 2,506,000,000 | 345,419 | 0.06 |
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027 | COP | 8,747,000,000 | 1,568,217 | 0.29 |
15,486,521 | 2.86 | |||
Costa Rica (Cost $1,890,521) | ||||
Costa Rica (Rep of), 6.125%, 02/19/2031 | 1,041,000 | 999,774 | 0.18 | |
Costa Rica (Rep of), 5.625%, 04/30/2043 | 960,000 | 737,580 | 0.14 | |
1,737,354 | 0.32 | |||
Croatia (Cost $2,016,554) | ||||
Croatia (Rep of), 6.000%, 01/26/2024 | 1,894,000 | 1,953,729 | 0.36 | |
1,953,729 | 0.36 | |||
Czech Republic (Cost $9,086,833) | ||||
Czech (Rep of), 2.500%, 08/25/2028 | CZK | 26,480,000 | 977,444 | 0.18 |
Czech (Rep of), 2.750%, 07/23/2029 | CZK | 78,880,000 | 2,939,501 | 0.55 |
Czech (Rep of), 0.050%, 11/29/2029 | CZK | 20,170,000 | 607,699 | 0.11 |
Czech (Rep of), 0.950%, 05/15/2030 | CZK | 1,580,000 | 50,909 | 0.01 |
Czech (Rep of), 1.750%, 06/23/2032 | CZK | 14,820,000 | 495,355 | 0.09 |
Czech (Rep of), 2.000%, 10/13/2033 | CZK | 8,260,000 | 280,399 | 0.05 |
Czech (Rep of), 4.200%, 12/04/2036 | CZK | 6,350,000 | 265,507 | 0.05 |
New World Resources N.V., 8.000%, 04/07/20207,8,9 | EUR | 1,938,518 | — | — |
New World Resources N.V., 4.000%, 10/07/20207,8,9 | EUR | 669,526 | — | — |
5,616,814 | 1.04 | |||
Dominican Republic (Cost $18,752,281) | ||||
Dominican (Rep of), 5.500%, 01/27/2025 | 714,000 | 712,464 | 0.13 | |
Dominican (Rep of), 6.875%, 01/29/2026 | 1,331,000 | 1,374,070 | 0.25 | |
Dominican (Rep of), 9.750%, 06/05/2026 | DOP | 29,950,000 | 533,771 | 0.10 |
Dominican (Rep of), 6.000%, 07/19/2028 | 710,000 | 683,590 | 0.13 | |
Dominican (Rep of), 5.500%, 02/22/2029 | 483,000 | 447,494 | 0.08 | |
Dominican (Rep of), 4.875%, 09/23/2032 | 3,740,000 | 3,145,292 | 0.58 | |
Dominican (Rep of), 5.300%, 01/21/2041 | 1,173,000 | 915,773 | 0.17 | |
Dominican (Rep of), 6.850%, 01/27/2045 | 1,535,000 | 1,348,326 | 0.25 | |
Dominican (Rep of), 6.500%, 02/15/2048 | 569,000 | 473,635 | 0.09 | |
Dominican (Rep of), 6.400%, 06/05/2049 | 553,000 | 452,837 | 0.08 | |
Dominican (Rep of), 5.875%, 01/30/2060 | 7,179,000 | 5,437,580 | 1.01 | |
15,524,832 | 2.87 | |||
Ecuador (Cost $13,679,519) | ||||
Ecuador (Rep of), (Step to 6.000% on 07/31/2023), 5.500%, 07/31/20302 | 1,869,459 | 1,105,200 | 0.20 | |
Ecuador (Rep of), (Step to 3.500% on 07/31/2023), 2.500%, 07/31/20352,6 | 16,577,278 | 7,496,508 | 1.39 |
Currency1 | Par | Value | % of Net Assets | |
Ecuador (continued) | ||||
Ecuador (Rep of), (Step to 2.500% on 07/31/2023), 1.500%, 07/31/20402 | 3,544,828 | $1,450,765 | 0.27 | |
10,052,473 | 1.86 | |||
Egypt (Cost $16,145,756) | ||||
Egypt (Rep of), 14.138%, 10/20/2022 | EGP | 6,343,000 | 333,193 | 0.06 |
Egypt (Rep of), 14.313%, 10/13/2023 | EGP | 9,116,000 | 472,410 | 0.09 |
Egypt (Rep of), 6.588%, 02/21/2028 | 391,000 | 270,001 | 0.05 | |
Egypt (Rep of), 7.600%, 03/01/2029 | 995,000 | 688,966 | 0.13 | |
Egypt (Rep of), 5.875%, 02/16/2031 | 1,310,000 | 803,619 | 0.15 | |
Egypt (Rep of), 7.625%, 05/29/2032 | 844,000 | 529,993 | 0.10 | |
Egypt (Rep of), 8.500%, 01/31/2047 | 2,838,000 | 1,646,040 | 0.30 | |
Egypt (Rep of), 7.903%, 02/21/2048 | 2,194,000 | 1,229,518 | 0.23 | |
Egypt (Rep of), 8.700%, 03/01/2049 | 2,280,000 | 1,322,400 | 0.24 | |
Egypt (Rep of), 8.875%, 05/29/2050 | 3,652,000 | 2,154,892 | 0.40 | |
Egypt (Rep of), 8.750%, 09/30/2051 | 1,257,000 | 733,711 | 0.13 | |
Egypt (Rep of), 8.150%, 11/20/2059 | 200,000 | 113,488 | 0.02 | |
10,298,231 | 1.90 | |||
El Salvador (Cost $2,162,530) | ||||
El Salvador (Rep of), 8.625%, 02/28/2029 | 327,000 | 120,277 | 0.02 | |
El Salvador (Rep of), 7.650%, 06/15/2035 | 177,000 | 56,851 | 0.01 | |
El Salvador (Rep of), 7.625%, 02/01/2041 | 1,003,000 | 329,458 | 0.06 | |
El Salvador (Rep of), 7.125%, 01/20/2050 | 944,000 | 302,984 | 0.06 | |
809,570 | 0.15 | |||
Gabon (Cost $1,106,331) | ||||
Gabon (Rep of), 6.625%, 02/06/2031 | 1,534,000 | 1,083,464 | 0.20 | |
1,083,464 | 0.20 | |||
Ghana (Cost $8,587,414) | ||||
Ghana (Rep of), 7.625%, 05/16/2029 | 743,000 | 347,353 | 0.06 | |
Ghana (Rep of), 8.125%, 03/26/2032 | 980,000 | 438,883 | 0.08 | |
Ghana (Rep of), 8.625%, 04/07/2034 | 1,241,000 | 546,040 | 0.10 | |
Ghana (Rep of), 7.875%, 02/11/2035 | 438,000 | 191,257 | 0.04 | |
Ghana (Rep of), 8.875%, 05/07/2042 | 1,279,000 | 560,790 | 0.10 | |
Ghana (Rep of), 8.950%, 03/26/2051 | 1,485,000 | 645,381 | 0.12 | |
Ghana (Rep of), 8.750%, 03/11/2061 | 226,000 | 97,813 | 0.02 | |
Tullow Oil PLC, 10.250%, 05/15/2026 | 2,367,000 | 2,216,104 | 0.41 | |
5,043,621 | 0.93 | |||
Guatemala (Cost $1,646,262) | ||||
Guatemala (Rep of), 5.375%, 04/24/2032 | 242,000 | 239,696 | 0.05 | |
Guatemala (Rep of), 4.650%, 10/07/2041 | 408,000 | 333,914 | 0.06 | |
Guatemala (Rep of), 6.125%, 06/01/2050 | 865,000 | 824,434 | 0.15 | |
1,398,044 | 0.26 |
Currency1 | Par | Value | % of Net Assets | |
Hungary (Cost $5,357,654) | ||||
Hungary (Rep of), 5.375%, 03/25/2024 | 1,370,000 | $1,395,016 | 0.26 | |
Hungary (Rep of), 6.750%, 10/22/2028 | HUF | 216,810,000 | 482,064 | 0.09 |
Hungary (Rep of), 3.000%, 08/21/2030 | HUF | 443,460,000 | 771,379 | 0.14 |
Hungary (Rep of), 2.125%, 09/22/2031 | 554,000 | 456,385 | 0.08 | |
Hungary (Rep of), 3.000%, 10/27/2038 | HUF | 248,590,000 | 351,448 | 0.07 |
Hungary (Rep of), 3.125%, 09/21/2051 | 630,000 | 428,438 | 0.08 | |
3,884,730 | 0.72 | |||
India (Cost $8,232,729) | ||||
Export-Import Bank of India, 4.000%, 01/14/2023 | 1,109,000 | 1,110,065 | 0.20 | |
Export-Import Bank of India, 3.375%, 08/05/2026 | 440,000 | 422,730 | 0.08 | |
Export-Import Bank of India, 2.250%, 01/13/2031 | 789,000 | 645,648 | 0.12 | |
Vedanta Resources Finance II PLC, 13.875%, 01/21/2024 | 1,890,000 | 1,633,946 | 0.30 | |
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 | 3,120,000 | 2,285,400 | 0.42 | |
Vedanta Resources Ltd., 6.125%, 08/09/2024 | 900,000 | 570,928 | 0.11 | |
6,668,717 | 1.23 | |||
Indonesia (Cost $38,642,466) | ||||
Indonesia (Rep of), 8.375%, 03/15/2024 | IDR | 49,215,000,000 | 3,480,002 | 0.64 |
Indonesia (Rep of), 8.125%, 05/15/2024 | IDR | 19,857,000,000 | 1,401,057 | 0.26 |
Indonesia (Rep of), 9.000%, 03/15/2029 | IDR | 11,300,000,000 | 845,028 | 0.16 |
Indonesia (Rep of), 8.250%, 05/15/2029 | IDR | 23,273,000,000 | 1,672,877 | 0.31 |
Indonesia (Rep of), 10.500%, 08/15/2030 | IDR | 8,356,000,000 | 668,095 | 0.12 |
Indonesia (Rep of), 7.000%, 09/15/2030 | IDR | 22,817,000,000 | 1,530,620 | 0.28 |
Indonesia (Rep of), 7.750%, 04/15/2031 | IDR | 16,825,000,000 | 1,172,950 | 0.22 |
Indonesia (Rep of), 8.750%, 05/15/2031 | IDR | 16,566,000,000 | 1,220,406 | 0.22 |
Indonesia (Rep of), 8.375%, 03/15/2034 | IDR | 12,504,000,000 | 908,298 | 0.17 |
Indonesia (Rep of), 7.500%, 06/15/2035 | IDR | 26,316,000,000 | 1,801,959 | 0.33 |
Indonesia (Rep of), 8.500%, 10/12/2035 | 624,000 | 809,017 | 0.15 | |
Indonesia (Rep of), 8.250%, 05/15/2036 | IDR | 24,990,000,000 | 1,798,207 | 0.33 |
Indonesia (Rep of), 6.625%, 02/17/2037 | 751,000 | 848,973 | 0.16 | |
Indonesia (Rep of), 7.750%, 01/17/2038 | 1,071,000 | 1,321,762 | 0.24 | |
Indonesia (Rep of), 7.500%, 05/15/2038 | IDR | 8,539,000,000 | 579,958 | 0.11 |
Indonesia (Rep of), 8.375%, 04/15/2039 | IDR | 33,642,000,000 | 2,431,530 | 0.45 |
Indonesia (Rep of), 5.250%, 01/17/2042 | 833,000 | 855,493 | 0.16 | |
Indonesia (Rep of), 5.125%, 01/15/2045 | 2,183,000 | 2,196,554 | 0.41 | |
Indonesia (Rep of), 5.950%, 01/08/2046 | 766,000 | 837,290 | 0.15 | |
Indonesia (Rep of), 5.250%, 01/08/2047 | 546,000 | 560,677 | 0.10 | |
Indonesia (Rep of), 4.750%, 07/18/2047 | 750,000 | 734,994 | 0.14 | |
Indonesia (Rep of), 4.200%, 10/15/2050 | 600,000 | 550,152 | 0.10 | |
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 | 376,000 | 379,384 | 0.07 | |
Indonesia Asahan Aluminium Persero PT, 5.450%, 05/15/2030 | 1,299,000 | 1,240,571 | 0.23 | |
Indonesia Asahan Aluminium Persero PT, 5.800%, 05/15/2050 | 200,000 | 175,180 | 0.03 | |
Pertamina Persero PT, 6.000%, 05/03/2042 | 529,000 | 533,507 | 0.10 | |
Pertamina Persero PT, 6.450%, 05/30/2044 | 598,000 | 623,884 | 0.11 | |
Pertamina Persero PT, 6.500%, 11/07/2048 | 567,000 | 586,028 | 0.11 |
Currency1 | Par | Value | % of Net Assets | |
Indonesia (continued) | ||||
Pertamina Persero PT, 4.175%, 01/21/2050 | 622,000 | $504,915 | 0.09 | |
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025 | 217,000 | 220,267 | 0.04 | |
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026 | 1,329,000 | 1,361,701 | 0.25 | |
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032 | 453,000 | 468,723 | 0.09 | |
Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050 | 298,000 | 251,964 | 0.05 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047 | 388,000 | 337,021 | 0.06 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 | 1,281,000 | 1,240,572 | 0.23 | |
36,149,616 | 6.67 | |||
Ivory Coast (Cost $4,704,625) | ||||
Ivory Coast (Rep of), 5.875%, 10/17/2031 | EUR | 1,353,000 | 1,083,721 | 0.20 |
Ivory Coast (Rep of), 4.875%, 01/30/2032 | EUR | 1,170,000 | 886,684 | 0.17 |
Ivory Coast (Rep of), 6.875%, 10/17/2040 | EUR | 1,699,000 | 1,259,068 | 0.23 |
3,229,473 | 0.60 | |||
Jamaica (Cost $3,434,281) | ||||
Digicel Group Holdings Ltd., 7.000%, 08/16/20225 | 175,950 | 83,479 | 0.02 | |
Digicel Group Holdings Ltd., 8.000%, 04/01/20255 | 1,725,500 | 1,112,947 | 0.21 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.750%, 05/25/2024 | 720,000 | 672,300 | 0.12 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.000%, 12/31/2026 | 400,000 | 272,000 | 0.05 | |
Jamaica (Rep of), 7.875%, 07/28/2045 | 950,000 | 1,052,805 | 0.19 | |
3,193,531 | 0.59 | |||
Kazakhstan (Cost $6,665,526) | ||||
Kazakhstan (Rep of), 6.500%, 07/21/2045 | 1,217,000 | 1,201,788 | 0.22 | |
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042 | 1,031,000 | 872,546 | 0.16 | |
KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | 1,385,000 | 1,269,798 | 0.23 | |
KazMunayGas National Co. JSC, 3.500%, 04/14/2033 | 491,000 | 371,834 | 0.07 | |
KazMunayGas National Co. JSC, 6.375%, 10/24/2048 | 1,088,000 | 904,182 | 0.17 | |
4,620,148 | 0.85 | |||
Lebanon (Cost $12,091,493) | ||||
Lebanon (Rep of), 6.375%, 03/09/20207,8 | 1,855,000 | 116,308 | 0.02 | |
Lebanon (Rep of), 5.800%, 04/14/20207,8 | 1,719,000 | 107,781 | 0.02 | |
Lebanon (Rep of), 6.150%, 06/19/20207,8 | 3,148,000 | 197,380 | 0.04 | |
Lebanon (Rep of), 8.250%, 04/12/20217,8 | 1,610,000 | 100,947 | 0.02 | |
Lebanon (Rep of), 6.100%, 10/04/20227 | 4,808,000 | 301,462 | 0.05 | |
Lebanon (Rep of), 6.000%, 01/27/20237 | 1,000 | 63 | — | |
Lebanon (Rep of), 6.600%, 11/27/20267 | 1,089,000 | 68,280 | 0.01 | |
Lebanon (Rep of), 6.850%, 03/23/20277 | 2,314,000 | 145,088 | 0.03 | |
Lebanon (Rep of), 7.000%, 03/23/20327 | 1,395,000 | 87,466 | 0.02 | |
Lebanon (Rep of), 7.050%, 11/02/20357 | 244,000 | 15,299 | — | |
Lebanon (Rep of), 7.250%, 03/23/20377 | 867,000 | 54,361 | 0.01 | |
1,194,435 | 0.22 |
Currency1 | Par | Value | % of Net Assets | |
Malaysia (Cost $22,842,969) | ||||
Malaysia (Rep of), 3.757%, 04/20/2023 | MYR | 45,306,000 | $10,249,668 | 1.89 |
Malaysia (Rep of), 4.232%, 06/30/2031 | MYR | 2,488,000 | 570,278 | 0.11 |
Malaysia (Rep of), 3.582%, 07/15/2032 | MYR | 2,208,000 | 482,406 | 0.09 |
Malaysia (Rep of), 3.828%, 07/05/2034 | MYR | 3,842,000 | 835,734 | 0.15 |
Malaysia (Rep of), 4.254%, 05/31/2035 | MYR | 2,888,000 | 650,413 | 0.12 |
Malaysia (Rep of), 4.893%, 06/08/2038 | MYR | 1,707,000 | 404,062 | 0.08 |
Malaysia (Rep of), 3.757%, 05/22/2040 | MYR | 2,004,000 | 413,212 | 0.08 |
Malaysia (Rep of), 4.935%, 09/30/2043 | MYR | 747,000 | 177,498 | 0.03 |
Malaysia (Rep of), 4.921%, 07/06/2048 | MYR | 1,743,000 | 410,174 | 0.08 |
Malaysia (Rep of), 4.065%, 06/15/2050 | MYR | 2,911,000 | 601,325 | 0.11 |
Petronas Capital Ltd., 2.480%, 01/28/2032 | 1,120,000 | 990,448 | 0.18 | |
Petronas Capital Ltd., 4.550%, 04/21/2050 | 2,081,000 | 2,007,050 | 0.37 | |
Petronas Capital Ltd., 4.800%, 04/21/2060 | 918,000 | 926,868 | 0.17 | |
Petronas Capital Ltd., 3.404%, 04/28/2061 | 1,513,000 | 1,153,520 | 0.21 | |
19,872,656 | 3.67 | |||
Mexico (Cost $43,645,588) | ||||
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20303 | 200,000 | 190,052 | 0.03 | |
Comision Federal de Electricidad, 8.180%, 12/23/2027 | MXN | 24,850,000 | 1,114,779 | 0.21 |
Comision Federal de Electricidad, 3.875%, 07/26/20336 | 736,000 | 579,600 | 0.11 | |
Mexican Bonos, 5.750%, 03/05/2026 | MXN | 78,040,000 | 3,466,675 | 0.64 |
Mexican Bonos, 7.750%, 05/29/2031 | MXN | 40,040,000 | 1,853,462 | 0.34 |
Mexican Bonos, 7.750%, 11/23/2034 | MXN | 32,200,000 | 1,466,600 | 0.27 |
Mexican Bonos, 10.000%, 11/20/2036 | MXN | 40,020,000 | 2,174,278 | 0.40 |
Mexican Bonos, 8.500%, 11/18/2038 | MXN | 30,270,000 | 1,444,104 | 0.27 |
Mexican Bonos, 7.750%, 11/13/2042 | MXN | 29,770,000 | 1,313,835 | 0.24 |
Mexico (Rep of), 2.659%, 05/24/2031 | 692,000 | 592,513 | 0.11 | |
Mexico (Rep of), 6.050%, 01/11/2040 | 582,000 | 595,544 | 0.11 | |
Mexico (Rep of), 4.750%, 03/08/2044 | 450,000 | 391,512 | 0.07 | |
Mexico (Rep of), 5.550%, 01/21/2045 | 924,000 | 885,979 | 0.16 | |
Mexico (Rep of), 3.771%, 05/24/2061 | 4,491,000 | 3,127,524 | 0.58 | |
Mexico (Rep of), 3.750%, 04/19/2071 | 3,424,000 | 2,353,250 | 0.43 | |
Mexico (Rep of), 5.750%, 10/12/2110 | 1,116,000 | 990,015 | 0.18 | |
Petroleos Mexicanos, 7.190%, 09/12/2024 | MXN | 44,460,000 | 1,996,671 | 0.37 |
Petroleos Mexicanos, 6.750%, 09/21/2047 | 4,035,000 | 2,755,421 | 0.51 | |
Petroleos Mexicanos, 6.350%, 02/12/2048 | 1,400,000 | 920,500 | 0.17 | |
Petroleos Mexicanos, 7.690%, 01/23/2050 | 5,101,000 | 3,717,354 | 0.69 | |
Petroleos Mexicanos, 6.950%, 01/28/2060 | 8,115,000 | 5,459,191 | 1.01 | |
37,388,859 | 6.90 | |||
Mongolia (Cost $969,597) | ||||
Development Bank of Mongolia LLC, 7.250%, 10/23/2023 | 470,000 | 451,205 | 0.08 | |
Mongolia (Rep of), 5.625%, 05/01/2023 | 203,000 | 198,940 | 0.04 | |
Mongolian Mining Corp., 2.120%, 10/01/20225 | 918,950 | 288,550 | 0.05 | |
938,695 | 0.17 |
Currency1 | Par | Value | % of Net Assets | |
Morocco (Cost $1,998,937) | ||||
Morocco (Rep of), 4.250%, 12/11/2022 | 1,015,000 | $1,012,560 | 0.19 | |
Morocco (Rep of), 5.500%, 12/11/2042 | 533,000 | 429,765 | 0.08 | |
Morocco (Rep of), 4.000%, 12/15/2050 | 410,000 | 275,725 | 0.05 | |
1,718,050 | 0.32 | |||
Nigeria (Cost $6,626,628) | ||||
Nigeria (Rep of), 6.500%, 11/28/2027 | 736,000 | 552,714 | 0.10 | |
Nigeria (Rep of), 8.375%, 03/24/2029 | 886,000 | 685,746 | 0.13 | |
Nigeria (Rep of), 7.375%, 09/28/20336 | 1,379,000 | 913,615 | 0.17 | |
Nigeria (Rep of), 7.696%, 02/23/2038 | 963,000 | 611,698 | 0.11 | |
Nigeria (Rep of), 7.625%, 11/28/2047 | 1,280,000 | 798,541 | 0.15 | |
Nigeria (Rep of), 9.248%, 01/21/2049 | 480,000 | 330,749 | 0.06 | |
Nigeria (Rep of), 8.250%, 09/28/20516 | 1,017,000 | 640,852 | 0.12 | |
4,533,915 | 0.84 | |||
Oman (Cost $10,985,194) | ||||
Oman (Rep of), 4.750%, 06/15/2026 | 496,000 | 484,433 | 0.09 | |
Oman (Rep of), 6.750%, 10/28/2027 | 964,000 | 1,003,331 | 0.19 | |
Oman (Rep of), 6.000%, 08/01/2029 | 1,511,000 | 1,507,271 | 0.28 | |
Oman (Rep of), 6.250%, 01/25/2031 | 430,000 | 427,850 | 0.08 | |
Oman (Rep of), 6.500%, 03/08/2047 | 5,021,000 | 4,333,515 | 0.80 | |
Oman (Rep of), 6.750%, 01/17/2048 | 1,674,000 | 1,481,591 | 0.27 | |
Oman (Rep of), 7.000%, 01/25/2051 | 1,040,000 | 937,381 | 0.17 | |
10,175,372 | 1.88 | |||
Pakistan (Cost $10,801,061) | ||||
Pakistan (Rep of), 8.250%, 04/15/2024 | 2,690,000 | 1,562,572 | 0.29 | |
Pakistan (Rep of), 8.250%, 09/30/2025 | 794,000 | 433,921 | 0.08 | |
Pakistan (Rep of), 6.875%, 12/05/2027 | 1,277,000 | 651,270 | 0.12 | |
Pakistan (Rep of), 7.375%, 04/08/2031 | 2,662,000 | 1,320,991 | 0.24 | |
Pakistan (Rep of), 8.875%, 04/08/2051 | 2,419,000 | 1,112,740 | 0.21 | |
Pakistan Water & Power Development Authority, 7.500%, 06/04/2031 | 761,000 | 326,591 | 0.06 | |
Third Pakistan International Sukuk (The) Co. Ltd., 5.625%, 12/05/2022 | 936,000 | 819,000 | 0.15 | |
6,227,085 | 1.15 | |||
Panama (Cost $6,358,819) | ||||
Panama (Rep of), 4.000%, 09/22/2024 | 270,000 | 270,363 | 0.05 | |
Panama (Rep of), 7.125%, 01/29/2026 | 309,000 | 337,027 | 0.06 | |
Panama (Rep of), 8.875%, 09/30/2027 | 663,000 | 787,502 | 0.15 | |
Panama (Rep of), 9.375%, 04/01/2029 | 737,000 | 907,280 | 0.17 | |
Panama (Rep of), 6.700%, 01/26/2036 | 1,477,000 | 1,626,857 | 0.30 | |
Panama (Rep of), 4.500%, 05/15/2047 | 460,000 | 385,248 | 0.07 | |
Panama (Rep of), 4.300%, 04/29/2053 | 1,281,000 | 1,030,589 | 0.19 | |
5,344,866 | 0.99 |
Currency1 | Par | Value | % of Net Assets | |
Paraguay (Cost $1,432,097) | ||||
Paraguay (Rep of), 4.700%, 03/27/2027 | 446,000 | $452,671 | 0.08 | |
Paraguay (Rep of), 5.400%, 03/30/2050 | 890,000 | 770,536 | 0.14 | |
1,223,207 | 0.22 | |||
Peru (Cost $17,216,105) | ||||
Peru (Rep of), 7.350%, 07/21/2025 | 1,433,000 | 1,558,986 | 0.29 | |
Peru (Rep of), 6.950%, 08/12/2031 | PEN | 5,476,000 | 1,285,870 | 0.24 |
Peru (Rep of), 8.750%, 11/21/2033 | 2,336,000 | 3,037,179 | 0.56 | |
Peru (Rep of), 5.400%, 08/12/2034 | PEN | 7,841,000 | 1,564,010 | 0.29 |
Peru (Rep of), 3.300%, 03/11/2041 | 343,000 | 277,650 | 0.05 | |
Peru (Rep of), 5.625%, 11/18/2050 | 1,268,000 | 1,385,695 | 0.26 | |
Peru (Rep of), 2.780%, 12/01/2060 | 1,655,000 | 1,120,242 | 0.21 | |
Peru (Rep of), 3.230%, 07/28/2121 | 675,000 | 462,630 | 0.08 | |
Peru LNG S.R.L., 5.375%, 03/22/2030 | 1,200,000 | 1,001,952 | 0.18 | |
Petroleos del Peru S.A., 5.625%, 06/19/2047 | 3,239,000 | 2,279,446 | 0.42 | |
13,973,660 | 2.58 | |||
Philippines (Cost $8,998,802) | ||||
Philippines (Rep of), 3.900%, 11/26/2022 | PHP | 35,000,000 | 622,163 | 0.11 |
Philippines (Rep of), 10.625%, 03/16/2025 | 647,000 | 760,313 | 0.14 | |
Philippines (Rep of), 9.500%, 02/02/2030 | 1,380,000 | 1,824,781 | 0.34 | |
Philippines (Rep of), 7.750%, 01/14/2031 | 1,245,000 | 1,545,777 | 0.29 | |
Philippines (Rep of), 6.375%, 10/23/2034 | 1,040,000 | 1,208,040 | 0.22 | |
Philippines (Rep of), 6.250%, 01/14/2036 | PHP | 12,000,000 | 208,313 | 0.04 |
Philippines (Rep of), 3.950%, 01/20/2040 | 1,274,000 | 1,182,977 | 0.22 | |
Philippines (Rep of), 2.950%, 05/05/2045 | 784,000 | 606,217 | 0.11 | |
7,958,581 | 1.47 | |||
Poland (Cost $10,268,496) | ||||
Poland (Rep of), 2.500%, 04/25/2024 | PLN | 29,369,000 | 5,908,259 | 1.09 |
Poland (Rep of), 2.500%, 07/25/2026 | PLN | 1,468,000 | 276,344 | 0.05 |
Poland (Rep of), 0.250%, 10/25/2026 | PLN | 1,469,000 | 248,936 | 0.05 |
Poland (Rep of), 3.750%, 05/25/2027 | PLN | 10,579,000 | 2,057,845 | 0.38 |
Poland (Rep of), 2.500%, 07/25/2027 | PLN | 1,529,000 | 281,694 | 0.05 |
Poland (Rep of), 1.750%, 04/25/2032 | PLN | 6,237,000 | 967,196 | 0.18 |
9,740,274 | 1.80 | |||
Qatar (Cost $9,625,938) | ||||
Qatar (Rep of), 3.250%, 06/02/2026 | 2,037,000 | 2,039,681 | 0.38 | |
Qatar (Rep of), 4.817%, 03/14/2049 | 2,592,000 | 2,768,474 | 0.51 | |
