| Principal Amount | Value | |
| Foreign Government Bonds — 77.9% | ||
| Angola — 2.6% | ||
| $296,000 | Angolan Government International Bond, 8.75%, 4/14/32(a) | $298,623 |
| 930,000 | Angolan Government International Bond, EMTN, 9.13%, 11/26/49(a) | 870,830 |
| 300,000 | Angolan Government International Bond, EMTN, 9.24%, 1/15/31(a) | 310,546 |
| 1,225,000 | Angolan Government International Bond, EMTN, 9.38%, 3/31/33(a) | 1,250,745 |
| 680,000 | Angolan Government International Bond, EMTN, 9.88%, 10/15/35(a) | 708,740 |
| 370,000 | Angolan Government International Bond, EMTN, 9.88%, 3/31/37(a) | 380,907 |
| 3,820,391 | ||
| Argentina — 4.8% | ||
| 3,268,816 | Argentine Republic Government International Bond, 3.50%, 7/9/41 | 2,446,471 |
| 2,897,000 | Argentine Republic Government International Bond, 5.00%, 1/9/38 | 2,415,582 |
| 1,652,505 | Provincia de Buenos Aires/Government Bonds, EMTN, 6.63%, 9/1/37(a) | 1,362,912 |
| 384,000 | Provincia de Cordoba, 9.75%, 7/2/32(a) | 409,323 |
| 400,000 | Provincia del Chubut Argentina, 9.45%, 4/29/36(b) | 427,430 |
| 7,061,718 | ||
| Armenia — 0.5% | ||
| 740,000 | Republic of Armenia International Bond, 6.75%, 3/12/35(a) | 775,061 |
| Bahrain — 1.4% | ||
| 400,000 | Bahrain Government International Bond, 6.63%, 10/6/37(a) | 376,461 |
| 1,668,000 | Bahrain Government International Bond, 7.13%, 6/10/36(b) | 1,648,823 |
| 2,025,284 | ||
| Benin — 0.2% | ||
| 295,000 | Benin Government International Bond, 8.38%, 1/23/41(a) | 318,566 |
| Brazil — 1.1% | ||
| 663,000(c) | Brazilian Government International Bond, 4.88%, 4/23/33 | 760,499 |
| 210,000 | Brazilian Government International Bond, 7.13%, 5/13/54 | 211,054 |
| 685,000 | Brazilian Government International Bond, 7.25%, 1/12/56 | 687,658 |
| 1,659,211 | ||
| Bulgaria — 0.4% | ||
| 590,000 | Bulgaria Government International Bond, 5.00%, 3/5/37(a) | 574,937 |
| Principal Amount | Value | |
| Cameroon — 0.5% | ||
| $270,000 | Republic of Cameroon International Bond, Series 7Y, 8.88%, 1/30/33(a) | $265,572 |
| 385,000 | Republic of Cameroon International Bond, Series 7Y, 9.50%, 7/31/31(a) | 388,090 |
| 653,662 | ||
| Chile — 1.1% | ||
| 400,000 | Chile Government International Bond, 3.10%, 1/22/61 | 250,936 |
| 744,000(c) | Chile Government International Bond, 3.88%, 4/14/36 | 850,080 |
| 700,000 | Chile Government International Bond, 4.00%, 1/31/52 | 550,888 |
| 1,651,904 | ||
| Colombia — 6.7% | ||
| 5,143,000,000(d) | Bogota Distrito Capital, 13.14%, 11/5/35(b) | 1,504,737 |
| 1,160,000 | Colombia Government International Bond, 3.25%, 4/22/32 | 1,005,233 |
| 144,000(c) | Colombia Government International Bond, 4.50%, 11/26/30 | 164,850 |
| 526,000(c) | Colombia Government International Bond, 5.63%, 2/19/36 | 596,968 |
| 410,000 | Colombia Government International Bond, 6.13%, 1/21/31 | 414,665 |
| 691,000 | Colombia Government International Bond, 6.50%, 1/21/33 | 701,102 |
| 1,105,000 | Colombia Government International Bond, 7.75%, 11/7/36 | 1,204,760 |
| 1,137,000 | Colombia Government International Bond, 8.00%, 11/14/35 | 1,251,613 |
| 10,087,000,000(d) | Colombian TES, Series B, 12.50%, 2/27/30 | 2,968,081 |
| 9,812,009 | ||
| Congo — 0.4% | ||
| 210,000 | Congolese International Bond, Series 7Y, 9.50%, 2/17/35(a) | 205,279 |
| 341,000 | DRC International Bond, 9.50%, 4/16/37(a) | 355,800 |
| 561,079 | ||
| Costa Rica — 0.5% | ||
| 650,000 | Costa Rica Government International Bond, 7.30%, 11/13/54(a) | 732,923 |
