Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—90.1%
|
|
|
|
|
|
Aerospace/Defense—1.7%
|
|
|
|
$15,485,934
|
2,3
|
Yeco Leasing Ltd. (Cayman, Inc.), 6.268%–6.338% (SOFR CME +1.750%), 12/15/2029
|
3/20/2025-
4/22/2025
|
$15,381,934
|
$ 15,485,934
|
|
|
Air Transportation—1.4%
|
|
|
|
3,427,920
|
2,3
|
AerCap Holdings NV, 5.796% (SOFR CME +1.500%), 12/31/2028
|
9/22/2021-
9/30/2022
|
3,430,282
|
3,427,920
|
9,950,000
|
2,3
|
Avolon TLB 2030, 6.071% (SOFR CME +1.750%), 6/24/2030
|
10/3/2024
|
9,962,531
|
9,933,477
|
|
|
TOTAL
|
|
|
13,361,397
|
|
|
Airlines—2.7%
|
|
|
|
16,500,000
|
2,3
|
Cuanza Ltd. TAAG Linhas Aereas do Angola S.A. Ministry of Finance Angola, 9.280%
(SOFR CME +5.000%), 9/2/2025
|
1/24/2025
|
16,500,000
|
16,481,913
|
9,000,000
|
2,3
|
Maher Terminals LLC, 7.077% (SOFR CME +2.750%), 11/17/2027
|
3/7/2024
|
8,932,500
|
8,987,939
|
|
|
TOTAL
|
|
|
25,469,852
|
|
|
Automotive—0.3%
|
|
|
|
3,200,000
|
2,3
|
JSC UzAuto Motors (“UzAuto Motors”), 8.485% (SOFR CME +4.250%), 8/24/2026
|
9/18/2023
|
3,200,000
|
3,198,761
|
|
|
Banking—5.8%
|
|
|
|
8,750,000
|
2,3
|
Agrobank, 7.517% (SOFR CME +3.000%), 11/25/2025
|
11/25/2024-
1/10/2025
|
8,740,250
|
8,750,000
|
10,400,000
|
2,3
|
Joint-Stock Co. Asakabank, 6.634% (SOFR CME +2.500%), 4/29/2026
|
4/25/2025
|
10,400,000
|
10,400,000
|
15,000,000
|
2,3
|
National Bank of Egypt, 6.324% (SOFR CME +1.991%), 6/3/2026
|
6/21/2024-
9/13/2024
|
15,002,833
|
15,000,000
|
EUR 5,000,000
|
2,3
|
T.C. Ziraat Bankasi AS, Istanbul (“Ziraat”), 3.026% (3-month EURIBOR
+0.850%), 5/25/2026
|
5/2/2025
|
5,578,209
|
5,811,216
|
$10,063,350
|
2
|
Yapi ve Kredi Bankasi A.S., 5.205%, 7/23/2026
|
6/18/2025
|
9,492,958
|
9,509,678
|
5,000,000
|
2,3
|
Ziraat Bank USD, 5.544% (SOFR CME +1.100%), 5/25/2026
|
4/25/2025
|
4,953,375
|
4,962,855
|
|
|
TOTAL
|
|
|
54,433,749
|
|
|
Basic Industry - Metals/Mining Excluding Steel—6.0%
|
|
|
|
14,716,907
|
2,3
|
CSN, 6.827% (SOFR CME +2.500%), 12/31/2027
|
3/26/2024-
3/4/2025
|
15,582,607
|
14,476,975
|
13,000,000
|
2,3
|
Glencore Eramet, 7.296% (SOFR CME +3.000%), 12/31/2029
|
5/15/2025
|
13,000,000
|
13,024,363
|
5,500,000
|
2,3
|
Harmony Gold Mining Co. Ltd., 7.400% (SOFR +2.810%), 5/31/2027
|
7/30/2018-
4/30/2021
|
5,507,949
|
5,500,000
|
6,666,667
|
2,3
|
Mercuria Energy Trading S.A. / Kazakhmys Corp. LLC, 6.812% (SOFR CME
+2.500%), 12/15/2025
|
3/6/2025-
3/26/2025
|
6,646,667
|
6,666,667
|
3,504,069
|
2,3
|
Navoi Mining and Metallurgical Co., 9.032% (SOFR CME +4.760%), 4/20/2027
