Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited)
 
Credit Linked Notes — 0.1%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
South Africa — 0.1%
Absa Bank Ltd. (United Republic of Tanzania),
13.50%, 8/2/35(1)
TZS
  2,486,950
$    1,113,516
Total Credit Linked Notes
(identified cost $1,109,688)
 
$    1,113,516
 
Foreign Corporate Bonds — 4.9%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Angola — 0.1%
Sonangol Finance Ltd., 10.00%, 1/29/31(2)
USD
      1,476
$    1,510,781
 
 
$    1,510,781
Brazil — 0.4%
Simpar Finance SARL, 10.75%, 2/12/28(2)
BRL
     53,195
$    8,503,031
 
 
$    8,503,031
Colombia — 0.3%
Patrimonio Autonomo Union Del Sur, 6.66%,
2/28/41(3)
COP
 18,034,065
$    5,087,231
 
 
$    5,087,231
Georgia — 0.1%
TBC Bank Group PLC, 22.00%, 6/5/28(3)
UZS
 30,470,000
$    2,560,359
 
 
$    2,560,359
Kazakhstan — 0.2%
Development Bank of Kazakhstan JSC, 13.00%,
4/15/27(3)
KZT
  2,076,500
$    4,277,576
 
 
$    4,277,576
Peru — 0.1%
Integratel Peru SAA, 7.375%, 4/10/27(3)(4)
PEN
     24,500
$    2,739,444
 
 
$    2,739,444
Supranational — 0.4%
Asian Development Bank, 14.50%, 6/26/28
UZS
 14,946,700
$    1,282,127
Corp. Andina de Fomento: 
 
7.50%, 4/4/34(2)
INR
    272,000
    2,731,346
 
 
Security
Principal
Amount
(000's omitted)
Value
Supranational (continued)
Corp. Andina de Fomento: (continued)
 
8.25%, 4/26/34
INR
    221,000
$    2,317,509
European Bank for Reconstruction & Development,
17.35%, 3/1/27(2)
USD
        601
      624,248
 
 
$    6,955,230
Uzbekistan — 2.7%
Heritage Lending Group BV, 19.50%, 5/5/29
UZS
167,368,000
$   14,011,737
Ipoteka-Bank ATIB: 
 
17.50%, 10/9/28(2)
UZS
 31,300,000
    2,700,028
20.50%, 4/25/27(2)
UZS
 25,170,000
    2,184,533
JSCB Agrobank, 20.75%, 9/15/28
UZS
177,800,000
   15,773,224
Uzbek Industrial & Construction Bank ATB: 
 
19.95%, 4/25/28(2)
UZS
 42,550,000
    3,747,781
21.00%, 7/24/27(2)
UZS
155,110,000
   13,607,995
 
 
$   52,025,298
Venezuela — 0.6%
Petroleos de Venezuela SA: 
 
5.375%, 4/12/27(2)(4)
USD
      3,858
$    1,415,996
6.00%, 10/28/22(2)(4)
USD
        532
      194,180
6.00%, 5/16/24(2)(4)
USD
      7,321
    2,762,497
6.00%, 11/15/26(2)(4)
USD
     10,180
    3,858,137
9.00%, 11/17/21(2)(4)
USD
      1,706
      740,183
9.75%, 5/17/35(2)(4)
USD
      2,498
    1,137,430
12.75%, 2/17/22(2)(4)
USD
      1,946
      968,035
 
 
$   11,076,458
Total Foreign Corporate Bonds
(identified cost $90,842,082)
 
$   94,735,408
 
Senior Floating-Rate Loans — 0.5%(5)
 
 
 
Borrower/Description
Principal
Amount
(000’s omitted)
Value
Uzbekistan — 0.5%
Joint Stock Commercial Bank Agrobank, Term Loan,
17.25%, 7/21/28(6)
UZS
112,280,000
$    9,398,427
Total Senior Floating-Rate Loans
(identified cost $9,287,798)
 
$    9,398,427
 
1

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Sovereign Government Bonds — 61.5%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Albania — 1.4%
Albanian Government Bonds: 
 
3.70%, 1/10/28
ALL
     16,000
$      197,774
3.85%, 10/7/26
ALL
     47,200
      583,706
3.90%, 1/22/30
ALL
     79,200
      980,307
4.05%, 2/7/32
ALL
    106,400
    1,291,013
4.30%, 7/10/27
ALL
    383,300
    4,763,607
4.70%, 2/23/27
ALL
     91,000
    1,131,017
4.95%, 7/22/29
ALL
    699,000
    8,937,870
5.25%, 1/26/29
ALL
    567,800
    7,275,187
5.59%, 2/19/40
ALL
     40,900
      500,843
6.13%, 7/25/34
ALL
     38,700
      511,712
 
 
$   26,173,036
Angola — 0.1%
Angola Government International Bonds: 
 
9.125%, 11/26/49(2)
USD
        691
$      650,147
9.244%, 1/15/31(2)
USD
        454
      476,106
 
 
$    1,126,253
Armenia — 2.0%
Republic of Armenia Treasury Bonds: 
 
7.40%, 4/29/29
AMD
  1,064,100
$    2,909,917
8.60%, 4/29/30
AMD
  1,955,842
    5,529,121
9.00%, 10/29/35
AMD
  4,207,412
   12,094,972
9.60%, 10/29/33
AMD
  4,512,022
   13,395,300
9.75%, 10/29/50
AMD
    792,413
    2,351,307
9.75%, 10/29/52
AMD
    862,400
    2,540,896
 
 
$   38,821,513
Barbados — 0.2%
Barbados Government International Bonds, 8.00%,
6/26/35(2)
USD
      4,454
$    4,726,807
 
 
$    4,726,807
Bosnia and Herzegovina — 0.0%†
Republic of Srpska Treasury Bonds: 
 
1.50%, 9/25/26
BAM
         36
$       21,289
1.50%, 9/26/27
BAM
         22
       12,675
 
 
$       33,964
 
 
Security
Principal
Amount
(000's omitted)
Value
Brazil — 2.6%
Brazil Letras do Tesouro Nacional, 0.00%, 4/1/27
BRL
    124,000
$   22,506,929
Brazil Notas do Tesouro Nacional: 
 
6.00%, 5/15/35(7)
BRL
     28,572
   23,637,267
10.00%, 1/1/27
BRL
     22,375
    4,351,988
 
 
$   50,496,184
China — 1.2%
China Government Bonds, 1.88%, 4/25/55
CNY
    165,540
$   23,194,975
 
 
$   23,194,975
Colombia — 5.2%
Colombia TES: 
 
3.00%, 3/25/33
COP
  4,052,968
$    1,062,478
5.00%, 3/20/41
COP
  8,653,275
    2,436,615
6.50%, 1/22/31
COP
 28,041,708
    8,970,146
7.00%, 3/26/31
COP
 26,830,600
    6,966,782
7.00%, 6/30/32
COP
  1,610,000
      402,169
7.25%, 10/18/34
COP
  1,378,000
      329,198
11.75%, 1/24/35
COP
119,419,600
   37,007,370
12.50%, 2/27/30
COP
 62,921,500
   19,887,683
13.25%, 2/9/33
COP
 67,064,800
   22,197,146
 
 
$   99,259,587
Congo — 0.2%
DRC International Bonds, 9.50%, 4/16/37(2)
USD
      3,025
$    3,164,261
 
 
$    3,164,261
Czech Republic — 0.3%
Czech Republic Government Bonds, 4.50%,
11/11/32
CZK
    108,140
$    5,101,386
 
 
$    5,101,386
Dominican Republic — 0.2%
Dominican Republic Bonds: 
 
10.50%, 3/15/37(2)
DOP
     62,000
$    1,156,411
10.75%, 6/1/36(2)
DOP
     23,100
      434,612
11.25%, 9/15/35(3)
DOP
    112,750
    2,182,789
11.25%, 9/15/35(2)
DOP
     32,900
      636,929
13.625%, 2/3/33(2)
DOP
     14,000
      291,823
 
 
$    4,702,564
Egypt — 0.9%
Egypt Government Bonds: 
 
19.98%, 5/20/30
EGP
    826,542
$   15,336,784
2

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Egypt (continued)
Egypt Government Bonds: (continued)
 
24.458%, 10/1/27
EGP
     67,835
$    1,301,866
 
 
$   16,638,650
Ethiopia — 0.8%
Ethiopia Government International Bonds: 
 
6.625%, 12/11/24(2)(4)
USD
     13,254
$   14,335,990
6.625%, 12/11/24(3)(4)
USD
        781
      844,757
 
 
$   15,180,747
Gabon — 0.1%
Gabon Government International Bonds, 9.375%,
8/5/33(2)(8)
USD
      1,530
$    1,408,104
 
 
$    1,408,104
Georgia — 0.0%†
Georgia Treasury Bonds: 
 
8.25%, 8/28/29
GEL
        259
$       99,409
9.75%, 1/27/27
GEL
        431
      166,147
 
 
$      265,556
Ghana — 0.1%
Republic of Ghana Government Bonds: 
 
8.50%, (5.00% cash and 3.50% PIK), 2/15/28
GHS
      3,296
$      267,836
8.65%, (5.00% cash and 3.65% PIK), 2/13/29
GHS
     12,454
      995,729
9.10%, (5.00% cash and 4.10% PIK), 2/10/32
GHS
      4,872
      338,425
 
 
$    1,601,990
Guatemala — 0.0%†
Guatemala Government International Bonds,
6.60%, 6/13/36(2)
USD
        822
$      854,880
 
 
$      854,880
Hungary — 1.5%
Hungary Government Bonds: 
 
3.00%, 10/27/38
HUF
  7,154,370
$   17,543,725
3.00%, 4/25/41
HUF
  2,898,150
    6,853,552
4.00%, 4/28/51
HUF
    292,850
      721,281
7.00%, 10/24/35
HUF
    989,290
    3,446,054
 
 
$   28,564,612
India — 2.1%
India Government Bonds: 
 
6.48%, 10/6/35
INR
  1,631,940
$   16,672,205
 
 
Security
Principal
Amount
(000's omitted)
Value
India (continued)
India Government Bonds: (continued)
 
7.24%, 8/18/55
INR
  2,316,300
$   23,784,467
 
 
$   40,456,672
Indonesia — 4.3%
Indonesia Treasury Bonds: 
 
5.875%, 3/15/31
IDR
208,920,000
$   10,967,249
6.375%, 4/15/32
IDR
 50,050,000
    2,645,761
6.50%, 4/15/36
IDR
276,439,000
   14,515,329
6.75%, 7/15/35
IDR
166,600,000
    8,902,184
7.125%, 6/15/38
IDR
163,285,000
    8,847,717
7.125%, 8/15/40
IDR
196,492,000
   10,742,731
7.50%, 6/15/35
IDR
232,094,000
   12,985,540
7.50%, 5/15/38
IDR
139,015,000
    7,817,875
7.50%, 4/15/40
IDR
 25,124,000
    1,401,717
8.25%, 5/15/36
IDR
 77,825,000
    4,598,829
 