| Dominican Republic — 1.4% | ||
| 480,000 | Dominican Republic International Bond, Series REGs, 6.60%, 6/1/36(a) | 500,614 |
| 765,000 | Dominican Republic International Bond, 6.95%, 3/15/37(a) | 811,476 |
| 39,050,000(e) | Dominican Republic International Bond, 11.25%, 9/15/35(a) | 721,640 |
| 2,033,730 | ||
| Ecuador — 2.8% | ||
| 176,969 | Ecuador Government International Bond, 5.00%, 7/31/40(a) | 148,077 |
| 2,632,075 | Ecuador Government International Bond, 6.90%, 7/31/35(a) | 2,411,653 |
| 670,000 | Ecuador Government International Bond, 8.75%, 1/29/34(b) | 675,076 |
| 800,000 | Ecuador Government International Bond, 9.25%, 1/29/39(b) | 819,661 |
| 4,054,467 | ||
| Principal Amount | Value | |
| Egypt — 2.3% | ||
| $200,000 | Egypt Government International Bond, EMTN, 7.30%, 9/30/33(a) | $199,363 |
| 1,667,000 | Egypt Government International Bond, 7.90%, 2/21/48(a) | 1,525,586 |
| 502,000 | Egypt Government International Bond, MTN, 8.50%, 1/31/47(a) | 490,445 |
| 38,975,000(f) | Egypt Treasury Bills, Series entm, EMTN, 0.00%, 9/24/26(g) | 747,323 |
| 395,000 | Egyptian Financial Co. for Sovereign Taskeek, 7.95%, 10/7/32(a) | 414,571 |
| 3,377,288 | ||
| El Salvador — 0.8% | ||
| 824,000 | El Salvador Government International Bond, Series RegS, 4.00%, 4/17/30(a) | 31,039 |
| 510,000 | El Salvador Government International Bond, 9.25%, 4/17/30(a) | 548,152 |
| 545,000 | El Salvador Government International Bond, 9.65%, 11/21/54(a) | 623,593 |
| 1,202,784 | ||
| Ghana — 0.6% | ||
| 25,000 | Ghana Government International Bond, 0.00%, 7/3/26(a),(g) | 25,000 |
| 323,750 | Ghana Government International Bond, 5.00%, 7/3/29(a) | 318,849 |
| 633,000 | Ghana Government International Bond, 5.00%, 7/3/35(a) | 586,811 |
| 930,660 | ||
| Guatemala — 1.1% | ||
| 298,000 | Guatemala Government Bond, 6.05%, 8/6/31(a) | 306,052 |
| 680,000 | Guatemala Government Bond, 6.55%, 2/6/37(a) | 723,479 |
| 475,000 | Guatemala Government Bond, 6.60%, 6/13/36(a) | 506,106 |
| 1,535,637 | ||
| Hungary — 1.6% | ||
| 360,000 | Hungary Government International Bond, 5.50%, 3/26/36(a) | 361,412 |
| 449,000 | Hungary Government International Bond, 6.00%, 9/26/35(a) | 467,834 |
| 331,000 | Hungary Government International Bond, 6.25%, 9/22/32(a) | 350,149 |
| 1,085,000 | Hungary Government International Bond, 6.75%, 9/23/55(a) | 1,182,746 |
| 2,362,141 | ||
| India — 0.6% | ||
| 905,000 | Export-Import Bank of India, 5.50%, 1/13/35(a) | 917,945 |
| Indonesia — 1.5% | ||
| 1,035,000 | Indonesia Government International Bond, 3.35%, 3/12/71 | 632,266 |
| 605,000(c) | Indonesia Government International Bond, 4.46%, 3/4/38 | 671,980 |
| 510,000(c) | Indonesia Government International Bond, 4.97%, 3/4/46 | 568,856 |
| 240,000 | Indonesia Government International Bond, 5.69%, 5/29/36 | 245,045 |
| 2,118,147 | ||
| Principal Amount | Value | |
| Ivory Coast — 0.7% | ||
| $720,000 | Ivory Coast Government International Bond, 6.75%, 2/25/41(a) | $697,449 |
| 300,000 | Ivory Coast Government International Bond, 8.08%, 4/1/36(a) | 328,095 |
| 1,025,544 | ||
| Kazakhstan — 1.5% | ||
| 439,000 | Baiterek National Investment Holding JSC, EMTN, 4.65%, 10/1/30(a) | 432,425 |
| 102,500,000(h) | Development Bank of Kazakhstan JSC, 13.00%, 4/15/27(b) | 207,299 |
| 175,000,000(h) | Development Bank of Kazakhstan JSC, 13.49%, 5/23/28(b) | 346,586 |
| 1,225,000 | Kazakhstan Government International Bond, 5.50%, 7/1/37(a) | 1,251,117 |
| 2,237,427 | ||
| Kenya — 1.0% | ||