Qatar (Rep of), 4.400%, 04/16/2050 | 530,000 | 540,254 | 0.10 | |
Qatar Energy, 3.125%, 07/12/2041 | 3,659,000 | 3,091,635 | 0.57 | |
8,440,044 | 1.56 | |||
Romania (Cost $11,146,427) | ||||
Romania (Rep of), 4.375%, 08/22/2023 | 1,770,000 | 1,774,751 | 0.33 | |
Romania (Rep of), 3.000%, 02/27/2027 | 558,000 | 508,859 | 0.09 |
Currency1 | Par | Value | % of Net Assets | |
Romania (continued) | ||||
Romania (Rep of), 5.800%, 07/26/2027 | RON | 10,340,000 | $1,936,027 | 0.36 |
Romania (Rep of), 4.150%, 10/24/2030 | RON | 6,725,000 | 1,064,643 | 0.20 |
Romania (Rep of), 3.000%, 02/14/2031 | 400,000 | 328,666 | 0.06 | |
Romania (Rep of), 3.625%, 03/27/2032 | 1,046,000 | 863,628 | 0.16 | |
Romania (Rep of), 6.125%, 01/22/2044 | 340,000 | 319,100 | 0.06 | |
Romania (Rep of), 4.000%, 02/14/2051 | 2,728,000 | 1,924,429 | 0.35 | |
8,720,103 | 1.61 | |||
Russian Federation (Cost $8,446,067) | ||||
Russian Federal Bond - OFZ, 7.750%, 09/16/202610 | RUB | 12,867,000 | 10,314 | — |
Russian Federal Bond - OFZ, 7.050%, 01/19/202810 | RUB | 75,259,000 | 60,328 | 0.01 |
Russian Federal Bond - OFZ, 6.900%, 05/23/202910 | RUB | 252,404,000 | 202,328 | 0.04 |
Russian Federal Bond - OFZ, 8.500%, 09/17/203110 | RUB | 221,904,000 | 177,879 | 0.04 |
Russian Federal Bond - OFZ, 7.250%, 05/10/203410 | RUB | 13,248,000 | 10,620 | — |
Russian Federal Bond - OFZ, 7.700%, 03/16/203910 | RUB | 9,421,000 | 7,552 | — |
469,021 | 0.09 | |||
Saudi Arabia (Cost $12,227,891) | ||||
Saudi (Rep of), 4.375%, 04/16/2029 | 840,000 | 879,079 | 0.16 | |
Saudi (Rep of), 4.625%, 10/04/2047 | 626,000 | 609,400 | 0.11 | |
Saudi (Rep of), 5.000%, 04/17/2049 | 1,903,000 | 1,948,371 | 0.36 | |
Saudi (Rep of), 5.250%, 01/16/2050 | 1,801,000 | 1,922,265 | 0.36 | |
Saudi (Rep of), 3.750%, 01/21/2055 | 1,657,000 | 1,433,411 | 0.26 | |
Saudi (Rep of), 4.500%, 04/22/2060 | 1,128,000 | 1,092,269 | 0.20 | |
Saudi (Rep of), 3.450%, 02/02/2061 | 3,142,000 | 2,519,130 | 0.47 | |
10,403,925 | 1.92 | |||
South Africa (Cost $24,401,892) | ||||
Eskom Holdings SOC Ltd., 7.125%, 02/11/2025 | 419,000 | 389,502 | 0.07 | |
South Africa (Rep of), 4.300%, 10/12/2028 | 3,024,000 | 2,766,960 | 0.51 | |
South Africa (Rep of), 8.000%, 01/31/2030 | ZAR | 64,736,360 | 3,423,782 | 0.63 |
South Africa (Rep of), 5.875%, 06/22/2030 | 357,000 | 346,201 | 0.07 | |
South Africa (Rep of), 8.250%, 03/31/2032 | ZAR | 78,210,939 | 3,998,546 | 0.74 |
South Africa (Rep of), 5.875%, 04/20/2032 | 998,000 | 924,014 | 0.17 | |
South Africa (Rep of), 8.875%, 02/28/2035 | ZAR | 35,859,000 | 1,840,201 | 0.34 |
South Africa (Rep of), 8.500%, 01/31/2037 | ZAR | 50,423,230 | 2,446,224 | 0.45 |
South Africa (Rep of), 9.000%, 01/31/2040 | ZAR | 25,913,520 | 1,286,165 | 0.24 |
South Africa (Rep of), 8.750%, 01/31/2044 | ZAR | 3,000 | 144 | — |
South Africa (Rep of), 5.000%, 10/12/2046 | 467,000 | 330,963 | 0.06 | |
South Africa (Rep of), 5.650%, 09/27/2047 | 1,588,000 | 1,204,689 | 0.22 | |
South Africa (Rep of), 8.750%, 02/28/2048 | ZAR | 7,000 | 332 | — |
South Africa (Rep of), 5.750%, 09/30/2049 | 1,648,000 | 1,250,140 | 0.23 | |
20,207,863 | 3.73 | |||
Sri Lanka (Cost $2,320,883) | ||||
Sri Lanka (Rep of), 6.750%, 04/18/2028 | 470,000 | 140,715 | 0.02 | |
Sri Lanka (Rep of), 7.850%, 03/14/2029 | 1,248,000 | 370,725 | 0.07 |
Currency1 | Par | Value | % of Net Assets | |
Sri Lanka (continued) | ||||
Sri Lanka (Rep of), 7.550%, 03/28/2030 | 1,078,000 | $316,678 | 0.06 | |
828,118 | 0.15 | |||
Thailand (Cost $5,973,590) | ||||
Thailand (Rep of), 2.875%, 12/17/2028 | THB | 13,362,000 | 372,500 | 0.07 |
Thailand (Rep of), 2.000%, 12/17/2031 | THB | 24,345,000 | 633,120 | 0.12 |
Thailand (Rep of), 1.585%, 12/17/2035 | THB | 44,395,000 | 1,016,497 | 0.19 |
Thailand (Rep of), 3.400%, 06/17/2036 | THB | 17,483,000 | 485,790 | 0.09 |
Thailand (Rep of), 3.300%, 06/17/2038 | THB | 27,502,000 | 747,046 | 0.14 |
Thailand (Rep of), 2.000%, 06/17/2042 | THB | 44,923,000 | 979,006 | 0.18 |
Thailand (Rep of), 2.875%, 06/17/2046 | THB | 4,854,000 | 114,985 | 0.02 |
Thailand (Rep of), 3.600%, 06/17/2067 | THB | 18,378,000 | 408,896 | 0.07 |
4,757,840 | 0.88 | |||
Turkey (Cost $7,371,910) | ||||
Turkey (Rep of), 3.250%, 03/23/2023 | 890,000 | 869,049 | 0.16 | |
Turkey (Rep of), 7.250%, 12/23/2023 | 286,000 | 284,549 | 0.05 | |
Turkey (Rep of), 5.750%, 03/22/2024 | 930,000 | 873,744 | 0.16 | |
Turkey (Rep of), 6.350%, 08/10/2024 | 365,000 | 341,676 | 0.06 | |
Turkey (Rep of), 5.600%, 11/14/2024 | 428,000 | 390,208 | 0.07 | |
Turkey (Rep of), 4.250%, 03/13/2025 | 488,000 | 422,112 | 0.08 | |
Turkey (Rep of), 6.000%, 01/14/2041 | 465,000 | 297,872 | 0.06 | |
Turkey (Rep of), 4.875%, 04/16/2043 | 2,105,000 | 1,244,560 | 0.23 | |
Turkey (Rep of), 5.750%, 05/11/2047 | 2,273,000 | 1,404,673 | 0.26 | |
6,128,443 | 1.13 | |||
Ukraine (Cost $9,987,324) | ||||
Ukraine (Rep of), 11.150%, 08/26/202210 | UAH | 13,746,000 | 119,252 | 0.02 |
Ukraine (Rep of), 15.970%, 04/19/202310 | UAH | 14,921,000 | 129,446 | 0.03 |
Ukraine (Rep of), 7.750%, 09/01/2023 | 201,000 | 48,441 | 0.01 | |
Ukraine (Rep of), 10.950%, 11/01/202310 | UAH | 57,267,000 | 496,815 | 0.09 |
Ukraine (Rep of), 15.840%, 02/26/202510 | UAH | 29,300,000 | 254,190 | 0.05 |
Ukraine (Rep of), 7.750%, 09/01/2025 | 506,000 | 102,718 | 0.02 | |
Ukraine (Rep of), 7.750%, 09/01/2026 | 1,136,000 | 229,263 | 0.04 | |
Ukraine (Rep of), 9.750%, 11/01/2028 | 1,055,000 | 213,637 | 0.04 | |
Ukraine (Rep of), 6.876%, 05/21/2029 | 1,468,000 | 289,930 | 0.05 | |
Ukraine (Rep of), 7.375%, 09/25/2032 | 621,000 | 120,057 | 0.02 | |
Ukraine (Rep of), 7.253%, 03/15/2033 | 1,153,000 | 224,835 | 0.04 | |
Ukraine Treasury Bill, 8.826%, 09/07/202210,11 | UAH | 14,622,000 | 126,852 | 0.02 |
Ukraine Treasury Bill, 8.774%, 11/02/202210,11 | UAH | 2,325,000 | 20,170 | 0.01 |
Ukraine Treasury Bill, 8.815%, 01/11/202310,11 | UAH | 1,307,000 | 11,339 | — |
2,386,945 | 0.44 | |||
United Arab Emirates (Cost $5,517,296) | ||||
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049 | 1,846,000 | 1,535,872 | 0.28 | |
Abu Dhabi (Gov’t of), 3.875%, 04/16/2050 | 1,881,000 | 1,779,531 | 0.33 | |
DP World Crescent Ltd., 3.875%, 07/18/2029 | 641,000 | 607,777 | 0.11 |
Currency1 | Par | Value | % of Net Assets | |
United Arab Emirates (continued) | ||||
DP World Crescent Ltd., 3.750%, 01/30/2030 | 604,000 | $565,492 | 0.11 | |
4,488,672 | 0.83 | |||
Uruguay (Cost $11,898,536) | ||||
Uruguay (Rep of), 8.500%, 03/15/2028 | UYU | 15,190,000 | 332,014 | 0.06 |
Uruguay (Rep of), 4.375%, 12/15/2028 | UYU | 8,870,757 | 545,160 | 0.10 |
Uruguay (Rep of), 8.250%, 05/21/2031 | UYU | 63,603,828 | 1,324,216 | 0.25 |
Uruguay (Rep of), 7.875%, 01/15/2033 | 1,417,380 | 1,852,479 | 0.34 | |
Uruguay (Rep of), 7.625%, 03/21/2036 | 993,660 | 1,305,490 | 0.24 | |
Uruguay (Rep of), 3.875%, 07/02/2040 | UYU | 38,736,000 | 1,086,788 | 0.20 |
Uruguay (Rep of), 4.125%, 11/20/2045 | 890,665 | 871,714 | 0.16 | |
Uruguay (Rep of), 5.100%, 06/18/2050 | 1,034,264 | 1,101,334 | 0.20 | |
Uruguay (Rep of), 4.975%, 04/20/2055 | 2,123,300 | 2,220,670 | 0.41 | |
10,639,865 | 1.96 | |||
Venezuela (Cost $49,980,026) | ||||
Petroleos de Venezuela S.A., 8.500%, 10/27/20207,8 | 28,100,000 | 4,425,750 | 0.82 | |
Petroleos de Venezuela S.A., 9.000%, 11/17/20217,8 | 3,789,076 | 151,563 | 0.03 | |
Petroleos de Venezuela S.A., 12.750%, 02/17/20227,8 | 1,695,000 | 67,800 | 0.01 | |
Petroleos de Venezuela S.A., 5.375%, 04/12/20277 | 1,590,000 | 61,184 | 0.01 | |
Petroleos de Venezuela S.A., 9.750%, 05/17/20357 | 5,253,147 | 210,126 | 0.04 | |
Venezuela (Rep of), 7.750%, 10/13/20197,8 | 1,638,000 | 139,230 | 0.03 | |
Venezuela (Rep of), 12.750%, 08/23/20227 | 3,246,000 | 284,025 | 0.05 | |
Venezuela (Rep of), 9.000%, 05/07/20237 | 1,407,000 | 121,354 | 0.02 | |
Venezuela (Rep of), 8.250%, 10/13/20247 | 3,213,200 | 277,139 | 0.05 | |
Venezuela (Rep of), 11.750%, 10/21/20267 | 12,976,000 | 1,151,620 | 0.21 | |
Venezuela (Rep of), 9.250%, 09/15/20277 | 3,647,000 | 325,495 | 0.06 | |
Venezuela (Rep of), 9.250%, 05/07/20287 | 2,317,000 | 204,475 | 0.04 | |
Venezuela (Rep of), 11.950%, 08/05/20317 | 21,478,800 | 1,906,243 | 0.35 | |
9,326,004 | 1.72 | |||
Vietnam (Cost $1,271,508) | ||||
Vietnam (Rep of), 4.800%, 11/19/2024 | 1,241,000 | 1,238,017 | 0.23 | |
1,238,017 | 0.23 | |||
Zambia (Cost $1,291,898) | ||||
Zambia (Rep of), 8.970%, 07/30/2027 | 1,787,000 | 1,018,590 | 0.19 | |
1,018,590 | 0.19 | |||
Total Debt Securities (Cost $675,422,863) | 437,617,411 | 80.80 | ||
Total Investments (Total Cost $675,422,863) | 437,617,411 | 80.80 | ||
Other Assets Less Liabilities | 103,958,558 | 19.20 | ||
Net Assets | $541,575,969 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Step coupon bond. Rate as of July 31, 2022 is disclosed. |
3 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
4 | Zero coupon bond. |
5 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
6 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
7 | Issuer has defaulted on terms of debt obligation. |
8 | Maturity has been extended under the terms of a plan of reorganization. |
9 | Security has been deemed worthless and is a Level 3 investment. |
10 | Security is a Level 3 investment. |
11 | Zero coupon bond – interest rate reflects effective yield on the date of purchase. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/02/2022 | Merrill Lynch | Brazilian Real | 53,237,503 | United States Dollar | 9,899,127 | $390,103 |
08/10/2022 | HSBC Bank | Chinese Offshore Yuan | 3,532,747 | United States Dollar | 521,000 | 2,361 |
08/10/2022 | Morgan Stanley | United States Dollar | 861,000 | Chinese Offshore Yuan | 5,729,743 | 12,164 |
08/10/2022 | State Street | United States Dollar | 781,000 | Chinese Offshore Yuan | 5,236,743 | 5,200 |
08/10/2022 | Barclays | United States Dollar | 1,590,673 | Indonesian Rupiah | 23,289,039,014 | 20,572 |
08/10/2022 | Barclays | United States Dollar | 1,802,781 | Turkish Lira | 32,292,935 | 21,893 |
08/25/2022 | HSBC Bank | United States Dollar | 911,519 | Egyptian Pound | 17,428,248 | 11,339 |
08/29/2022 | HSBC Bank | United States Dollar | 1,194,891 | Egyptian Pound | 22,894,102 | 16,804 |
08/31/2022 | Citibank | South African Rand | 8,335,349 | United States Dollar | 486,000 | 13,671 |
08/31/2022 | HSBC Bank | South African Rand | 23,113,953 | United States Dollar | 1,350,990 | 34,599 |
08/31/2022 | HSBC Bank | Thai Baht | 80,693,000 | United States Dollar | 2,189,068 | 8,007 |
08/31/2022 | Standard Chartered | Thai Baht | 15,949,326 | United States Dollar | 434,000 | 262 |
08/31/2022 | Morgan Stanley | United States Dollar | 310,000 | Czech Koruna | 7,313,092 | 7,615 |
08/31/2022 | BNP Paribas | United States Dollar | 240,000 | Hungarian Forint | 92,452,848 | 8,108 |
08/31/2022 | Merrill Lynch | United States Dollar | 240,000 | Polish Zloty | 1,075,617 | 9,395 |
08/31/2022 | BNP Paribas | United States Dollar | 325,000 | Romanian Leu | 1,533,861 | 8,584 |
08/31/2022 | JP Morgan | United States Dollar | 330,474 | Romanian Leu | 1,567,044 | 7,213 |
08/31/2022 | Barclays | United States Dollar | 719,776 | South African Rand | 11,067,994 | 56,294 |
08/31/2022 | BNP Paribas | United States Dollar | 270,000 | Thai Baht | 9,512,721 | 10,992 |
08/31/2022 | Deutsche Bank | United States Dollar | 85,723 | Thai Baht | 2,929,592 | 5,957 |
08/31/2022 | HSBC Bank | United States Dollar | 4,655,000 | Thai Baht | 168,711,165 | 61,402 |
09/09/2022 | Deutsche Bank | United States Dollar | 539,634 | Indonesian Rupiah | 7,897,000,000 | 7,565 |
09/14/2022 | JP Morgan | Turkish Lira | 9,888,036 | United States Dollar | 493,385 | 27,676 |
09/14/2022 | JP Morgan | United States Dollar | 553,122 | Turkish Lira | 9,888,035 | 32,061 |
09/21/2022 | Citibank | Thai Baht | 53,156,000 | United States Dollar | 1,448,136 | 1,281 |
09/30/2022 | Barclays | Indian Rupee | 47,133,738 | United States Dollar | 586,000 | 4,693 |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
09/30/2022 | JP Morgan | Thai Baht | 27,540,000 | United States Dollar | 750,511 | $897 |
09/30/2022 | Barclays | United States Dollar | 730,000 | Indian Rupee | 57,821,110 | 5,370 |
09/30/2022 | Standard Chartered | United States Dollar | 1,815,000 | Taiwan Dollar | 1,815,000 | 16,403 |
10/12/2022 | Union Bank of Switzerland | Korean Won | 412,548,272 | United States Dollar | 314,000 | 2,828 |
10/12/2022 | Merrill Lynch | United States Dollar | 395,000 | Korean Won | 506,307,050 | 6,167 |
10/28/2022 | JP Morgan | Chilean Peso | 5,308,805,538 | United States Dollar | 5,626,715 | 171,557 |
10/28/2022 | Credit Suisse | Colombian Peso | 6,154,293,628 | United States Dollar | 1,409,660 | 2,301 |
10/28/2022 | Barclays | Mexican Peso | 56,472,048 | United States Dollar | 2,698,861 | 24,331 |
10/28/2022 | HSBC Bank | Mexican Peso | 13,987,273 | United States Dollar | 664,000 | 10,494 |
10/28/2022 | Barclays | United States Dollar | 2,256,609 | Peruvian Nuevo Sol | 8,842,781 | 26,269 |
10/31/2022 | Deutsche Bank | Indonesian Rupiah | 8,571,787,000 | United States Dollar | 566,000 | 9,750 |
10/31/2022 | Standard Chartered | Malaysian Ringgit | 2,079,324 | United States Dollar | 468,000 | 109 |
10/31/2022 | Barclays | Philippine Peso | 19,346,976 | United States Dollar | 341,000 | 6,417 |
10/31/2022 | Standard Chartered | Philippine Peso | 53,027,310 | United States Dollar | 932,102 | 20,118 |
10/31/2022 | BNP Paribas | Singapore Dollar | 449,359 | United States Dollar | 323,000 | 2,432 |
10/31/2022 | JP Morgan | Singapore Dollar | 10,855,418 | United States Dollar | 7,784,923 | 76,722 |
10/31/2022 | ANZ Banking | Thai Baht | 97,228,000 | United States Dollar | 2,657,955 | 609 |
11/09/2022 | Barclays | United States Dollar | 1,571,884 | Indonesian Rupiah | 23,388,067,690 | 1,656 |
Subtotal Appreciation | 1,170,241 | |||||
08/02/2022 | Banco Santander | United States Dollar | 4,402,170 | Brazilian Real | 23,697,165 | (177,789) |
08/02/2022 | Deutsche Bank | United States Dollar | 3,345,000 | Brazilian Real | 17,921,172 | (118,631) |
08/02/2022 | Standard Chartered | United States Dollar | 2,203,238 | Brazilian Real | 11,619,166 | (42,402) |
08/10/2022 | HSBC Bank | Chinese Offshore Yuan | 11,875,294 | United States Dollar | 1,777,872 | (18,599) |
08/10/2022 | JP Morgan | Chinese Offshore Yuan | 193,032,324 | United States Dollar | 28,810,777 | (213,888) |
08/10/2022 | Morgan Stanley | Chinese Offshore Yuan | 3,851,059 | United States Dollar | 576,000 | (5,483) |
08/10/2022 | Barclays | Indonesian Rupiah | 23,289,038,974 | United States Dollar | 1,571,884 | (1,784) |
08/10/2022 | Barclays | Turkish Lira | 80,316,285 | United States Dollar | 4,517,379 | (88,103) |
08/10/2022 | Deutsche Bank | United States Dollar | 5,657,000 | Chinese Offshore Yuan | 38,293,364 | (15,993) |
08/10/2022 | Standard Chartered | United States Dollar | 2,828,130 | Chinese Offshore Yuan | 19,186,518 | (14,268) |
08/17/2022 | HSBC Bank | United States Dollar | 3,302,393 | Euro | 3,283,794 | (57,869) |
08/31/2022 | HSBC Bank | Czech Koruna | 145,118,950 | United States Dollar | 6,121,353 | (120,905) |
08/31/2022 | BNP Paribas | Hungarian Forint | 1,603,895,242 | United States Dollar | 4,180,425 | (157,503) |
08/31/2022 | Standard Chartered | Hungarian Forint | 529,974,238 | United States Dollar | 1,466,509 | (137,217) |
08/31/2022 | Morgan Stanley | Israeli Shekel | 6,470,679 | United States Dollar | 1,908,182 | (1,208) |
08/31/2022 | BNP Paribas | Polish Zloty | 32,713,625 | United States Dollar | 7,246,181 | (232,606) |
08/31/2022 | HSBC Bank | Romanian Leu | 19,009,197 | United States Dollar | 4,029,688 | (108,333) |
08/31/2022 | JP Morgan | Romanian Leu | 250,000 | United States Dollar | 53,357 | (1,785) |
08/31/2022 | Barclays | South African Rand | 4,600,000 | United States Dollar | 288,598 | (12,847) |
08/31/2022 | HSBC Bank | South African Rand | 82,877,239 | United States Dollar | 5,184,385 | (216,227) |
08/31/2022 | Standard Chartered | Thai Baht | 111,826,000 | United States Dollar | 3,160,873 | (116,121) |
08/31/2022 | BNP Paribas | United States Dollar | 1,249,310 | Czech Koruna | 30,472,795 | (10,693) |
08/31/2022 | Merrill Lynch | United States Dollar | 4,720,000 | Czech Koruna | 116,074,240 | (79,493) |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/31/2022 | JP Morgan | United States Dollar | 1,029,800 | Hungarian Forint | 419,844,311 | $(23,262) |
08/31/2022 | Morgan Stanley | United States Dollar | 1,735,000 | Hungarian Forint | 712,894,150 | (53,095) |
08/31/2022 | Merrill Lynch | United States Dollar | 405,000 | Israeli Shekel | 1,407,295 | (9,744) |
08/31/2022 | HSBC Bank | United States Dollar | 6,094,800 | Polish Zloty | 29,122,839 | (148,936) |
08/31/2022 | Barclays | United States Dollar | 1,210,000 | Romanian Leu | 5,987,495 | (25,144) |
08/31/2022 | Citibank | United States Dollar | 3,960,000 | South African Rand | 67,787,676 | (103,599) |
09/02/2022 | JP Morgan | United States Dollar | 1,263,340 | Brazilian Real | 6,622,479 | (3,684) |
09/02/2022 | Merrill Lynch | United States Dollar | 9,808,844 | Brazilian Real | 53,237,503 | (376,648) |
09/12/2022 | HSBC Bank | Taiwan Dollar | 268,471,711 | United States Dollar | 9,081,956 | (121,167) |
09/15/2022 | HSBC Bank | Egyptian Pound | 10,358,900 | United States Dollar | 528,246 | (434) |
09/21/2022 | Citibank | Thai Baht | 120,160,000 | United States Dollar | 3,526,080 | (249,649) |
09/21/2022 | Union Bank of Switzerland | Thai Baht | 197,974,421 | United States Dollar | 5,766,955 | (368,740) |
09/30/2022 | HSBC Bank | Indian Rupee | 464,842,570 | United States Dollar | 5,895,052 | (69,517) |
09/30/2022 | Deutsche Bank | Taiwan Dollar | 8,305,384 | United States Dollar | 279,000 | (1,556) |
09/30/2022 | HSBC Bank | Thai Baht | 81,370,000 | United States Dollar | 2,296,771 | (76,653) |
09/30/2022 | Morgan Stanley | United States Dollar | 2,665,000 | Indian Rupee | 213,645,055 | (12,458) |
10/12/2022 | JP Morgan | Indian Rupee | 924,429,640 | United States Dollar | 11,614,532 | (44,957) |
10/12/2022 | Barclays | Korean Won | 17,334,013,581 | United States Dollar | 13,385,649 | (73,508) |
10/12/2022 | JP Morgan | United States Dollar | 699,532 | Indonesian Rupiah | 10,466,392,855 | (4,302) |
10/12/2022 | BNP Paribas | United States Dollar | 2,565,000 | Korean Won | 3,364,869,600 | (19,146) |
10/24/2022 | HSBC Bank | Egyptian Pound | 23,153,368 | United States Dollar | 1,155,935 | (1,483) |
10/27/2022 | HSBC Bank | Egyptian Pound | 28,697,334 | United States Dollar | 1,438,463 | (9,964) |
10/28/2022 | Credit Suisse | United States Dollar | 4,948,970 | Colombian Peso | 22,238,196,109 | (153,073) |
10/31/2022 | Deutsche Bank | United States Dollar | 5,854,301 | Indonesian Rupiah | 88,593,135,526 | (96,323) |
10/31/2022 | Standard Chartered | United States Dollar | 2,005,046 | Malaysian Ringgit | 8,915,896 | (2,150) |