 
$   83,424,932
Kazakhstan — 3.4%
Kazakhstan Government Bonds: 
 
5.00%, 4/18/28
KZT
  1,303,110
$    2,339,027
5.50%, 9/20/28
KZT
     34,685
       60,536
5.50%, 4/24/32
KZT
    565,995
      801,078
7.22%, 12/10/28
KZT
    377,330
      672,592
7.68%, 8/13/29
KZT
    490,529
      862,094
7.90%, 12/20/38
KZT
    459,962
      635,661
8.44%, 5/10/31
KZT
    207,531
      350,066
8.66%, 4/4/33
KZT
  2,905,555
    4,717,085
10.55%, 7/28/29
KZT
  1,919,221
    3,650,870
10.69%, 8/23/33
KZT
    399,269
      711,167
11.05%, 1/28/37
KZT
    141,907
      251,359
14.00%, 5/12/31
KZT
  2,593,730
    5,295,612
14.00%, 5/19/32
KZT
     52,027
      107,864
14.00%, 2/13/35
KZT
  2,481,392
    5,211,904
14.10%, 5/22/38
KZT
  6,178,609
   13,096,646
14.45%, 6/5/33
KZT
    218,432
      471,600
14.50%, 3/6/34
KZT
     75,467
      160,230
14.60%, 3/6/32
KZT
     36,548
       77,045
14.94%, 6/18/31
KZT
  1,149,906
    2,481,835
15.10%, 3/12/34
KZT
  3,072,489
    6,798,232
15.18%, 2/5/32
KZT
  4,822,360
   10,503,369
16.95%, 10/9/30
KZT
  2,942,315
    6,683,399
 
 
$   65,939,271
3

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Lebanon — 0.5%
Lebanon Government International Bonds: 
 
5.80%, 4/14/20(2)(4)
USD
      4,252
$    1,139,483
6.00%, 1/27/23(2)(4)
USD
      2,092
      560,965
6.10%, 10/4/22(2)(4)
USD
      5,064
    1,357,266
6.15%, 6/19/20(2)(4)
USD
      1,043
      279,941
6.20%, 2/26/25(2)(4)
USD
      1,119
      299,990
6.25%, 5/27/22(2)(4)
USD
        873
      235,437
6.25%, 11/4/24(2)(4)
USD
      1,035
      277,174
6.25%, 6/12/25(2)(4)
USD
        623
      168,086
6.375%, 3/9/20(2)(4)
USD
      2,062
      553,356
6.40%, 5/26/23(2)(4)
USD
      6,373
    1,714,895
6.60%, 11/27/26(2)(4)
USD
        465
      126,542
6.65%, 4/22/24(2)(4)
USD
      1,742
      467,662
6.65%, 11/3/28(2)(4)
USD
        576
      158,704
6.65%, 2/26/30(2)(4)
USD
         42
       11,588
6.75%, 11/29/27(2)(4)
USD
        644
      177,049
6.85%, 3/23/27(2)(4)
USD
        703
      193,473
6.85%, 5/25/29(2)(4)
USD
      1,146
      315,958
7.00%, 12/3/24(2)(4)
USD
        118
       31,907
7.00%, 3/20/28(2)(4)
USD
      1,532
      421,604
7.00%, 4/22/31(2)(4)
USD
        497
      137,450
7.00%, 3/23/32(2)(4)
USD
        647
      179,660
7.05%, 11/2/35(2)(4)
USD
         30
        8,519
7.25%, 3/23/37(2)(4)
USD
        674
      191,333
8.20%, 5/17/33(2)(4)
USD
        103
       29,433
8.25%, 4/12/21(2)(4)
USD
      1,657
      475,878
 
 
$    9,513,353
Malaysia — 0.2%
Malaysia Government Bonds, 3.757%, 5/22/40
MYR
     17,415
$    4,174,554
 
 
$    4,174,554
Mexico — 8.8%
Mexican Bonos: 
 
7.50%, 5/26/33
MXN
    161,360
$    8,663,486
7.75%, 5/29/31
MXN
    296,089
   16,617,253
7.75%, 11/23/34
MXN
    577,544
   30,828,291
7.75%, 11/13/42
MXN
    318,000
   15,501,884
8.00%, 2/21/36
MXN
    421,214
   22,522,926
8.00%, 7/31/53
MXN
    201,119
    9,765,359
8.50%, 3/2/28
MXN
    400,000
   23,516,845
8.50%, 3/1/29
MXN
    389,604
   22,841,208
8.50%, 11/18/38
MXN
    354,748
   19,070,821
 
 
$  169,328,073
 
 
Security
Principal
Amount
(000's omitted)
Value
Mongolia — 0.1%
Mongolia Government International Bonds: 
 
6.625%, 2/25/30(3)
USD
        200
$      205,022
6.625%, 2/25/30(2)
USD
      2,000
    2,050,225
 
 
$    2,255,247
Montenegro — 0.4%
Montenegro Government International Bonds,
4.875%, 4/1/32(2)
EUR
      5,762
$    6,682,068
 
 
$    6,682,068
Mozambique — 0.1%
Mozambique International Bonds, 9.00%,
9/15/31(2)
USD
      2,504
$    2,275,723
 
 
$    2,275,723
Paraguay — 0.1%
Paraguay Government Bonds, 8.50%, 3/4/35(2)
PYG
  9,285,000
$    1,507,209
 
 
$    1,507,209
Peru — 2.8%
Peru Government Bonds: 
 
5.35%, 8/12/40
PEN
     15,335
$    3,934,139
5.40%, 8/12/34
PEN
      9,879
    2,835,798
6.714%, 2/12/55
PEN
      3,500
    1,061,027
6.85%, 8/12/35(2)(3)
PEN
     28,472
    8,805,736
6.90%, 8/12/37
PEN
     50,078
   15,100,528
7.60%, 8/12/39(2)(3)
PEN
     68,632
   21,665,998
 
 
$   53,403,226
Poland — 1.7%
Republic of Poland Government Bonds, 2.00%,
8/25/36(7)
PLN
    136,911
$   33,050,018
 
 
$   33,050,018
Romania — 2.7%
Romania Government Bonds: 
 
2.50%, 10/25/27
RON
     70,650
$   14,863,904
4.15%, 1/26/28
RON
     21,190
    4,519,579
4.25%, 4/28/36
RON
     53,945
    9,769,833
5.80%, 7/26/27
RON
     16,020
    3,507,911
6.75%, 4/25/35
RON
     17,515
    3,838,363
7.10%, 7/31/34
RON
     30,115
    6,742,962
7.20%, 10/30/33
RON
     15,050
    3,377,906
7.25%, 7/30/40
RON
      3,710
      828,016
7.90%, 2/24/38
RON
      9,130
    2,146,128
4

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Romania (continued)
Romania Government Bonds: (continued)
 
8.75%, 10/30/28
RON
      6,025
$    1,388,169
 
 
$   50,982,771
Serbia — 0.4%
Serbia Treasury Bonds: 
 
4.50%, 8/20/32
RSD
    255,910
$    2,401,612
7.00%, 10/26/31
RSD
    581,800
    6,153,590
 
 
$    8,555,202
South Africa — 9.0%
Republic of South Africa Government Bonds: 
 
8.00%, 1/31/30
ZAR
    201,829
$   12,254,855
8.25%, 3/31/32
ZAR
    261,204
   15,809,089
8.50%, 1/31/37
ZAR
    419,861
   24,758,047
8.75%, 1/31/44
ZAR
    321,767
   18,557,595
8.75%, 2/28/48
ZAR
    227,694
   13,086,889
8.875%, 2/28/35
ZAR
    747,894
   46,057,605
9.00%, 1/31/40
ZAR
    579,320
   34,511,362
10.00%, 3/31/33
ZAR
    131,100
    8,579,329
 
 
$  173,614,771
Sri Lanka — 0.7%
Sri Lanka Government Bonds: 
 
9.00%, 6/1/33
LKR
    110,000
$      283,362
9.00%, 11/1/33
LKR
    161,000
      410,946
10.25%, 9/15/34
LKR
  1,018,000
    2,747,665
10.35%, 10/15/29
LKR
     60,000
      175,315
11.00%, 10/15/28
LKR
    975,000
    2,922,463
11.00%, 9/15/29
LKR
     90,000
      268,045
11.00%, 12/15/29
LKR
    759,000
    2,255,974
11.00%, 5/15/30
LKR
     27,000
       79,645
11.00%, 10/15/30
LKR
    531,000
    1,555,271
11.25%, 3/15/31
LKR
     25,000
       73,419
11.50%, 12/15/32
LKR
    591,000
    1,728,855
 
 
$   12,500,960
Suriname — 0.9%
Suriname Government International Bonds: 
 
7.70%, 11/6/30(3)
USD
      2,570
$    2,640,675
7.70%, 11/6/30(2)
USD
      2,678
    2,751,645
8.50%, 11/6/35(3)
USD
      9,790
   10,524,250
8.50%, 11/6/35(2)
USD
      1,651
    1,774,825
 
 
$   17,691,395
 
 
Security
Principal
Amount
(000's omitted)
Value
Thailand — 1.9%
Thailand Government Bonds: 
 
2.98%, 6/17/45
THB
    720,000
$   21,385,860
3.30%, 6/17/38
THB
    383,618
   12,582,810
3.35%, 6/17/33
THB
     60,000
    1,971,922
 
 
$   35,940,592
Turkey — 0.6%
Turkiye Government Bonds: 
 
17.30%, 7/19/28
TRY
    200,000
$    3,061,894
17.80%, 7/13/33
TRY
     10,000
      123,633
26.20%, 10/5/33
TRY
    425,874
    7,309,469
30.00%, 9/12/29
TRY
     69,266
    1,274,529
31.08%, 11/8/28
TRY
     10,000
      189,933
 
 
$   11,959,458
Uruguay — 0.0%†
Uruguay Government Bonds: 
 
3.40%, 5/16/45
UYU
     14,493
$      384,656
3.875%, 7/2/40(7)
UYU
      9,321
      257,546
 
 
$      642,202
Uzbekistan — 2.3%
National Bank of Uzbekistan, 19.875%, 7/5/27(2)
UZS
 50,140,000
$    4,437,514
Republic of Uzbekistan Bonds: 
 
12.25%, 4/13/29(2)
UZS
433,900,000
   37,079,564
15.50%, 2/25/28(2)
UZS
 24,000,000
    2,140,212
 
 
$   43,657,290
Venezuela — 0.6%
Venezuela Government International Bonds: 
 
6.00%, 12/9/20(2)(4)
USD
        638
$      271,707
7.00%, 3/31/38(2)(4)
USD
        300
      131,550
7.65%, 4/21/25(2)(4)
USD
      3,088
    1,398,895
7.75%, 10/13/19(2)(4)
USD
      1,450
      670,989
8.25%, 10/13/24(2)(4)
USD
      4,089
    1,903,517
9.00%, 5/7/23(2)(4)
USD
      2,110
    1,023,544
9.25%, 9/15/27(4)
USD
      5,554
    2,767,669
9.25%, 5/7/28(2)(4)
USD
      4,134
    2,020,590
9.375%, 1/13/34(4)
USD
        335
      164,656
11.75%, 10/21/26(2)(4)
USD
      1,198
      658,845
11.95%, 8/5/31(2)(4)
USD
        862
      473,449
12.75%, 8/23/22(2)(4)
USD
        705
      394,214
 