| 570,000 | Republic of Kenya Government International Bond, 7.88%, 10/9/33(a) | 572,919 |
| 490,000 | Republic of Kenya Government International Bond, 8.80%, 10/9/38(a) | 494,247 |
| 420,000 | Republic of Kenya Government International Bond, 9.50%, 3/5/36(a) | 444,893 |
| 1,512,059 | ||
| Lebanon — 0.8% | ||
| 611,000 | Lebanon Government International Bond, 6.00%, 1/27/23(a),(i) | 149,663 |
| 954,000 | Lebanon Government International Bond, EMTN, 6.10%, 10/4/22(a),(i) | 234,023 |
| 701,000 | Lebanon Government International Bond, GMTN, 6.38%, 3/9/20(a),(i) | 171,908 |
| 2,251,000 | Lebanon Government International Bond, EMTN, 8.25%, 4/12/21(a),(i) | 597,619 |
| 5,000 | Lebanon Government International Bond, 8.25%, 5/17/34(a),(i) | 1,320 |
| 1,154,533 | ||
| Mexico — 5.2% | ||
| 1,809,000 | Eagle Funding Luxco Sarl, Series REGs, 5.50%, 8/17/30(a) | 1,813,815 |
| 842,000 | Mexico Government International Bond, 5.38%, 3/22/33 | 824,863 |
| 733,000 | Mexico Government International Bond, 5.63%, 2/9/34 | 720,946 |
| 588,000 | Mexico Government International Bond, 6.13%, 2/9/38 | 577,307 |
| 755,000 | Mexico Government International Bond, 6.25%, 8/27/37 | 755,112 |
| 1,853,000 | Mexico Government International Bond, 6.75%, 2/9/56 | 1,817,343 |
| 975,000 | Mexico Government International Bond, 6.88%, 5/13/37 | 1,023,849 |
| 7,533,235 | ||
| Mongolia — 0.2% | ||
| 270,000 | Development Bank of Mongolia LLC, 6.90%, 7/2/31(b) | 267,198 |
| Montenegro — 0.4% | ||
| 570,000 | Montenegro Government International Bond, 7.25%, 3/12/31(a) | 603,431 |
| Principal Amount | Value | |
| Morocco — 1.5% | ||
| 1,115,000(c) | Morocco Government International Bond, 4.75%, 4/2/35(a) | $1,295,457 |
| 705,000(c) | Morocco Government International Bond, 5.13%, 5/26/38(b) | 822,935 |
| 2,118,392 | ||
| Nigeria — 2.1% | ||
| $650,000 | Nigeria Government International Bond, EMTN, 6.13%, 9/28/28(a) | 649,158 |
| 400,000 | Nigeria Government International Bond, EMTN, 7.38%, 9/28/33(a) | 402,670 |
| 644,000 | Nigeria Government International Bond, 7.88%, 2/16/32(a) | 668,956 |
| 370,000 | Nigeria Government International Bond, 8.63%, 1/13/36(a) | 401,107 |
| 360,000 | Nigeria Government International Bond, 9.13%, 1/13/46(a) | 398,430 |
| 529,000 | Nigeria Government International Bond, 9.63%, 6/9/31(a) | 587,488 |
| 3,107,809 | ||
| Oman — 0.9% | ||
| 1,245,000 | Oman Government International Bond, 6.75%, 1/17/48(a) | 1,361,957 |
| Pakistan — 0.8% | ||
| 970,000 | Pakistan Government International Bond, EMTN, 7.38%, 4/8/31(a) | 975,607 |
| 145,000 | Pakistan Government International Bond, 7.88%, 3/31/36(a) | 144,673 |
| 1,120,280 | ||
| Panama — 1.6% | ||
| 1,255,000 | Panama Government International Bond, 4.50%, 4/1/56 | 977,813 |
| 1,240,000 | Panama Government International Bond, 6.85%, 3/28/54 | 1,333,954 |
| 2,311,767 | ||
| Paraguay — 1.1% | ||
| 860,000 | Paraguay Government International Bond, 5.40%, 3/30/50(a) | 792,744 |
| 235,000 | Paraguay Government International Bond, 5.85%, 8/21/33(a) | 243,468 |
| 230,000 | Paraguay Government International Bond, 6.00%, 2/9/36(a) | 240,790 |
| 290,000 | Paraguay Government International Bond, 6.65%, 3/4/55(a) | 311,425 |
| 1,588,427 | ||
| Peru — 0.8% | ||
| 585,000 | Peruvian Government International Bond, 5.88%, 8/8/54 | 581,423 |
| 2,000,000(j) | Peruvian Government International Bond, 6.90%, 8/12/37(a) | 599,158 |
| 1,180,581 | ||
| Philippines — 0.9% | ||