|
5/18/2022-
5/30/2024
|
3,474,340
|
3,504,069
|
13,000,000
|
2,3
|
Trafigura Pte., Ltd., 5.827% (SOFR CME +1.500%), 6/30/2026
|
6/26/2024
|
13,000,000
|
12,976,167
|
|
|
TOTAL
|
|
|
56,148,241
|
|
|
Beverages—1.1%
|
|
|
|
10,007,813
|
2,3
|
International Beverage Tashkent, 9.072% (SOFR CME +4.500%), 12/29/2026
|
12/23/2021-
3/26/2025
|
10,007,813
|
10,007,812
|
|
|
Chemicals—1.1%
|
|
|
|
3,495,000
|
2,3
|
Egyptian Ethylene & Derivatives Co. SAE, 8.318% (SOFR CME +4.000%), 9/13/2028
|
9/22/2023-
10/17/2023
|
3,495,000
|
3,494,141
|
6,776,487
|
2,3
|
PJSC Acron, 6.024% (SOFR CME + 1.700%), 5/18/2026
|
11/10/2021
|
6,776,487
|
6,745,876
|
|
|
TOTAL
|
|
|
10,240,017
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Communications - Telecom Wirelines—6.1%
|
|
|
|
EUR 11,968,966
|
2,3
|
Antin Elephant Bidco B.V., 4.190%–4.341% (3-month EURIBOR +2.200%), 6/29/2029
|
3/18/2025-
4/24/2025
|
$12,913,515
|
$ 13,954,924
|
$10,500,000
|
2,3
|
Dobson Technologies, Inc., 8.080% (SOFR CME +3.750%), 9/26/2029
|
12/16/2024
|
10,500,000
|
10,358,982
|
10,972,500
|
2,3
|
Gridiron Fiber Corp., 8.046% (SOFR CME +3.750%), 8/31/2030
|
11/22/2023-
3/26/2025
|
10,906,266
|
10,972,500
|
EUR 9,200,000
|
2,3
|
Telekom Srbija a.d. Beograd, 5.574% (6-month EURIBOR +3.500%), 12/5/2029
|
11/28/2024
|
9,665,588
|
10,796,831
|
9,000,000
|
2,3
|
Vantage Towers AG, 4.230% (3-month EURIBOR +4.000%), 3/21/2030
|
7/2/2024
|
9,673,010
|
10,601,556
|
|
|
TOTAL
|
|
|
56,684,793
|
|
|
Consumer Goods - Food - Wholesale—1.3%
|
|
|
|
$12,500,000
|
2,3
|
Marfrig Global Foods S.A., 5.943% (SOFR CME +1.800%), 4/27/2026
|
5/24/2024
|
12,500,000
|
12,520,209
|
1
|
2,3,4,5,6
|
Vicentin SAIC II, 11.579% (SOFR CME +6.000%), 1/15/2024
|
12/28/2017-
1/15/2020
|
1
|
0
|
|
|
TOTAL
|
|
|
12,520,209
|
|
|
Electric Utilities—0.3%
|
|
|
|
2,942,286
|
2,3
|
Qatar Electricity and Water Co. (QEWC) Q.P.S.C, 9.616% (SOFR CME
+5.320%), 6/30/2027
|
2/8/2024
|
2,893,336
|
2,902,827
|
|
|
Electronic Equipment Instruments & Components—1.8%
|
|
|
|
17,000,000
|
2,3
|
Oman Electricity Transmission Co. SAOC, 5.230% (SOFR CME +0.950%), 3/26/2026
|
6/30/2025
|
16,991,500
|
16,991,500
|
|
|
Energy - Exploration & Production—13.0%
|
|
|
|
15,000,000
|
2,3
|
Azule Energy Holding Ltd., 8.845% (SOFR CME +4.500%), 7/29/2029
|
10/27/2022-
5/6/2025
|
14,923,750
|
15,117,289
|
9,947,826
|
2,3
|
BlueNord Energy Denmark A/S, 8.374% (SOFR CME +4.030%), 12/31/2029
|
6/7/2024
|
9,947,826
|
9,947,826
|