 
$   11,879,625
5

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
Zambia — 1.1%
Zambia Government Bonds: 
 
13.00%, 9/20/31(2)
ZMW
      3,642
$      181,727
13.00%, 6/26/33
ZMW
      9,574
      458,752
14.00%, 7/24/38
ZMW
      3,687
      170,191
14.50%, 2/16/28
ZMW
     19,000
    1,032,561
14.90%, 2/16/29
ZMW
     35,500
    1,919,266
14.98%, 2/16/31
ZMW
      1,500
       80,193
16.00%, 10/27/28
ZMW
     10,300
      567,463
16.00%, 11/24/28
ZMW
      6,437
      354,682
16.49%, 11/24/30
ZMW
     14,805
      828,700
16.60%, 2/16/36
ZMW
      7,444
      401,172
16.85%, 1/26/33
ZMW
     15,021
      829,037
16.95%, 12/22/32
ZMW
      9,145
      510,520
17.00%, 11/24/32
ZMW
     12,884
      713,588
17.50%, 11/24/35
ZMW
     14,162
      786,415
17.50%, 12/22/35
ZMW
     14,625
      812,439
17.59%, 2/16/41
ZMW
    154,442
    8,328,468
18.49%, 5/27/32
ZMW
      3,642
      217,759
18.79%, 1/26/41
ZMW
      6,830
      386,933
18.99%, 10/27/40
ZMW
     12,701
      726,097
18.99%, 11/24/40
ZMW
     19,312
    1,103,145
19.00%, 6/23/35
ZMW
      6,437
      372,076
19.00%, 8/18/35
ZMW
      6,437
      375,647
19.00%, 9/29/35
ZMW
      2,253
      131,274
22.50%, 11/25/34
ZMW
      5,794
      400,888
22.80%, 2/17/40
ZMW
        607
       39,949
26.50%, 4/30/39
ZMW
      1,528
      121,851
 
 
$   21,850,793
Total Sovereign Government Bonds
(identified cost $1,128,460,336)
 
$1,182,600,474
 
Short-Term Investments — 25.5%
 
Affiliated Fund — 4.3%
 
Security
Shares
Value
Morgan Stanley Institutional Liquidity Funds -
Government Portfolio, Institutional Class, 3.59%(9)
 
 82,819,200
$   82,819,200
Total Affiliated Fund
(identified cost $82,819,200)
 
$   82,819,200
 
Sovereign Government Securities — 10.8%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
Albania — 0.1%
Albanian Treasury Bills, 0.00%, 1/28/27
ALL
    174,740
$    2,122,268
 
 
$    2,122,268
Egypt — 3.6%
Egypt Treasury Bills: 
 
0.00%, 9/22/26
EGP
     44,750
$      851,232
0.00%, 10/20/26
EGP
     59,650
    1,113,889
0.00%, 1/19/27
EGP
    119,325
    2,099,671
0.00%, 3/16/27
EGP
  3,799,300
   64,521,814
0.00%, 4/20/27
EGP
     89,475
    1,487,190
 
 
$   70,073,796
Hungary — 4.0%
National Bank of Hungary Bills, 0.00%, 8/6/26
HUF
 24,206,000
$   76,485,592
 
 
$   76,485,592
Nigeria — 3.1%
Nigeria OMO Bills: 
 
0.00%, 8/25/26
NGN
  3,966,069
$    2,884,118
0.00%, 9/15/26
NGN
  5,976,741
    4,295,501
0.00%, 9/22/26
NGN
  2,134,003
    1,527,910
0.00%, 9/29/26
NGN
  4,286,014
    3,067,056
0.00%, 10/6/26
NGN
 20,279,061
   14,412,375
0.00%, 10/13/26
NGN
  3,213,892
    2,275,884
0.00%, 10/20/26
NGN
  1,298,692
      916,392
0.00%, 10/27/26
NGN
  3,531,741
    2,483,394
0.00%, 11/3/26
NGN
  4,178,816
    2,928,057
0.00%, 11/10/26
NGN
  9,438,028
    6,589,359
0.00%, 1/12/27
NGN
 16,437,948
   11,123,759
0.00%, 1/19/27
NGN
  9,760,545
    6,583,058
 
 
$   59,086,863
Total Sovereign Government Securities
(identified cost $207,979,597)
 
$  207,768,519
 
U.S. Treasury Obligations — 10.4%
 
 
 
Security
Principal
Amount
(000's omitted)
Value
U.S. Treasury Bills: 
 
0.00%, 8/6/26
$
     23,697
$   23,689,601
0.00%, 8/13/26(10)
 
     28,170
   28,141,830
6

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
 
Security
Principal
Amount
(000's omitted)
Value
U.S. Treasury Bills: (continued)
 
0.00%, 9/3/26
$
     28,330
$   28,241,401
0.00%, 9/10/26(10)
 
     15,303
   15,244,744
0.00%, 9/17/26
 
     36,000
   35,835,745
0.00%, 9/24/26(10)
 
     37,000
   36,802,689
0.00%, 10/8/26(10)
 
      4,740
    4,708,100
0.00%, 10/15/26(10)
 
      3,260
    3,235,692
0.00%, 10/29/26
 
     13,900
   13,776,661
0.00%, 11/5/26
 
     11,100
   10,992,779
Total U.S. Treasury Obligations
(identified cost $200,623,687)
 
$  200,669,242
Total Short-Term Investments
(identified cost $491,422,484)
 
$  491,256,961
 
 
 
 
Total Purchased Options and Swaptions — 0.2%
(identified cost $3,740,389)
 
$    2,993,945
Total Investments — 92.7%
(identified cost $1,724,862,777)
 
$1,782,098,731
Total Written Options — (0.0)%†
(premiums received $789,936)
 
$     (673,789)
Other Assets, Less Liabilities — 7.3%
 
$  141,825,114
Net Assets — 100.0%
 
$1,923,250,056
 
The percentage shown for each investment category in the Portfolio of
Investments is based on net assets.
†
Amount is less than 0.05% or (0.05)%, as applicable.
(1)
Security whose performance is linked to the price of an underlying
security issued by the United Republic of Tanzania. The investment is
subject to credit risk of the issuing financial institution (Absa Bank Ltd.)
in addition to the market risk of the underlying security.
(2)
Security exempt from registration under Regulation S of the Securities
Act of 1933, as amended, which exempts from registration securities
offered and sold outside the United States. Security may not be offered
or sold in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the
Securities Act of 1933, as amended. At July 31, 2026, the aggregate
value of these securities is $184,635,370 or 9.6% of the Portfolio's net
assets.
(3)
Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may be sold in certain
transactions in reliance on an exemption from registration (normally to
qualified institutional buyers). At July 31, 2026, the aggregate value of
these securities is $61,533,837 or 3.2% of the Portfolio's net assets.
(4)
Issuer is in default with respect to interest and/or principal payments and
is non-income producing.
(5)
Senior floating-rate loans (Senior Loans) often require prepayments from
excess cash flows or permit the borrowers to repay at their election. The
degree to which borrowers repay, whether as a contractual requirement
or at their election, cannot be predicted with accuracy. As a result, the
actual remaining maturity may be substantially less than the stated
maturities shown. However, Senior Loans will typically have an expected
average life of approximately two to four years. Senior Loans typically
have rates of interest which are redetermined periodically by reference to
a base lending rate, plus a spread. These base lending rates are
primarily the Secured Overnight Financing Rate (“SOFR”) and
secondarily, the prime rate offered by one or more major United States
banks (the “Prime Rate”). Base lending rates may be subject to a floor,
or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and
may also be subject to a credit spread adjustment. Senior Loans are
generally subject to contractual restrictions that must be satisfied before
they can be bought or sold.
(6)
Fixed-rate loan.
(7)
Inflation-linked security whose principal is adjusted for inflation based on
changes in a designated inflation index or inflation rate for the applicable
country. Interest is calculated based on the inflation-adjusted principal.
(8)
When-issued security.
(9)
May be deemed to be an affiliated investment company. The rate shown
is the annualized seven-day yield as of July 31, 2026.
(10)
Security (or a portion thereof) has been pledged to cover collateral
requirements on open derivative contracts.
 
Purchased Currency Options (OTC) — 0.1% 
Description
Counterparty
Notional Amount
Exercise
Price
Expiration
Date
Value
Call USD vs. Put COP
HSBC Bank USA, N.A.
USD
13,940,000
COP
4,060.00
8/20/26
$98
Put USD vs. Call CLP
Bank of America, N.A.
USD
1,213,698
CLP
875.00
10/26/26
161,149
Put USD vs. Call CLP
Bank of America, N.A.
USD
11,185,000
CLP
886.00
1/27/27
143,940
Put USD vs. Call CNH
Bank of America, N.A.
USD
17,000,000
CNH
6.60
11/4/26
10,183
Put USD vs. Call CNH
Barclays Bank PLC
USD
16,000,000
CNH
6.60
11/4/26
9,584
Put USD vs. Call CNH
Barclays Bank PLC
USD
9,000,000
CNH
6.60
11/10/26
7,101
Put USD vs. Call CNH
Citibank, N.A.
USD
10,000,000
CNH
6.60
11/4/26
5,990
Put USD vs. Call CNH
Goldman Sachs International
USD
15,000,000
CNH
6.60
11/4/26
8,985
Put USD vs. Call CNH
Goldman Sachs International
USD
7,500,000
CNH
6.60
11/10/26
5,917
7