| 835,000 | Philippine Government International Bond, 2.95%, 5/5/45 | 569,735 |
| 710,000 | Philippine Government International Bond, 5.60%, 5/14/49 | 689,145 |
| 1,258,880 | ||
| Principal Amount | Value | |
| Romania — 3.2% | ||
| 675,000(c) | Romanian Government International Bond, EMTN, 4.63%, 3/4/33(a) | $747,223 |
| 570,000(c) | Romanian Government International Bond, 5.38%, 6/7/33(a) | 657,212 |
| $630,000 | Romanian Government International Bond, 5.75%, 7/4/36(a) | 603,181 |
| 890,000(c) | Romanian Government International Bond, 6.13%, 10/7/37(a) | 1,033,470 |
| 615,000(c) | Romanian Government International Bond, 6.50%, 10/7/45(a) | 708,314 |
| 570,000 | Romanian Government International Bond, 6.63%, 5/16/36(a) | 582,036 |
| 350,000 | Romanian Government International Bond, 7.50%, 2/10/37(a) | 378,128 |
| 4,709,564 | ||
| Senegal — 0.2% | ||
| 530,000 | Senegal Government International Bond, 6.25%, 5/23/33(a) | 279,839 |
| Serbia — 1.7% | ||
| 420,000(c) | Serbia International Bond, 4.25%, 5/6/31(b) | 480,628 |
| 320,000(c) | Serbia International Bond, 4.88%, 5/6/38(b) | 365,728 |
| 690,000 | Serbia International Bond, 5.50%, 5/6/36(b) | 675,674 |
| 250,000 | Serbia International Bond, 6.00%, 6/12/34(a) | 255,739 |
| 400,000 | Serbia International Bond, 6.25%, 5/26/28(a) | 407,686 |
| 200,000 | Serbia International Bond, 6.50%, 9/26/33(a) | 211,180 |
| 2,396,635 | ||
| South Africa — 4.6% | ||
| 18,060,000(k) | Republic of South Africa Government Bond, Series 2037, 8.50%, 1/31/37 | 1,097,735 |
| 915,000 | Republic of South Africa Government International Bond, 5.00%, 10/12/46 | 714,680 |
| 1,000,000 | Republic of South Africa Government International Bond, 5.38%, 7/24/44 | 847,699 |
| 1,275,000 | Republic of South Africa Government International Bond, 6.13%, 12/11/37(a) | 1,250,141 |
| 1,290,000 | Republic of South Africa Government International Bond, 7.10%, 11/19/36(a) | 1,384,974 |
| 915,000 | Republic of South Africa Government International Bond, 7.25%, 12/11/55(a) | 912,523 |
| 200,000 | Republic of South Africa Government International Bond, 7.30%, 4/20/52 | 201,955 |
| 200,000 | Republic of South Africa Government International Bond, 7.95%, 11/19/54(a) | 215,630 |
| 6,625,337 | ||
| Sri Lanka — 1.4% | ||
| 265,000 | Sri Lanka Government International Bond, 3.10%, 1/15/30(a) | 268,185 |
| 630,000 | Sri Lanka Government International Bond, 3.35%, 3/15/33(a) | 602,186 |
| 350,000 | Sri Lanka Government International Bond, 3.60%, 6/15/35(a) | 290,381 |
| 240,000 | Sri Lanka Government International Bond, 3.60%, 5/15/36(a) | 240,519 |
| Principal Amount | Value | |
| $490,000 | Sri Lanka Government International Bond, 3.60%, 2/15/38(a) | $491,772 |
| 206,700 | Sri Lanka Government International Bond, 4.00%, 4/15/28(a) | 199,440 |
| 2,092,483 | ||
| Suriname — 0.8% | ||
| 400,000 | Suriname Government International Bond, 7.70%, 11/6/30(a) | 416,714 |
| 675,000 | Suriname Government International Bond, 8.50%, 11/6/35(a) | 735,458 |
| 1,152,172 | ||
| Tunisia — 0.5% | ||
| 690,000(c) | Banque Centrale de Tunisie International Bond, 6.38%, 7/15/26(a) | 785,766 |
| Turkey — 5.1% | ||
| 490,000 | Hazine Mustesarligi Varlik Kiralama AS, 6.70%, 7/2/32(b) | 489,712 |
| 480,000 | Istanbul Metropolitan Municipality, 10.50%, 12/6/28(a) | 514,959 |
| 619,000(c) | Turkiye Government International Bond, 5.15%, 3/10/34 | 705,431 |
| 990,000 | Turkiye Government International Bond, 6.30%, 3/14/33 | 966,502 |