7,067,857
|
2,3
|
Borrower Prime Oil and Gas Cooperatief UA, parent holdco offshore in Netherlands,
8.321% (SOFR CME +4.000%), 6/30/2029
|
3/28/2024-
12/19/2024
|
7,046,018
|
6,942,975
|
10,500,000
|
2,3
|
Carmo Energy S.A., 7.085% (SOFR CME +5.280%), 12/22/2029
|
6/30/2023-
12/16/2024
|
10,500,000
|
10,500,000
|
11,000,000
|
2,3
|
CC Energy Development Ltd., 8.269% (SOFR CME +4.500%), 12/31/2030
|
8/31/2022
|
11,000,000
|
11,000,000
|
1,942,500
|
2,3
|
Ithaca Energy UK Ltd., 8.311%–8.312% (SOFR CME +4.000%), 12/31/2029
|
11/4/2024-
4/9/2025
|
1,942,500
|
1,942,500
|
9,554,532
|
2,3
|
Neo Energy Group Ltd., 8.154% (SOFR CME +3.750%), 3/31/2028
|
10/8/2024
|
9,554,532
|
9,554,532
|
9,000,000
|
2,3
|
OQ SAOC, 5.085% (SOFR CME +0.850%), 9/17/2026
|
1/28/2025
|
8,990,250
|
8,985,191
|
5,000,000
|
2,3
|
SOCAR Energy, 8.140% (SOFR CME +3.450%), 8/11/2026
|
8/11/2021
|
4,957,500
|
5,000,000
|
3,900,000
|
2,3
|
Sonangol Finance Ltd., 9.679% (SOFR CME +5.250%), 9/30/2026
|
9/14/2021-
4/25/2024
|
3,872,700
|
3,900,000
|
12,666,980
|
2,3
|
Sonangol Finance Ltd. (“SFL”), Inc. in Cayman Islands, a wholly owned subsidiary of
Sonangol EP, 9.687% (SOFR CME +5.750%), 9/30/2027
|
4/25/2024-
12/4/2024
|
12,549,926
|
12,406,447
|
16,000,000
|
2,3
|
Staatsolie Maatschappij Suriname NV (“Staatsolie”), 6.882%–10.043% (SOFR CME
+5.500%), 5/24/2032
|
5/15/2025
|
16,000,000
|
16,000,000
|
10,001,279
|
2,3
|
Yinson Azalea Production PTE Ltd., 7.280%–7.327% (SOFR CME +3.000%), 3/31/2032
|
8/5/2024-
6/16/2025
|
9,981,867
|
10,001,279
|
|
|
TOTAL
|
|
|
121,298,039
|
|
|
Energy - Gas Distribution—5.2%
|
|
|
|
5,834,620
|
2,3
|
Caliche Development Partners III LLC, SPV, 6.540% (SOFR CME +2.250%), 10/1/2029
|
12/4/2024-
6/2/2025
|
5,905,567
|
5,830,069
|
5,585,931
|
2,3
|
Energia Mayakan SA de CV, 7.110% (SOFR CME +2.750%), 3/20/2031
|
10/8/2024-
6/26/2025
|
4,576,733
|
5,582,163
|
EUR 5,103,159
|
2,3
|
Medina, 5.186% (3-month EURIBOR +3.000%), 4/30/2029
|
8/31/2023
|
5,480,254
|
5,984,176
|
$ 8,686,742
|
2,3
|
Nigeria LNG Ltd., 8.307% (SOFR CME +3.750%), 3/31/2029
|
2/5/2025
|
8,367,263
|
8,487,134
|
345,350
|
2,3
|
Papua New Guinea Liquefied Natural Gas Global Co., 8.440% (SOFR CME
+3.750%), 6/15/2026
|
4/14/2023
|
341,896
|
345,350
|
9,033,482
|
2,3
|
Venture Global Calcasieu Pass LLC, 7.302% (SOFR CME +2.875%), 8/19/2026
|
1/28/2021-
2/10/2023
|
8,996,522
|
9,033,482
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Energy - Gas Distribution—continued
|
|
|
|
$13,427,519