Subtotal Depreciation | (3,998,939) | |||||
Total | $(2,828,698) |
Pay Rate Index/ Pay Rate | Receive Rate/ Receive Rate Index | Notional Amount | Expiration Date | Fair Value/ Unrealized Appreciation (Depreciation)** | Variation Margin Receivable (Payable) | Counterparty | ||
Brazil CETIP Interbank Deposit Rate (Pay at Maturity) | 10.950% (Receive at Maturity) | BRL | 83,521,119 | 1/2/2025 | $(602,073) | $— | BNP Paribas | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.580% (Receive Quarterly) | CNY | 39,814,000 | 3/18/2025 | 58,615 | — | JP Morgan | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.325% (Receive Quarterly) | CNY | 93,220,000 | 9/16/2025 | 29,340 | — | Merrill Lynch | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.535% (Receive Quarterly) | CNY | 19,040,000 | 9/16/2025 | 24,443 | — | Merrill Lynch | |
$(489,675) | $— |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $67,282,555 | $— | $67,282,555 | |||
Corporate Convertible Bonds | — | 190,052 | — | 190,052 | |||
Financial Certificates | — | 4,294,924 | — | 4,294,924 | |||
Government Agencies | — | 32,387,915 | — | 32,387,915 | |||
Government Bonds | — | 328,959,173 | 1,468,724 | 330,427,897 | |||
Index Linked Government Bonds | — | 2,875,707 | — | 2,875,707 | |||
Short Term Bills and Notes | — | — | 158,361 | 158,361 | |||
Total Debt Securities | — | 435,990,326 | 1,627,085 | 437,617,411 | |||
Total Investments | $— | $435,990,326 | $1,627,085 | $437,617,411 |
Other Financial Instruments | ||||
Assets: | ||||
Forward Foreign Currency Exchange Contracts | $— | $1,170,241 | $— | $1,170,241 |
Centrally Cleared Swap Contracts† | — | 112,398 | — | 112,398 |
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | — | (3,998,939) | — | (3,998,939) |
Centrally Cleared Swap Contracts† | — | (602,073) | — | (602,073) |
Total Other Financial Instruments | $— | $(3,318,373) | $— | $(3,318,373) |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Bank Loans | ||||||||||
Brazil | $7,950,000 | $— | $— | $(8,035,425) | $1,576,050 | $(1,490,625) | $— | $— | $— | $— |
Government Bonds | ||||||||||
Russian Federation | — | — | — | — | — | — | 469,021 | — | 469,021 | (6,951,213) |
Ukraine | — | — | — | — | — | — | 999,703 | — | 999,703 | (3,319,221) |
Short Term Bills And Notes | ||||||||||
Ukraine | — | 4,710 | 503,844 | — | — | (350,193) | — | — | 158,361 | (350,193) |
Total | $7,950,000 | $4,710 | $503,844 | $(8,035,425) | $1,576,050 | $(1,840,818) | $1,468,724 | $— | $1,627,085 | $(10,620,627) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Government Bonds | $469,021 | Last observable vendor price | Last observable vendor price |
Treasury Note | 999,703 | Fair Value | Inputs to Model |
Short Term Bills and Notes | 158,361 | Fair Value | Inputs to Model |
Total | $1,627,085 |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Brazil (Cost $1,173,441) | ||||
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20232 | BRL | 1,730,000 | $297,018 | 5.28 |
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20242 | BRL | 1,730,000 | 279,898 | 4.98 |
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20252 | BRL | 1,000,000 | 136,217 | 2.42 |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2025 | BRL | 1,026,000 | 187,264 | 3.33 |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | BRL | 499,000 | 87,893 | 1.56 |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 | BRL | 262,000 | 44,567 | 0.79 |
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031 | BRL | 130,000 | 21,536 | 0.38 |
1,054,393 | 18.74 | |||
Chile (Cost $83,568) | ||||
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283 | CLP | 60,000,000 | 60,566 | 1.08 |
60,566 | 1.08 | |||
China (Cost $260,577) | ||||
China (Rep of), 1.990%, 04/09/2025 | CNY | 260,000 | 38,269 | 0.68 |
China (Rep of), 2.850%, 06/04/2027 | CNY | 610,000 | 91,811 | 1.63 |
China (Rep of), 2.680%, 05/21/2030 | CNY | 290,000 | 42,646 | 0.76 |
China (Rep of), 3.720%, 04/12/2051 | CNY | 620,000 | 98,785 | 1.76 |
271,511 | 4.83 | |||
Colombia (Cost $318,113) | ||||
Colombian TES, 7.500%, 08/26/2026 | COP | 30,000,000 | 6,110 | 0.11 |
Colombian TES, 3.300%, 03/17/2027 | COP | 493,000 | 32,370 | 0.57 |
Colombian TES, 5.750%, 11/03/2027 | COP | 65,500,000 | 11,819 | 0.21 |
Colombian TES, 6.000%, 04/28/2028 | COP | 151,700,000 | 26,982 | 0.48 |
Colombian TES, 7.750%, 09/18/2030 | COP | 142,400,000 | 25,774 | 0.46 |
Colombian TES, 7.000%, 03/26/2031 | COP | 132,400,000 | 22,391 | 0.40 |
Colombian TES, 7.000%, 06/30/2032 | COP | 143,600,000 | 23,561 | 0.42 |
Colombian TES, 7.250%, 10/18/2034 | COP | 100,800,000 | 16,012 | 0.28 |
Colombian TES, 6.250%, 07/09/2036 | COP | 187,000,000 | 26,295 | 0.47 |
Colombian TES, 9.250%, 05/28/2042 | COP | 98,000,000 | 17,020 | 0.30 |
Colombian TES, 7.250%, 10/26/2050 | COP | 32,600,000 | 4,493 | 0.08 |
212,827 | 3.78 | |||
Czech Republic (Cost $182,330) | ||||
Czech (Rep of), 2.500%, 08/25/2028 | CZK | 1,060,000 | 39,127 | 0.69 |
Czech (Rep of), 2.750%, 07/23/2029 | CZK | 1,300,000 | 48,445 | 0.86 |
Czech (Rep of), 0.050%, 11/29/2029 | CZK | 390,000 | 11,750 | 0.21 |
Czech (Rep of), 0.950%, 05/15/2030 | CZK | 30,000 | 967 | 0.02 |
Czech (Rep of), 1.750%, 06/23/2032 | CZK | 270,000 | 9,025 | 0.16 |
Currency1 | Par | Value | % of Net Assets | |
Czech Republic (continued) | ||||
Czech (Rep of), 2.000%, 10/13/2033 | CZK | 1,090,000 | $37,002 | 0.66 |
146,316 | 2.60 | |||
Egypt (Cost $14,741) | ||||
Egypt (Rep of), 14.138%, 10/20/2022 | EGP | 94,000 | 4,938 | 0.09 |
Egypt (Rep of), 14.313%, 10/13/2023 | EGP | 136,000 | 7,048 | 0.12 |
11,986 | 0.21 | |||
Hungary (Cost $230,014) | ||||
Hungary (Rep of), 3.000%, 06/26/2024 | HUF | 17,910,000 | 39,575 | 0.70 |
Hungary (Rep of), 5.500%, 06/24/2025 | HUF | 25,740,000 | 57,273 | 1.02 |
Hungary (Rep of), 3.000%, 10/27/2027 | HUF | 8,090,000 | 15,188 | 0.27 |
Hungary (Rep of), 6.750%, 10/22/2028 | HUF | 1,470,000 | 3,268 | 0.06 |
Hungary (Rep of), 3.000%, 08/21/2030 | HUF | 9,050,000 | 15,742 | 0.28 |
Hungary (Rep of), 4.750%, 11/24/2032 | HUF | 870,000 | 1,669 | 0.03 |
Hungary (Rep of), 3.000%, 10/27/2038 | HUF | 3,470,000 | 4,906 | 0.09 |
137,621 | 2.45 | |||
Indonesia (Cost $778,972) | ||||
Indonesia (Rep of), 5.625%, 05/15/2023 | IDR | 806,000,000 | 55,013 | 0.98 |
Indonesia (Rep of), 8.125%, 05/15/2024 | IDR | 2,725,000,000 | 192,269 | 3.42 |
Indonesia (Rep of), 7.000%, 05/15/2027 | IDR | 1,698,000,000 | 115,935 | 2.06 |
Indonesia (Rep of), 10.500%, 08/15/2030 | IDR | 274,000,000 | 21,907 | 0.39 |
Indonesia (Rep of), 7.000%, 09/15/2030 | IDR | 375,000,000 | 25,156 | 0.45 |
Indonesia (Rep of), 6.500%, 02/15/2031 | IDR | 294,000,000 | 19,186 | 0.34 |
Indonesia (Rep of), 8.750%, 05/15/2031 | IDR | 709,000,000 | 52,232 | 0.93 |
Indonesia (Rep of), 7.500%, 08/15/2032 | IDR | 751,000,000 | 51,392 | 0.91 |
Indonesia (Rep of), 8.375%, 03/15/2034 | IDR | 1,332,000,000 | 96,757 | 1.72 |
Indonesia (Rep of), 8.250%, 05/15/2036 | IDR | 818,000,000 | 58,861 | 1.04 |
Indonesia (Rep of), 8.375%, 04/15/2039 | IDR | 482,000,000 | 34,837 | 0.62 |
Indonesia (Rep of), 7.500%, 04/15/2040 | IDR | 262,000,000 | 17,887 | 0.32 |
741,432 | 13.18 | |||
Malaysia (Cost $297,483) | ||||
Malaysia (Rep of), 3.955%, 09/15/2025 | MYR | 178,000 | 40,414 | 0.72 |
Malaysia (Rep of), 3.906%, 07/15/2026 | MYR | 190,000 | 43,014 | 0.76 |
Malaysia (Rep of), 3.733%, 06/15/2028 | MYR | 74,000 | 16,578 | 0.29 |
Malaysia (Rep of), 3.885%, 08/15/2029 | MYR | 118,000 | 26,498 | 0.47 |
Malaysia (Rep of), 4.642%, 11/07/2033 | MYR | 152,000 | 35,780 | 0.64 |
Malaysia (Rep of), 3.828%, 07/05/2034 | MYR | 247,000 | 53,729 | 0.96 |
Malaysia (Rep of), 3.757%, 05/22/2040 | MYR | 62,000 | 12,784 | 0.23 |
Malaysia (Rep of), 4.065%, 06/15/2050 | MYR | 148,000 | 30,572 | 0.54 |
Malaysia Government Investment Issue, 3.465%, 10/15/2030 | MYR | 34,000 | 7,320 | 0.13 |
266,689 | 4.74 | |||
Mexico (Cost $357,094) | ||||
Comision Federal de Electricidad, 8.180%, 12/23/2027 | MXN | 420,000 | 18,841 | 0.33 |
Currency1 | Par | Value | % of Net Assets | |
Mexico (continued) | ||||
Mexican Bonos, 7.750%, 05/29/2031 | MXN | 1,150,000 | $53,234 | 0.95 |
Mexican Bonos, 10.000%, 11/20/2036 | MXN | 1,540,000 | 83,668 | 1.49 |
Mexican Bonos, 8.500%, 11/18/2038 | MXN | 1,260,000 | 60,112 | 1.07 |
Mexican Bonos, 7.750%, 11/13/2042 | MXN | 1,000,000 | 44,133 | 0.78 |
Mexican Bonos, 8.000%, 11/07/2047 | MXN | 520,000 | 23,468 | 0.42 |
Petroleos Mexicanos, 7.190%, 09/12/2024 | MXN | 1,320,000 | 59,280 | 1.05 |
Petroleos Mexicanos, 7.470%, 11/12/2026 | MXN | 210,000 | 8,983 | 0.16 |
351,719 | 6.25 | |||
Peru (Cost $171,635) | ||||
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024 | PEN | 133,000 | 33,643 | 0.60 |
Peru (Rep of), 6.950%, 08/12/2031 | PEN | 175,000 | 41,093 | 0.73 |
Peru (Rep of), 6.150%, 08/12/2032 | PEN | 102,000 | 22,337 | 0.40 |
Peru (Rep of), 5.400%, 08/12/2034 | PEN | 134,000 | 26,729 | 0.47 |
Peru (Rep of), 5.350%, 08/12/2040 | PEN | 39,000 | 7,178 | 0.13 |
130,980 | 2.33 | |||
Poland (Cost $345,249) | ||||
Poland (Rep of), 4.000%, 10/25/2023 | PLN | 131,000 | 27,369 | 0.49 |
Poland (Rep of), 2.250%, 10/25/2024 | PLN | 248,000 | 48,867 | 0.87 |
Poland (Rep of), 0.750%, 04/25/2025 | PLN | 141,000 | 26,248 | 0.47 |
Poland (Rep of), 3.250%, 07/25/2025 | PLN | 56,000 | 11,103 | 0.20 |
Poland (Rep of), 2.500%, 07/25/2026 | PLN | 291,000 | 54,780 | 0.97 |
Poland (Rep of), 3.750%, 05/25/2027 | PLN | 471,000 | 91,620 | 1.63 |
Poland (Rep of), 2.750%, 10/25/2029 | PLN | 166,000 | 29,555 | 0.52 |
Poland (Rep of), 1.750%, 04/25/2032 | PLN | 249,000 | 38,613 | 0.68 |
328,155 | 5.83 | |||
Romania (Cost $132,914) | ||||
Romania (Rep of), 5.800%, 07/26/2027 | RON | 270,000 | 50,554 | 0.90 |
Romania (Rep of), 4.150%, 01/26/2028 | RON | 190,000 | 32,473 | 0.58 |
Romania (Rep of), 4.150%, 10/24/2030 | RON | 70,000 | 11,082 | 0.19 |
94,109 | 1.67 | |||
Russian Federation (Cost $368,603) | ||||
Russian Federal Bond - OFZ, 7.100%, 10/16/20244 | RUB | 2,718,000 | 2,179 | 0.04 |
Russian Federal Bond - OFZ, 7.750%, 09/16/20264 | RUB | 4,567,000 | 3,661 | 0.07 |
Russian Federal Bond - OFZ, 8.150%, 02/03/20274 | RUB | 2,456,000 | 1,969 | 0.03 |
Russian Federal Bond - OFZ, 5.700%, 05/17/20284 | RUB | 3,586,000 | 2,874 | 0.05 |
Russian Federal Bond - OFZ, 8.500%, 09/17/20314 | RUB | 3,153,000 | 2,527 | 0.04 |
Russian Federal Bond - OFZ, 7.700%, 03/23/20334 | RUB | 2,971,000 | 2,382 | 0.04 |
Russian Federal Bond - OFZ, 7.250%, 05/10/20344 | RUB | 6,038,000 | 4,840 | 0.09 |
Russian Federal Bond - OFZ, 7.700%, 03/16/20394 | RUB | 135,000 | 108 | — |
20,540 | 0.36 | |||
South Africa (Cost $535,347) | ||||
South Africa (Rep of), 10.500%, 12/21/2026 | ZAR | 1,019,830 | 64,749 | 1.15 |
Currency1 | Par | Value | % of Net Assets | |
South Africa (continued) | ||||
South Africa (Rep of), 8.000%, 01/31/2030 | ZAR | 1,413,030 | $74,732 | 1.33 |
South Africa (Rep of), 7.000%, 02/28/2031 | ZAR | 1,030,350 | 49,385 | 0.88 |
South Africa (Rep of), 8.250%, 03/31/2032 | ZAR | 1,639,566 | 83,823 | 1.49 |
South Africa (Rep of), 8.500%, 01/31/2037 | ZAR | 1,213,160 | 58,855 | 1.04 |
South Africa (Rep of), 9.000%, 01/31/2040 | ZAR | 354,910 | 17,615 | 0.31 |
South Africa (Rep of), 6.500%, 02/28/2041 | ZAR | 580,000 | 22,122 | 0.39 |
South Africa (Rep of), 8.750%, 01/31/2044 | ZAR | 1,103,000 | 52,811 | 0.94 |
South Africa (Rep of), 8.750%, 02/28/2048 | ZAR | 1,597,940 | 75,849 | 1.35 |
499,941 | 8.88 | |||
Thailand (Cost $340,790) | ||||
Thailand (Rep of), 1.000%, 06/17/2027 | THB | 929,000 | 23,786 | 0.42 |
Thailand (Rep of), 2.875%, 12/17/2028 | THB | 279,000 | 7,778 | 0.14 |
Thailand (Rep of), 4.875%, 06/22/2029 | THB | 239,000 | 7,478 | 0.13 |
Thailand (Rep of), 2.000%, 12/17/2031 | THB | 874,000 | 22,729 | 0.40 |
Thailand (Rep of), 3.775%, 06/25/2032 | THB | 945,000 | 28,279 | 0.50 |
Thailand (Rep of), 1.585%, 12/17/2035 | THB | 990,000 | 22,668 | 0.40 |
Thailand (Rep of), 3.400%, 06/17/2036 | THB | 1,686,000 | 46,848 | 0.83 |
Thailand (Rep of), 3.300%, 06/17/2038 | THB | 1,273,000 | 34,579 | 0.62 |
Thailand (Rep of), 2.000%, 06/17/2042 | THB | 1,358,000 | 29,595 | 0.53 |
Thailand (Rep of), 2.875%, 06/17/2046 | THB | 1,222,000 | 28,947 | 0.52 |
Thailand (Rep of), 3.600%, 06/17/2067 | THB | 555,000 | 12,348 | 0.22 |
265,035 | 4.71 | |||
Ukraine (Cost $75,183) | ||||
Ukraine (Rep of), 11.150%, 08/26/20224 | UAH | 36,000 | 312 | — |
Ukraine (Rep of), 15.970%, 04/19/20234 | UAH | 39,000 | 338 | 0.01 |
Ukraine (Rep of), 10.950%, 11/01/20234 | UAH | 547,000 | 4,745 | 0.08 |
Ukraine (Rep of), 15.840%, 02/26/20254 | UAH | 1,154,000 | 10,011 | 0.18 |
Ukraine Treasury Bill, 8.844%, 09/07/20222 | UAH | 63,000 | 547 | 0.01 |
Ukraine Treasury Bill, 8.774%, 11/02/20222 | UAH | 50,000 | 434 | 0.01 |
Ukraine Treasury Bill, 8.815%, 01/11/20232 | UAH | 14,000 | 122 | — |
16,509 | 0.29 | |||
Uruguay (Cost $70,469) | ||||
Uruguay (Rep of), 8.500%, 03/15/2028 | UYU | 200,000 | 4,372 | 0.08 |
Uruguay (Rep of), 4.375%, 12/15/2028 | UYU | 113,754 | 6,991 | 0.12 |
Uruguay (Rep of), 8.250%, 05/21/2031 | UYU | 456,361 | 9,501 | 0.17 |
Currency1 | Par | Value | % of Net Assets | |
Uruguay (continued) | ||||
Uruguay (Rep of), 3.875%, 07/02/2040 | UYU | 1,721,000 | $48,285 | 0.86 |
69,149 | 1.23 | |||
Total Debt Securities (Cost $5,736,523) | 4,679,478 | 83.16 | ||
Total Investments in Securities (Cost $5,736,523) | 4,679,478 | 83.16 | ||
Total Investments (Total Cost $5,736,523) | 4,679,478 | 83.16 | ||
Other Assets Less Liabilities | 947,420 | 16.84 | ||
Net Assets | $5,626,898 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Zero coupon bond – interest rate reflects effective yield on the date of purchase. |
3 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
4 | Security is a Level 3 investment. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/02/2022 | Banco Santander | Brazilian Real | 510,000 | United States Dollar | 96,664 | $1,904 |
08/02/2022 | HSBC Bank | Brazilian Real | 157,920 | United States Dollar | 30,000 | 521 |
08/02/2022 | Merrill Lynch | Brazilian Real | 2,635,819 | United States Dollar | 490,111 | 19,314 |
08/10/2022 | Standard Chartered | United States Dollar | 31,000 | Chinese Offshore Yuan | 208,608 | 96 |
08/10/2022 | State Street | United States Dollar | 13,000 | Chinese Offshore Yuan | 86,518 | 183 |
08/10/2022 | Barclays | United States Dollar | 45,407 | Indonesian Rupiah | 664,799,709 | 587 |
08/31/2022 | HSBC Bank | South African Rand | 399,494 | United States Dollar | 23,350 | 598 |
08/31/2022 | HSBC Bank | Thai Baht | 1,214,000 | United States Dollar | 32,934 | 121 |
08/31/2022 | HSBC Bank | United States Dollar | 41,524 | Czech Koruna | 967,634 | 1,514 |
08/31/2022 | Merrill Lynch | United States Dollar | 17,000 | Czech Koruna | 403,126 | 331 |
08/31/2022 | BNP Paribas | United States Dollar | 17,000 | Hungarian Forint | 6,450,274 | 821 |
08/31/2022 | Merrill Lynch | United States Dollar | 8,090 | Hungarian Forint | 3,077,857 | 370 |
08/31/2022 | BNP Paribas | United States Dollar | 29,000 | Polish Zloty | 129,624 | 1,210 |
08/31/2022 | Standard Chartered | United States Dollar | 7,300 | Polish Zloty | 32,900 | 246 |
08/31/2022 | Deutsche Bank | United States Dollar | 14,000 | Romanian Leu | 66,454 | 291 |
08/31/2022 | HSBC Bank | United States Dollar | 2,046 | Romanian Leu | 9,650 | 55 |
08/31/2022 | Barclays | United States Dollar | 14,075 | South African Rand | 216,438 | 1,101 |
08/31/2022 | Merrill Lynch | United States Dollar | 33,000 | South African Rand | 532,930 | 1,053 |
08/31/2022 | Deutsche Bank | United States Dollar | 3,773 | Thai Baht | 128,958 | 262 |
09/09/2022 | Deutsche Bank | United States Dollar | 39,975 | Indonesian Rupiah | 585,000,000 | 561 |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
09/14/2022 | JP Morgan | Turkish Lira | 472,790 | United States Dollar | 23,512 | $1,402 |
09/14/2022 | JP Morgan | United States Dollar | 26,447 | Turkish Lira | 472,790 | 1,533 |
09/21/2022 | Citibank | Thai Baht | 800,000 | United States Dollar | 21,795 | 19 |
09/30/2022 | JP Morgan | Thai Baht | 415,000 | United States Dollar | 11,309 | 14 |
09/30/2022 | Barclays | United States Dollar | 6,955 | Indian Rupee | 548,508 | 81 |
10/28/2022 | JP Morgan | Chilean Peso | 111,311,866 | United States Dollar | 117,978 | 3,597 |
10/28/2022 | Credit Suisse | Colombian Peso | 113,729,090 | United States Dollar | 26,050 | 43 |
10/28/2022 | Barclays | Mexican Peso | 3,613,941 | United States Dollar | 172,714 | 1,557 |
10/28/2022 | Barclays | United States Dollar | 58,910 | Peruvian Nuevo Sol | 230,844 | 686 |
10/31/2022 | Standard Chartered | Malaysian Ringgit | 1,335,017 | United States Dollar | 300,225 | 322 |
10/31/2022 | Standard Chartered | Philippine Peso | 398,637 | United States Dollar | 7,007 | 151 |
10/31/2022 | ANZ Banking | Thai Baht | 1,463,000 | United States Dollar | 39,995 | 9 |
11/09/2022 | Barclays | United States Dollar | 44,870 | Indonesian Rupiah | 667,626,533 | 47 |
Subtotal Appreciation | 40,600 | |||||
08/02/2022 | Banco Santander | United States Dollar | 11,700 | Brazilian Real | 63,216 | (518) |
08/02/2022 | Deutsche Bank | United States Dollar | 90,000 | Brazilian Real | 482,184 | (3,192) |
08/02/2022 | Standard Chartered | United States Dollar | 526,973 | Brazilian Real | 2,758,340 | (6,132) |
08/10/2022 | BNP Paribas | Chinese Offshore Yuan | 200,554 | United States Dollar | 29,848 | (137) |
08/10/2022 | HSBC Bank | Chinese Offshore Yuan | 119,550 | United States Dollar | 17,898 | (187) |
08/10/2022 | JP Morgan | Chinese Offshore Yuan | 2,681,214 | United States Dollar | 400,169 | (2,959) |
08/10/2022 | Merrill Lynch | Chinese Offshore Yuan | 80,383 | United States Dollar | 12,000 | (92) |
08/10/2022 | Barclays | Indonesian Rupiah | 664,799,698 | United States Dollar | 44,870 | (51) |
08/10/2022 | Deutsche Bank | United States Dollar | 123,802 | Chinese Offshore Yuan | 838,040 | (350) |
08/25/2022 | HSBC Bank | Egyptian Pound | 212,585 | United States Dollar | 11,118 | (138) |
08/29/2022 | HSBC Bank | Egyptian Pound | 279,256 | United States Dollar | 14,575 | (205) |
08/31/2022 | HSBC Bank | Czech Koruna | 3,670,148 | United States Dollar | 153,949 | (2,194) |
08/31/2022 | Standard Chartered | Czech Koruna | 220,350 | United States Dollar | 9,283 | (172) |
08/31/2022 | BNP Paribas | Hungarian Forint | 7,298,685 | United States Dollar | 19,023 | (717) |
08/31/2022 | Standard Chartered | Hungarian Forint | 3,804,443 | United States Dollar | 10,006 | (464) |
08/31/2022 | BNP Paribas | Polish Zloty | 569,054 | United States Dollar | 126,048 | (4,046) |
08/31/2022 | Morgan Stanley | Polish Zloty | 86,483 | United States Dollar | 19,349 | (808) |
08/31/2022 | Deutsche Bank | Romanian Leu | 29,509 | United States Dollar | 6,211 | (123) |