| 663,000 | Turkiye Government International Bond, 6.38%, 5/22/31 | 661,390 |
| 1,450,000 | Turkiye Government International Bond, 6.80%, 11/4/36 | 1,431,453 |
| 506,000 | Turkiye Government International Bond, Series 7Y, 7.13%, 2/12/32 | 518,409 |
| 2,040,000 | Turkiye Government International Bond, 7.25%, 5/29/32 | 2,097,465 |
| 7,385,321 | ||
| Ukraine — 2.4% | ||
| 818,121 | Ukraine Government International Bond, 0.00%, 2/1/35(a) | 489,615 |
| 766,879 | Ukraine Government International Bond, 0.00%, 2/1/36(a) | 458,210 |
| 650,000 | Ukraine Government International Bond, 4.00%, 2/1/32(a) | 537,382 |
| 765,000 | Ukraine Government International Bond, 4.50%, 2/1/29(a) | 643,644 |
| 845,396 | Ukraine Government International Bond, 4.50%, 2/1/34(a) | 593,052 |
| 459,604 | Ukraine Government International Bond, 4.50%, 2/1/35(a) | 317,989 |
| 568,000 | Ukraine Government International Bond, 4.50%, 2/1/36(a) | 388,755 |
| 3,428,647 | ||
| United Arab Emirates — 0.3% | ||
| 599,000 | Finance Department Government of Sharjah, GMTN, 4.00%, 7/28/50(a) | 391,554 |
| Uruguay — 1.4% | ||
| 1,147,599 | Uruguay Government International Bond, 4.98%, 4/20/55 | 1,040,688 |
| 980,000 | Uruguay Government International Bond, 5.44%, 2/14/37 | 1,005,625 |
| 2,046,313 | ||
| Uzbekistan — 1.1% | ||
| 430,000 | Republic of Uzbekistan International Bond, 3.90%, 10/19/31(a) | 398,722 |
| 257,000 | Republic of Uzbekistan International Bond, 6.90%, 2/28/32(a) | 274,107 |
| Principal Amount | Value | |
| 3,540,000,000(l) | Republic of Uzbekistan International Bond, 12.25%, 4/13/29(b) | $300,327 |
| $650,000 | Uzbekneftegaz JSC, 4.75%, 11/16/28(a) | 628,825 |
| 1,601,981 | ||
| Venezuela — 2.8% | ||
| 921,000 | Venezuela Government International Bond, 7.65%, 4/21/25(a),(i) | 411,810 |
| 2,806,000 | Venezuela Government International Bond, 7.75%, 10/13/19(a),(i) | 1,248,670 |
| 245,000 | Venezuela Government International Bond, 8.25%, 10/13/24(a),(i) | 111,521 |
| 2,554,000 | Venezuela Government International Bond, 9.00%, 5/7/23(a),(i) | 1,216,262 |
| 1,271,000 | Venezuela Government International Bond, 11.75%, 10/21/26(a),(i) | 695,558 |
| 125,000 | Venezuela Government International Bond, 11.95%, 8/5/31(a),(i) | 68,112 |
| 645,000 | Venezuela Government International Bond, 12.75%, 8/23/22(a),(i) | 359,456 |
| 4,111,389 | ||
| Total Foreign Government Bonds | 113,568,065 | |
| (Cost $106,243,801) | ||
| Corporate Bonds — 18.1% | ||
| Angola — 0.3% | ||
| 475,000 | Sonangol Finance Ltd., 10.00%, 1/29/31(a) | 483,168 |
| Chile — 1.1% | ||
| 200,000 | Corp. Nacional del Cobre de Chile, 5.13%, 2/2/33(a) | 198,020 |
| 800,000 | Corp. Nacional del Cobre de Chile, 5.95%, 1/8/34(a) | 822,601 |
| 400,000 | Corp. Nacional del Cobre de Chile, 6.30%, 9/8/53(a) | 408,475 |
| 200,000 | Empresa Nacional del Petroleo, 5.95%, 7/30/34(a) | 203,982 |
| 1,633,078 | ||
| Colombia — 0.9% | ||
| 765,000 | Ecopetrol SA, 4.63%, 11/2/31 | 702,255 |
| 565,000 | Ecopetrol SA, 8.88%, 1/13/33 | 618,790 |
| 1,321,045 | ||
| El Salvador — 0.1% | ||
| 152,000 | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 1/24/33(a) | 160,555 |
| Indonesia — 1.4% | ||
| 715,000 | Danantara Investment Management PT, 5.35%, 6/18/31(b) | 712,787 |
| 725,000 | Danantara Investment Management PT, 5.95%, 6/18/36(b) | 721,912 |
| Principal Amount | Value | |
| $324,000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, EMTN, 4.75%, 2/3/31(a) | $316,185 |
| 342,000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, EMTN, 5.45%, 2/3/36(a) | 327,040 |