|
2,3
|
Venture Global Plaquemines LNG LLC, 6.546%–6.552% (SOFR CME
+2.225%), 5/25/2029
|
12/15/2022-
1/23/2025
|
$13,075,079
|
$ 13,427,519
|
|
|
TOTAL
|
|
|
48,689,893
|
|
|
Energy - Integrated Energy—1.9%
|
|
|
|
6,000,000
|
2,3
|
Leopard Funding Ltd., 10.568% (SOFR CME +6.250%), 9/17/2029
|
6/9/2025
|
5,935,250
|
5,940,990
|
12,018,182
|
2,3
|
Puma International Financing S.A. (Lux, Inc.), 6.413% (SOFR CME +2.100%), 6/4/2028
|
5/30/2024-
5/27/2025
|
12,003,182
|
11,947,504
|
|
|
TOTAL
|
|
|
17,888,494
|
|
|
Energy - Oil Field Equipment & Services—7.4%
|
|
|
|
8,675,732
|
2,3
|
Alfa Lula Alto S.a.r.l., 6.762% (SOFR CME +2.100%), 1/15/2028
|
6/16/2023-
4/8/2024
|
8,592,100
|
8,779,116
|
2,015,867
|
2,3
|
Alfa Lula Alto S.a.r.l., 6.962% (SOFR CME +2.300%), 12/15/2029
|
6/16/2023-
4/8/2024
|
1,985,274
|
2,034,720
|
11,532,961
|
2,3
|
Beta Lula Central S.a.r.l. (Lux, Inc.), 6.902% (SOFR CME +2.300%), 6/15/2030
|
12/6/2023-
7/11/2024
|
11,489,199
|
11,657,918
|
13,833,027
|
2,3
|
GY-DW-UK-IV Ltd., 6.436% (SOFR CME +2.100%), 8/14/2028
|
11/5/2024-
6/30/2025
|
13,773,787
|
13,746,598
|
11,832,084
|
2,3
|
Heritage Petrol Co. Ltd., 9.830% (SOFR CME +5.250%), 5/5/2029
|
11/9/2023-
5/22/2024
|
12,127,762
|
11,832,084
|
13,000,000
|
2,3
|
Petroleos del Peru S.A., 9.823% (SOFR CME +5.500%), 11/13/2025
|
5/22/2024-
6/13/2025
|
13,000,000
|
13,005,424
|
4,709,098
|
2,3
|
Sonasing Xikomba Ltd. (“Xikomba”), Bermuda, Inc., 6.852% (SOFR CME
+2.300%), 5/29/2026
|
4/11/2022-
12/8/2023
|
4,710,424
|
4,709,098
|
3,673,405
|
2,3
|
Ten FPSO, 7.818% (SOFR CME +3.125%), 3/15/2026
|
2/19/2024-
12/19/2024
|
3,491,013
|
3,433,255
|
|
|
TOTAL
|
|
|
69,198,213
|
|
|
Energy - Oil Refining and Marketing—2.6%
|
|
|
|
8,953,454
|
2
|
P.M.I. Trading, DAC, 7.067%, 7/7/2025
|
6/17/2025
|
8,920,062
|
8,941,126
|
14,859,600
|
2,3
|
Yinson Bergenia Production B.V., 8.380% (SOFR CME +4.100%), 6/10/2028
|
3/6/2023-
4/4/2025
|
14,865,495
|
14,859,600
|
|
|
TOTAL
|
|
|
23,800,726
|
|
|
Foreign Sovereign—14.1%
|
|
|
|
14,000,000
|
2,3
|
Arab Republic of Egypt represented by the Egyptian General Petroleum Corp. (“EGPC”),
7.667%–8.096% (SOFR CME +4.000%), 10/23/2025
|
9/25/2024-
10/24/2024
|
14,000,000
|
14,000,000
|
EUR 2,071,429
|
2,3
|
Benin, Government of, 6.074% (6-month EURIBOR +3.950%), 4/30/2027
|
6/29/2023-
6/20/2024
|
2,237,850
|
2,440,041
|
2,057,143
|
2,3
|
Benin, Government of, 6.350% (6-month EURIBOR +4.300%), 12/21/2026
|
12/21/2021
|
2,321,075
|
2,373,619
|
2,228,571