08/31/2022 | JP Morgan | Romanian Leu | 423,390 | United States Dollar | 89,390 | (2,050) |
08/31/2022 | Barclays | South African Rand | 80,000 | United States Dollar | 5,019 | (223) |
08/31/2022 | BNP Paribas | South African Rand | 483,444 | United States Dollar | 29,968 | (988) |
08/31/2022 | HSBC Bank | South African Rand | 1,383,593 | United States Dollar | 86,623 | (3,682) |
08/31/2022 | BNP Paribas | Thai Baht | 475,000 | United States Dollar | 13,875 | (942) |
08/31/2022 | Deutsche Bank | Thai Baht | 1,101,294 | United States Dollar | 32,287 | (2,301) |
08/31/2022 | JP Morgan | Thai Baht | 633,000 | United States Dollar | 18,570 | (1,335) |
08/31/2022 | Merrill Lynch | Thai Baht | 906,000 | United States Dollar | 26,474 | (1,806) |
08/31/2022 | Union Bank Of Switzerland | Thai Baht | 396,913 | United States Dollar | 10,985 | (178) |
08/31/2022 | BNP Paribas | United States Dollar | 16,800 | Czech Koruna | 409,781 | (144) |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/31/2022 | Merrill Lynch | United States Dollar | 45,000 | Czech Koruna | 1,106,640 | $(758) |
08/31/2022 | JP Morgan | United States Dollar | 24,650 | Hungarian Forint | 10,049,682 | (557) |
08/31/2022 | Morgan Stanley | United States Dollar | 10,000 | Hungarian Forint | 4,108,900 | (306) |
08/31/2022 | HSBC Bank | United States Dollar | 115,376 | Polish Zloty | 547,998 | (2,111) |
09/02/2022 | Banco Santander | United States Dollar | 44,300 | Brazilian Real | 232,161 | (117) |
09/02/2022 | Merrill Lynch | United States Dollar | 485,642 | Brazilian Real | 2,635,819 | (18,648) |
09/15/2022 | HSBC Bank | Egyptian Pound | 153,835 | United States Dollar | 7,845 | (6) |
09/21/2022 | Citibank | Thai Baht | 2,160,000 | United States Dollar | 63,385 | (4,488) |
09/21/2022 | Union Bank Of Switzerland | Thai Baht | 3,225,036 | United States Dollar | 93,994 | (6,056) |
09/30/2022 | HSBC Bank | Indian Rupee | 9,655,022 | United States Dollar | 122,443 | (1,444) |
09/30/2022 | HSBC Bank | Thai Baht | 836,000 | United States Dollar | 23,597 | (787) |
09/30/2022 | Merrill Lynch | Thai Baht | 1,147,756 | United States Dollar | 32,480 | (1,165) |
10/12/2022 | JP Morgan | United States Dollar | 51,781 | Indonesian Rupiah | 774,741,113 | (318) |
10/24/2022 | HSBC Bank | Egyptian Pound | 277,571 | United States Dollar | 13,858 | (18) |
10/27/2022 | HSBC Bank | Egyptian Pound | 494,142 | United States Dollar | 24,769 | (171) |
10/28/2022 | Credit Suisse | United States Dollar | 15,726 | Colombian Peso | 70,666,919 | (486) |
10/31/2022 | Deutsche Bank | United States Dollar | 124,882 | Indonesian Rupiah | 1,889,839,620 | (2,055) |
Subtotal Depreciation | (75,625) | |||||
Total | $(35,025) |
Pay Rate Index/ Pay Rate | Receive Rate/ Receive Rate Index | Notional Amount | Expiration Date | Fair Value | Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |
MYR-KLIBOR-BNM 3 Month (Pay Quarterly) | 3.070% (Receive Quarterly) | MYR | 453,000 | 3/7/2027 | $(1,593) | $— | $(1,593) | HSBC Bank |
MYR-KLIBOR-BNM 3 Month (Pay Quarterly) | 3.070% (Receive Quarterly) | MYR | 147,000 | 3/7/2027 | (528) | (1228) | 700 | HSBC Bank |
$(893) |
Pay Rate Index/ Pay Rate | Receive Rate/ Receive Rate Index | Notional Amount | Expiration Date | Fair Value/ Unrealized Appreciation (Depreciation)** | Variation Margin Receivable (Payable) | Counterparty | |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.010% (Receive Quarterly) | CNY | 900,000 | 9/16/2025 | $(1,025) | $90 | BNP Paribas |
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.828% (Receive Quarterly) | CNY | 281,000 | 6/16/2026 | 778 | 30 | Merrill Lynch |
Pay Rate Index/ Pay Rate | Receive Rate/ Receive Rate Index | Notional Amount | Expiration Date | Fair Value/ Unrealized Appreciation (Depreciation)** | Variation Margin Receivable (Payable) | Counterparty | ||
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly) | 2.437% (Receive Quarterly) | CNY | 1,050,000 | 3/16/2027 | $323 | $118 | HSBC Bank | |
MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar) | 6.563% (Receive Lunar) | MXN | 8,800,000 | 12/31/2024 | (20,112) | 1,853 | Merrill Lynch | |
$(20,036) | $2,091 |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $87,104 | $— | $87,104 | |||
Government Agencies | — | 33,643 | — | 33,643 | |||
Government Bonds | — | 4,434,036 | 35,946 | 4,469,982 | |||
Index Linked Government Bonds | — | 87,646 | — | 87,646 | |||
Short Term Bills and Notes | — | — | 1,103 | 1,103 | |||
Total Debt Securities | — | 4,642,429 | 37,049 | 4,679,478 | |||
Total Investments | $— | $4,642,429 | $37,049 | $4,679,478 |
Other Financial Instruments | ||||
Assets: | ||||
Forward Foreign Currency Exchange Contracts | $— | $40,600 | $— | $40,600 |
Centrally Cleared Swap Contracts† | — | 1,101 | — | 1,101 |
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | — | (75,625) | — | (75,625) |
Centrally Cleared Swap Contracts† | — | (21,137) | — | (21,137) |
Over The Counter Swap Contracts | — | (893) | — | (893) |
Total Other Financial Instruments | $— | $(55,954) | $— | $(55,954) |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Government Bonds | ||||||||||
Russian Federation | $— | $— | $— | $— | $— | $— | $20,540 | $— | $20,540 | $(316,854) |
Ukraine | — | 116 | 22,383 | — | — | (17,104) | 10,011 | — | 15,406 | (54,013) |
Short Term Bills And Notes | ||||||||||
Ukraine | — | 42 | 3,460 | — | — | (2,399) | — | — | 1,103 | (2,400) |
Total | $— | $158 | $25,843 | $— | $— | $(19,503) | $30,551 | $— | $37,049 | $(373,267) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Government Bonds | $20,540 | Last observable vendor price | Last observable vendor price |
Treasury Notes | 15,406 | Fair Value | Inputs to Model |
Short Term Bills and Notes | 1,103 | Fair Value | Inputs to Model |
Total | $37,049 |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Argentina (Cost $2,129,384) | ||||
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | 2,107,077 | $1,664,591 | 1.26 | |
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/20292 | 464,200 | 257,493 | 0.20 | |
1,922,084 | 1.46 | |||
Brazil (Cost $19,552,550) | ||||
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243 | 1,108,000 | 989,444 | 0.75 | |
Braskem America Finance Co., 7.125%, 07/22/2041 | 255,000 | 252,011 | 0.19 | |
Braskem Netherlands Finance B.V., 4.500%, 01/10/2028 | 735,000 | 693,656 | 0.53 | |
Braskem Netherlands Finance B.V., 4.500%, 01/31/2030 | 340,000 | 310,250 | 0.23 | |
Braskem Netherlands Finance B.V., 5.875%, 01/31/2050 | 585,000 | 509,020 | 0.39 | |
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20813 | 350,000 | 363,265 | 0.27 | |
BRF S.A., 5.750%, 09/21/2050 | 715,000 | 534,837 | 0.40 | |
CSN Inova Ventures, 6.750%, 01/28/2028 | 1,410,000 | 1,313,062 | 1.00 | |
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032 | 600,000 | 483,000 | 0.37 | |
Gol Finance S.A., 7.000%, 01/31/2025 | 325,000 | 173,875 | 0.13 | |
Gol Finance S.A., 8.000%, 06/30/2026 | 990,000 | 654,270 | 0.50 | |
InterCement Financial Operations B.V., 5.750%, 07/17/2024 | 1,805,000 | 1,353,750 | 1.03 | |
JBS U.S.A. LUX S.A./JBS U.S.A. Finance, Inc., 6.750%, 02/15/2028 | 300,000 | 311,174 | 0.24 | |
Klabin Austria GmbH, 7.000%, 04/03/2049 | 555,000 | 535,985 | 0.41 | |
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031 | 2,350,000 | 1,882,373 | 1.43 | |
Movida Europe S.A., 5.250%, 02/08/2031 | 375,000 | 315,949 | 0.24 | |
Oi S.A., 10.000%, 07/27/20254 | 4,623,000 | 2,189,992 | 1.66 | |
Simpar Europe S.A., 5.200%, 01/26/2031 | 370,000 | 310,800 | 0.24 | |
St Marys Cement, Inc., 5.750%, 01/28/2027 | 245,000 | 241,688 | 0.18 | |
Suzano Austria GmbH, 6.000%, 01/15/2029 | 470,000 | 480,810 | 0.36 | |
Suzano Austria GmbH, 7.000%, 03/16/2047 | 415,000 | 428,375 | 0.32 | |
Unigel Luxembourg S.A., 8.750%, 10/01/2026 | 675,000 | 682,304 | 0.52 | |
Vale Overseas Ltd., 8.250%, 01/17/2034 | 500,000 | 587,500 | 0.44 | |
15,597,390 | 11.83 | |||
Chile (Cost $8,008,747) | ||||
AES Andes S.A., (Variable, USD Swap 5Y + 4.644%), 7.125%, 03/26/20793 | 1,555,000 | 1,415,050 | 1.07 | |
BPCE S.A., 3.150%, 03/06/2030 | 245,000 | 212,513 | 0.16 | |
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030 | 555,000 | 509,768 | 0.39 | |
Cencosud S.A., 4.375%, 07/17/2027 | 335,000 | 322,471 | 0.24 | |
Empresa de los Ferrocarriles del Estado, 3.830%, 09/14/20615 | 300,000 | 212,647 | 0.16 | |
Falabella S.A., 3.375%, 01/15/2032 | 480,000 | 402,480 | 0.31 | |
GNL Quintero S.A., 4.634%, 07/31/2029 | 604,444 | 590,295 | 0.45 | |
Guacolda Energia S.A., 4.560%, 04/30/2025 | 2,102,000 | 718,716 | 0.54 |
Currency1 | Par | Value | % of Net Assets | |
Chile (continued) | ||||
Inversiones CMPC S.A., 3.850%, 01/13/2030 | 400,000 | $360,000 | 0.27 | |
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028 | 500,000 | 364,569 | 0.28 | |
VTR Comunicaciones S.p.A., 4.375%, 04/15/2029 | 314,000 | 205,520 | 0.16 | |
VTR Finance N.V., 6.375%, 07/15/2028 | 1,000,000 | 603,343 | 0.46 | |
5,917,372 | 4.49 | |||
China (Cost $41,690,711) | ||||
Central China Real Estate Ltd., 7.250%, 04/24/2023 | 465,000 | 191,388 | 0.15 | |
Central China Real Estate Ltd., 7.250%, 08/13/2024 | 1,475,000 | 427,750 | 0.32 | |
CFLD Cayman Investment Ltd., 8.625%, 02/28/20216,7 | 600,000 | 39,019 | 0.03 | |
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024 | 4,880,000 | 317,200 | 0.24 | |
China Evergrande Group, 8.250%, 03/23/20226,7 | 860,000 | 72,319 | 0.06 | |
China Evergrande Group, 10.000%, 04/11/2023 | 1,035,000 | 85,599 | 0.07 | |
China Evergrande Group, 7.500%, 06/28/2023 | 4,600,000 | 382,499 | 0.29 | |
China Evergrande Group, 8.750%, 06/28/2025 | 1,165,000 | 99,608 | 0.08 | |
China SCE Group Holdings Ltd., 7.250%, 04/19/2023 | 420,000 | 140,910 | 0.11 | |
ENN Energy Holdings Ltd., 4.625%, 05/17/20275 | 300,000 | 305,742 | 0.23 | |
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20216,7 | 830,000 | 67,425 | 0.05 | |
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20227 | 3,360,000 | 263,129 | 0.20 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | 1,840,000 | 146,058 | 0.11 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | 925,000 | 73,430 | 0.06 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | 770,000 | 60,556 | 0.05 | |
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.150%), 2.552%, 11/07/2022 | 200,000 | 196,511 | 0.15 | |
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 3.618%, 07/03/2023 | 295,000 | 281,725 | 0.21 | |
Huarong Finance 2019 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.125%), 2.631%, 02/24/2023 | 265,000 | 256,387 | 0.19 | |
Huarong Finance II Co. Ltd., 5.500%, 01/16/2025 | 265,000 | 240,512 | 0.18 | |
Kaisa Group Holdings Ltd., 8.500%, 06/30/20227 | 1,577,000 | 157,620 | 0.12 | |
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | 1,850,000 | 189,625 | 0.14 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | 690,000 | 68,612 | 0.05 | |
Kaisa Group Holdings Ltd., 9.375%, 06/30/20246 | 1,350,000 | 132,226 | 0.10 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | 1,180,000 | 115,617 | 0.09 | |
Kaisa Group Holdings Ltd., 11.700%, 11/11/20256 | 625,000 | 59,375 | 0.05 | |
KWG Group Holdings Ltd., 6.000%, 09/15/2022 | 400,000 | 98,100 | 0.07 | |
Leader Goal International Ltd., (Variable, 6.919% - U.S. Treasury Yield Curve Rate CMT 5Y), 4.250%, 01/19/20233 | 270,000 | 269,669 | 0.21 | |
Prime Bloom Holdings Ltd., 6.950%, 07/05/20227 | 960,000 | 162,720 | 0.12 | |
Redco Properties Group Ltd., 9.900%, 02/17/2024 | 980,000 | 161,945 | 0.12 | |
Redsun Properties Group Ltd., 7.300%, 01/13/2025 | 980,000 | 98,686 | 0.08 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | 1,050,000 | 49,919 | 0.04 | |
Scenery Journey Ltd., 12.000%, 10/24/2023 | 2,380,000 | 113,050 | 0.09 | |
Sunac China Holdings Ltd., 7.250%, 06/14/20227 | 1,675,000 | 199,874 | 0.15 | |
Sunac China Holdings Ltd., 7.500%, 02/01/2024 | 1,015,000 | 114,188 | 0.09 |
Currency1 | Par | Value | % of Net Assets | |
China (continued) | ||||
Sunac China Holdings Ltd., 6.500%, 01/10/2025 | 725,000 | $81,563 | 0.06 | |
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20206,7 | 2,785,000 | 753,342 | 0.57 | |
Xiaomi Best Time International Ltd., 0.000%, 12/17/20278 | 800,000 | 660,000 | 0.50 | |
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023 | 3,200,550 | 228,039 | 0.17 | |
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027 | 810,000 | 56,885 | 0.04 | |
Zhenro Properties Group Ltd., 8.700%, 08/03/2022 | 1,360,000 | 92,338 | 0.07 | |
Zhenro Properties Group Ltd., 6.500%, 09/01/2022 | 2,095,000 | 121,510 | 0.09 | |
Zhenro Properties Group Ltd., 9.150%, 05/06/20236 | 700,000 | 42,583 | 0.03 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/20246 | 2,315,000 | 150,041 | 0.11 | |
7,825,294 | 5.94 | |||
Colombia (Cost $10,895,532) | ||||
Canacol Energy Ltd., 5.750%, 11/24/2028 | 900,000 | 741,480 | 0.56 | |
Ecopetrol S.A., 6.875%, 04/29/2030 | 1,250,000 | 1,191,912 | 0.90 | |
Ecopetrol S.A., 5.875%, 05/28/2045 | 660,000 | 499,990 | 0.38 | |
Ecopetrol S.A., 5.875%, 11/02/2051 | 920,000 | 673,900 | 0.51 | |
Empresas Publicas de Medellin ESP, 4.375%, 02/15/2031 | 365,000 | 289,146 | 0.22 | |
Frontera Energy Corp., 7.875%, 06/21/2028 | 2,350,000 | 1,909,983 | 1.45 | |
Geopark Ltd., 5.500%, 01/17/2027 | 985,000 | 846,242 | 0.64 | |
Grupo Aval Ltd., 4.375%, 02/04/2030 | 615,000 | 485,850 | 0.37 | |
Millicom International Cellular S.A., 6.250%, 03/25/2029 | 549,000 | 521,996 | 0.40 | |
Millicom International Cellular S.A., 4.500%, 04/27/2031 | 1,165,000 | 952,707 | 0.72 | |
Oleoducto Central S.A., 4.000%, 07/14/2027 | 440,000 | 373,274 | 0.28 | |
Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029 | 200,000 | 166,700 | 0.13 | |
SURA Asset Management S.A., 4.875%, 04/17/2024 | 215,000 | 215,538 | 0.16 | |
Transportadora de Gas Internacional S.A. ESP, 5.550%, 11/01/2028 | 290,000 | 272,323 | 0.21 | |
9,141,041 | 6.93 | |||
Czech Republic (Cost $1,965,282) | ||||
New World Resources N.V., 8.000%, 04/07/20206,7,9 | EUR | 1,685,299 | — | — |
New World Resources N.V., 0.000%, 10/07/20205,6,7,9,10 | EUR | 101,612 | — | — |
New World Resources N.V., 4.000%, 10/07/20206,7,9 | EUR | 700,590 | — | — |
— | — | |||
Ecuador (Cost $2,411,025) | ||||
International Airport Finance S.A., 12.000%, 03/15/2033 | 2,421,172 | 2,278,504 | 1.73 | |
2,278,504 | 1.73 | |||
Ghana (Cost $3,223,347) | ||||
Kosmos Energy Ltd., 7.750%, 05/01/2027 | 2,050,000 | 1,732,906 | 1.32 | |
Tullow Oil PLC, 10.250%, 05/15/2026 | 1,184,000 | 1,108,520 | 0.84 | |
2,841,426 | 2.16 | |||
Guatemala (Cost $907,566) | ||||
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029 | 375,000 | 354,705 | 0.27 |
Currency1 | Par | Value | % of Net Assets | |
Guatemala (continued) | ||||
CT Trust, 5.125%, 02/03/2032 | 600,000 | $536,292 | 0.41 | |
890,997 | 0.68 | |||
Hong Kong (Cost $883,718) | ||||
AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/20263 | 200,000 | 170,889 | 0.13 | |
Airport Authority, (Variable, 4.697% - U.S. Treasury Yield Curve Rate CMT 5Y), 2.100%, 03/08/20263 | 215,000 | 197,011 | 0.15 | |
Phoenix Lead Ltd., 4.850%, 02/23/2023 | 475,000 | 416,456 | 0.31 | |
784,356 | 0.59 | |||
India (Cost $7,365,232) | ||||
Bharti Airtel Ltd., 3.250%, 06/03/2031 | 765,000 | 659,285 | 0.50 | |
Greenko Power II Ltd., 4.300%, 12/13/2028 | 342,125 | 292,685 | 0.22 | |
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 | 323,000 | 294,738 | 0.22 | |
India Green Energy Holdings, 5.375%, 04/29/2024 | 250,000 | 238,874 | 0.18 | |
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032 | 200,000 | 173,260 | 0.13 | |
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/20263 | 900,000 | 753,750 | 0.57 | |
NTPC Ltd., 4.500%, 03/19/2028 | 210,000 | 209,020 | 0.16 | |
Power Finance Corp. Ltd., 4.500%, 06/18/2029 | 840,000 | 790,839 | 0.60 | |
Reliance Industries Ltd., 2.875%, 01/12/20325 | 250,000 | 216,195 | 0.17 | |
Vedanta Resources Finance II PLC, 8.000%, 04/23/2023 | 1,405,000 | 1,238,369 | 0.94 | |
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025 | 1,105,000 | 809,412 | 0.62 | |
Vedanta Resources Ltd., 6.125%, 08/09/2024 | 1,000,000 | 634,364 | 0.48 | |
6,310,791 | 4.79 | |||
Indonesia (Cost $3,921,907) | ||||
Freeport Indonesia PT, 4.763%, 04/14/20275 | 500,000 | 488,750 | 0.37 | |
Freeport Indonesia PT, 6.200%, 04/14/20525 | 400,000 | 353,559 | 0.27 | |
Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/2028 | 280,000 | 288,921 | 0.22 | |
Medco Bell Pte. Ltd., 6.375%, 01/30/2027 | 535,000 | 471,068 | 0.36 | |
Minejesa Capital B.V., 4.625%, 08/10/2030 | 685,000 | 626,343 | 0.47 | |
Minejesa Capital B.V., 5.625%, 08/10/2037 | 360,000 | 292,439 | 0.22 | |
Sri Rejeki Isman Tbk PT, 7.250%, 01/16/2025 | 4,200,000 | 420,000 | 0.32 | |
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038 | 250,000 | 213,875 | 0.16 | |
3,154,955 | 2.39 | |||
Iraq (Cost $1,915,967) | ||||
DNO A.S.A., 7.875%, 09/09/20265 | 1,915,000 | 1,761,800 | 1.34 | |
1,761,800 | 1.34 | |||
Israel (Cost $10,230,597) | ||||
Altice Financing S.A., 5.750%, 08/15/2029 | 470,000 | 410,296 | 0.31 | |
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20323,5 | 840,000 | 722,595 | 0.55 | |
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20313,5 | 720,000 | 644,400 | 0.49 |
Currency1 | Par | Value | % of Net Assets | |
Israel (continued) | ||||
Leviathan Bond Ltd., 6.125%, 06/30/20255 | 470,000 | $461,305 | 0.35 | |
Leviathan Bond Ltd., 6.500%, 06/30/20275 | 563,000 | 539,870 | 0.41 | |
Leviathan Bond Ltd., 6.750%, 06/30/20305 | 1,060,000 | 998,248 | 0.76 | |
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20313,5 | 700,000 | 617,750 | 0.47 | |
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 | 1,550,000 | 1,418,250 | 1.07 | |
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030 | EUR | 1,045,000 | 939,877 | 0.71 |
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 | 2,200,000 | 2,204,174 | 1.67 | |
8,956,765 | 6.79 | |||
Jamaica (Cost $1,202,837) | ||||
Digicel Group Holdings Ltd., 7.000%, 08/16/20224 | 1,292,735 | 613,331 | 0.47 | |
Digicel Ltd., 6.750%, 03/01/2023 | 825,000 | 530,045 | 0.40 | |
1,143,376 | 0.87 | |||
Jordan (Cost $196,204) | ||||
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 | 200,000 | 189,140 | 0.14 | |
189,140 | 0.14 | |||
Kazakhstan (Cost $715,302) | ||||
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042 | 380,000 | 321,598 | 0.25 | |
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026 | 210,000 | 176,053 | 0.13 | |
497,651 | 0.38 | |||
Kuwait (Cost $1,520,722) | ||||
MEGlobal Canada ULC, 5.875%, 05/18/2030 | 380,000 | 400,720 | 0.30 | |
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20253 | 465,000 | 434,124 | 0.33 | |
NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/20263 | 600,000 | 537,180 | 0.41 | |
1,372,024 | 1.04 | |||
Malaysia (Cost $298,518) | ||||
Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027 | 315,000 | 300,982 | 0.23 | |
300,982 | 0.23 | |||
Mexico (Cost $19,963,750) | ||||
Alfa S.A.B. de C.V., 6.875%, 03/25/2044 | 440,000 | 420,200 | 0.32 | |
America Movil S.A.B. de C.V., 5.375%, 04/04/2032 | 475,000 | 450,219 | 0.34 | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | 786,000 | 542,340 | 0.41 | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.353%), 7.625%, 01/10/20283 | 685,000 | 643,414 | 0.49 | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20303 | 415,000 | 394,358 | 0.30 | |
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.034%), 6.625%, 01/24/20323 | 700,000 | 567,000 | 0.43 |
Currency1 | Par | Value | % of Net Assets | |
Mexico (continued) | ||||
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20333 | 1,135,000 | $981,775 | 0.75 | |
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 | 1,280,000 | 1,164,800 | 0.88 | |
Braskem Idesa S.A.P.I., 6.990%, 02/20/2032 | 750,000 | 646,650 | 0.49 | |
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/20263 | 1,100,000 | 918,500 | 0.70 | |
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 | 1,220,000 | 838,140 | 0.64 | |
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 | 678,900 | 649,232 | 0.49 | |
Comision Federal de Electricidad, 3.348%, 02/09/2031 | 280,000 | 222,250 | 0.17 | |
Comision Federal de Electricidad, 6.264%, 02/15/2052 | 750,000 | 635,336 | 0.48 | |
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 | 200,000 | 158,000 | 0.12 | |
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026 | 600,000 | 471,757 | 0.36 | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | 595,000 | 450,824 | 0.34 | |
Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031 | 500,000 | 358,950 | 0.27 | |
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 | 612,152 | 572,521 | 0.44 | |
Nemak S.A.B. de C.V., 3.625%, 06/28/2031 | 400,000 | 312,000 | 0.24 | |
Orbia Advance Corp. S.A.B. de C.V., 4.000%, 10/04/2027 | 265,000 | 255,725 | 0.19 | |
Petroleos Mexicanos, 6.700%, 02/16/2032 | 440,000 | 352,440 | 0.27 | |
Petroleos Mexicanos, 6.750%, 09/21/2047 | 1,375,000 | 938,960 | 0.71 | |
Petroleos Mexicanos, 7.690%, 01/23/2050 | 1,900,000 | 1,384,625 | 1.05 | |
Petroleos Mexicanos, 6.950%, 01/28/2060 | 1,360,000 | 914,911 | 0.69 | |
Trust Fibra Uno, 4.869%, 01/15/2030 | 825,000 | 715,688 | 0.54 | |
Trust Fibra Uno, 6.390%, 01/15/2050 | 823,000 | 641,496 | 0.49 | |
16,602,111 | 12.60 | |||
Mongolia (Cost $1,021,939) | ||||
Mongolian Mining Corp., 1.632%, 10/01/2022 | 1,962,756 | 616,305 | 0.47 | |
616,305 | 0.47 | |||
Morocco (Cost $779,830) | ||||
OCP S.A., 5.125%, 06/23/2051 | 800,000 | 561,930 | 0.43 | |
561,930 | 0.43 | |||
Nigeria (Cost $1,075,860) | ||||
IHS Netherlands Holdco B.V., 8.000%, 09/18/2027 | 1,100,000 | 977,614 | 0.74 | |
977,614 | 0.74 | |||
Oman (Cost $1,338,573) | ||||
Oryx Funding Ltd., 5.800%, 02/03/2031 | 550,000 | 512,875 | 0.39 | |
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 | 535,000 | 534,447 | 0.40 | |
Oztel Holdings SPC Ltd., 6.625%, 04/24/2028 | 260,000 | 264,732 | 0.20 | |
1,312,054 | 0.99 | |||
Panama (Cost $1,531,936) | ||||
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | 575,000 | 471,500 | 0.36 |
Currency1 | Par | Value | % of Net Assets | |
Panama (continued) | ||||
C&W Senior Financing DAC, 6.875%, 09/15/2027 | 930,000 | $828,872 | 0.63 | |
1,300,372 | 0.99 | |||
Peru (Cost $4,207,429) | ||||
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/20303 | 255,000 | 232,367 | 0.18 | |
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/20313 | 340,000 | 295,375 | 0.22 | |
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/2028 | 549,600 | 505,632 | 0.38 | |
Intercorp Peru Ltd., 3.875%, 08/15/2029 | 420,000 | 342,159 | 0.26 | |
Kallpa Generacion S.A., 4.125%, 08/16/2027 | 310,000 | 283,650 | 0.22 | |
Minsur S.A., 4.500%, 10/28/2031 | 815,000 | 687,632 | 0.52 | |
Peru LNG S.R.L., 5.375%, 03/22/2030 | 1,210,000 | 1,010,302 | 0.77 | |
Petroleos del Peru S.A., 5.625%, 06/19/2047 | 590,000 | 415,213 | 0.31 | |
3,772,330 | 2.86 | |||
Poland (Cost $1,182,295) | ||||
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | EUR | 1,085,000 | 849,649 | 0.64 |
849,649 | 0.64 | |||
Qatar (Cost $556,980) | ||||
Nakilat, Inc., 6.067%, 12/31/2033 | 128,811 | 136,025 | 0.10 | |
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 2.721%, 02/07/2025 | 400,000 | 400,080 | 0.31 | |
536,105 | 0.41 | |||
Romania (Cost $752,344) | ||||
NE Property B.V., 1.875%, 10/09/2026 | EUR | 285,000 | 250,732 | 0.19 |
NE Property B.V., 2.000%, 01/20/2030 | EUR | 580,000 | 457,429 | 0.35 |
708,161 | 0.54 | |||
Russian Federation (Cost $1,481,647) | ||||
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/202711 | 1,605,000 | 2 | — | |
2 | — | |||
Saudi Arabia (Cost $3,909,777) | ||||
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 | 568,860 | 563,447 | 0.43 | |
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 | 1,000,000 | 897,000 | 0.68 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 | 600,000 | 582,415 | 0.44 | |
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 | 620,000 | 540,992 | 0.41 | |
EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046 | 320,000 | 258,672 | 0.20 | |
SA Global Sukuk Ltd., 2.694%, 06/17/2031 | 240,000 | 218,731 | 0.16 | |
Saudi Arabian Oil Co., 4.250%, 04/16/2039 | 200,000 | 193,000 | 0.15 | |
Saudi Electricity Global Sukuk Co. 3, 5.500%, 04/08/2044 | 300,000 | 307,045 | 0.23 | |
3,561,302 | 2.70 |
Currency1 | Par | Value | % of Net Assets | |
Singapore (Cost $3,250,852) | ||||
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20253 | 370,000 | $344,078 | 0.26 | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | 770,000 | 727,281 | 0.55 | |
Puma International Financing S.A., 5.000%, 01/24/2026 | 2,005,000 | 1,711,869 | 1.30 | |
United Overseas Bank Ltd., (Variable, USD Swap 5Y + 1.794%), 3.875%, 10/19/20233 | 255,000 | 251,813 | 0.19 | |
3,035,041 | 2.30 | |||
South Africa (Cost $6,201,177) | ||||
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20263 | 600,000 | 544,500 | 0.41 | |
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 | 270,000 | 234,744 | 0.18 | |
AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030 | 345,000 | 295,615 | 0.23 | |
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 | 210,000 | 213,814 | 0.16 | |
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 | 800,000 | 693,312 | 0.53 | |
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 | 975,000 | 964,205 | 0.73 | |
Prosus N.V., 3.680%, 01/21/2030 | 300,000 | 253,220 | 0.19 | |
Prosus N.V., 3.061%, 07/13/2031 | 610,000 | 476,541 | 0.36 | |
Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026 | 300,000 | 271,890 | 0.21 | |
Sasol Financing U.S.A. LLC, 6.500%, 09/27/2028 | 1,015,000 | 966,787 | 0.73 | |
Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031 | 645,000 | 525,997 | 0.40 | |
5,440,625 | 4.13 | |||
South Korea (Cost $1,189,716) | ||||
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20273,5 | 425,000 | 425,531 | 0.32 | |
Shinhan Bank Co. Ltd., 4.375%, 04/13/20325 | 200,000 | 197,099 | 0.15 | |
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.051%), 5.875%, 08/13/20233 | 235,000 | 233,049 | 0.18 | |
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/20303 | 315,000 | 303,966 | 0.23 | |
1,159,645 | 0.88 | |||
Tanzania (Cost $1,253,660) | ||||
HTA Group Ltd., 7.000%, 12/18/2025 | 715,000 | 631,802 | 0.48 | |
HTA Group Ltd., 2.875%, 03/18/2027 | 600,000 | 496,200 | 0.38 | |
1,128,002 | 0.86 | |||
Thailand (Cost $1,308,205) | ||||
Bangkok Bank PCL, 9.025%, 03/15/2029 | 430,000 | 521,921 | 0.40 | |
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 | 585,000 | 492,330 | 0.37 | |
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032 | 200,000 | 185,951 | 0.14 | |
1,200,202 | 0.91 | |||
Turkey (Cost $3,972,906) | ||||
Akbank T.A.S., (Variable, USD Swap 5Y + 4.029%), 6.797%, 04/27/20283 | 519,000 | 448,540 | 0.34 | |
Turk Telekomunikasyon A.S., 6.875%, 02/28/2025 | 315,000 | 270,900 | 0.21 |
Currency1 | Par | Value | % of Net Assets | |
Turkey (continued) | ||||
Turkcell Iletisim Hizmetleri A.S., 5.800%, 04/11/2028 | 340,000 | $258,468 | 0.20 | |
Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/20273 | 900,000 | 744,975 | 0.56 | |
Turkiye Is Bankasi A.S., (Variable, USD Swap 5Y + 5.117%), 7.000%, 06/29/20283 | 340,000 | 299,502 | 0.23 | |
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 7.415%), 7.875%, 01/22/20313 | 275,000 | 238,920 | 0.18 | |
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 | 1,480,000 | 1,017,589 | 0.77 | |
3,278,894 | 2.49 | |||
United Arab Emirates (Cost $3,273,001) | ||||
DP World Ltd., 6.850%, 07/02/2037 | 760,000 | 832,717 | 0.63 | |
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20253 | 830,000 | 830,000 | 0.63 | |
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20263 | 500,000 | 482,500 | 0.37 | |
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 | 962,958 | 808,895 | 0.61 | |
2,954,112 | 2.24 | |||
Venezuela (Cost $8,318,882) | ||||
Petroleos de Venezuela S.A., 8.500%, 10/27/20206,7 | 7,112,500 | 1,120,219 | 0.85 | |
Petroleos de Venezuela S.A., 9.750%, 05/17/20356 | 6,744,093 | 269,763 | 0.20 | |
1,389,982 | 1.05 | |||
Vietnam (Cost $760,528) | ||||
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 | 885,000 | 724,594 | 0.55 | |
724,594 | 0.55 | |||
Zambia (Cost $2,208,282) | ||||
First Quantum Minerals Ltd., 6.875%, 03/01/2026 | 1,500,000 | 1,447,300 | 1.10 | |
First Quantum Minerals Ltd., 6.875%, 10/15/2027 | 700,000 | 666,750 | 0.50 | |
2,114,050 | 1.60 | |||
Total Debt Securities (Cost $188,574,717) | 124,109,030 | 94.16 | ||
Bank Loans | ||||
Czech Republic (Cost $362,933) | ||||
New World Resources N.V., 8.500%, 10/07/20167,9 | EUR | 793,863 | — | — |
— | — | |||
Total Bank Loans (Cost $362,933) | — | — |
Currency1 | Shares | Value | % of Net Assets | |
Equity Securities | ||||
Czech Republic (Cost $1,093,254) | ||||
New World Resources PLC, Class A*,9 | GBP | 36,580,138 | $— | — |
— | — |
Currency1 | Shares | Value | % of Net Assets | |
Niger (Cost $877,496) | ||||
Savannah Energy PLC* | GBP | 2,258,852 | $934,799 | 0.71 |
934,799 | 0.71 | |||
Total Equity Securities (Cost $1,970,750) | 934,799 | 0.71 | ||
Total Investments (Total Cost $190,908,400) | 125,043,829 | 94.87 | ||
Other Assets Less Liabilities | 6,762,482 | 5.13 | ||
Net Assets | $131,806,311 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Step coupon bond. Rate as of July 31, 2022 is disclosed. |
3 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
4 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
5 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
6 | Issuer has defaulted on terms of debt obligation. |
7 | Maturity has been extended under the terms of a plan of reorganization. |
8 | Zero coupon bond. |
9 | Security has been deemed worthless and is a Level 3 investment. |
10 | Restricted security that has been deemed illiquid. At July 31, 2022 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
New World Resources N.V., 0.0000%, 10/07/2020 | 10/7/14 | $— |
11 | Security is a Level 3 investment. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/31/2022 | Morgan Stanley | United States Dollar | 981,028 | British Pound | 800,000 | $6,082 |
Subtotal Appreciation | 6,082 | |||||
08/17/2022 | HSBC Bank | United States Dollar | 2,491,512 | Euro | 2,477,479 | (43,661) |
Subtotal Depreciation | (43,661) | |||||
Total | $(37,579) |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $102,923,916 | $2 | $102,923,918 | |||
Corporate Convertible Bonds | — | 6,271,992 | — | 6,271,992 | |||
Financial Certificates | — | 3,235,271 | — | 3,235,271 | |||
Government Agencies | — | 11,677,849 | — | 11,677,849 | |||
Total Debt Securities | — | 124,109,028 | 2 | 124,109,030 | |||
Bank Loans | |||||||
Equity Securities | |||||||
Common Stock | |||||||
Niger | — | 934,799 | — | 934,799 | |||
Total Common Stock | — | 934,799 | — | 934,799 | |||
Total Investments | $— | $125,043,827 | $2 | $125,043,829 |
Other Financial Instruments | ||||
Assets: | ||||
Forward Foreign Currency Exchange Contracts | $— | $6,082 | $— | $6,082 |
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | — | (43,661) | — | (43,661) |
Total Other Financial Instruments | $— | $(37,579) | $— | $(37,579) |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Bank Loans | ||||||||||
Brazil | $1,800,000 | $— | $— | $(1,818,800) | $(281,200) | $300,000 | $— | $— | $— | $— |
Ghana | 2,121,750 | — | — | (2,131,859) | (11,323) | 21,432 | — | — | — | — |
Common Stock | ||||||||||
Niger | 598,176 | — | — | — | — | (598,176) | — | — | — | — |
Corporate Bonds | ||||||||||
Russian Federation | — | — | — | — | — | — | 2 | — | 2 | (1,481,646) |
Total | $4,519,926 | $— | $— | $(3,950,659) | $(292,523) | $(276,744) | $2 | $— | $2 | $(1,481,646) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Bank Loans | $— | Zero Priced Asset | Inputs to Model |
Common Stock | — | Zero Priced Asset | Inputs to Model |
Corporate Bonds | 2 | Zero Priced Asset | Inputs to Model |
Total | $2 |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Argentina (Cost $1,636,624) | ||||
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/20262 | 1,950,000 | $1,540,500 | 2.59 | |
1,540,500 | 2.59 | |||
Brazil (Cost $14,585,934) | ||||
Azul Investments LLP, 5.875%, 10/26/2024 | 2,630,000 | 1,837,429 | 3.08 | |
Banco do Brasil S.A., 4.625%, 01/15/2025 | 600,000 | 591,300 | 0.99 | |
Gol Finance S.A., 7.000%, 01/31/2025 | 3,480,000 | 1,861,800 | 3.13 | |
InterCement Financial Operations B.V., 5.750%, 07/17/2024 | 4,350,000 | 3,262,500 | 5.48 | |
Oi S.A., 10.000%, 07/27/20253 | 5,400,000 | 2,558,070 | 4.30 | |
10,111,099 | 16.98 | |||
China (Cost $51,768,888) | ||||
Central China Real Estate Ltd., 6.875%, 08/08/2022 | 875,000 | 834,029 | 1.40 | |
Central China Real Estate Ltd., 7.250%, 04/24/2023 | 875,000 | 360,139 | 0.61 | |
CFLD Cayman Investment Ltd., 8.625%, 02/28/20214,5 | 600,000 | 39,019 | 0.07 | |
CFLD Cayman Investment Ltd., 9.000%, 07/31/20214,5 | 780,000 | 50,700 | 0.09 | |
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024 | 1,035,000 | 67,275 | 0.11 | |
CFLD Cayman Investment Ltd., 8.050%, 01/13/2025 | 2,975,000 | 195,664 | 0.33 | |
China Evergrande Group, 8.250%, 03/23/20224,5 | 5,051,000 | 424,751 | 0.71 | |
China Evergrande Group, 10.000%, 04/11/2023 | 5,150,000 | 425,930 | 0.72 | |
Country Garden Holdings Co. Ltd., 4.750%, 01/17/2023 | 400,000 | 317,000 | 0.53 | |
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024 | 400,000 | 188,000 | 0.32 | |
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022 | 4,000,000 | 317,517 | 0.53 | |
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023 | 4,160,000 | 330,238 | 0.55 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | 1,510,000 | 118,752 | 0.20 | |
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023 | 4,875,000 | 499,687 | 0.84 | |
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023 | 3,930,000 | 390,791 | 0.66 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | 4,280,000 | 419,356 | 0.70 | |
Prime Bloom Holdings Ltd., 6.950%, 07/05/20225 | 6,470,000 | 1,096,665 | 1.84 | |
Scenery Journey Ltd., 11.500%, 10/24/2022 | 1,890,000 | 89,854 | 0.15 | |
Sunac China Holdings Ltd., 7.250%, 06/14/20225 | 690,000 | 82,336 | 0.14 | |
Sunac China Holdings Ltd., 7.950%, 08/08/2022 | 730,000 | 80,649 | 0.14 | |
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20204,5 | 2,640,000 | 714,120 | 1.20 | |
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023 | 670,000 | 47,738 | 0.08 | |
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20234 | 4,940,000 | 346,848 | 0.58 | |
Zhenro Properties Group Ltd., 8.000%, 03/06/2023 | 4,920,000 | 287,066 | 0.48 | |
Zhenro Properties Group Ltd., 9.150%, 05/06/20234 | 813,000 | 49,457 | 0.08 | |
Zhenro Properties Group Ltd., 8.300%, 09/15/20234 | 1,017,000 | 65,978 | 0.11 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/20244 | 575,000 | 37,267 | 0.06 | |
7,876,826 | 13.23 | |||
Colombia (Cost $1,348,883) | ||||
Ecopetrol S.A., 4.125%, 01/16/2025 | 1,350,000 | 1,299,296 | 2.18 | |
1,299,296 | 2.18 |
Currency1 | Par | Value | % of Net Assets | |
Ghana (Cost $1,813,943) | ||||
Tullow Oil PLC, 10.250%, 05/15/2026 | 1,755,000 | $1,643,119 | 2.76 | |
1,643,119 | 2.76 | |||
India (Cost $2,169,063) | ||||
Bharti Airtel Ltd., 4.375%, 06/10/2025 | 750,000 | 747,383 | 1.26 | |
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 | 700,000 | 638,750 | 1.07 | |
Vedanta Resources Finance II PLC, 8.000%, 04/23/2023 | 760,000 | 669,865 | 1.12 | |
2,055,998 | 3.45 | |||
Jamaica (Cost $3,262,417) | ||||
Digicel Group Holdings Ltd., 7.000%, 08/16/20223 | 119,222 | 56,564 | 0.09 | |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.750%, 05/25/2024 | 3,200,000 | 2,988,000 | 5.02 | |
3,044,564 | 5.11 | |||
Jordan (Cost $1,006,335) | ||||
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 | 1,000,000 | 945,700 | 1.59 | |
945,700 | 1.59 | |||
Lebanon (Cost $13,433,289) | ||||
Lebanon (Rep of), 6.375%, 03/09/20204,5 | 1,527,000 | 95,743 | 0.16 | |
Lebanon (Rep of), 5.800%, 04/14/20204,5 | 7,070,000 | 443,289 | 0.74 | |
Lebanon (Rep of), 6.150%, 06/19/20204,5 | 6,506,000 | 407,926 | 0.69 | |
946,958 | 1.59 | |||
Mexico (Cost $10,879,061) | ||||
Alfa S.A.B. de C.V., 5.250%, 03/25/2024 | 1,080,000 | 1,077,300 | 1.81 | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | 700,000 | 483,000 | 0.81 | |
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025 | 1,000,000 | 1,020,000 | 1.71 | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | 1,025,000 | 776,630 | 1.30 | |
Petroleos Mexicanos, 6.875%, 10/16/2025 | 6,543,000 | 6,410,060 | 10.77 | |
9,766,990 | 16.40 | |||
Morocco (Cost $1,146,820) | ||||
OCP S.A., 4.500%, 10/22/2025 | 1,100,000 | 1,078,550 | 1.81 | |
1,078,550 | 1.81 | |||
Oman (Cost $1,128,904) | ||||
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 | 1,100,000 | 1,098,862 | 1.84 | |
1,098,862 | 1.84 | |||
Saudi Arabia (Cost $981,782) | ||||
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | 1,000,000 | 935,460 | 1.57 | |
935,460 | 1.57 | |||
South Africa (Cost $1,778,346) | ||||
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 | 700,000 | 606,648 | 1.02 |
Currency1 | Par | Value | % of Net Assets | |
South Africa (continued) | ||||
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 | 1,100,000 | $1,100,220 | 1.85 | |
1,706,868 | 2.87 | |||
United States (Cost $2,816,260) | ||||
U.S. Treasury Bill, 2.360%, 12/29/20226 | 2,845,000 | 2,813,126 | 4.72 | |