| 2,077,924 | ||
| Jamaica — 0.4% | ||
| 555,000 | Montego Bay Airport Revenue Finance Ltd., 6.60%, 6/15/35(a) | 545,677 |
| Kazakhstan — 0.3% | ||
| 440,000 | QazaqGaz NC JSC, 5.63%, 5/8/36(b) | 432,852 |
| Malaysia — 0.5% | ||
| 714,000 | Petronas Capital Ltd., 5.85%, 4/3/55(a) | 741,873 |
| Mexico — 6.0% | ||
| 12,580,000(m) | America Movil SAB de CV, 9.50%, 1/27/31 | 733,837 |
| 309,000 | Comision Federal de Electricidad, 6.05%, 1/28/34(a) | 302,407 |
| 325,000 | Comision Federal de Electricidad, 6.45%, 1/24/35(a) | 324,499 |
| 200,000 | Comision Federal de Electricidad, 6.50%, 1/28/51(a) | 194,757 |
| 705,000 | COX Asset Mexico SA de CV, 7.75%, 5/8/36(b) | 720,862 |
| 366,488 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41(a) | 372,266 |
| 990,000 | Mexico City Airport Trust, 5.50%, 7/31/47(a) | 843,423 |
| 1,386,000 | Petroleos Mexicanos, 5.95%, 1/28/31 | 1,370,663 |
| 1,375,000 | Petroleos Mexicanos, GMTN, 6.75%, 9/21/47 | 1,175,585 |
| 2,854,000 | Petroleos Mexicanos, 7.69%, 1/23/50 | 2,661,461 |
| 8,699,760 | ||
| Morocco — 0.2% | ||
| 370,000 | OCP SA, 6.74%, (b),(n),(o) | 367,777 |
| Oman — 1.2% | ||
| 515,000 | EDO Sukuk Ltd., 5.66%, 7/3/31(a) | 530,145 |
| 500,000 | EDO Sukuk Ltd., 5.88%, 9/21/33(a) | 519,048 |
| 690,000 | OQ SAOC, GMTN, 5.13%, 5/6/28(a) | 689,593 |
| 1,738,786 | ||
| Paraguay — 0.3% | ||
| 539,000 | Rutas 2 & 7 Finance Ltd., 0.00%, 9/30/36(a),(g) | 409,795 |
| Peru — 0.4% | ||
| 500,000(j) | Credicorp Capital Sociedad Titulizadora SA, 9.70%, 3/5/45(b) | 155,395 |
| 1,184,364(j) | Credicorp Capital Sociedad Titulizadora SA, 10.10%, 12/15/43(a),(b) | 379,822 |
| 535,217 | ||
| Principal Amount | Value | |
| Poland — 0.3% | ||
| $440,000 | ORLEN SA, 6.00%, 1/30/35(a) | $454,947 |
| Saudi Arabia — 2.3% | ||
| 585,000 | Green Palm Bidco Sarl, 5.96%, 6/30/41(b) | 591,721 |
| 702,000 | Green Palm Bidco Sarl, 6.46%, 6/30/46(b) | 711,838 |
| 1,105,000 | Greensaif Pipelines Bidco Sarl, 6.10%, 8/23/42(a) | 1,129,318 |
| 440,000 | Greensaif Pipelines Bidco Sarl, 6.13%, 2/23/38(a) | 454,839 |
| 400,000 | Greensaif Pipelines Bidco Sarl, 6.51%, 2/23/42(a) | 421,646 |
| 3,309,362 | ||
| Turkey — 0.2% | ||
| 250,000 | Turkiye Varlik Fonu Yonetimi AS, 7.75%, 9/10/35(a) | 253,772 |
| United Arab Emirates — 1.6% | ||
| 930,000 | Abu Dhabi Developmental Holding Co. PJSC, 5.25%, 10/2/54(a) | 856,253 |
| 917,000 | Adnoc Murban Rsc Ltd., 5.13%, 9/11/54(a) | 824,087 |
| 870,982 | Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(a) | 726,364 |
| 2,406,704 | ||
| United States — 0.2% | ||
| 19,100,000(f) | JPMorgan Chase Bank NA, Series EmTN, 0.00%, 10/13/26(b),(g) | 364,776 |
| Uzbekistan — 0.2% | ||
| 250,000 | Navoi Mining & Metallurgical Co., 6.70%, 10/17/28(a) | 256,437 |
| Venezuela — 0.2% | ||
| 260,000 | Petroleos de Venezuela SA, 8.50%, 10/27/20(a),(i) | 274,169 |
| Total Corporate Bonds | 26,467,674 | |
| (Cost $25,627,268) | ||
| Shares | ||
| Commercial Paper — 0.4% | ||
| United Kingdom — 0.4% | ||
| 27,150,000(f) | ICBC Standard Bank Plc(b),(p) | 523,208 |
| Total Commercial Paper | 523,208 | |
| (Cost $510,827) | ||
| Contracts | ||
| Put Option Purchased — 0.00% | ||
| 25 | NIFTY 50 INDEX, Strike Price USD 24,000.00, Expires 07/04/26, Notional Amount $1,200,000 | 4,823 |
| Total Put Option Purchased | 4,823 | |
| (Cost $13,053) | ||
| Principal Amount | Value | |
| Municipal Bond — 0.1% | ||
| Turkey — 0.1% | ||