|
2
|
Benin, Government of, 6.350%, 12/21/2026
|
12/22/2021
|
2,525,975
|
2,625,147
|
12,500,000
|
2,3
|
Cote D’Ivoire, Government of, 5.403% (6-month EURIBOR +3.050%), 3/9/2026
|
5/21/2024
|
13,569,994
|
14,724,383
|
$ 65,181
|
2,3
|
Egypt, Government of, 7.271% (SOFR +3.150%), 7/6/2026
|
6/24/2025
|
65,181
|
65,181
|
989,563
|
2,3
|
Egypt, Government of, 7.667%–8.749% (SOFR CME +4.000%), 6/1/2026
|
6/9/2024-
5/27/2025
|
989,563
|
989,563
|
2,880,613
|
2,3
|
GOV Pakistan 216, 7.865% (SOFR CME +3.900%), 12/18/2026
|
6/14/2025-
6/27/2025
|
2,409,980
|
2,886,224
|
7,833,236
|
2,3
|
Islamic Republic of Pakistan represented by Ministry of Economic Affairs,
8.189%–8.327% (SOFR CME +3.695%, +4.150%), 1/20/2026
|
10/30/2024-
1/16/2025
|
7,833,236
|
7,940,505
|
2,000,000
|
2,3
|
Kenya, Government of, 11.149% (SOFR CME +6.450%), 3/4/2026
|
2/16/2024
|
1,986,500
|
2,000,000
|
EUR 3,500,000
|
2,3
|
Minister of Finance of Ukraine, 7.819% (3-month EURIBOR +4.100%), 9/1/2026
|
8/25/2021
|
4,114,075
|
3,270,991
|
10,937,500
|
2,3
|
Republic of Senegal via Ministry of Finance and Budget, 7.871% (6-month EURIBOR
+5.800%), 12/22/2028
|
12/19/2023-
5/9/2024
|
11,901,533
|
11,902,426
|
8,000,000
|
2,3
|
Senegal, Government of, 6.884% (3-month EURIBOR +4.850%), 3/1/2026
|
6/9/2023
|
8,596,798
|
9,250,511
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Foreign Sovereign—continued
|
|
|
|
EUR 6,583,333
|
2,3
|
The Republic De Cote D’Ivoire (Republic Of Cote D’Ivoire) Acting Through And
Represented By The Ministre Des Finances Et Du Budget (Minister Of Finance And
Budget), 8.312% (6-month EURIBOR +5.750%), 1/8/2028
|
6/3/2024
|
$ 7,176,856
|
$ 7,754,841
|
$11,500,000
|
2,3
|
The Republic of Angola Acting By and Through the Ministry of Finance of the Republic
of Angola, 10.228% (SOFR CME +6.000%), 12/11/2025
|
12/18/2024
|
11,500,000
|
11,467,275
|
EUR 15,000,000
|
2,3
|
The Republic of Côte d’Ivoire, acting through the Minister of Finance and Budget,
5.028%–5.159% (6-month EURIBOR +2.850%), 3/18/2026
|
4/23/2025
|
16,988,254
|
17,669,260
|
$ 5,000,000
|
2,3
|
Turk Eximbank (Turkiye Ihracat Kredi Bankasi A.S.) The Republic of Turkiye, a
State-owned bank and the official export credit agency of Turkiye, 5.463% (SOFR CME
+1.250%), 12/29/2025
|
12/17/2024
|
5,000,000
|
5,000,000
|
EUR 10,000,000
|
2,3
|
TurkExim Bank (Turkiye Ihracat Kredi Bankasi A.S.) the Republic of Turkiye, state
owned
bank and the official Export Credit Agency of Turkiye, 3.171% (1-month EURIBOR