2,813,126 | 4.72 | |||
Venezuela (Cost $16,453,221) | ||||
Petroleos de Venezuela S.A., 8.500%, 10/27/20204,5 | 18,697,500 | 2,944,856 | 4.95 | |
2,944,856 | 4.95 | |||
Zambia (Cost $1,196,276) | ||||
First Quantum Minerals Ltd., 6.875%, 03/01/2026 | 1,275,000 | 1,230,205 | 2.07 | |
1,230,205 | 2.07 | |||
Total Debt Securities (Cost $127,406,046) | 51,038,977 | 85.71 | ||
Total Investments (Total Cost $127,406,046) | 51,038,977 | 85.71 | ||
Other Assets Less Liabilities | 8,508,432 | 14.29 | ||
Net Assets | $59,547,409 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Step coupon bond. Rate as of July 31, 2022 is disclosed. |
3 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
4 | Issuer has defaulted on terms of debt obligation. |
5 | Maturity has been extended under the terms of a plan of reorganization. |
6 | Zero coupon bond – interest rate reflects effective yield on the date of purchase. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/17/2022 | HSBC Bank | United States Dollar | 78,235 | Euro | 77,794 | $(1,371) |
Subtotal Depreciation | (1,371) | |||||
Total | $(1,371) |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $37,093,577 | $— | $37,093,577 | |||
Financial Certificates | — | 935,460 | — | 935,460 | |||
Government Agencies | — | 9,249,856 | — | 9,249,856 | |||
Government Bonds | — | 946,958 | — | 946,958 | |||
Short Term Bills and Notes | — | 2,813,126 | — | 2,813,126 | |||
Total Debt Securities | — | 51,038,977 | — | 51,038,977 | |||
Total Investments | $— | $51,038,977 | $— | $51,038,977 |
Other Financial Instruments | ||||
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | $— | $(1,371) | $— | $(1,371) |
Total Other Financial Instruments | $— | $(1,371) | $— | $(1,371) |
Currency1 | Shares | Value | % of Net Assets | |
Common Stocks | ||||
Brazil (Cost $4,357,390) | ||||
Banco do Brasil S.A. | BRL | 197,500 | $1,373,007 | 1.41 |
Hypera S.A.* | BRL | 292,600 | 2,408,503 | 2.46 |
Lojas Renner S.A.* | BRL | 215,700 | 1,054,300 | 1.08 |
MercadoLibre, Inc.* | 672 | 546,813 | 0.56 | |
5,382,623 | 5.51 | |||
China (Cost $36,024,221) | ||||
Alibaba Group Holding Ltd.* | HKD | 334,800 | 3,782,610 | 3.87 |
Alibaba Group Holding Ltd. ADR* | 4,790 | 428,082 | 0.44 | |
ANTA Sports Products Ltd. | HKD | 181,800 | 2,014,590 | 2.06 |
Baidu, Inc. ADR* | 21,880 | 2,988,152 | 3.06 | |
China International Capital Corp. Ltd., Class H2 | HKD | 1,179,600 | 2,175,850 | 2.23 |
China Vanke Co. Ltd., Class H | HKD | 869,900 | 1,661,418 | 1.70 |
JD.com, Inc., Class A | HKD | 80,223 | 2,388,817 | 2.44 |
Meituan, Class B*,2 | HKD | 184,700 | 4,183,449 | 4.28 |
NARI Technology Co. Ltd., Class A | CNH | 540,480 | 2,341,933 | 2.40 |
NetEase, Inc. | HKD | 85,800 | 1,594,220 | 1.63 |
Shenzhen Inovance Technology Co. Ltd., Class A | CNH | 207,797 | 2,038,164 | 2.09 |
Sungrow Power Supply Co. Ltd., Class A | CNH | 39,799 | 730,760 | 0.75 |
Tencent Holdings Ltd. | HKD | 100,000 | 3,933,777 | 4.03 |
XPeng, Inc. ADR* | 31,055 | 758,674 | 0.78 | |
XPeng, Inc., Class A* | HKD | 77,500 | 943,123 | 0.96 |
31,963,619 | 32.72 | |||
Colombia (Cost $503,830) | ||||
Ecopetrol S.A. ADR | 51,945 | 557,889 | 0.57 | |
557,889 | 0.57 | |||
Hong Kong (Cost $3,011,348) | ||||
AIA Group Ltd. | HKD | 287,400 | 2,900,673 | 2.97 |
2,900,673 | 2.97 | |||
India (Cost $12,325,442) | ||||
Axis Bank Ltd. | INR | 131,233 | 1,204,101 | 1.23 |
HDFC Bank Ltd. ADR | 37,961 | 2,383,951 | 2.44 | |
ICICI Bank Ltd. ADR | 13,156 | 273,382 | 0.28 | |
Infosys Ltd. ADR | 217,799 | 4,244,902 | 4.35 | |
Reliance Industries Ltd.* | INR | 112,456 | 3,573,415 | 3.66 |
11,679,751 | 11.96 | |||
Indonesia (Cost $495,230) | ||||
Bank Central Asia Tbk PT | IDR | 988,500 | 492,322 | 0.50 |
492,322 | 0.50 | |||
Mexico (Cost $1,502,281) | ||||
America Movil S.A.B. de C.V. ADR, Class L | 26,572 | 503,008 | 0.52 |
Currency1 | Shares | Value | % of Net Assets | |
Mexico (continued) | ||||
Wal-Mart de Mexico S.A.B. de C.V. | MXN | 281,450 | $1,019,463 | 1.04 |
1,522,471 | 1.56 | |||
Peru (Cost $503,657) | ||||
Credicorp Ltd. | 3,866 | 500,260 | 0.51 | |
500,260 | 0.51 | |||
Russian Federation (Cost $2,514,310) | ||||
Gazprom PJSC*,3 | RUB | 84,440 | — | — |
LUKOIL PJSC3 | RUB | 12,180 | — | — |
Moscow Exchange MICEX-RTS PJSC*,4 | RUB | 528,670 | 1 | — |
1 | — | |||
Saudi Arabia (Cost $2,234,546) | ||||
Al Rajhi Bank* | SAR | 16,751 | 402,208 | 0.41 |
Saudi National Bank (The) | SAR | 95,039 | 1,787,455 | 1.83 |
2,189,663 | 2.24 | |||
South Africa (Cost $4,827,833) | ||||
Absa Group Ltd. | ZAR | 148,571 | 1,520,733 | 1.56 |
AngloGold Ashanti Ltd. | ZAR | 50,380 | 743,589 | 0.76 |
Clicks Group Ltd. | ZAR | 58,974 | 994,672 | 1.02 |
FirstRand Ltd. | ZAR | 278,186 | 1,099,000 | 1.12 |
4,357,994 | 4.46 | |||
South Korea (Cost $10,552,074) | ||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* | KRW | 24,302 | 1,590,815 | 1.63 |
LG H&H Co. Ltd. | KRW | 3,679 | 2,213,225 | 2.26 |
Samsung Electronics Co. Ltd. | KRW | 62,006 | 2,940,572 | 3.01 |
SK Telecom Co. Ltd. | KRW | 57,860 | 2,392,737 | 2.45 |
9,137,349 | 9.35 | |||
Taiwan (Cost $16,099,949) | ||||
Chunghwa Telecom Co. Ltd. | TWD | 366,000 | 1,480,201 | 1.52 |
Delta Electronics, Inc. | TWD | 58,000 | 501,442 | 0.51 |
E.Sun Financial Holding Co. Ltd. | TWD | 1,302,219 | 1,198,459 | 1.23 |
Hon Hai Precision Industry Co. Ltd. | TWD | 599,000 | 2,184,491 | 2.24 |
MediaTek, Inc. | TWD | 43,000 | 988,798 | 1.01 |
Sea Ltd. ADR* | 13,578 | 1,036,273 | 1.06 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | TWD | 233,021 | 3,990,595 | 4.08 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 44,416 | 3,929,928 | 4.02 | |
15,310,187 | 15.67 | |||
United Arab Emirates (Cost $1,192,525) | ||||
Dubai Islamic Bank PJSC | AED | 715,722 | 1,147,190 | 1.18 |
1,147,190 | 1.18 |
Currency1 | Shares | Value | % of Net Assets | |
Zambia (Cost $1,079,253) | ||||
First Quantum Minerals Ltd. | CAD | 52,600 | $961,181 | 0.98 |
961,181 | 0.98 | |||
Total Common Stocks (Cost $97,223,889) | 88,103,173 | 90.18 | ||
Preferred Stocks | ||||
Brazil (Cost $814,495) | ||||
Banco Bradesco S.A. ADR, 1.049%5 | 229,210 | 760,977 | 0.78 | |
760,977 | 0.78 | |||
Total Preferred Stocks (Cost $814,495) | 760,977 | 0.78 | ||
Total Investments (Total Cost $98,038,384) | 88,864,150 | 90.96 | ||
Other Assets Less Liabilities | 8,832,754 | 9.04 | ||
Net Assets | $97,696,904 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
3 | Security has been deemed worthless and is a Level 3 investment. |
4 | Security is a Level 3 investment. |
5 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Sector | Percentage of Net Assets |
Communication Services | 14.3% |
Consumer Discretionary | 16.5 |
Consumer Staples | 4.3 |
Energy | 4.2 |
Financials | 19.7 |
Health Care | 2.5 |
Industrials | 6.9 |
Information Technology | 19.2 |
Materials | 1.7 |
Real Estate | 1.7 |
Total Investments | 91.0 |
Other Assets Less Liabilities | 9.0 |
Net Assets | 100.0% |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Common Stocks | |||||||
Brazil | $5,382,623 | $— | $— | $5,382,623 | |||
China | 4,174,908 | 27,788,711 | — | 31,963,619 | |||
Colombia | 557,889 | — | — | 557,889 | |||
Hong Kong | — | 2,900,673 | — | 2,900,673 | |||
India | 6,902,235 | 4,777,516 | — | 11,679,751 | |||
Indonesia | — | 492,322 | — | 492,322 | |||
Mexico | 1,522,471 | — | — | 1,522,471 | |||
Peru | 500,260 | — | — | 500,260 | |||
Russian Federation | — | — | 1 | 1 | |||
Saudi Arabia | — | 2,189,663 | — | 2,189,663 | |||
South Africa | — | 4,357,994 | — | 4,357,994 | |||
South Korea | — | 9,137,349 | — | 9,137,349 | |||
Taiwan | 4,966,201 | 10,343,986 | — | 15,310,187 | |||
United Arab Emirates | — | 1,147,190 | — | 1,147,190 | |||
Zambia | 961,181 | — | — | 961,181 | |||
Total Common Stocks | 24,967,768 | 63,135,404 | 1 | 88,103,173 | |||
Preferred Stocks | |||||||
Brazil | 760,977 | — | — | 760,977 | |||
Total Investments | $25,728,745 | $63,135,404 | $1 | $88,864,150 |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Common Stock | ||||||||||
Russian Federation | $— | $— | $2,969,278 | $(1,303,062) | $(228,097) | $(1,438,118) | $— | $— | $1 | $(2,514,309) |
Total | $— | $— | $2,969,278 | $(1,303,062) | $(228,097) | $(1,438,118) | $— | $— | $1 | $(2,514,309) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Common Stock | $1 | Zero Priced Asset | Inputs to Model |
Currency1 | Shares | Value | % of Net Assets | |
Common Stocks | ||||
Brazil (Cost $936,711) | ||||
Arezzo Industria e Comercio S.A. | BRL | 8,400 | $128,498 | 1.74 |
Sinqia S.A.* | BRL | 51,000 | 170,719 | 2.31 |
TOTVS S.A.* | BRL | 32,900 | 167,676 | 2.27 |
Vasta Platform Ltd.* | 38,100 | 193,929 | 2.62 | |
Zenvia, Inc., Class A* | 16,400 | 36,900 | 0.50 | |
697,722 | 9.44 | |||
China (Cost $1,630,816) | ||||
Baozun, Inc. ADR* | 9,557 | 83,146 | 1.13 | |
CIMC Enric Holdings Ltd. | HKD | 72,000 | 67,243 | 0.91 |
Fu Shou Yuan International Group Ltd. | HKD | 249,000 | 170,104 | 2.30 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | CNH | 33,904 | 109,471 | 1.48 |
JNBY Design Ltd. | HKD | 192,000 | 179,117 | 2.42 |
Noah Holdings Ltd. ADR* | 8,600 | 149,640 | 2.02 | |
Xiabuxiabu Catering Management China Holdings Co. Ltd.*,2 | HKD | 254,500 | 109,090 | 1.48 |
867,811 | 11.74 | |||
India (Cost $1,250,314) | ||||
Granules India Ltd. | INR | 64,209 | 242,377 | 3.28 |
Indian Energy Exchange Ltd.2 | INR | 53,520 | 108,190 | 1.46 |
JB Chemicals & Pharmaceuticals Ltd. | INR | 3,555 | 79,468 | 1.08 |
Prince Pipes & Fittings Ltd. | INR | 20,423 | 156,582 | 2.12 |
PVR Ltd.* | INR | 6,336 | 171,765 | 2.32 |
Quess Corp. Ltd.2 | INR | 47,103 | 352,237 | 4.76 |
Radico Khaitan Ltd. | INR | 9,875 | 118,078 | 1.60 |
1,228,697 | 16.62 | |||
Indonesia (Cost $156,908) | ||||
Ace Hardware Indonesia Tbk PT | IDR | 1,723,000 | 82,349 | 1.11 |
82,349 | 1.11 | |||
Kazakhstan (Cost $118,720) | ||||
NAC Kazatomprom JSC GDR (Registered) | 3,949 | 118,361 | 1.60 | |
118,361 | 1.60 | |||
Kuwait (Cost $178,197) | ||||
Humansoft Holding Co. K.S.C. | KWD | 16,049 | 173,349 | 2.35 |
173,349 | 2.35 | |||
Malaysia (Cost $410,912) | ||||
My EG Services Bhd. | MYR | 2,272,424 | 396,528 | 5.36 |
396,528 | 5.36 | |||
Mexico (Cost $423,644) | ||||
Genomma Lab Internacional S.A.B. de C.V., Class B | MXN | 223,800 | 208,041 | 2.82 |
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR | 4,600 | 223,468 | 3.02 | |
431,509 | 5.84 |
Currency1 | Shares | Value | % of Net Assets | |
Peru (Cost $262,486) | ||||
Alicorp S.A.A. | PEN | 134,161 | $181,812 | 2.46 |
181,812 | 2.46 | |||
Poland (Cost $139,088) | ||||
Dino Polska S.A.*,2 | PLN | 2,164 | 169,531 | 2.29 |
169,531 | 2.29 | |||
Russian Federation (Cost $586,207) | ||||
Detsky Mir PJSC2,3,4 | RUB | 131,200 | — | — |
Fix Price Group Ltd. GDR2,4,5 | 24,412 | 2 | — | |
Fix Price Group Ltd. GDR (Registered)5 | 16,317 | 2 | — | |
4 | — | |||
South Africa (Cost $188,784) | ||||
Karooooo Ltd.* | 6,518 | 174,682 | 2.36 | |
174,682 | 2.36 | |||
South Korea (Cost $1,710,778) | ||||
Classys, Inc. | KRW | 9,760 | 120,709 | 1.63 |
Dentium Co. Ltd. | KRW | 5,628 | 371,736 | 5.03 |
Hana Materials, Inc. | KRW | 4,301 | 134,584 | 1.82 |
Hansol Chemical Co. Ltd. | KRW | 1,221 | 208,006 | 2.81 |
Hugel, Inc.* | KRW | 1,929 | 199,988 | 2.71 |
KoMiCo Ltd. | KRW | 5,942 | 236,040 | 3.19 |
Orion Corp. | KRW | 1,888 | 146,644 | 1.98 |
Park Systems Corp. | KRW | 1,514 | 116,449 | 1.58 |
SKC Co. Ltd. | KRW | 813 | 85,565 | 1.16 |
1,619,721 | 21.91 | |||
Taiwan (Cost $1,537,882) | ||||
Andes Technology Corp. | TWD | 11,000 | 98,050 | 1.33 |
E Ink Holdings, Inc. | TWD | 28,000 | 184,053 | 2.49 |
eCloudvalley Digital Technology Co. Ltd. | TWD | 17,465 | 125,239 | 1.69 |
Parade Technologies Ltd. | TWD | 2,000 | 75,808 | 1.03 |
Poya International Co. Ltd. | TWD | 24,755 | 310,306 | 4.20 |
Sensortek Technology Corp. | TWD | 12,000 | 111,354 | 1.51 |
Silergy Corp. | TWD | 4,000 | 74,926 | 1.01 |
Sinbon Electronics Co. Ltd. | TWD | 12,000 | 111,824 | 1.51 |
Sporton International, Inc. | TWD | 18,900 | 130,357 | 1.76 |
1,221,917 | 16.53 | |||
Total Common Stocks (Cost $9,531,447) | 7,363,993 | 99.61 | ||
Total Investments (Total Cost $9,531,447) | 7,363,993 | 99.61 | ||
Other Assets Less Liabilities | 28,903 | 0.39 | ||
Net Assets | $7,392,896 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
3 | Security has been deemed worthless and is a Level 3 investment. |
4 | Restricted security that has been deemed illiquid. At July 31, 2022 the value of these restricted illiquid securities amount to $2 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Detsky Mir PJSC | 5/7/21-2/2/22 | $258,305 |
Fix Price Group Ltd. GDR | 3/5/21-12/17/21 | 235,528 |
5 | Security is a Level 3 investment. |
Sector | Percentage of Net Assets |
Communication Services | 2.3% |
Consumer Discretionary | 19.3 |
Consumer Staples | 8.3 |
Energy | 1.6 |
Financials | 3.5 |
Health Care | 16.5 |
Industrials | 14.1 |
Information Technology | 30.0 |
Materials | 4.0 |
Total Investments | 99.6 |
Other Assets Less Liabilities | 0.4 |
Net Assets | 100.0% |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Common Stocks | |||||||
Brazil | $697,722 | $— | $— | $697,722 | |||
China | 232,786 | 635,025 | — | 867,811 | |||
India | — | 1,228,697 | — | 1,228,697 | |||
Indonesia | — | 82,349 | — | 82,349 | |||
Kazakhstan | — | 118,361 | — | 118,361 | |||
Kuwait | — | 173,349 | — | 173,349 | |||
Malaysia | — | 396,528 | — | 396,528 | |||
Mexico | 431,509 | — | — | 431,509 | |||
Peru | — | 181,812 | — | 181,812 | |||
Poland | — | 169,531 | — | 169,531 | |||
Russian Federation | — | — | 4 | 4 | |||
South Africa | 174,682 | — | — | 174,682 | |||
South Korea | — | 1,619,721 | — | 1,619,721 | |||
Taiwan | — | 1,221,917 | — | 1,221,917 | |||
Total Common Stocks | 1,536,699 | 5,827,290 | 4 | 7,363,993 | |||
Total Investments | $1,536,699 | $5,827,290 | $4 | $7,363,993 |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Common Stock | ||||||||||
Russian Federation | $— | $— | $93,602 | $(1,271) | $42 | $(92,372) | $3 | $— | $4 | $(547,869) |
Total | $— | $— | $93,602 | $(1,271) | $42 | $(92,372) | $3 | $— | $4 | $(547,869) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Common Stock | $4 | Zero Priced Asset | Inputs to Model |
Currency1 | Shares | Value | % of Net Assets | |
Common Stocks | ||||
Argentina (Cost $569,052) | ||||
Globant S.A.* | 2,950 | $587,758 | 0.78 | |
587,758 | 0.78 | |||
Bahrain (Cost $3,849,998) | ||||
Ahli United Bank BSC | KWD | 4,426,398 | 4,452,399 | 5.92 |
4,452,399 | 5.92 | |||
Brazil (Cost $762,472) | ||||
MercadoLibre, Inc.* | 630 | 512,637 | 0.68 | |
512,637 | 0.68 | |||
Cambodia (Cost $651,489) | ||||
NagaCorp. Ltd.* | HKD | 724,000 | 676,813 | 0.90 |
676,813 | 0.90 | |||
Egypt (Cost $992,153) | ||||
Fertiglobe PLC | AED | 1,003,945 | 1,311,339 | 1.74 |
1,311,339 | 1.74 | |||
Georgia (Cost $400,697) | ||||
Bank of Georgia Group PLC | GBP | 24,287 | 445,560 | 0.59 |
445,560 | 0.59 | |||
Ghana (Cost $655,634) | ||||
Kosmos Energy Ltd.* | 100,700 | 638,438 | 0.85 | |
638,438 | 0.85 | |||
Iceland (Cost $2,629,721) | ||||
Arion Banki HF2 | ISK | 784,943 | 1,024,262 | 1.37 |
Islandsbanki HF | ISK | 1,021,073 | 963,750 | 1.28 |
Marel HF | ISK | 167,256 | 760,346 | 1.01 |
2,748,358 | 3.66 | |||
Kazakhstan (Cost $2,873,962) | ||||
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)* | 78,162 | 731,088 | 0.97 | |
Kaspi.KZ JSC GDR (Registered) | 33,879 | 1,782,379 | 2.37 | |
2,513,467 | 3.34 | |||
Kenya (Cost $1,885,494) | ||||
Equity Group Holdings PLC | KES | 1,907,100 | 772,601 | 1.03 |
Safaricom PLC | KES | 4,043,000 | 1,021,577 | 1.36 |
1,794,178 | 2.39 | |||
Kuwait (Cost $3,599,496) | ||||
Humansoft Holding Co. K.S.C. | KWD | 82,155 | 887,376 | 1.18 |
National Bank of Kuwait S.A.K.P. | KWD | 921,401 | 3,211,226 | 4.27 |
4,098,602 | 5.45 |
Currency1 | Shares | Value | % of Net Assets | |
Mauritius (Cost $1,024,544) | ||||
MCB Group Ltd. | MUR | 157,785 | $980,348 | 1.30 |
980,348 | 1.30 | |||
Morocco (Cost $3,569,567) | ||||
Attijariwafa Bank | MAD | 33,620 | 1,403,526 | 1.87 |
Itissalat Al-Maghrib | MAD | 59,909 | 693,708 | 0.92 |
Label Vie | MAD | 2,194 | 963,846 | 1.28 |
3,061,080 | 4.07 | |||
Pakistan (Cost $429,604) | ||||
Systems Ltd. | PKR | 256,180 | 372,982 | 0.50 |
372,982 | 0.50 | |||
Peru (Cost $1,343,178) | ||||
Credicorp Ltd. | 11,082 | 1,434,011 | 1.91 | |
1,434,011 | 1.91 | |||
Philippines (Cost $5,316,906) | ||||
ACEN Corp. | PHP | 284,640 | 43,320 | 0.06 |
Ayala Corp. | PHP | 84,450 | 952,977 | 1.27 |
BDO Unibank, Inc. | PHP | 667,030 | 1,448,897 | 1.92 |
Converge Information and Communications Technology Solutions, Inc.* | PHP | 2,126,600 | 735,501 | 0.98 |
SM Prime Holdings, Inc. | PHP | 984,000 | 655,231 | 0.87 |
Wilcon Depot, Inc. | PHP | 1,406,600 | 705,431 | 0.94 |
4,541,357 | 6.04 | |||
Qatar (Cost $7,175,540) | ||||
Commercial Bank PSQC (The) | QAR | 935,295 | 1,882,274 | 2.50 |
Industries Qatar QSC | QAR | 194,533 | 911,363 | 1.21 |
Qatar Electricity & Water Co. QSC | QAR | 228,753 | 1,165,644 | 1.55 |
Qatar Islamic Bank S.A.Q. | QAR | 248,858 | 1,763,894 | 2.35 |
Qatar National Bank QPSC | QAR | 409,466 | 2,264,110 | 3.01 |
7,987,285 | 10.62 | |||
Romania (Cost $1,750,773) | ||||
Banca Transilvania S.A. | RON | 1,392,602 | 569,342 | 0.76 |
OMV Petrom S.A. | RON | 10,153,817 | 1,116,070 | 1.48 |
1,685,412 | 2.24 | |||
Saudi Arabia (Cost $1,295,932) | ||||
Al Hammadi Co. for Development and Investment | SAR | 91,991 | 1,048,503 | 1.40 |
Saudi British Bank (The) | SAR | 66,281 | 746,416 | 0.99 |
1,794,919 | 2.39 | |||
Slovenia (Cost $481,079) | ||||
Nova Ljubljanska Banka dd GDR (Registered) | EUR | 41,090 | 493,462 | 0.66 |
493,462 | 0.66 |
Currency1 | Shares | Value | % of Net Assets | |
Tanzania (Cost $1,328,552) | ||||
Helios Towers PLC* | GBP | 643,163 | $1,131,632 | 1.51 |
1,131,632 | 1.51 | |||
United Arab Emirates (Cost $11,208,629) | ||||
Abu Dhabi Islamic Bank PJSC | AED | 678,978 | 1,683,140 | 2.24 |
ADNOC Drilling Co. PJSC | AED | 965,767 | 942,086 | 1.25 |
Dubai Electricity & Water Authority PJSC* | AED | 2,441,163 | 1,689,418 | 2.25 |
Dubai Islamic Bank PJSC | AED | 1,238,147 | 1,984,555 | 2.64 |
Emaar Properties PJSC | AED | 1,066,323 | 1,601,052 | 2.13 |
Emirates Telecommunications Group Co. PJSC | AED | 206,780 | 1,572,033 | 2.09 |
First Abu Dhabi Bank PJSC | AED | 316,093 | 1,673,292 | 2.22 |
Network International Holdings PLC*,2 | GBP | 260,989 | 639,529 | 0.85 |
11,785,105 | 15.67 | |||
Vietnam (Cost $13,085,251) | ||||
Bank for Foreign Trade of Vietnam JSC | VND | 483,200 | 1,548,700 | 2.06 |
Digiworld Corp. | VND | 467,964 | 1,179,901 | 1.57 |
FPT Corp. | VND | 791,857 | 2,840,661 | 3.78 |
Hoa Phat Group JSC | VND | 378,979 | 351,357 | 0.47 |
Military Commercial Joint Stock Bank* | VND | 1,071,879 | 1,181,281 | 1.57 |