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Purchased Currency Options (OTC) (continued)
Description
Counterparty
Notional Amount
Exercise
Price
Expiration
Date
Value
Put USD vs. Call INR
Bank of America, N.A.
USD
500,000
INR
92.00
9/30/26
$12,319
Put USD vs. Call INR
Bank of America, N.A.
USD
370,000
INR
92.00
10/1/26
9,330
Put USD vs. Call INR
Barclays Bank PLC
USD
11,000,000
INR
94.00
9/10/26
14,146
Put USD vs. Call INR
Barclays Bank PLC
USD
300,000
INR
92.00
9/30/26
7,392
Put USD vs. Call INR
Barclays Bank PLC
USD
150,600
INR
92.00
10/1/26
3,797
Put USD vs. Call INR
Goldman Sachs International
USD
10,000,000
INR
94.00
9/10/26
12,860
Put USD vs. Call INR
Goldman Sachs International
USD
10,400,000
INR
95.00
10/16/26
50,960
Put USD vs. Call INR
JPMorgan Chase Bank, N.A.
USD
590,000
INR
92.00
9/30/26
14,537
Put USD vs. Call INR
JPMorgan Chase Bank, N.A.
USD
11,000,000
INR
95.00
10/16/26
53,900
Put USD vs. Call INR
JPMorgan Chase Bank, N.A.
USD
24,100,000
INR
85.50
1/25/29
24,004
Put USD vs. Call INR
JPMorgan Chase Bank, N.A.
USD
12,900,000
INR
85.50
1/25/29
12,848
Put USD vs. Call INR
JPMorgan Chase Bank, N.A.
USD
12,500,000
INR
85.50
1/30/29
12,587
Put USD vs. Call KRW
Bank of America, N.A.
USD
10,700,000
KRW
1,440.00
9/8/26
110,178
Put USD vs. Call KRW
Barclays Bank PLC
USD
7,000,000
KRW
1,420.00
9/17/26
64,253
Put USD vs. Call KRW
Barclays Bank PLC
USD
8,000,000
KRW
1,425.00
10/1/26
97,088
Put USD vs. Call KRW
Barclays Bank PLC
USD
4,332,000
KRW
1,450.00
12/18/26
127,829
Put USD vs. Call KRW
Citibank, N.A.
USD
7,000,000
KRW
1,440.00
9/10/26
72,814
Put USD vs. Call KRW
Citibank, N.A.
USD
8,000,000
KRW
1,420.00
9/22/26
77,720
Put USD vs. Call KRW
Goldman Sachs International
USD
7,000,000
KRW
1,420.00
9/21/26
66,682
Put USD vs. Call KRW
Goldman Sachs International
USD
10,900,000
KRW
1,440.00
1/20/27
111,082
Put USD vs. Call KRW
JPMorgan Chase Bank, N.A.
USD
7,000,000
KRW
1,440.00
9/8/26
72,079
Put USD vs. Call KRW
JPMorgan Chase Bank, N.A.
USD
7,000,000
KRW
1,420.00
9/28/26
72,149
Put USD vs. Call KRW
JPMorgan Chase Bank, N.A.
USD
16,100,000
KRW
1,440.00
1/20/27
164,075
Put USD vs. Call KRW
Standard Chartered Bank
USD
5,000,000
KRW
1,440.00
9/14/26
52,795
Total
 
$1,670,371
 
Purchased Interest Rate Swaptions (OTC) — 0.1% 
Description
Counterparty
Notional Amount
Expiration
Date
Value
Option to enter into interest rate swap expiring
6/11/32 to receive 3-month ZAR-JIBAR and pay
8.02%
JPMorgan Chase Bank, N.A.
ZAR
315,750,000
6/11/27
$319,552
Option to enter into interest rate swap expiring
6/11/32 to receive 6-month PLN-WIBOR and
pay 4.88%
JPMorgan Chase Bank, N.A.
PLN
 60,571,000
6/9/27
174,896
Option to enter into interest rate swap expiring
6/14/32 to receive 3-month ZAR-JIBAR and pay
7.86%
JPMorgan Chase Bank, N.A.
ZAR
220,547,000
6/14/27
263,750
Option to enter into interest rate swap expiring
6/15/32 to receive 6-month PLN-WIBOR and
pay 4.77%
Bank of America, N.A.
PLN
 22,538,000
6/11/27
76,299
Option to enter into interest rate swap expiring
6/23/32 to receive 6-month PLN-WIBOR and
pay 4.47%
JPMorgan Chase Bank, N.A.
PLN
 30,738,000
6/21/27
196,270
Option to enter into interest rate swap expiring
6/9/32 to receive 3-month ZAR-JIBAR and pay
8.09%
JPMorgan Chase Bank, N.A.
ZAR
314,647,000
6/9/27
292,807
Total
 
 
$1,323,574
8

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
Written Currency Options (OTC) — (0.0)%† 
Description
Counterparty
Notional Amount
Exercise
Price
Expiration
Date
Value
Call EUR vs. Put HUF
BNP Paribas
EUR
659,000
HUF
414.70
7/18/28
$(16,444
)
Call EUR vs. Put HUF
JPMorgan Chase Bank, N.A.
EUR
3,470,000
HUF
397.40
6/7/28
(117,890
)
Call EUR vs. Put HUF
JPMorgan Chase Bank, N.A.
EUR
3,470,000
HUF
400.76
6/8/28
(109,579
)
Call EUR vs. Put HUF
JPMorgan Chase Bank, N.A.
EUR
4,659,000
HUF
397.40
6/29/28
(163,782
)
Call EUR vs. Put HUF
JPMorgan Chase Bank, N.A.
EUR
1,317,000
HUF
399.60
7/13/28
(45,026
)
Call HUF vs. Put EUR
BNP Paribas
EUR
659,000
HUF
351.90
7/18/28
(9,863
)
Call HUF vs. Put EUR
JPMorgan Chase Bank, N.A.
EUR
3,470,000
HUF
348.10
6/7/28
(40,955
)
Call HUF vs. Put EUR
JPMorgan Chase Bank, N.A.
EUR
3,470,000
HUF
350.40
6/8/28
(46,345
)
Call HUF vs. Put EUR
JPMorgan Chase Bank, N.A.
EUR
4,659,000
HUF
350.30
6/29/28
(63,111
)
Call HUF vs. Put EUR
JPMorgan Chase Bank, N.A.
EUR
1,317,000
HUF
353.10
7/13/28
(20,827
)
Call USD vs. Put INR
Barclays Bank PLC
USD
11,000,000
INR
100.00
9/10/26
(2,882
)
Call USD vs. Put INR
Goldman Sachs International
USD
10,000,000
INR
100.00
9/10/26
(2,620
)
Call USD vs. Put INR
Goldman Sachs International
USD
10,400,000
INR
100.50
10/16/26
(9,516
)
Call USD vs. Put INR
JPMorgan Chase Bank, N.A.
USD
11,000,000
INR
100.00
10/16/26
(13,244
)
Call USD vs. Put KRW
Barclays Bank PLC
USD
4,332,000
KRW
1,600.00
12/18/26
(11,705
)
Total
 
$(673,789
)
 
† Amount is less than 0.05% or (0.05)%, as applicable.
 
Forward Foreign Currency Exchange Contracts (Centrally Cleared) 
Currency Purchased
Currency Sold
Settlement
Date
Value/Unrealized
Appreciation
(Depreciation)
BRL
551,943,478
USD
105,987,257
8/4/26
$2,895,589
BRL
357,825,540
USD
69,594,877
8/4/26
993,987
BRL
181,805,000
USD
35,468,838
8/4/26
396,149
BRL
53,195,005
USD
10,377,960
8/4/26
115,910
BRL
13,000,000
USD
2,496,332
8/4/26
68,200
BRL
32,708,000
USD
6,404,543
8/4/26
47,821
BRL
9,460,000
USD
1,839,912
8/4/26
26,279
BRL
84,000,000
USD
16,832,149
8/4/26
(261,324
)
USD
24
BRL
122
8/4/26
(1
)
USD
1,170,469
BRL
6,000,000
8/4/26
(13,161
)
USD
1,545,556
BRL
8,000,000
8/4/26
(32,618
)
USD
3,211,227
BRL
16,460,000
8/4/26
(35,866
)
USD
2,125,604
BRL
11,000,000
8/4/26
(44,385
)
USD
2,322,035
BRL
12,000,000
8/4/26
(45,225
)
USD
4,638,129
BRL
24,000,000
8/4/26
(96,392
)
USD
10,214,801
BRL
53,195,005
8/4/26
(279,070
)
USD
10,050,743
BRL
52,562,462
8/4/26
(318,345
)
USD
10,176,176
BRL
53,327,538
8/4/26
(343,840
)
USD
40,966,417
BRL
210,000,000
8/4/26
(460,646
)
USD
24,738,757
BRL
128,290,000
8/4/26
(569,233
)
USD
34,911,207
BRL
181,805,000
8/4/26
(953,780
)
USD
102,871,827
BRL
527,297,018
8/4/26
(1,148,969
)
9

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased
Currency Sold
Settlement
Date
Value/Unrealized
Appreciation
(Depreciation)
PEN
33,000,000
USD
9,744,574
8/11/26
$(36,979
)
PEN
22,000,000
USD
6,546,645
8/11/26
(74,915
)
CLP
4,073,901,675
USD
4,368,262
8/31/26
14,260
CLP
6,589,497,847
USD
7,204,787
9/16/26
(115,137
)
CLP
23,694,500,000
USD
25,906,954
9/16/26
(414,009
)
COP
309,629,012,187
USD
85,298,424
9/16/26
11,872,680
COP
2,933,928,427
USD
808,256
9/16/26
112,501
EUR
130,826
USD
149,664
9/16/26
1,454
EUR
1,222,639
USD
1,413,421
9/16/26
(1,136
)
EUR
1,420,873
USD
1,642,588
9/16/26
(1,320
)
EUR
1,452,652
USD
1,679,325
9/16/26
(1,350
)
EUR
4,346,786
USD
5,025,062
9/16/26
(4,039
)
EUR
7,037,280
USD
8,135,383
9/16/26
(6,538
)
EUR
302,786,453
USD
350,033,494
9/16/26
(281,324
)
IDR
269,503,910,000
USD
14,899,185
9/16/26
(11,470
)
IDR
47,000,000,000
USD
2,613,289
9/16/26
(16,953
)
INR
15,288,925,776
USD
159,206,575
9/16/26
432,453
INR
1,017,663,537
USD
10,597,130
9/16/26
28,785
INR
679,797,363
USD
7,078,863
9/16/26
19,228
INR
72,000,000
USD
758,597
9/16/26
(6,811
)
INR
126,000,000
USD
1,326,883
9/16/26
(11,256
)
INR
144,000,000
USD
1,516,300
9/16/26
(12,727
)
INR
341,000,000
USD
3,592,878
9/16/26
(32,332
)
KRW
14,706,000,000
USD
9,704,369
9/16/26
490,909
KRW
9,097,000,000
USD
5,999,472
9/16/26
307,235
KRW
7,329,000,000
USD
4,819,491
9/16/26
261,509
KRW
7,107,000,000
USD
4,675,504
9/16/26
251,590
KRW
2,314,000,000
USD
1,518,773
9/16/26
85,462
PEN
30,000,000
USD
8,782,201
9/16/26
30,751
PEN
85,000,000
USD
24,951,565
9/16/26
18,467
PEN
124,857,218
USD
36,702,201
9/16/26
(23,511
)
TWD
21,356,661
USD
673,648
9/16/26
(11,486
)
TWD
22,467,950
USD
710,341
9/16/26
(13,724
)
TWD
31,524,043
USD
992,977
9/16/26
(15,576
)
TWD
25,249,079
USD
799,736
9/16/26
(16,890
)
TWD
33,183,194
USD
1,046,473
9/16/26
(17,630
)
TWD
34,570,985
USD
1,092,871
9/16/26
(21,000
)
TWD
40,861,892
USD
1,289,222
9/16/26
(22,302
)
TWD
52,194,300
USD
1,644,070
9/16/26
(25,790
)
TWD
56,321,077
USD
1,781,016
9/16/26
(34,785
)
TWD
57,240,968
USD
1,809,687
9/16/26
(34,935
)
TWD
78,315,819
USD
2,470,959
9/16/26
(42,783
)
TWD
99,549,581
USD
3,139,236
9/16/26
(52,709
)
TWD
114,482,116
USD
3,611,868
9/16/26
(62,358
)
10