+1.050%), 11/13/2025
|
4/4/2025
|
11,303,948
|
11,754,664
|
$ 4,000,000
|
2,3
|
United Republic of Tanzania Ministry of Finance & Economic Affairs, 10.444% (SOFR
CME +5.850%), 8/9/2026
|
5/20/2024
|
4,000,500
|
4,021,200
|
|
|
TOTAL
|
|
|
132,135,831
|
|
|
Supranational—4.4%
|
|
|
|
4,000,000
|
2,3
|
Afreximbank 209, 4.639%–4.943% (SOFR CME +0.379%), 5/18/2026
|
4/30/2025-
5/15/2025
|
4,000,000
|
3,991,061
|
7,000,000
|
2,3
|
African Export-Import Bank (“Afrexim Bank”), 5.165% (SOFR CME +0.850%), 8/22/2025
|
2/5/2025
|
6,982,600
|
6,989,872
|
10,000,000
|
2,3
|
Bank of Industry Ltd. (“BOI”) Guarantor - Africa Finance Corp., 6.524% (SOFR CME
+2.200%), 9/30/2027
|
12/3/2024
|
10,000,000
|
9,917,611
|
4,000,000
|
2,3
|
Eastern and Southern African Trade and Development Bank, 6.060% (SOFR CME
+1.750%), 12/16/2026
|
11/22/2024
|
4,000,000
|
3,954,934
|
2,000,000
|
2,3
|
Eastern and Southern African Trade and Development Bank, 6.107% (SOFR CME
+1.800%), 11/23/2025
|
6/5/2024
|
1,989,000
|
1,988,302
|
5,000,000
|
2,3
|
Eastern and Southern African Trade and Development Bank, 6.258%–6.273% (SOFR
CME +1.950%), 11/23/2026
|
11/21/2023-
11/30/2023
|
5,000,000
|
4,966,716
|
4,000,000
|
2,3
|
Eastern and Southern African Trade and Development Bank, 6.260% (SOFR CME
+1.950%), 12/16/2027
|
12/11/2024
|
4,000,000
|
3,889,624
|
5,000,000
|
2,3
|
Eastern and Southern African Trade and Development Bank, 6.282% (SOFR CME
+1.950%), 8/23/2025
|
7/18/2023
|
4,876,750
|
4,990,328
|
|
|
TOTAL
|
|
|
40,688,448
|
|
|
Telecommunications - Wireless—9.0%
|
|
|
|
5,800,000
|
2,3
|
HTA Group Ltd., Inc. in Mauritius, 8.591% (SOFR CME +4.311%), 9/13/2028
|
5/20/2024-
5/28/2024
|
5,648,600
|
5,664,607
|
5,722,500
|
2,3
|
HTA Group Ltd., Inc. in Mauritius, 8.591% (SOFR CME +4.311%), 9/13/2028
|
9/13/2024
|
5,666,275
|
5,649,546
|
9,500,000
|
2,3
|
IHS Holding Ltd., Cayman Islands, Inc., 8.756% (SOFR CME +4.500%), 10/9/2029
|
10/8/2024
|
9,500,000
|
9,500,000
|
8,398,077
|
2,3
|
IHS Zambia Ltd., 9.518% (SOFR CME +5.000%), 12/15/2027
|
11/11/2021-
10/17/2024
|
8,394,339
|
8,572,116
|
EUR 2,700,000
|
2,3
|
Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain,
5.129%–5.944% (6-month EURIBOR +3.250%), 10/25/2030
|
10/19/2023-
2/25/2025
|
2,870,254
|
3,282,452
|
12,775,000
|
2,3
|
Phoenix Tower International (PTI) Iberica V, NewCo created and, Inc. in Spain, 5.129%
(6-month EURIBOR +3.250%), 10/25/2030
|
10/19/2023-
4/23/2025
|
13,942,466
|
15,530,860
|
$12,000,000