Mobile World Investment Corp. | VND | 1,075,398 | 2,832,068 | 3.76 |
Saigon Beer Alcohol Beverage Corp. | VND | 132,600 | 1,027,107 | 1.36 |
Vingroup JSC* | VND | 432,349 | 1,186,686 | 1.58 |
Vinhomes JSC2 | VND | 370,711 | 953,120 | 1.27 |
13,100,881 | 17.42 | |||
Zambia (Cost $646,077) | ||||
First Quantum Minerals Ltd. | CAD | 23,300 | 425,770 | 0.57 |
425,770 | 0.57 | |||
Total Common Stocks (Cost $67,525,800) | 68,573,793 | 91.20 | ||
Investment Companies | ||||
Vietnam Enterprise Investments Ltd., Class C * | GBP | 129,548 | 1,042,832 | 1.39 |
Total Investment Companies (Cost $1,278,691) | 1,042,832 | 1.39 | ||
Total Investments (Total Cost $68,804,491) | 69,616,625 | 92.59 | ||
Other Assets Less Liabilities | 5,574,367 | 7.41 | ||
Net Assets | $75,190,992 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
Sector | Percentage of Net Assets |
Communication Services | 6.9% |
Consumer Discretionary | 7.5 |
Consumer Staples | 2.6 |
Energy | 3.6 |
Financials | 47.2 |
Health Care | 1.4 |
Industrials | 3.5 |
Information Technology | 7.5 |
Materials | 2.8 |
Real Estate | 5.8 |
Utilities | 3.8 |
Total Investments | 92.6 |
Other Assets Less Liabilities | 7.4 |
Net Assets | 100.0% |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Common Stocks | |||||||
Argentina | $587,758 | $— | $— | $587,758 | |||
Bahrain | — | 4,452,399 | — | 4,452,399 | |||
Brazil | 512,637 | — | — | 512,637 | |||
Cambodia | — | 676,813 | — | 676,813 | |||
Egypt | — | 1,311,339 | — | 1,311,339 | |||
Georgia | — | 445,560 | — | 445,560 | |||
Ghana | 638,438 | — | — | 638,438 | |||
Iceland | — | 2,748,358 | — | 2,748,358 | |||
Kazakhstan | — | 2,513,467 | — | 2,513,467 | |||
Kenya | — | 1,794,178 | — | 1,794,178 | |||
Kuwait | — | 4,098,602 | — | 4,098,602 | |||
Mauritius | — | 980,348 | — | 980,348 | |||
Morocco | — | 3,061,080 | — | 3,061,080 | |||
Pakistan | — | 372,982 | — | 372,982 | |||
Peru | 1,434,011 | — | — | 1,434,011 | |||
Philippines | — | 4,541,357 | — | 4,541,357 | |||
Qatar | — | 7,987,285 | — | 7,987,285 | |||
Romania | — | 1,685,412 | — | 1,685,412 | |||
Saudi Arabia | — | 1,794,919 | — | 1,794,919 | |||
Slovenia | — | 493,462 | — | 493,462 | |||
Tanzania | — | 1,131,632 | — | 1,131,632 | |||
United Arab Emirates | — | 11,785,105 | — | 11,785,105 | |||
Vietnam | — | 13,100,881 | — | 13,100,881 | |||
Zambia | 425,770 | — | — | 425,770 | |||
Total Common Stocks | 3,598,614 | 64,975,179 | — | 68,573,793 | |||
Investment Companies | |||||||
Vietnam | — | 1,042,832 | — | 1,042,832 | |||
Total Investments | $3,598,614 | $66,018,011 | $— | $69,616,625 |
Currency1 | Shares | Value | % of Net Assets | |
Common Stocks | ||||
Brazil (Cost $6,233,896) | ||||
Arezzo Industria e Comercio S.A. | BRL | 96,300 | $1,473,134 | 1.35 |
Hapvida Participacoes e Investimentos S/A*,2 | BRL | 979,682 | 1,166,356 | 1.07 |
MercadoLibre, Inc.* | 1,030 | 838,121 | 0.76 | |
TOTVS S.A.* | BRL | 465,700 | 2,373,458 | 2.17 |
5,851,069 | 5.35 | |||
China (Cost $40,070,602) | ||||
ANTA Sports Products Ltd. | HKD | 111,000 | 1,230,030 | 1.12 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | CNH | 240,570 | 1,444,494 | 1.32 |
China Mengniu Dairy Co. Ltd.* | HKD | 387,000 | 1,802,676 | 1.65 |
China Merchants Bank Co. Ltd., Class H | HKD | 338,500 | 1,838,705 | 1.68 |
CIMC Enric Holdings Ltd. | HKD | 962,000 | 898,447 | 0.82 |
ENN Energy Holdings Ltd. | HKD | 103,300 | 1,690,948 | 1.55 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | CNH | 472,134 | 1,524,450 | 1.39 |
JD.com, Inc. ADR | 59,428 | 3,535,966 | 3.23 | |
JD.com, Inc., Class A | HKD | 3,623 | 107,883 | 0.10 |
Meituan, Class B*,2 | HKD | 143,000 | 3,238,945 | 2.96 |
NetEase, Inc. ADR | 45,007 | 4,184,751 | 3.83 | |
Noah Holdings Ltd. ADR* | 64,100 | 1,115,340 | 1.02 | |
Prosus N.V.* | EUR | 38,960 | 2,559,028 | 2.34 |
Tencent Holdings Ltd. | HKD | 122,900 | 4,834,612 | 4.42 |
Wuliangye Yibin Co. Ltd., Class A | CNH | 44,900 | 1,189,503 | 1.09 |
WuXi AppTec Co. Ltd., Class H2 | HKD | 98,800 | 1,202,538 | 1.10 |
Yunnan Energy New Material Co. Ltd., Class A | CNH | 31,421 | 998,478 | 0.91 |
33,396,794 | 30.53 | |||
Hong Kong (Cost $2,864,067) | ||||
AIA Group Ltd. | HKD | 284,200 | 2,868,376 | 2.62 |
2,868,376 | 2.62 | |||
India (Cost $16,892,980) | ||||
Alkem Laboratories Ltd. | INR | 26,487 | 1,078,774 | 0.99 |
Eicher Motors Ltd. | INR | 38,793 | 1,517,648 | 1.39 |
Granules India Ltd. | INR | 473,872 | 1,788,780 | 1.63 |
HDFC Bank Ltd. ADR | 50,774 | 3,188,607 | 2.91 | |
Hindalco Industries Ltd. | INR | 219,333 | 1,154,021 | 1.05 |
ICICI Bank Ltd. ADR | 167,731 | 3,485,450 | 3.19 | |
Indian Energy Exchange Ltd.2 | INR | 305,156 | 616,870 | 0.56 |
Larsen & Toubro Ltd. | INR | 42,943 | 982,451 | 0.90 |
Larsen & Toubro Ltd. GDR (Registered) | 24,057 | 553,910 | 0.51 | |
Reliance Industries Ltd. GDR*,2 | 16,017 | 1,012,274 | 0.93 | |
Tata Consultancy Services Ltd. | INR | 29,339 | 1,226,044 | 1.12 |
16,604,829 | 15.18 |
Currency1 | Shares | Value | % of Net Assets | |
Kazakhstan (Cost $3,066,439) | ||||
Kaspi.KZ JSC GDR (Registered) | 27,087 | $1,425,051 | 1.30 | |
NAC Kazatomprom JSC GDR (Registered) | 34,579 | 1,036,417 | 0.95 | |
2,461,468 | 2.25 | |||
Malaysia (Cost $1,692,657) | ||||
My EG Services Bhd. | MYR | 8,623,454 | 1,504,755 | 1.38 |
1,504,755 | 1.38 | |||
Mexico (Cost $6,460,987) | ||||
Fomento Economico Mexicano S.A.B. de C.V. ADR | 47,360 | 2,935,373 | 2.68 | |
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | MXN | 136,200 | 1,846,689 | 1.69 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | MXN | 191,600 | 1,090,171 | 1.00 |
5,872,233 | 5.37 | |||
Philippines (Cost $1,160,082) | ||||
BDO Unibank, Inc. | PHP | 459,540 | 998,195 | 0.91 |
998,195 | 0.91 | |||
Poland (Cost $2,667,624) | ||||
Dino Polska S.A.*,2 | PLN | 37,942 | 2,972,431 | 2.72 |
2,972,431 | 2.72 | |||
Qatar (Cost $1,133,734) | ||||
Qatar National Bank QPSC | QAR | 177,331 | 980,538 | 0.90 |
980,538 | 0.90 | |||
Russian Federation (Cost $6,693,747) | ||||
Fix Price Group Ltd. GDR2,3,4 | 297,371 | 30 | — | |
Fix Price Group Ltd. GDR (Registered)3 | 124,253 | 12 | — | |
HeadHunter Group PLC ADR3 | 7,572 | 1 | — | |
LUKOIL PJSC | RUB | 21,299 | — | — |
Yandex N.V., Class A*,3 | 24,800 | 2 | — | |
45 | — | |||
Saudi Arabia (Cost $2,254,920) | ||||
Saudi British Bank (The) | SAR | 104,223 | 1,173,696 | 1.07 |
Saudi National Bank (The) | SAR | 60,290 | 1,133,910 | 1.04 |
2,307,606 | 2.11 | |||
South Korea (Cost $15,004,369) | ||||
Classys, Inc. | KRW | 89,789 | 1,110,484 | 1.02 |
Dentium Co. Ltd. | KRW | 22,428 | 1,481,396 | 1.35 |
Hansol Chemical Co. Ltd. | KRW | 12,995 | 2,213,792 | 2.02 |
Hugel, Inc.* | KRW | 14,767 | 1,530,961 | 1.40 |
KoMiCo Ltd. | KRW | 25,009 | 993,458 | 0.91 |
LG Chem Ltd. | KRW | 1,536 | 716,433 | 0.65 |
Orion Corp. | KRW | 20,557 | 1,596,697 | 1.46 |
SK Hynix, Inc. | KRW | 31,446 | 2,374,861 | 2.17 |
Currency1 | Shares | Value | % of Net Assets | |
South Korea (continued) | ||||
SKC Co. Ltd. | KRW | 8,092 | $851,649 | 0.78 |
12,869,731 | 11.76 | |||
Taiwan (Cost $15,841,644) | ||||
E Ink Holdings, Inc. | TWD | 194,000 | 1,275,222 | 1.17 |
Parade Technologies Ltd. | TWD | 16,000 | 606,468 | 0.55 |
Sensortek Technology Corp. | TWD | 69,000 | 640,283 | 0.59 |
Silergy Corp. | TWD | 53,928 | 1,010,150 | 0.92 |
Sinbon Electronics Co. Ltd. | TWD | 122,000 | 1,136,875 | 1.04 |
Taiwan Semiconductor Manufacturing Co. Ltd. | TWD | 335,000 | 5,737,034 | 5.24 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 46,713 | 4,133,166 | 3.78 | |
14,539,198 | 13.29 | |||
United Arab Emirates (Cost $1,183,465) | ||||
Emaar Properties PJSC | AED | 716,208 | 1,075,365 | 0.98 |
1,075,365 | 0.98 | |||
Total Common Stocks (Cost $123,221,213) | 104,302,633 | 95.35 | ||
Preferred Stocks | ||||
Brazil (Cost $2,376,951) | ||||
Petroleo Brasileiro S.A. ADR, 16.784%5 | 193,621 | 2,542,244 | 2.32 | |
2,542,244 | 2.32 | |||
South Korea (Cost $1,700,347) | ||||
LG Chem Ltd., 4.141%5 | KRW | 6,108 | 1,372,954 | 1.26 |
1,372,954 | 1.26 | |||
Total Preferred Stocks (Cost $4,077,298) | 3,915,198 | 3.58 | ||
Total Investments (Total Cost $127,298,511) | 108,217,831 | 98.93 | ||
Other Assets Less Liabilities | 1,173,183 | 1.07 | ||
Net Assets | $109,391,014 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
3 | Security is a Level 3 investment. |
4 | Restricted security that has been deemed illiquid. At July 31, 2022 the value of these restricted illiquid securities amount to $30 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Fix Price Group Ltd. GDR | 3/10/21-4/20/21 | $2,917,220 |
5 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Sector | Percentage of Net Assets |
Communication Services | 8.2% |
Consumer Discretionary | 13.3 |
Consumer Staples | 9.6 |
Energy | 4.2 |
Financials | 18.2 |
Health Care | 8.6 |
Industrials | 5.3 |
Information Technology | 21.0 |
Materials | 8.0 |
Real Estate | 1.0 |
Utilities | 1.5 |
Total Investments | 98.9 |
Other Assets Less Liabilities | 1.1 |
Net Assets | 100.0% |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Common Stocks | |||||||
Brazil | $5,851,069 | $— | $— | $5,851,069 | |||
China | 8,836,057 | 24,560,737 | — | 33,396,794 | |||
Hong Kong | — | 2,868,376 | — | 2,868,376 | |||
India | 7,686,331 | 8,918,498 | — | 16,604,829 | |||
Kazakhstan | — | 2,461,468 | — | 2,461,468 | |||
Malaysia | — | 1,504,755 | — | 1,504,755 | |||
Mexico | 5,872,233 | — | — | 5,872,233 | |||
Philippines | — | 998,195 | — | 998,195 | |||
Poland | — | 2,972,431 | — | 2,972,431 | |||
Qatar | — | 980,538 | — | 980,538 | |||
Russian Federation | — | — | 45 | 45 | |||
Saudi Arabia | — | 2,307,606 | — | 2,307,606 | |||
South Korea | — | 12,869,731 | — | 12,869,731 | |||
Taiwan | 4,133,166 | 10,406,032 | — | 14,539,198 | |||
United Arab Emirates | — | 1,075,365 | — | 1,075,365 | |||
Total Common Stocks | 32,378,856 | 71,923,732 | 45 | 104,302,633 | |||
Preferred Stocks | |||||||
Brazil | 2,542,244 | — | — | 2,542,244 | |||
South Korea | — | 1,372,954 | — | 1,372,954 | |||
Total Preferred Stocks | 2,542,244 | 1,372,954 | — | 3,915,198 | |||
Total Investments | $34,921,100 | $73,296,686 | $45 | $108,217,831 |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Common Stock | ||||||||||
Russian Federation | $— | $— | $— | $— | $— | $— | $45 | $— | $45 | $(7,671,665) |
Total | $— | $— | $— | $— | $— | $— | $45 | $— | $45 | $(7,671,665) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Common Stock | $45 | Zero Priced Asset | Inputs to Model |
Currency1 | Shares | Value | % of Net Assets | |
Common Stocks | ||||
Brazil (Cost $987,139) | ||||
Arezzo Industria e Comercio S.A. | BRL | 14,100 | $215,693 | 2.11 |
Hapvida Participacoes e Investimentos S/A*,2 | BRL | 149,993 | 178,573 | 1.75 |
MercadoLibre, Inc.* | 200 | 162,742 | 1.59 | |
TOTVS S.A.* | BRL | 45,500 | 231,893 | 2.27 |
788,901 | 7.72 | |||
China (Cost $3,599,518) | ||||
ANTA Sports Products Ltd. | HKD | 12,200 | 135,193 | 1.32 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | CNH | 26,300 | 157,917 | 1.55 |
China Merchants Bank Co. Ltd., Class H | HKD | 35,500 | 192,833 | 1.89 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | CNH | 61,620 | 198,962 | 1.95 |
JD.com, Inc. ADR | 6,854 | 407,813 | 3.99 | |
JD.com, Inc., Class A | HKD | 461 | 13,727 | 0.13 |
NetEase, Inc. ADR | 4,358 | 405,207 | 3.96 | |
Prosus N.V.* | EUR | 3,977 | 261,223 | 2.56 |
Tencent Holdings Ltd. | HKD | 13,700 | 538,927 | 5.27 |
WuXi AppTec Co. Ltd., Class H2 | HKD | 22,780 | 277,265 | 2.71 |
Xiabuxiabu Catering Management China Holdings Co. Ltd.*,2 | HKD | 215,000 | 92,159 | 0.90 |
Yunnan Energy New Material Co. Ltd., Class A | CNH | 4,600 | 146,176 | 1.43 |
2,827,402 | 27.66 | |||
Hong Kong (Cost $415,994) | ||||
AIA Group Ltd. | HKD | 41,600 | 419,861 | 4.11 |
419,861 | 4.11 | |||
India (Cost $1,366,150) | ||||
Alkem Laboratories Ltd. | INR | 3,754 | 152,894 | 1.49 |
Granules India Ltd. | INR | 64,010 | 241,626 | 2.36 |
HDFC Bank Ltd. ADR | 6,391 | 401,355 | 3.93 | |
ICICI Bank Ltd. ADR | 19,474 | 404,670 | 3.96 | |
Quess Corp. Ltd.2 | INR | 19,112 | 142,920 | 1.40 |
Tata Consultancy Services Ltd. | INR | 3,661 | 152,989 | 1.50 |
1,496,454 | 14.64 | |||
Malaysia (Cost $241,809) | ||||
My EG Services Bhd. | MYR | 1,518,480 | 264,968 | 2.59 |
264,968 | 2.59 | |||
Mexico (Cost $539,070) | ||||
Fomento Economico Mexicano S.A.B. de C.V. ADR | 5,703 | 353,472 | 3.46 | |
Grupo Financiero Banorte S.A.B. de C.V., Class O | MXN | 27,300 | 155,332 | 1.52 |
508,804 | 4.98 | |||
Poland (Cost $349,946) | ||||
Dino Polska S.A.*,2 | PLN | 4,934 | 386,537 | 3.78 |
386,537 | 3.78 |
Currency1 | Shares | Value | % of Net Assets | |
Qatar (Cost $180,756) | ||||
Qatar National Bank QPSC | QAR | 29,253 | $161,752 | 1.58 |
161,752 | 1.58 | |||
Russian Federation (Cost $686,783) | ||||
Fix Price Group Ltd. GDR2,3,4 | 56,671 | 6 | — | |
HeadHunter Group PLC ADR5 | 1,035 | — | — | |
Yandex N.V., Class A*,5 | 2,600 | — | — | |
6 | — | |||
Saudi Arabia (Cost $217,593) | ||||
Saudi National Bank (The) | SAR | 10,924 | 205,454 | 2.01 |
205,454 | 2.01 | |||
South Korea (Cost $1,124,281) | ||||
Dentium Co. Ltd. | KRW | 6,164 | 407,140 | 3.98 |
Hansol Chemical Co. Ltd. | KRW | 1,676 | 285,519 | 2.79 |
Hugel, Inc.* | KRW | 1,907 | 197,707 | 1.94 |
LG Chem Ltd. | KRW | 92 | 42,911 | 0.42 |
SK Hynix, Inc. | KRW | 2,949 | 222,714 | 2.18 |
1,155,991 | 11.31 | |||
Taiwan (Cost $1,371,941) | ||||
Andes Technology Corp. | TWD | 13,000 | 115,877 | 1.13 |
E Ink Holdings, Inc. | TWD | 34,000 | 223,492 | 2.19 |
Parade Technologies Ltd. | TWD | 2,000 | 75,809 | 0.74 |
Silergy Corp. | TWD | 8,000 | 149,852 | 1.47 |
Taiwan Semiconductor Manufacturing Co. Ltd. | TWD | 27,000 | 462,388 | 4.52 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5,607 | 496,107 | 4.85 | |
1,523,525 | 14.90 | |||
Total Common Stocks (Cost $11,080,980) | 9,739,655 | 95.28 | ||
Preferred Stocks | ||||
South Korea (Cost $285,791) | ||||
LG Chem Ltd., 4.141%6 | KRW | 916 | 205,898 | 2.01 |
205,898 | 2.01 | |||
Total Preferred Stocks (Cost $285,791) | 205,898 | 2.01 | ||
Total Investments (Total Cost $11,366,771) | 9,945,553 | 97.29 | ||
Other Assets Less Liabilities | 276,933 | 2.71 | ||
Net Assets | $10,222,486 | 100.00 |
* | Non-income producing security. |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
3 | Security is a Level 3 investment. |
4 | Restricted security that has been deemed illiquid. At July 31, 2022 the value of these restricted illiquid securities amount to $6 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Fix Price Group Ltd. GDR | 3/5/21-3/10/21 | $556,805 |
5 | Security has been deemed worthless and is a Level 3 investment. |
6 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Sector | Percentage of Net Assets |
Communication Services | 9.2% |
Consumer Discretionary | 12.6 |
Consumer Staples | 7.2 |
Financials | 19.0 |
Health Care | 14.2 |
Industrials | 3.4 |
Information Technology | 23.5 |
Materials | 8.2 |
Total Investments | 97.3 |
Other Assets Less Liabilities | 2.7 |
Net Assets | 100.0% |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Common Stocks | |||||||
Brazil | $788,901 | $— | $— | $788,901 | |||
China | 813,020 | 2,014,382 | — | 2,827,402 | |||
Hong Kong | — | 419,861 | — | 419,861 | |||
India | 806,025 | 690,429 | — | 1,496,454 | |||
Malaysia | — | 264,968 | — | 264,968 | |||
Mexico | 508,804 | — | — | 508,804 | |||
Poland | — | 386,537 | — | 386,537 | |||
Qatar | — | 161,752 | — | 161,752 | |||
Russian Federation | — | — | 6 | 6 | |||
Saudi Arabia | — | 205,454 | — | 205,454 | |||
South Korea | — | 1,155,991 | — | 1,155,991 | |||
Taiwan | 496,107 | 1,027,418 | — | 1,523,525 | |||
Total Common Stocks | 3,412,857 | 6,326,792 | 6 | 9,739,655 | |||
Preferred Stocks | |||||||
South Korea | — | 205,898 | — | 205,898 | |||
Total Investments | $3,412,857 | $6,532,690 | $6 | $9,945,553 |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Common Stock | ||||||||||
Russian Federation | $— | $— | $— | $— | $— | $— | $6 | $— | $6 | $903,515 |
Total | $— | $— | $— | $— | $— | $— | $6 | $— | $6 | $903,515 |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Common Stock | $6 | Zero Priced Asset | Inputs to Model |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Brazil (Cost $1,206,082) | ||||
Banco do Brasil S.A., 4.625%, 01/15/2025 | 200,000 | $197,100 | 2.14 | |
BRF GmbH, 4.350%, 09/29/2026 | 200,000 | 182,940 | 1.98 | |
Gol Finance S.A., 8.000%, 06/30/2026 | 200,000 | 132,176 | 1.43 | |
MercadoLibre, Inc., 2.375%, 01/14/2026 | 200,000 | 179,735 | 1.95 | |
St Marys Cement, Inc., 5.750%, 01/28/2027 | 200,000 | 197,296 | 2.14 | |
Unigel Luxembourg S.A., 8.750%, 10/01/2026 | 200,000 | 202,164 | 2.19 | |
1,091,411 | 11.83 | |||
Chile (Cost $200,273) | ||||
Inversiones CMPC S.A., 4.750%, 09/15/2024 | 200,000 | 198,500 | 2.15 | |
198,500 | 2.15 | |||
China (Cost $372,734) | ||||
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 3.618%, 07/03/2023 | 210,000 | 200,550 | 2.17 | |
Xiaomi Best Time International Ltd., 0.000%, 12/17/20272 | 200,000 | 165,000 | 1.79 | |
365,550 | 3.96 | |||
Colombia (Cost $249,200) | ||||
Ecopetrol S.A., 4.125%, 01/16/2025 | 140,000 | 134,742 | 1.46 | |
Ecopetrol S.A., 5.375%, 06/26/2026 | 100,000 | 96,800 | 1.05 | |
231,542 | 2.51 | |||
India (Cost $604,737) | ||||
ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024 | 200,000 | 202,150 | 2.19 | |
Greenko Solar Mauritius Ltd., 5.550%, 01/29/2025 | 200,000 | 186,300 | 2.02 | |
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026 | 200,000 | 182,500 | 1.98 | |
570,950 | 6.19 | |||
Indonesia (Cost $423,599) | ||||
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025 | 400,000 | 403,600 | 4.38 | |
403,600 | 4.38 | |||
Jordan (Cost $204,359) | ||||
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025 | 200,000 | 189,140 | 2.05 | |
189,140 | 2.05 | |||
Kuwait (Cost $213,612) | ||||
MEGlobal Canada ULC, 5.000%, 05/18/2025 | 200,000 | 202,587 | 2.20 | |
202,587 | 2.20 | |||
Mexico (Cost $1,150,559) | ||||
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | 173,000 | 119,370 | 1.29 | |
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026 | 200,000 | 157,252 | 1.71 | |
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026 | 200,000 | 151,538 | 1.64 | |
Petroleos Mexicanos, 6.875%, 10/16/2025 | 331,000 | 324,275 | 3.52 |
Currency1 | Par | Value | % of Net Assets | |
Mexico (continued) | ||||
Trust Fibra Uno, 5.250%, 01/30/2026 | 200,000 | $187,000 | 2.03 | |
939,435 | 10.19 | |||
Oman (Cost $615,641) | ||||
Bank Muscat SAOG, 4.750%, 03/17/2026 | 200,000 | 191,792 | 2.08 | |
National Bank of Oman SAOG, 5.625%, 09/25/2023 | 200,000 | 199,603 | 2.16 | |
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023 | 200,000 | 199,793 | 2.17 | |
591,188 | 6.41 | |||