| $200,000 | Istanbul Metropolitan Municipality, 10.75%, 4/12/27(a) | $206,982 |
| Total Municipal Bond | 206,982 | |
| (Cost $198,811) | ||
| Shares | ||
| Investment Company — 0.5% | ||
| 677,260 | RBC BlueBay U.S. Government Money Market Fund, Institutional Class 1 (q) | 677,260 |
| Total Investment Company | 677,260 | |
| (Cost $677,260) | ||
| Total Investments | $141,448,012 | |
| (Cost $133,271,020) — 97.0% | ||
| Other assets in excess of liabilities — 3.0% | 4,336,399 | |
| NET ASSETS — 100.0% | $145,784,411 | |
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (c) | Principal amount denoted in Euros. |
| (d) | Principal amount denoted in Colombian Peso. |
| (e) | Principal amount denoted in Dominican peso. |
| (f) | Principal amount denoted in Egyptian Pound. |
| (g) | Zero Coupon Bond. The rate represents the yield at time of purchase. |
| (h) | Principal amount denoted in Kazakhstani tenge. |
| (i) | Issuer filed for bankruptcy and/or is in default of interest payments. |
| (j) | Principal amount denoted in Peruvian sol. |
| (k) | Principal amount denoted in South African Rand. |
| (l) | Principal amount denoted in Republic of Uzbekistan. |
| (m) | Principal amount denoted in Mexican peso. |
| (n) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating. |
| (o) | Perpetual security with no stated maturity date. |
| (p) | The rate represents effective yield at the time of purchase. |
| (q) | Affiliated investment. |
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||||||
| COP | 1,265,647,306 | USD | 350,765 | Citibank N.A. | 7/22/26 | $17,607 | ||||
| COP | 6,280,065,196 | USD | 1,804,955 | Citibank N.A. | 7/22/26 | 22,886 | ||||
| COP | 1,334,046,561 | USD | 369,235 | Citibank N.A. | 7/22/26 | 19,045 | ||||
| IDR | 12,287,934,560 | USD | 680,000 | Citibank N.A. | 7/22/26 | 5,164 | ||||
| INR | 43,391,919 | USD | 455,151 | Citibank N.A. | 7/22/26 | 2,597 | ||||
| INR | 61,183,145 | USD | 635,000 | Citibank N.A. | 7/22/26 | 10,429 | ||||
| INR | 26,200,349 | USD | 274,849 | Citibank N.A. | 7/22/26 | 1,542 | ||||
| USD | 5,729,094 | EUR | 4,906,428 | Citibank N.A. | 7/22/26 | 117,844 | ||||
| USD | 832,762 | EUR | 710,000 | Citibank N.A. | 7/22/26 | 20,769 | ||||
| USD | 413,394 | EUR | 350,000 | Citibank N.A. | 7/22/26 | 13,115 | ||||
| USD | 9,124,333 | EUR | 7,770,920 | Citibank N.A. | 7/22/26 | 237,099 | ||||
| USD | 710,000 | IDR | 12,593,696,000 | Citibank N.A. | 7/22/26 | 7,787 | ||||
| USD | 1,383,120 | INR | 131,029,631 | Citibank N.A. | 7/22/26 | 871 | ||||
| USD | 597,737 | MXN | 10,401,578 | Citibank N.A. | 7/22/26 | 4,045 | ||||
| USD | 815,122 | PEN | 2,755,266 | Citibank N.A. | 7/22/26 | 9,644 | ||||
| USD | 70,479 | PEN | 238,940 | Citibank N.A. | 7/22/26 | 627 | ||||
| USD | 287,132 | PEN | 971,796 | Citibank N.A. | 7/22/26 | 3,035 | ||||
| $494,106 | ||||||||||
| BRL | 3,534,948 | USD | 692,787 | Citibank N.A. | 8/4/26 | $(13,756) | ||||
| CLP | 676,760,762 | USD | 740,000 | Citibank N.A. | 7/22/26 | (5,681) | ||||
| CLP | 656,021,800 | USD | 730,000 | Citibank N.A. | 7/22/26 | (18,184) | ||||
| EUR | 2,550,000 | USD | 2,942,451 | Citibank N.A. | 7/22/26 | (26,136) | ||||
| EUR | 730,624 | USD | 837,709 | Citibank N.A. | 7/22/26 | (2,129) | ||||
| USD | 1,335,749 | COP | 4,901,476,797 | Citibank N.A. | 7/22/26 | (90,847) | ||||
| USD | 1,835,995 | COP | 6,774,818,099 | Citibank N.A. | 7/22/26 | (135,846) | ||||
| USD | 360,461 | COP | 1,333,776,275 | Citibank N.A. | 7/22/26 | (27,741) | ||||