|
2,3
|
Phoenix Tower International Spain ETVE, SL, 8.296% (SOFR CME +4.000%), 8/10/2027
|
11/21/2022-
3/5/2025
|
11,941,000
|
12,144,742
|
EUR 12,750,000
|
2,3
|
TDC Net A/S, 4.499% (3-month EURIBOR +2.400%), 2/2/2027
|
3/28/2023-
11/5/2024
|
13,718,901
|
15,018,871
|
$ 8,500,000
|
2,3
|
Tillman Infrastructure ABS SUB 1, LLC, 7.380% (SOFR CME +3.000%), 4/23/2029
|
6/25/2024
|
8,457,500
|
8,501,724
|
|
|
TOTAL
|
|
|
83,864,918
|
|
|
Transportation - Transport Infrastructure/Services—1.1%
|
|
|
|
3,191,964
|
2,3
|
Impala Terminals Switzerland S.a.r.l., 7.530% (SOFR CME +3.000%), 8/13/2025
|
3/28/2023-
12/1/2023
|
3,129,189
|
3,191,964
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Transportation - Transport Infrastructure/Services—continued
|
|
|
|
$ 6,825,000
|
2,3
|
ITG3 S.a.r.l., 7.684% (SOFR CME +3.250%), 2/15/2027
|
5/24/2024
|
$ 6,826,706
|
$ 6,825,000
|
|
|
TOTAL
|
|
|
10,016,964
|
|
|
Transportation Infrastructure—1.0%
|
|
|
|
9,400,000
|
2,3
|
Transnet SOC Ltd., 8.850% (SOFR CME +4.250%), 6/21/2027
|
11/14/2024-
5/15/2025
|
9,375,517
|
9,388,968
|
|
|
Utility - Electric-Generation—0.8%
|
|
|
|
EUR 5,999,980
|
2,3
|
Eesti Energia AS, 7.007% (6-month EURIBOR +4.500%), 5/11/2028
|
5/5/2023
|
6,610,477
|
7,067,681
|
$ 153,846
|
2,3
|
The Sharjah Electricity and Water Authority, 6.502% (SOFR CME +1.950%), 12/23/2025
|
12/21/2020-
1/11/2021
|
153,577
|
153,846
|
|
|
TOTAL
|
|
|
7,221,527
|
|
|
TOTAL TRADE FINANCE AGREEMENTS
(IDENTIFIED COST $830,868,758)
|
|
|
841,637,113
|
|
|
INVESTMENT COMPANY—5.2%
|
|
|
|
48,767,512
|
|
Federated Hermes Government Obligations Fund, Premier Shares, 4.25%7
(IDENTIFIED COST $48,767,512)
|
|
|
48,767,512
|
|
|
TOTAL INVESTMENT IN SECURITIES—95.3%
(IDENTIFIED COST $879,636,270)
|
|
|
890,404,625
|
|
|
OTHER ASSETS AND LIABILITIES - NET—4.7%8
|
|
|
44,392,532
|
|
|
NET ASSETS—100%
|
|
|
$934,797,157
|
Settlement
Date
|
Counterparty
|
Foreign
Currency
Units to
Deliver/Receive
|
In
Exchange
For
|
Net Unrealized
(Depreciation)
|
|
Contracts Sold:
|
|
|
|
|
|
7/28/2025
|
Toronto Dominion Bank
|
42,370,000
|
EUR
|
$48,699,921
|
$(1,295,576)
|
8/20/2025
|
Credit Agricole CIB
|
86,000,000
|
EUR
|
$96,383,116
|
$(5,249,228)
|
9/26/2025
|
JP Morgan
|
42,000,000
|
EUR
|
$48,490,369
|
$(1,264,281)
|
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS
|
$(7,809,085)
|
|
Federated Hermes
Government
Obligations Fund,
Premier Shares
|
Value as of 3/31/2025
|
$43,649,984
|
Purchases at Cost
|
$116,341,004
|