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased
Currency Sold
Settlement
Date
Value/Unrealized
Appreciation
(Depreciation)
TWD
162,262,335
USD
5,119,348
9/16/26
$(88,415
)
USD
3,633,307
CLP
3,254,680,000
9/16/26
131,592
USD
4,633,720
CLP
4,238,000,000
9/16/26
74,050
USD
157,653
CLP
144,188,976
9/16/26
2,519
USD
77,106
COP
276,000,000
9/16/26
(9,512
)
USD
75,043
COP
271,000,000
9/16/26
(10,005
)
USD
205,596
COP
746,302,166
9/16/26
(28,617
)
USD
667,691
COP
2,390,000,000
9/16/26
(82,364
)
USD
650,746
COP
2,350,000,000
9/16/26
(86,756
)
USD
789,698
COP
2,813,103,000
9/16/26
(93,140
)
USD
1,157,114
COP
4,045,849,000
9/16/26
(112,598
)
USD
1,090,096
COP
3,902,000,000
9/16/26
(134,471
)
USD
1,062,516
COP
3,837,000,000
9/16/26
(141,653
)
USD
1,769,462
COP
6,198,424,000
9/16/26
(175,794
)
USD
1,525,873
COP
5,587,138,000
9/16/26
(227,542
)
USD
1,778,851
COP
6,457,140,625
9/16/26
(247,598
)
USD
2,181,310
COP
7,808,000,000
9/16/26
(269,080
)
USD
2,126,139
COP
7,678,000,000
9/16/26
(283,453
)
USD
2,587,869
COP
9,437,000,000
9/16/26
(373,752
)
USD
2,786,541
COP
10,109,569,000
9/16/26
(386,153
)
USD
2,904,723
COP
10,544,000,000
9/16/26
(404,308
)
USD
7,451,269
COP
26,194,936,000
9/16/26
(769,507
)
USD
5,812,559
COP
21,099,300,000
9/16/26
(809,050
)
USD
10,546,008
COP
38,492,930,000
9/16/26
(1,534,257
)
USD
15,132,560
COP
54,167,000,000
9/16/26
(1,866,709
)
USD
14,750,058
COP
53,266,000,000
9/16/26
(1,966,450
)
USD
40,322,234
COP
146,367,692,089
9/16/26
(5,612,448
)
USD
78,899,316
EUR
68,249,594
9/16/26
63,412
USD
67,919,917
EUR
58,752,180
9/16/26
54,588
USD
32,661,390
EUR
28,252,801
9/16/26
26,250
USD
29,287,419
EUR
25,334,243
9/16/26
23,539
USD
26,039,546
EUR
22,524,764
9/16/26
20,928
USD
11,557,978
EUR
9,997,898
9/16/26
9,289
USD
8,785,910
EUR
7,600,000
9/16/26
7,061
USD
7,454,243
EUR
6,448,079
9/16/26
5,991
USD
6,529,291
EUR
5,647,976
9/16/26
5,248
USD
3,918,298
EUR
3,389,412
9/16/26
3,149
USD
3,129,538
EUR
2,707,117
9/16/26
2,515
USD
2,498,943
EUR
2,161,639
9/16/26
2,008
USD
268,233
EUR
232,028
9/16/26
216
USD
1,661,832
EUR
1,452,652
9/16/26
(16,143
)
USD
5,905,817
IDR
106,668,497,590
9/16/26
13,322
USD
4,027,636
IDR
72,692,789,650
9/16/26
12,000
USD
6,988,833
IDR
126,322,453,090
9/16/26
10,631
11

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased
Currency Sold
Settlement
Date
Value/Unrealized
Appreciation
(Depreciation)
USD
5,251,925
IDR
94,904,381,080
9/16/26
$9,294
USD
17,752,366
IDR
322,738,010,000
9/16/26
(76,064
)
USD
21,438,818
INR
2,044,410,000
9/16/26
92,150
USD
2,651,050
INR
254,585,599
9/16/26
(7,201
)
USD
16,647,327
INR
1,597,644,000
9/16/26
(34,442
)
USD
26,345,385
INR
2,530,000,000
9/16/26
(71,562
)
USD
9,572,890
INR
926,560,000
9/16/26
(101,769
)
USD
9,056,377
KRW
13,849,310,000
9/16/26
(544,981
)
USD
16,668,272
PEN
56,703,795
9/16/26
10,678
USD
12,162,828
PEN
41,376,723
9/16/26
7,791
USD
5,737,970
PEN
19,520,000
9/16/26
3,676
USD
5,965,541
PEN
20,324,000
9/16/26
(4,941
)
USD
3,120,314
PEN
10,654,000
9/16/26
(9,459
)
USD
6,445,564
PEN
22,000,000
9/16/26
(17,267
)
USD
3,539,764
PEN
12,129,000
9/16/26
(23,313
)
USD
6,463,586
PEN
22,099,000
9/16/26
(28,328
)
USD
4,223,177
PEN
14,490,000
9/16/26
(33,479
)
USD
5,813,241
PEN
19,915,000
9/16/26
(37,091
)
USD
13,124,543
PEN
44,840,000
9/16/26
(47,883
)
USD
22,478,715
TWD
723,410,000
9/16/26
49,439
IDR
35,718,020,000
USD
1,980,978
9/17/26
(8,053
)
IDR
45,199,679,280
USD
2,505,914
9/17/26
(9,260
)
IDR
92,446,640,000
USD
5,122,549
9/17/26
(16,156
)
IDR
81,941,340,000
USD
4,542,707
9/17/26
(16,585
)
IDR
112,062,385,520
USD
6,213,606
9/17/26
(23,715
)
IDR
361,533,923,581
USD
20,046,239
9/17/26
(76,509
)
IDR
413,956,836,343
USD
22,952,971
9/17/26
(87,603
)
IDR
143,377,256,061
USD
8,417,419
9/17/26
(497,816
)
IDR
1,263,386,042,253
USD
74,246,947
9/17/26
(4,462,408
)
USD
26,801,751
IDR
456,058,591,580
9/17/26
1,610,845
USD
24,895,510
IDR
423,622,000,000
9/17/26
1,496,276
USD
14,073,795
IDR
239,479,700,000
9/17/26
845,867
USD
13,072,814
IDR
222,447,000,000
9/17/26
785,705
USD
8,765,485
IDR
149,074,600,000
9/17/26
531,183
USD
8,011,518
IDR
136,299,160,060
9/17/26
482,882
USD
8,271,447
IDR
143,377,256,061
9/17/26
351,844
USD
1,274,709
IDR
21,690,444,608
9/17/26
76,613
USD
1,184,003
IDR
20,147,000,000
9/17/26
71,161
USD
3,077,401
IDR
54,893,148,140
9/17/26
45,317
USD
3,853,201
IDR
69,247,421,100
9/17/26
28,243
USD
1,632,922
IDR
29,136,220,234
9/17/26
23,550
USD
3,843,198
IDR
69,175,646,600
9/17/26
22,204
USD
811,374
IDR
14,539,986,101
9/17/26
8,241
USD
752,768
IDR
13,493,031,045
9/17/26
7,465
12

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued)
Currency Purchased
Currency Sold
Settlement
Date
Value/Unrealized
Appreciation
(Depreciation)
USD
1,229,278
IDR
22,352,085,000
9/17/26
$(5,364
)
USD
1,231,708
IDR
22,420,440,000
9/17/26
(6,710
)
USD
2,267,737
IDR
41,286,415,000
9/17/26
(12,764
)
USD
2,784,861
IDR
50,651,060,000
9/17/26
(12,906
)
BRL
527,297,018
USD
101,471,239
10/2/26
1,146,353
BRL
210,000,000
USD
40,409,872
10/2/26
458,355
BRL
16,460,000
USD
3,167,506
10/2/26
35,784
BRL
6,000,000
USD
1,154,568
10/2/26
13,096
USD
10,236,665
BRL
53,195,005
10/2/26
(115,647
)
USD
34,985,934
BRL
181,805,000
10/2/26
(395,247
)
TWD
25,790,000
USD
808,236
10/8/26
(8,715
)
TWD
25,806,000
USD
809,726
10/8/26
(9,709
)
TWD
34,784,000
USD
1,089,724
10/8/26
(11,378
)
TWD
40,830,000
USD
1,281,343
10/8/26
(15,563
)
TWD
38,000,000
USD
1,203,745
10/8/26
(25,699
)
TWD
39,810,000
USD
1,262,699
10/8/26
(28,541
)
TWD
54,680,000
USD
1,733,122
10/8/26
(37,976
)
TWD
67,270,000
USD
2,132,861
10/8/26
(47,409
)
TWD
44,752,600
USD
1,398,519
10/13/26
(11,191
)
TWD
89,506,600
USD
2,797,431
10/13/26
(22,732
)
TWD
134,259,200
USD
4,186,703
10/13/26
(24,677
)
TWD
152,579,190
USD
4,759,577
10/13/26
(29,632
)
TWD
119,913,100
USD
3,749,042
10/13/26
(31,744
)
TWD
160,514,800
USD
5,010,967
10/13/26
(35,019
)
TWD
236,174,510
USD
7,382,299
10/13/26
(60,905
)
TWD
63,683,338
USD
2,017,984
10/22/26
(43,951
)
TWD
117,046,662
USD
3,706,471
10/22/26
(78,303
)
USD
4,358,279
CLP
4,073,901,675
10/28/26
(26,826
)
CLP
3,234,395,744
USD
3,462,703
10/30/26
18,854
USD
22,624,847
BRL
124,000,000
4/2/27
(621,427
)
 
 
 
$(2,539,932
)
 
Forward Foreign Currency Exchange Contracts (OTC) 
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
KZT
2,640,919,385
USD
5,573,794
Citibank, N.A.
8/3/26
$ —
$(5,700
)
KZT
2,311,708,615
USD
4,878,978
Deutsche Bank AG
8/3/26
 —
(4,989
)
KZT
4,952,628,000
USD
9,340,766
ICBC Standard Bank plc
8/3/26
1,101,318
 —
TRY
522,629,468
USD
10,976,843
Standard Chartered Bank
8/3/26
21,541
 —
USD
5,554,685
KZT
2,640,919,385
Citibank, N.A.
8/3/26
 —
(13,410
)
USD
4,583,995
KZT
2,311,708,615
Deutsche Bank AG
8/3/26
 —
(289,994
)
13