| USD | 2,537,579 | COP | 9,700,963,200 | Citibank N.A. | 7/22/26 | (285,928) | ||||
| USD | 368,072 | COP | 1,376,955,930 | Citibank N.A. | 7/22/26 | (32,697) | ||||
| USD | 277,623 | KZT | 136,396,256 | Citibank N.A. | 7/22/26 | (5,569) | ||||
| USD | 278,061 | KZT | 137,006,216 | Citibank N.A. | 7/22/26 | (6,397) | ||||
| USD | 1,400,000 | ZAR | 23,052,231 | Citibank N.A. | 7/22/26 | (4,703) | ||||
| USD | 484,044 | ZAR | 8,065,869 | Citibank N.A. | 7/22/26 | (7,455) | ||||
| USD | 479,124 | ZAR | 7,970,383 | Citibank N.A. | 7/22/26 | (6,557) | ||||
| USD | 674,715 | BRL | 3,534,948 | Citibank N.A. | 8/4/26 | (4,316) | ||||
| ZAR | 8,674,766 | USD | 531,689 | Citibank N.A. | 7/22/26 | (3,086) | ||||
| ZAR | 8,692,418 | USD | 531,689 | Citibank N.A. | 7/22/26 | (2,011) | ||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||||||
| ZAR | 1,483,971 | USD | 90,919 | Citibank N.A. | 7/22/26 | $(492) | ||||
| ZAR | 1,561,674 | USD | 95,704 | Citibank N.A. | 7/22/26 | (542) | ||||
| $(680,073) | ||||||||||
| Total | $(185,967) | |||||||||
| Long Position | Number of Contracts | Expiration Date | Value/Unrealized Depreciation | Notional Value | Clearinghouse | ||||||
| 2 Year U.S. Treasury Note | 27 | September 2026 | $(11,226) | USD | $5,565,586 | Morgan Stanley & Co. LLC | |||||
| Total | $(11,226) | ||||||||||
| Fixed Rate | Issuer | Payment Frequency | Counter- party | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Unrealized Depreciation | Value | |||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 1,073 | $44,303 | $(25,619) | $18,684 | ||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 2,098 | 95,846 | (59,314) | 36,532 | ||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 2,216 | 97,069 | (58,482) | 38,587 | ||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 1,275 | 51,022 | (28,821) | 22,201 | ||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 320 | 12,260 | (6,687) | 5,573 | ||||||||
| 1.00% | Markit CDX EM Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 3,557 | 130,301 | (68,364) | 61,937 | ||||||||
| 1.00% | Markit CDX IG Index Series 46 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | USD | 7,940 | (120,886) | (55,411) | (176,297) | ||||||||
| Fixed Rate | Issuer | Payment Frequency | Counter- party | Expiration Date | Notional Amount (000) | Premium Paid/ (Received) | Unrealized Depreciation | Value | |||||||||
| 1.00% | Markit ITRAXX MAIN Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | EUR | 2,047 | $(33,676) | $(19,364) | $(53,040) | ||||||||
| 1.00% | Markit ITRAXX MAIN Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | EUR | 2,246 | (37,431) | (20,766) | (58,197) | ||||||||
| 1.00% | Markit ITRAXX MAIN Index Series 45 | Quarterly | Morgan Stanley & Co. LLC | 6/20/31 | EUR | 2,247 | (37,147) | (21,076) | (58,223) | ||||||||
| 1.00% | Saudi Government International Bond | Quarterly | Barclays Bank plc | 6/20/31 | USD | 9,860 | (44,931) | (134,969) | (179,900) | ||||||||
| Total | $156,730 | $(498,873) | $(342,143) | ||||||||||||||
| Abbreviations used are defined below: |
| BRL - Brazilian Real |
| CLP - Chilean Peso |
| COP - Colombian Peso |
| EMTN - Euro Medium Term Note |
| EUR - Euro |
| FOR - Foreign Ownership Receipt |
| GMTN - Global Medium Term Note |
| IDR - Indonesian Rupiah |
| INR - Indian Rupee |
| KZT - Kazakhstani Tenge |
| MTN - Medium Term Note |
| MXN - Mexican Peso |
| PEN - Peruvian Nuevo Sol |
| USD - United States Dollar |
| ZAR - South African Rand |