Proceeds from Sales
|
$(111,223,476)
|
Change in Unrealized Appreciation/Depreciation
|
$—
|
Net Realized Gain/(Loss)
|
$—
|
Value as of 6/30/2025
|
$48,767,512
|
Shares Held as of 6/30/2025
|
48,767,512
|
Dividend Income
|
$585,064
|
1
|
Denotes a restricted security that either: (a) cannot be offered for public sale without
first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public
sales. At June 30, 2025, these restricted securities amounted to $841,637,113,
which represented 90.1% of net assets.
|
2
|
Trade finance agreements’ fair values are primarily derived from discounted cash flow methodologies utilizing unobservable inputs due to the lack of market
transactions. The discount rate used within the methodologies to discount the future
anticipated cash flows is considered a significant unobservable input.
Increases/(decreases) in the discount rate would result in a (decrease)/increase to an investment’s fair value.
|
3
|
Floating/variable note with current rate and current maturity or next reset date shown.
|
4
|
Issuer in default.
|
5
|
Market quotations and price evaluations are not available. Fair value determined using
significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee (“Valuation Committee”).
|
6
|
Non-income-producing security.
|
7
|
7-day net yield.
|
8
|
Assets, other than investments in securities, less liabilities.
|
Valuation Inputs
|
||||
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
Trade Finance Agreements
|
$—
|
$—
|
$841,637,113
|
$841,637,113
|
Investment Company
|
48,767,512
|
—
|
—
|
48,767,512
|
TOTAL SECURITIES
|
$48,767,512
|
$—
|
$841,637,113
|
$890,404,625
|
Other Financial Instruments1
|
|
|
|
|
Liabilities
|
$—
|
$(7,809,085)
|
$—
|
$(7,809,085)
|
|
|
|
|
|
1
|
Other financial instruments are foreign exchange contracts.
|
|
Investments in Trade
Finance Agreements
|
Balance as of 3/31/2025
|
$826,370,289
|
Accreted/amortized discount/premiums
|
343,640
|
Realized gain (loss)
|
3,449,204
|
Change in unrealized appreciation/depreciation
|
10,732,070
|
Purchases
|
195,590,564
|
(Sales)
|
(194,848,654)
|
Balance as of 6/30/2025
|
$841,637,113
|
Total change in unrealized appreciation/depreciation attributable to
investments still held at 6/30/2025
|
$11,943,279
|
The following acronym(s) are used throughout this portfolio:
|
|
|
EUR
|
—Euro
|
|
EURIBOR
|
—Euro Interbank Offered Rate
|
|
JSC
|
—Joint Stock Company
|
|
SOFR
|
—Secured Overnight Financing Rate
|
|
USD
|
—United States Dollar
|