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
USD
11,018,876
TRY
522,629,468
Standard Chartered Bank
8/3/26
$20,492
$ —
USD
11,278,693
ZAR
185,856,226
Citibank, N.A.
8/3/26
29,167
 —
TRY
1,070,599,253
USD
22,489,162
Standard Chartered Bank
8/4/26
23,414
 —
KZT
1,926,000,000
USD
3,678,380
Deutsche Bank AG
8/6/26
379,339
 —
EUR
257,042
USD
293,604
Barclays Bank PLC
8/7/26
2,839
 —
EUR
25,080,000
USD
28,593,683
BNP Paribas
8/7/26
330,722
 —
EUR
428,642
USD
489,370
BNP Paribas
8/7/26
4,976
 —
EUR
4,927,049
USD
5,623,167
Societe Generale
8/7/26
59,128
 —
EUR
105,096
USD
119,944
Societe Generale
8/7/26
1,261
 —
KZT
514,915,000
USD
894,913
Deutsche Bank AG
8/7/26
189,510
 —
TRY
382,995,673
USD
8,034,397
Standard Chartered Bank
8/7/26
560
 —
USD
1,355,964
KZT
643,947,057
Deutsche Bank AG
8/7/26
 —
(204
)
USD
72,382
KZT
35,895,822
Goldman Sachs International
8/7/26
 —
(3,215
)
KZT
2,640,919,385
USD
5,542,328
Citibank, N.A.
8/10/26
13,263
 —
KZT
514,945,000
USD
894,492
Deutsche Bank AG
8/10/26
188,776
 —
KZT
79,186,976
USD
169,049
Deutsche Bank AG
8/10/26
 —
(2,466
)
TRY
522,629,468
USD
10,960,039
Standard Chartered Bank
8/10/26
 —
(21,048
)
USD
2,319,768
KZT
1,152,112,715
Deutsche Bank AG
8/10/26
 —
(103,883
)
USD
2,249,841
KZT
1,121,982,073
Deutsche Bank AG
8/10/26
 —
(110,426
)
USD
4,129,789
KZT
2,051,059,710
Deutsche Bank AG
8/10/26
 —
(184,939
)
VND
16,348,886,000
USD
611,402
Citibank, N.A.
8/12/26
9,903
 —
USD
764,929
UYU
30,832,000
Citibank, N.A.
8/21/26
 —
(758
)
GHS
1,613,000
USD
144,665
Standard Chartered Bank
8/24/26
 —
(7,116
)
VND
11,493,930,700
USD
429,519
Goldman Sachs International
8/26/26
6,888
 —
USD
2,686,328
KZT
1,291,720,913
Deutsche Bank AG
8/27/26
 —
(13,832
)
USD
2,686,328
KZT
1,292,123,862
Deutsche Bank AG
8/27/26
 —
(14,674
)
USD
2,590,566
KZT
1,247,357,439
Deutsche Bank AG
8/31/26
 —
(12,986
)
USD
5,181,132
KZT
2,494,714,878
Deutsche Bank AG
8/31/26
 —
(25,972
)
GHS
1,645,129
USD
144,691
Standard Chartered Bank
9/1/26
 —
(4,600
)
EUR
10,648,464
PLN
46,443,277
Barclays Bank PLC
9/2/26
 —
(138,275
)
PLN
46,443,277
EUR
10,933,876
Barclays Bank PLC
9/2/26
 —
(191,226
)
EUR
10,918,643
PLN
47,738,492
Barclays Bank PLC
9/4/26
 —
(171,996
)
KZT
1,097,017,077
USD
2,054,724
Bank of America, N.A.
9/4/26
231,633
 —
KZT
1,095,681,507
USD
2,054,724
Bank of America, N.A.
9/4/26
228,850
 —
PLN
47,738,492
EUR
11,236,288
Barclays Bank PLC
9/4/26
 —
(194,745
)
USD
665,330
KZT
317,628,640
Deutsche Bank AG
9/4/26
3,342
 —
USD
1,556,999
KZT
794,303,080
Deutsche Bank AG
9/4/26
 —
(98,454
)
EUR
21,835,109
PLN
95,091,901
Barclays Bank PLC
9/8/26
 —
(239,517
)
KZT
1,091,736,437
USD
2,048,670
Bank of America, N.A.
9/8/26
223,507
 —
PLN
95,091,901
EUR
22,377,987
Barclays Bank PLC
9/8/26
 —
(387,370
)
USD
245,087
UYU
9,976,000
HSBC Bank USA, N.A.
9/8/26
 —
(2,320
)
EUR
16,022,181
PLN
69,760,576
Barclays Bank PLC
9/9/26
 —
(170,746
)
PLN
69,760,576
EUR
16,418,116
Barclays Bank PLC
9/9/26
 —
(286,477
)
KZT
1,725,761,095
USD
3,288,730
Deutsche Bank AG
9/14/26
295,511
 —
14

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
KZT
1,470,018,955
USD
2,811,819
Deutsche Bank AG
9/14/26
$241,270
$ —
USD
389,688
KZT
194,980,490
Citibank, N.A.
9/14/26
 —
(15,268
)
USD
992,843
KZT
496,521,000
Citibank, N.A.
9/14/26
 —
(38,383
)
USD
2,570,979
KZT
1,248,981,673
Deutsche Bank AG
9/14/26
 —
(23,036
)
USD
2,570,979
KZT
1,249,752,967
Deutsche Bank AG
9/14/26
 —
(24,638
)
USD
2,570,979
KZT
1,250,010,065
Deutsche Bank AG
9/14/26
 —
(25,172
)
USD
2,570,979
KZT
1,250,524,261
Deutsche Bank AG
9/14/26
 —
(26,240
)
EGP
31,467,000
USD
611,366
Goldman Sachs International
9/15/26
 —
(7,156
)
USD
524,887
EGP
31,467,000
Deutsche Bank AG
9/15/26
 —
(79,323
)
USD
26,619,365
MYR
107,300,000
Barclays Bank PLC
9/15/26
329,595
 —
USD
1,865,092
MYR
7,518,000
Barclays Bank PLC
9/15/26
23,093
 —
USD
18,408,589
MYR
74,240,000
Goldman Sachs International
9/15/26
218,911
 —
CNH
5,648,783
USD
840,053
Citibank, N.A.
9/16/26
 —
(1,007
)
CNH
186,740,831
USD
27,770,982
Citibank, N.A.
9/16/26
 —
(33,280
)
CNH
336,565,326
USD
50,051,987
Citibank, N.A.
9/16/26
 —
(59,980
)
CNH
351,897,303
USD
52,263,740
Goldman Sachs International
9/16/26
5,614
 —
CNH
195,247,736
USD
28,998,168
Goldman Sachs International
9/16/26
3,115
 —
CNH
5,906,117
USD
877,176
Goldman Sachs International
9/16/26
94
 —
CNH
503,174,160
USD
74,729,761
JPMorgan Chase Bank, N.A.
9/16/26
9,626
 —
CNH
279,182,700
USD
41,463,290
JPMorgan Chase Bank, N.A.
9/16/26
5,341
 —
CNH
8,445,100
USD
1,254,238
JPMorgan Chase Bank, N.A.
9/16/26
162
 —
CZK
1,958,310,597
EUR
80,554,305
BNP Paribas
9/16/26
226,262
 —
CZK
91,000,000
EUR
3,743,248
BNP Paribas
9/16/26
10,514
 —
CZK
47,830,000
EUR
1,973,373
JPMorgan Chase Bank, N.A.
9/16/26
 —
(1,296
)
EUR
3,845,190
CZK
93,478,254
BNP Paribas
9/16/26
 —
(10,800
)
EUR
6,761,129
CZK
164,366,029
BNP Paribas
9/16/26
 —
(18,991
)
EUR
10,884,213
CZK
264,600,000
BNP Paribas
9/16/26
 —
(30,572
)
EUR
8,569,188
CZK
207,610,000
Citibank, N.A.
9/16/26
9,783
 —
EUR
5,117,000
HUF
1,826,770,000
HSBC Bank USA, N.A.
9/16/26
147,985
 —
EUR
23,217,953
HUF
8,259,007,658
JPMorgan Chase Bank, N.A.
9/16/26
765,494
 —
EUR
26,029,870
HUF
9,290,711,400
Societe Generale
9/16/26
758,964
 —
EUR
5,462,492
HUF
1,949,700,000
Societe Generale
9/16/26
159,272
 —
EUR
17,110,169
HUF
6,095,542,342
UBS AG
9/16/26
535,182
 —
EUR
15,730,628
PLN
68,305,062
Barclays Bank PLC
9/16/26
 —
(112,891
)
EUR
16,276,090
PLN
69,390,000
BNP Paribas
9/16/26
226,768
 —
EUR
7,474,601
PLN
32,455,007
JPMorgan Chase Bank, N.A.
9/16/26
 —
(53,379
)
EUR
4,306,224
PLN
18,712,870
Societe Generale
9/16/26
 —
(34,788
)
EUR
6,028,714
PLN
26,207,061
Societe Generale
9/16/26
 —
(51,124
)
EUR
19,589,580
PLN
83,482,562
Standard Chartered Bank
9/16/26
281,999
 —
EUR
18,983,570
PLN
80,900,000
Standard Chartered Bank
9/16/26
273,275
 —
EUR
6,290,020
PLN
26,805,424
Standard Chartered Bank
9/16/26
90,547
 —
EUR
7,291,686
RON
38,600,000
BNP Paribas
9/16/26
 —
(38,064
)
EUR
40,996,960
RON
217,025,606
BNP Paribas
9/16/26
 —
(214,009
)
EUR
6,084,282
RON
32,310,000
Deutsche Bank AG
9/16/26
 —
(54,038
)
15