Panama (Cost $203,639) | ||||
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025 | 200,000 | 182,674 | 1.98 | |
182,674 | 1.98 | |||
Peru (Cost $200,485) | ||||
Credicorp Ltd., 2.750%, 06/17/2025 | 200,000 | 184,872 | 2.01 | |
184,872 | 2.01 | |||
Poland (Cost $151,656) | ||||
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | EUR | 130,000 | 101,801 | 1.10 |
101,801 | 1.10 | |||
Romania (Cost $137,385) | ||||
NE Property B.V., 3.375%, 07/14/2027 | EUR | 150,000 | 138,276 | 1.50 |
138,276 | 1.50 | |||
Saudi Arabia (Cost $775,532) | ||||
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | 256,000 | 239,478 | 2.60 | |
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025 | 200,000 | 194,138 | 2.10 | |
Samba Funding Ltd., 2.750%, 10/02/2024 | 333,000 | 323,668 | 3.51 | |
757,284 | 8.21 | |||
Singapore (Cost $433,686) | ||||
GLP Pte. Ltd., 3.875%, 06/04/2025 | 200,000 | 188,904 | 2.05 | |
Puma International Financing S.A., 5.125%, 10/06/2024 | 240,000 | 215,280 | 2.33 | |
404,184 | 4.38 | |||
South Africa (Cost $794,261) | ||||
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024 | 200,000 | 201,274 | 2.18 | |
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026 | 200,000 | 173,328 | 1.88 | |
Prosus N.V., 3.257%, 01/19/2027 | 205,000 | 185,173 | 2.01 | |
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 | 200,000 | 200,040 | 2.17 | |
759,815 | 8.24 | |||
Tanzania (Cost $208,112) | ||||
HTA Group Ltd., 7.000%, 12/18/2025 | 200,000 | 176,728 | 1.92 | |
176,728 | 1.92 |
Currency1 | Par | Value | % of Net Assets | |
United Arab Emirates (Cost $1,286,238) | ||||
Abu Dhabi Commercial Bank PJSC, 4.000%, 03/13/2023 | 213,000 | $213,192 | 2.31 | |
ADCB Finance Cayman Ltd., 4.000%, 03/29/2023 | 214,000 | 214,040 | 2.32 | |
DIB Sukuk Ltd., 3.625%, 02/06/2023 | 200,000 | 199,986 | 2.17 | |
Fab Sukuk Co. Ltd., 3.625%, 03/05/2023 | 321,000 | 320,818 | 3.48 | |
Mashreqbank PSC, 4.250%, 02/26/2024 | 322,000 | 320,873 | 3.48 | |
1,268,909 | 13.76 | |||
Zambia (Cost $196,107) | ||||
First Quantum Minerals Ltd., 6.500%, 03/01/2024 | 200,000 | 198,500 | 2.15 | |
198,500 | 2.15 | |||
Total Debt Securities (Cost $9,627,897) | 8,956,946 | 97.12 | ||
Total Investments (Total Cost $9,627,897) | 8,956,946 | 97.12 | ||
Other Assets Less Liabilities | 265,811 | 2.88 | ||
Net Assets | $9,222,757 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Zero coupon bond. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/17/2022 | Morgan Stanley | United States Dollar | 240,897 | Euro | 238,176 | $(2,826) |
Subtotal Depreciation | (2,826) | |||||
Total | $(2,826) |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $6,792,235 | $— | $6,792,235 | |||
Corporate Convertible Bonds | — | 165,000 | — | 165,000 | |||
Financial Certificates | — | 954,420 | — | 954,420 | |||
Government Agencies | — | 862,617 | — | 862,617 | |||
Municipal Bonds | — | 182,674 | — | 182,674 | |||
Total Debt Securities | — | 8,956,946 | — | 8,956,946 | |||
Total Investments | $— | $8,956,946 | $— | $8,956,946 |
Other Financial Instruments | ||||
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | $— | $(2,826) | $— | $(2,826) |
Total Other Financial Instruments | $— | $(2,826) | $— | $(2,826) |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Brazil (Cost $1,193,146) | ||||
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20812 | 200,000 | $207,580 | 1.21 | |
JBS U.S.A. LUX S.A./JBS U.S.A. Finance, Inc., 6.750%, 02/15/2028 | 200,000 | 207,449 | 1.21 | |
St Marys Cement, Inc., 5.750%, 01/28/2027 | 220,000 | 217,026 | 1.26 | |
Suzano Austria GmbH, 5.000%, 01/15/2030 | 225,000 | 216,000 | 1.25 | |
Vale Overseas Ltd., 8.250%, 01/17/2034 | 190,000 | 223,250 | 1.30 | |
1,071,305 | 6.23 | |||
Chile (Cost $1,136,405) | ||||
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030 | 200,000 | 183,700 | 1.07 | |
Cencosud S.A., 6.625%, 02/12/2045 | 200,000 | 200,845 | 1.17 | |
Empresa Nacional del Petroleo, 5.250%, 11/06/2029 | 268,000 | 253,930 | 1.47 | |
GNL Quintero S.A., 4.634%, 07/31/2029 | 202,952 | 198,201 | 1.15 | |
Inversiones CMPC S.A., 3.850%, 01/13/2030 | 200,000 | 180,000 | 1.05 | |
1,016,676 | 5.91 | |||
China (Cost $762,608) | ||||
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 3.618%, 07/03/2023 | 210,000 | 200,550 | 1.17 | |
Huarong Finance 2019 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.125%), 2.631%, 02/24/2023 | 200,000 | 193,500 | 1.12 | |
Tencent Holdings Ltd., 3.975%, 04/11/2029 | 200,000 | 191,662 | 1.11 | |
Xiaomi Best Time International Ltd., 0.000%, 12/17/20273 | 200,000 | 165,000 | 0.96 | |
750,712 | 4.36 | |||
Colombia (Cost $466,093) | ||||
Ecopetrol S.A., 6.875%, 04/29/2030 | 135,000 | 128,727 | 0.75 | |
Transportadora de Gas Internacional S.A. ESP, 5.550%, 11/01/2028 | 275,000 | 258,237 | 1.50 | |
386,964 | 2.25 | |||
Czech Republic (Cost $170,522) | ||||
CETIN Group N.V., 3.125%, 04/14/2027 | EUR | 175,000 | 165,505 | 0.96 |
165,505 | 0.96 | |||
Hong Kong (Cost $201,681) | ||||
Phoenix Lead Ltd., 4.850%, 02/23/2023 | 200,000 | 175,350 | 1.02 | |
175,350 | 1.02 | |||
India (Cost $1,219,579) | ||||
ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028 | 200,000 | 193,151 | 1.12 | |
Bharti Airtel Ltd., 3.250%, 06/03/2031 | 200,000 | 172,362 | 1.00 | |
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032 | 200,000 | 173,260 | 1.01 | |
NTPC Ltd., 4.500%, 03/19/2028 | 200,000 | 199,066 | 1.16 | |
Power Finance Corp. Ltd., 4.500%, 06/18/2029 | 240,000 | 225,954 | 1.31 |
Currency1 | Par | Value | % of Net Assets | |
India (continued) | ||||
Reliance Industries Ltd., 2.875%, 01/12/2032 | 250,000 | $216,195 | 1.26 | |
1,179,988 | 6.86 | |||
Indonesia (Cost $1,120,471) | ||||
Freeport Indonesia PT, 4.763%, 04/14/20274 | 200,000 | 195,500 | 1.14 | |
Minejesa Capital B.V., 4.625%, 08/10/2030 | 385,000 | 352,032 | 2.05 | |
Pertamina Persero PT, 6.500%, 11/07/2048 | 200,000 | 206,712 | 1.20 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048 | 200,000 | 193,688 | 1.12 | |
947,932 | 5.51 | |||
Israel (Cost $1,349,187) | ||||
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20322,4 | 200,000 | 172,046 | 1.00 | |
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20312,4 | 245,000 | 219,275 | 1.27 | |
Leviathan Bond Ltd., 6.750%, 06/30/20304 | 135,000 | 127,135 | 0.74 | |
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20312,4 | 310,000 | 273,575 | 1.59 | |
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030 | EUR | 200,000 | 179,881 | 1.05 |
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028 | 200,000 | 200,380 | 1.16 | |
1,172,292 | 6.81 | |||
Kazakhstan (Cost $282,185) | ||||
KazMunayGas National Co. JSC, 6.375%, 10/24/2048 | 211,000 | 175,352 | 1.02 | |
175,352 | 1.02 | |||
Kuwait (Cost $530,786) | ||||
MEGlobal Canada ULC, 5.875%, 05/18/2030 | 200,000 | 210,905 | 1.23 | |
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20252 | 290,000 | 270,744 | 1.57 | |
481,649 | 2.80 | |||
Mexico (Cost $2,856,472) | ||||
Alfa S.A.B. de C.V., 6.875%, 03/25/2044 | 205,000 | 195,775 | 1.14 | |
Axtel S.A.B. de C.V., 6.375%, 11/14/2024 | 173,000 | 119,370 | 0.69 | |
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025 | 220,000 | 224,400 | 1.30 | |
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20332 | 200,000 | 173,000 | 1.00 | |
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 | 200,000 | 137,400 | 0.80 | |
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035 | 249,660 | 238,750 | 1.39 | |
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031 | 300,000 | 237,000 | 1.38 | |
Infraestructura Energetica Nova S.A.B. de C.V., 4.750%, 01/15/2051 | 275,000 | 200,219 | 1.16 | |
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032 | 194,615 | 182,015 | 1.06 |
Currency1 | Par | Value | % of Net Assets | |
Mexico (continued) | ||||
Petroleos Mexicanos, 7.690%, 01/23/2050 | 450,000 | $327,938 | 1.91 | |
Trust Fibra Uno, 4.869%, 01/15/2030 | 325,000 | 281,937 | 1.64 | |
2,317,804 | 13.47 | |||
Panama (Cost $800,515) | ||||
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | 290,000 | 237,800 | 1.38 | |
C&W Senior Financing DAC, 6.875%, 09/15/2027 | 200,000 | 178,252 | 1.04 | |
Cable Onda S.A., 4.500%, 01/30/2030 | 280,000 | 248,046 | 1.44 | |
664,098 | 3.86 | |||
Peru (Cost $832,658) | ||||
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/20312 | 200,000 | 173,750 | 1.01 | |
InRetail Consumer, 3.250%, 03/22/2028 | 250,000 | 207,500 | 1.21 | |
Kallpa Generacion S.A., 4.125%, 08/16/2027 | 200,000 | 183,000 | 1.06 | |
Minsur S.A., 4.500%, 10/28/2031 | 200,000 | 168,744 | 0.98 | |
732,994 | 4.26 | |||
Poland (Cost $209,461) | ||||
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | EUR | 175,000 | 137,040 | 0.80 |
137,040 | 0.80 | |||
Qatar (Cost $404,241) | ||||
Doha Finance Ltd., 2.375%, 03/31/2026 | 200,000 | 184,800 | 1.08 | |
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 2.721%, 02/07/2025 | 200,000 | 200,040 | 1.16 | |
384,840 | 2.24 | |||
Romania (Cost $311,398) | ||||
NE Property B.V., 1.875%, 10/09/2026 | EUR | 275,000 | 241,934 | 1.40 |
241,934 | 1.40 | |||
Saudi Arabia (Cost $1,189,397) | ||||
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 | 304,390 | 301,494 | 1.75 | |
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024 | 200,000 | 187,092 | 1.09 | |
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036 | 400,000 | 349,027 | 2.03 | |
Saudi Electricity Global Sukuk Co. 3, 5.500%, 04/08/2044 | 230,000 | 235,401 | 1.37 | |
1,073,014 | 6.24 | |||
Singapore (Cost $454,867) | ||||
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20252 | 250,000 | 232,485 | 1.35 | |
GLP Pte. Ltd., 3.875%, 06/04/2025 | 200,000 | 188,904 | 1.10 | |
421,389 | 2.45 | |||
South Africa (Cost $1,153,178) | ||||
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028 | 200,000 | 173,885 | 1.01 | |
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029 | 290,000 | 295,267 | 1.72 | |
Prosus N.V., 3.680%, 01/21/2030 | 400,000 | 337,626 | 1.96 |
Currency1 | Par | Value | % of Net Assets | |
South Africa (continued) | ||||
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024 | 200,000 | $200,040 | 1.16 | |
1,006,818 | 5.85 | |||
South Korea (Cost $200,200) | ||||
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20272,4 | 200,000 | 200,250 | 1.16 | |
200,250 | 1.16 | |||
Thailand (Cost $693,010) | ||||
Bangkok Bank PCL, 9.025%, 03/15/2029 | 190,000 | 230,616 | 1.34 | |
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031 | 255,000 | 214,605 | 1.25 | |
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032 | 200,000 | 185,951 | 1.08 | |
631,172 | 3.67 | |||
United Arab Emirates (Cost $778,614) | ||||
DP World Crescent Ltd., 3.750%, 01/30/2030 | 361,000 | 337,984 | 1.96 | |
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20262 | 200,000 | 193,000 | 1.12 | |
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040 | 196,522 | 165,081 | 0.96 | |
696,065 | 4.04 | |||
Total Debt Securities (Cost $18,316,674) | 16,031,143 | 93.17 | ||
Total Investments in Securities (Cost $18,316,674) | 16,031,143 | 93.17 | ||
Total Investments (Total Cost $18,316,674) | 16,031,143 | 93.17 | ||
Other Assets Less Liabilities | 1,175,111 | 6.83 | ||
Net Assets | $17,206,254 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
3 | Zero coupon bond. |
4 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/17/2022 | Morgan Stanley | United States Dollar | 718,039 | Euro | 710,015 | $(8,510) |
Subtotal Depreciation | (8,510) | |||||
Total | $(8,510) |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $12,984,532 | $— | $12,984,532 | |||
Corporate Convertible Bonds | — | 1,002,896 | — | 1,002,896 | |||
Financial Certificates | — | 960,517 | — | 960,517 | |||
Government Agencies | — | 1,083,198 | — | 1,083,198 | |||
Total Debt Securities | — | 16,031,143 | — | 16,031,143 | |||
Total Investments | $— | $16,031,143 | $— | $16,031,143 |
Other Financial Instruments | ||||
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | $— | $(8,510) | $— | $(8,510) |
Total Other Financial Instruments | $— | $(8,510) | $— | $(8,510) |
Currency1 | Par | Value | % of Net Assets | |
Debt Securities | ||||
Brazil (Cost $1,665,455) | ||||
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20242 | 290,000 | $258,970 | 3.57 | |
JSM Global S.a.r.l., 4.750%, 10/20/2030 | 230,000 | 178,825 | 2.46 | |
Klabin Austria GmbH, 7.000%, 04/03/2049 | 230,000 | 222,120 | 3.06 | |
MARB BondCo PLC, 3.950%, 01/29/2031 | 300,000 | 244,578 | 3.37 | |
Oi S.A., 10.000%, (100% Cash), 07/27/20253 | 290,000 | 137,378 | 1.89 | |
Suzano Austria GmbH, 7.000%, 03/16/2047 | 200,000 | 206,446 | 2.85 | |
1,248,317 | 17.20 | |||
Chile (Cost $194,459) | ||||
VTR Finance N.V., 6.375%, 07/15/2028 | 200,000 | 120,669 | 1.66 | |
120,669 | 1.66 | |||
China (Cost $1,399,813) | ||||
Central China Real Estate Ltd., 7.250%, 08/13/2024 | 300,000 | 87,000 | 1.20 | |
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023 | 280,000 | 22,020 | 0.30 | |
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025 | 280,000 | 27,434 | 0.38 | |
Sunac China Holdings Ltd., 7.500%, 02/01/2024 | 260,000 | 29,250 | 0.40 | |
Zhenro Properties Group Ltd., 7.875%, 04/14/20244 | 290,000 | 18,796 | 0.26 | |
184,500 | 2.54 | |||
Colombia (Cost $175,730) | ||||
Millicom International Cellular S.A., 5.125%, 01/15/2028 | 180,000 | 165,348 | 2.28 | |
165,348 | 2.28 | |||
Ecuador (Cost $281,305) | ||||
International Airport Finance S.A., 12.000%, 03/15/2033 | 286,588 | 269,700 | 3.72 | |
269,700 | 3.72 | |||
India (Cost $188,229) | ||||
Greenko Power II Ltd., 4.300%, 12/13/2028 | 195,500 | 167,249 | 2.30 | |
167,249 | 2.30 | |||
Israel (Cost $483,923) | ||||
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20312,5 | 200,000 | 179,000 | 2.47 | |
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036 | 270,000 | 247,050 | 3.40 | |
426,050 | 5.87 | |||
Kuwait (Cost $431,793) | ||||
MEGlobal Canada ULC, 5.875%, 05/18/2030 | 200,000 | 210,905 | 2.91 | |
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20252 | 200,000 | 186,720 | 2.57 | |
397,625 | 5.48 | |||
Mexico (Cost $1,523,194) | ||||
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20302 | 260,000 | 247,068 | 3.41 |
Currency1 | Par | Value | % of Net Assets | |
Mexico (continued) | ||||
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20332 | 240,000 | $207,600 | 2.86 | |
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029 | 300,000 | 273,000 | 3.76 | |
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031 | 200,000 | 137,400 | 1.89 | |
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044 | 200,000 | 181,702 | 2.50 | |
Trust Fibra Uno, 6.390%, 01/15/2050 | 220,000 | 171,481 | 2.36 | |
1,218,251 | 16.78 | |||
Panama (Cost $198,863) | ||||
C&W Senior Financing DAC, 6.875%, 09/15/2027 | 200,000 | 178,252 | 2.46 | |
178,252 | 2.46 | |||
Peru (Cost $184,780) | ||||
Intercorp Peru Ltd., 3.875%, 08/15/2029 | 200,000 | 162,933 | 2.25 | |
162,933 | 2.25 | |||
Poland (Cost $99,439) | ||||
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 | EUR | 100,000 | 78,309 | 1.08 |
78,309 | 1.08 | |||
Qatar (Cost $283,019) | ||||
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 2.721%, 02/07/2025 | 280,000 | 280,056 | 3.86 | |
280,056 | 3.86 | |||
Romania (Cost $207,606) | ||||
NE Property B.V., 1.875%, 10/09/2026 | EUR | 170,000 | 149,559 | 2.06 |
149,559 | 2.06 | |||
Russian Federation (Cost $184,629) | ||||
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/20276 | 200,000 | — | — | |
— | — | |||
Singapore (Cost $209,663) | ||||
GLP Pte. Ltd., 3.875%, 06/04/2025 | 200,000 | 188,904 | 2.60 | |
188,904 | 2.60 | |||
South Africa (Cost $409,343) | ||||
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026 | 210,000 | 207,675 | 2.86 | |
Prosus N.V., 3.680%, 01/21/2030 | 200,000 | 168,813 | 2.33 | |
376,488 | 5.19 | |||
Turkey (Cost $198,634) | ||||
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026 | 200,000 | 137,512 | 1.89 | |
137,512 | 1.89 | |||
United Arab Emirates (Cost $726,211) | ||||
DIB Sukuk Ltd., 2.950%, 01/16/2026 | 240,000 | 231,296 | 3.19 | |
DP World Ltd., 6.850%, 07/02/2037 | 200,000 | 219,136 | 3.02 |
Currency1 | Par | Value | % of Net Assets | |
United Arab Emirates (continued) | ||||
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20252 | 200,000 | $200,000 | 2.75 | |
650,432 | 8.96 | |||
Total Debt Securities (Cost $9,046,088) | 6,400,154 | 88.18 | ||
Total Investments in Securities (Cost $9,046,088) | 6,400,154 | 88.18 | ||
Total Investments (Total Cost $9,046,088) | 6,400,154 | 88.18 | ||
Other Assets Less Liabilities | 858,113 | 11.82 | ||
Net Assets | $7,258,267 | 100.00 |
1 | Local currency is United States Dollars unless otherwise noted below. |
2 | Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
3 | Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
4 | Issuer has defaulted on terms of debt obligation. |
5 | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. |
6 | Security has been deemed worthless and is a Level 3 investment. |
Settlement Date | Counterparty | Currency Buy | Currency Buy Amount (Local Currency) | Currency Sell | Currency Sell Amount (Local Currency) | Unrealized Gain/(Loss) |
08/17/2022 | Morgan Stanley | United States Dollar | 230,548 | Euro | 227,944 | $(2,704) |
Subtotal Depreciation | (2,704) | |||||
Total | $(2,704) |
Level 1 | Level 2 | Level 3 | Total | ||||
Investments | |||||||
Assets: | |||||||
Debt Securities | |||||||
Corporate Bonds | $— | $4,887,885 | $— | $4,887,885 | |||
Corporate Convertible Bonds | — | 633,668 | — | 633,668 | |||
Financial Certificates | — | 711,352 | — | 711,352 | |||
Government Agencies | — | 167,249 | — | 167,249 | |||
Total Debt Securities | — | 6,400,154 | — | 6,400,154 | |||
Total Investments | $— | $6,400,154 | $— | $6,400,154 |
Other Financial Instruments | ||||
Liabilities: | ||||
Forward Foreign Currency Exchange Contracts | $— | $(2,704) | $— | $(2,704) |
Total Other Financial Instruments | $— | $(2,704) | $— | $(2,704) |
Category and Subcategory | Beginning Balance at 10/31/2021 | Accrued Discounts (Premiums) | Purchases | Sales | Realized Gains (Losses) | Change in Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 07/31/2022 | Change in Unrealized Appreciation (Depreciation) from Investments still held 07/31/2022 |
Investments, at value | ||||||||||
Corporate Bonds | ||||||||||
Russian Federation | $— | $29 | $184,600 | $— | $— | $184,629 | $— | $— | $— | $(184,629) |
Total | $— | $29 | $184,600 | $— | $— | $184,629 | $— | $— | $— | $(184,629) |
Quantitative Information about Level 3 Fair Value Measurements | |||
Fair Value at 07/31/2022 | Valuation Technique | Unobservable Input | |
Corporate Bonds | $— | Zero Priced Asset | Inputs to Model |