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
HUF
4,212,462,901
EUR
11,764,356
Barclays Bank PLC
9/16/26
$ —
$(300,525
)
HUF
452,746,579
EUR
1,268,463
JPMorgan Chase Bank, N.A.
9/16/26
 —
(36,983
)
HUF
32,319,129,044
EUR
90,548,796
Societe Generale
9/16/26
 —
(2,640,169
)
JPY
889,781
USD
5,598
Goldman Sachs International
9/16/26
14
 —
KZT
1,718,525,888
USD
3,288,730
Deutsche Bank AG
9/16/26
278,001
 —
KZT
857,865,234
USD
1,644,365
Deutsche Bank AG
9/16/26
136,100
 —
PLN
12,640,000
EUR
2,933,809
Goldman Sachs International
9/16/26
 —
(5,472
)
PLN
13,110,000
EUR
3,050,266
Goldman Sachs International
9/16/26
 —
(14,185
)
PLN
6,500,000
EUR
1,525,256
Standard Chartered Bank
9/16/26
 —
(21,957
)
PLN
16,122,277
EUR
3,783,169
Standard Chartered Bank
9/16/26
 —
(54,460
)
PLN
88,138,374
EUR
20,682,088
Standard Chartered Bank
9/16/26
 —
(297,726
)
PLN
468,054,795
EUR
109,831,282
Standard Chartered Bank
9/16/26
 —
(1,581,062
)
RON
181,401,061
EUR
34,267,348
BNP Paribas
9/16/26
178,880
 —
RON
5,000,000
EUR
944,519
BNP Paribas
9/16/26
4,931
 —
RON
57,650,000
EUR
10,913,695
Deutsche Bank AG
9/16/26
29,829
 —
RON
8,910,000
EUR
1,691,289
Standard Chartered Bank
9/16/26
 —
(636
)
THB
114,510,000
USD
3,438,374
Standard Chartered Bank
9/16/26
2,486
 —
THB
348,036,230
USD
10,649,921
Standard Chartered Bank
9/16/26
 —
(191,935
)
THB
646,152,250
USD
19,758,957
Standard Chartered Bank
9/16/26
 —
(343,014
)
THB
472,631,662
USD
14,565,531
Standard Chartered Bank
9/16/26
 —
(363,631
)
THB
1,152,501,978
USD
35,128,005
Standard Chartered Bank
9/16/26
 —
(496,983
)
THB
1,309,661,100
USD
39,962,685
Standard Chartered Bank
9/16/26
 —
(609,258
)
USD
14,402,548
CNH
96,847,271
Citibank, N.A.
9/16/26
17,259
 —
USD
8,661,470
CNH
58,242,450
Citibank, N.A.
9/16/26
10,380
 —
USD
8,004,210
CNH
53,822,832
Citibank, N.A.
9/16/26
9,592
 —
USD
6,472,757
CNH
43,524,856
Citibank, N.A.
9/16/26
7,757
 —
USD
2,079,392
CNH
13,982,485
Citibank, N.A.
9/16/26
2,492
 —
USD
19,291,103
CNH
129,840,000
Goldman Sachs International
9/16/26
5,212
 —
USD
2,171,285
CNH
14,619,495
Goldman Sachs International
9/16/26
 —
(233
)
USD
6,758,782
CNH
45,507,594
Goldman Sachs International
9/16/26
 —
(726
)
USD
8,357,906
CNH
56,274,668
Goldman Sachs International
9/16/26
 —
(898
)
USD
9,044,219
CNH
60,895,684
Goldman Sachs International
9/16/26
 —
(972
)
USD
15,038,982
CNH
101,259,059
Goldman Sachs International
9/16/26
 —
(1,615
)
USD
3,104,637
CNH
20,904,300
JPMorgan Chase Bank, N.A.
9/16/26
 —
(400
)
USD
9,664,100
CNH
65,070,800
JPMorgan Chase Bank, N.A.
9/16/26
 —
(1,245
)
USD
11,950,618
CNH
80,466,500
JPMorgan Chase Bank, N.A.
9/16/26
 —
(1,539
)
USD
12,931,957
CNH
87,074,100
JPMorgan Chase Bank, N.A.
9/16/26
 —
(1,666
)
USD
21,503,610
CNH
144,789,185
JPMorgan Chase Bank, N.A.
9/16/26
 —
(2,770
)
USD
2,861,530
KZT
1,383,549,862
Bank of America, N.A.
9/16/26
 —
(9,972
)
USD
2,906,237
KZT
1,408,362,634
Bank of America, N.A.
9/16/26
 —
(16,763
)
USD
2,918,469
KZT
1,405,564,000
Deutsche Bank AG
9/16/26
1,278
 —
USD
15,405,708
THB
501,600,000
Standard Chartered Bank
9/16/26
333,351
 —
USD
10,865,950
THB
356,100,000
Standard Chartered Bank
9/16/26
165,659
 —
USD
10,853,675
THB
356,100,000
Standard Chartered Bank
9/16/26
153,384
 —
16

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
USD
2,593,810
THB
85,004,610
Standard Chartered Bank
9/16/26
$39,544
$ —
USD
2,590,880
THB
85,004,603
Standard Chartered Bank
9/16/26
36,614
 —
USD
1,076,831
THB
35,290,000
Standard Chartered Bank
9/16/26
16,417
 —
USD
1,075,614
THB
35,290,000
Standard Chartered Bank
9/16/26
15,201
 —
USD
1,014,852
UYU
41,000,000
Citibank, N.A.
9/16/26
 —
(1,339
)
USD
15,659,037
ZAR
258,883,023
Bank of America, N.A.
9/16/26
41,832
 —
USD
9,812,852
ZAR
166,253,258
Bank of America, N.A.
9/16/26
 —
(216,432
)
USD
3,555,975
ZAR
58,677,214
Barclays Bank PLC
9/16/26
16,252
 —
USD
2,134,639
ZAR
35,969,797
Barclays Bank PLC
9/16/26
 —
(35,251
)
USD
11,174,358
ZAR
185,856,226
BNP Paribas
9/16/26
 —
(37,481
)
USD
20,297,810
ZAR
336,600,000
Deutsche Bank AG
9/16/26
 —
(7,697
)
USD
34,914,040
ZAR
578,981,964
Deutsche Bank AG
9/16/26
 —
(13,240
)
USD
113,369,239
ZAR
1,880,010,021
Deutsche Bank AG
9/16/26
 —
(42,992
)
USD
14,782,064
ZAR
242,340,000
Goldman Sachs International
9/16/26
162,823
 —
USD
7,433,247
ZAR
123,141,392
HSBC Bank USA, N.A.
9/16/26
4,701
 —
USD
7,428,762
ZAR
123,141,392
HSBC Bank USA, N.A.
9/16/26
217
 —
USD
41,432,164
ZAR
687,218,732
HSBC Bank USA, N.A.
9/16/26
 —
(24,535
)
USD
3,401,022
ZAR
57,598,000
HSBC Bank USA, N.A.
9/16/26
 —
(73,597
)
USD
6,720,671
ZAR
111,236,499
UBS AG
9/16/26
10,292
 —
UYU
100,100,000
USD
2,443,549
HSBC Bank USA, N.A.
9/16/26
37,442
 —
VND
16,489,097,930
USD
618,612
JPMorgan Chase Bank, N.A.
9/16/26
6,583
 —
ZAR
2,092,514,735
USD
126,183,798
Deutsche Bank AG
9/16/26
47,852
 —
ZAR
43,713,348
USD
2,636,023
Deutsche Bank AG
9/16/26
1,000
 —
ZAR
191,299,607
USD
11,654,188
Standard Chartered Bank
9/16/26
 —
(113,975
)
MXN
2,921,772,495
USD
166,406,908
Goldman Sachs International
9/17/26
1,669,437
 —
MXN
46,216,002
USD
2,632,191
Goldman Sachs International
9/17/26
26,407
 —
MXN
44,180,000
USD
2,551,944
HSBC Bank USA, N.A.
9/17/26
 —
(10,468
)
MXN
34,030,000
USD
1,933,970
UBS AG
9/17/26
23,622
 —
MXN
70,000,000
USD
4,040,637
UBS AG
9/17/26
 —
(13,854
)
MYR
4,580,000
USD
1,139,871
Barclays Bank PLC
9/17/26
 —
(17,663
)
MYR
19,000,000
USD
4,705,183
Barclays Bank PLC
9/17/26
 —
(49,737
)
MYR
18,000,000
USD
4,484,193
Barclays Bank PLC
9/17/26
 —
(73,771
)
MYR
67,000,000
USD
16,591,962
Barclays Bank PLC
9/17/26
 —
(175,390
)
MYR
75,583,045
USD
18,736,037
Barclays Bank PLC
9/17/26
 —
(216,418
)
MYR
61,000,000
USD
15,196,433
Barclays Bank PLC
9/17/26
 —
(250,002
)
MYR
71,000,000
USD
17,688,973
Barclays Bank PLC
9/17/26
 —
(292,308
)
MYR
268,895,250
USD
66,655,574
Barclays Bank PLC
9/17/26
 —
(769,931
)
MYR
247,000,000
USD
61,537,695
Barclays Bank PLC
9/17/26
 —
(1,016,902
)
USD
20,934,410
MXN
364,940,000
Citibank, N.A.
9/17/26
 —
(58,936
)
USD
373,396
MXN
6,556,095
Goldman Sachs International
9/17/26
 —
(3,746
)
USD
27,184,190
MXN
477,300,000
Goldman Sachs International
9/17/26
 —
(272,719
)
USD
154,994,740
MXN
2,721,397,641
Goldman Sachs International
9/17/26
 —
(1,554,947
)
USD
3,455,764
MXN
60,980,000
Standard Chartered Bank
9/17/26
 —
(52,140
)
USD
4,624,788
MYR
18,840,000
Barclays Bank PLC
9/17/26
8,546
 —
17

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
USD
6,700,488
MYR
27,340,000
Goldman Sachs International
9/17/26
$1,546
$ —
USD
1,030,208
UYU
41,538,000
Bank of America, N.A.
9/23/26
1,231
 —
MNT
1,284,122,600
USD
335,280
JPMorgan Chase Bank, N.A.
9/28/26
17,330
 —
USD
54,253
UYU
2,194,000
Deutsche Bank AG
9/28/26
 —
(76
)
MNT
1,323,083,000
USD
344,822
JPMorgan Chase Bank, N.A.
10/5/26
18,036
 —
USD
1,174,837
UZS
14,318,913,000
Deutsche Bank AG
10/5/26
 —
(12,755
)
UZS
14,318,913,000
USD
889,374
Deutsche Bank AG
10/5/26
298,219
 —
USD
646,966
UZS
7,887,808,991
Deutsche Bank AG
10/7/26
 —
(7,060
)
UZS
7,887,808,991
USD
489,926
Deutsche Bank AG
10/7/26
164,099
 —
VND
8,140,479,280
USD
305,953
Citibank, N.A.
10/9/26
2,187
 —
VND
34,076,204,217
USD
1,281,301
Goldman Sachs International
10/13/26
8,087
 —
RUB
118,401,000
USD
1,477,980
Deutsche Bank AG
10/14/26
 —
(25,376
)
KZT
1,660,336,000
USD
2,718,520
Deutsche Bank AG
10/15/26
693,912
 —
USD
5,361,582
KZT
2,601,171,591
Deutsche Bank AG
10/15/26
15,482
 —
USD
1,093,902
KZT
534,917,939
Deutsche Bank AG
10/15/26
 —
(5,497
)
USD
2,570,979
KZT
1,254,894,926
Deutsche Bank AG
10/15/26
 —
(8,164
)
USD
2,570,979
KZT
1,256,951,709
Deutsche Bank AG
10/15/26
 —
(12,391
)
USD
2,570,979
KZT
1,257,208,807
Deutsche Bank AG
10/15/26
 —
(12,919
)
USD
3,047,035
KZT
1,490,000,000
Deutsche Bank AG
10/15/26
 —
(15,312
)
VND
20,885,415,291
USD
784,724
JPMorgan Chase Bank, N.A.
10/16/26
5,322
 —
UGX
1,121,932,248
USD
295,790
Standard Chartered Bank
10/20/26
430
 —
UGX
1,094,598,259
USD
294,012
Standard Chartered Bank
10/20/26
 —
(5,009
)
USD
450,384
UGX
1,661,917,000
Standard Chartered Bank
10/20/26
11,593
 —
USD
145,803
UGX
554,613,507
Standard Chartered Bank
10/20/26
 —
(630
)
UGX
1,405,145,372
USD
370,360
Standard Chartered Bank
10/21/26
579
 —
UGX
2,543,759,518
USD
674,117
Standard Chartered Bank
10/21/26
 —
(2,600
)
USD
450,384
UGX
1,675,429,000
Standard Chartered Bank
10/21/26
8,094
 —
USD
602,480
UGX
2,273,475,890
Standard Chartered Bank
10/21/26
2,314
 —
VND
23,305,986,582
USD
879,139
Standard Chartered Bank
10/22/26
1,970
 —
GHS
4,159,848
USD
361,729
Standard Chartered Bank
10/23/26
 —
(10,695
)
KZT
1,644,105,000
USD
2,697,465
Deutsche Bank AG
10/23/26
673,018
 —
UGX
1,673,177,000
USD
441,006
Standard Chartered Bank
10/23/26
553
 —
USD
450,384
UGX
1,673,177,000
Standard Chartered Bank
10/23/26
8,825
 —
KZT
2,513,643,000
USD
4,154,095
Deutsche Bank AG
10/27/26
992,436
 —
USD
4,267,558
KZT
2,059,523,241
Deutsche Bank AG
10/27/26
50,809
 —
USD
2,133,779
KZT
1,031,895,399
Deutsche Bank AG
10/27/26
21,036
 —
USD
2,133,779
KZT
1,034,029,178
Deutsche Bank AG
10/27/26
16,667
 —
KZT
1,478,011,000
USD
2,705,741
Bank of America, N.A.
11/2/26
314,645
 —
KZT
528,673,641
USD
894,492
Deutsche Bank AG
11/3/26
185,535
 —
UGX
298,593,000
USD
78,598
Standard Chartered Bank
11/3/26
68
 —
UGX
3,056,768,000
USD
829,516
Standard Chartered Bank
11/3/26
 —
(24,194
)
USD
900,768
UGX
3,355,361,000
Standard Chartered Bank
11/3/26
16,779
 —
UGX
838,840,000
USD
221,213
Standard Chartered Bank
11/6/26
 —
(348
)
USD
225,192
UGX
838,840,000
Standard Chartered Bank
11/6/26
4,327
 —
18

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
ZMW
7,997,000
USD
329,501
Societe Generale
11/6/26
$93,248
$ —
UGX
2,031,139,536
USD
535,356
Standard Chartered Bank
11/10/26
 —
(1,034
)
UGX
1,334,129,464
USD
360,089
Standard Chartered Bank
11/10/26
 —
(9,126
)
USD
450,384
UGX
1,682,184,000
Standard Chartered Bank
11/10/26
7,860
 —
USD
450,384
UGX
1,683,085,000
Standard Chartered Bank
11/10/26
7,623
 —
KES
89,687,000
USD
676,883
Standard Chartered Bank
11/12/26
11,247
 —
UGX
1,691,192,000
USD
447,184
Standard Chartered Bank
11/12/26
 —
(2,488
)
USD
647,560
KES
89,687,000
Standard Chartered Bank
11/12/26
 —
(40,570
)
USD
450,384
UGX
1,691,192,000
Standard Chartered Bank
11/12/26
5,688
 —
UGX
857,982,000
USD
226,023
Standard Chartered Bank
11/13/26
 —
(468
)
USD
225,192
UGX
857,982,000
Standard Chartered Bank
11/13/26
 —
(363
)
UGX
1,756,498,000
USD
462,845
Standard Chartered Bank
11/16/26
 —
(1,386
)
USD
450,384
UGX
1,756,498,000
Bank of America, N.A.
11/16/26
 —
(11,075
)
TRY
448,541,940
USD
8,116,268
Standard Chartered Bank
11/19/26
506,726
 —
USD
8,173,075
TRY
448,541,940
Standard Chartered Bank
11/19/26
 —
(449,919
)
GHS
4,345,683
USD
363,656
Societe Generale
12/7/26
205
 —
GHS
2,528,000
USD
216,997
Standard Chartered Bank
12/11/26
 —
(5,480
)
KZT
885,901,658
USD
1,644,365
Deutsche Bank AG
12/14/26
142,108
 —
KZT
855,069,814
USD
1,584,196
Deutsche Bank AG
12/14/26
140,103
 —
KZT
744,471,565
USD
1,383,390
Deutsche Bank AG
12/14/26
117,881
 —
MYR
16,000,000
USD
3,874,092
Barclays Bank PLC
12/16/26
55,685
 —
MYR
7,050,000
USD
1,721,822
Barclays Bank PLC
12/16/26
9,736
 —
MYR
22,000,000
USD
5,333,463
State Street Bank and Trust Company
12/16/26
69,980
 —
NGN
2,398,197,000
USD
1,616,398
JPMorgan Chase Bank, N.A.
12/16/26
60,270
 —
USD
1,652,789
NGN
2,398,197,000
Citibank, N.A.
12/16/26
 —
(23,879
)
KZT
1,264,085,881
USD
2,378,337
Deutsche Bank AG
12/17/26
168,365
 —
RUB
159,289,000
USD
1,927,435
ICBC Standard Bank plc
1/13/27
 —
(28,724
)
NGN
891,546,000
USD
555,480
Standard Chartered Bank
1/21/27
61,263
 —
USD
608,149
NGN
891,546,000
Bank of America, N.A.
1/21/27
 —
(8,595
)
USD
1,196,159
EUR
984,630
State Street Bank and Trust Company
1/25/27
52,798
 —
KES
227,771,000
USD
1,692,207
Citibank, N.A.
2/3/27
41,401
 —
USD
676,879
KES
95,440,000
Citibank, N.A.
2/3/27
 —
(49,532
)
USD
294,570
KES
39,767,000
JPMorgan Chase Bank, N.A.
2/3/27
 —
(8,104
)
USD
676,885
KES
92,564,000
JPMorgan Chase Bank, N.A.
2/3/27
 —
(27,637
)
KES
90,871,000
USD
676,879
Standard Chartered Bank
2/18/27
12,876
 —
USD
674,112
KES
90,871,000
Standard Chartered Bank
2/18/27
 —
(15,643
)
KES
90,702,000
USD
676,881
Standard Chartered Bank
2/24/27
10,843
 —
USD
663,263
KES
90,702,000
Standard Chartered Bank
2/24/27
 —
(24,461
)
KES
93,025,000
USD
692,671
Standard Chartered Bank
3/2/27
11,900
 —
USD
662,100
KES
93,025,000
Standard Chartered Bank
3/2/27
 —
(42,472
)
KES
93,683,000
USD
692,671
Standard Chartered Bank
3/8/27
16,115
 —
USD
669,164
KES
93,683,000
Standard Chartered Bank
3/8/27
 —
(39,622
)
GHS
1,687,000
USD
145,432
Standard Chartered Bank
3/11/27
 —
(6,303
)
KZT
713,943,000
USD
1,291,036
Deutsche Bank AG
3/11/27
110,786
 —
19

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
USD
3,370,985
UZS
42,133,946,000
Deutsche Bank AG
3/11/27
$ —
$(36,914
)
UZS
28,096,455,000
USD
2,147,226
Deutsche Bank AG
3/11/27
125,286
 —
UZS
14,037,491,000
USD
1,073,613
Deutsche Bank AG
3/11/27
61,774
 —
USD
2,248,326
UZS
28,101,823,000
Deutsche Bank AG
3/12/27
 —
(24,285
)
UZS
14,064,332,000
USD
1,073,613
Deutsche Bank AG
3/12/27
63,777
 —
UZS
14,037,491,000
USD
1,073,613
Deutsche Bank AG
3/12/27
61,607
 —
NGN
2,968,805,000
USD
1,953,161
JPMorgan Chase Bank, N.A.
3/15/27
65,874
 —
USD
1,981,846
NGN
2,968,805,000
Standard Chartered Bank
3/15/27
 —
(37,189
)
USD
3,362,385
UZS
42,053,354,248
Deutsche Bank AG
3/17/27
 —
(35,981
)
UZS
20,471,041,723
USD
1,570,467
Deutsche Bank AG
3/17/27
83,815
 —
UZS
10,227,668,525
USD
785,234
Deutsche Bank AG
3/17/27
41,273
 —
UZS
7,571,699,000
USD
580,875
Deutsche Bank AG
3/17/27
31,001
 —
UZS
2,064,207,000
USD
158,480
Deutsche Bank AG
3/17/27
8,330
 —
UZS
1,718,738,000
USD
131,957
Deutsche Bank AG
3/17/27
6,936
 —
USD
3,533,243
UZS
44,193,806,109
Deutsche Bank AG
3/18/27
 —
(37,568
)
UZS
20,510,303,406
USD
1,570,467
Deutsche Bank AG
3/18/27
86,743
 —
UZS
10,255,151,703
USD
785,234
Deutsche Bank AG
3/18/27
43,371
 —
UZS
8,952,234,000
USD
685,470
Deutsche Bank AG
3/18/27
37,861
 —
UZS
4,476,117,000
USD
342,735
Deutsche Bank AG
3/18/27
18,930
 —
USD
1,133,134
UZS
14,175,503,521
Deutsche Bank AG
3/19/27
 —
(12,062
)
UZS
14,175,503,521
USD
1,081,274
Deutsche Bank AG
3/19/27
63,922
 —
USD
2,043,869
UZS
25,583,110,000
Deutsche Bank AG
3/24/27
 —
(21,388
)
UZS
25,583,110,000
USD
1,942,234
Deutsche Bank AG
3/24/27
123,023
 —
RUB
331,705,000
USD
3,854,865
ICBC Standard Bank plc
4/13/27
 —
(5,628
)
USD
485,615
UZS
6,186,729,000
Deutsche Bank AG
10/25/27
 —
(2,212
)
UZS
6,186,729,000
USD
344,953
Deutsche Bank AG
10/25/27
142,874
 —
 
 
 
 
$17,506,426
$(17,200,173
)
 
Forward Volatility Agreements (OTC) 
Reference Entity
Counterparty
Strike
Volatility Rate
Expiration
Date(1)
Notional
Amount
(000s omitted)
Value/Unrealized
Appreciation
(Depreciation)
EUR vs. HUF, 1 year term
BNP Paribas
7.80%
6/15/27
$7,650
$47,522
EUR vs. HUF, 1 year term
JPMorgan Chase Bank, N.A.
8.11
6/11/27
3,575
12,417
 
 
 
 
$59,939
 
(1)
At the expiration date, the Portfolio will purchase from the counterparty an option straddle expiring in 12 months with a strike rate to be determined on
this date.
20

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
Non-Deliverable Bond Forward Contracts1 
Settlement Date
Notional Amount
(000's omitted)
Reference Entity
Counterparty
Aggregate Cost
Unrealized
Appreciation
(Depreciation)
8/10/26
COP
2,145,400
Republic of Colombia,
11.75%, 1/24/35
Goldman Sachs International
$679,996
$(12,580
)
8/25/26
COP
18,000,000
Republic of Colombia,
6.00%, 4/28/28
Goldman Sachs International
5,705,193
7,172
9/1/26
COP
3,686,000
Republic of Colombia,
12.50%, 2/27/30
Bank of America, N.A.
1,168,297
(16,182
)
9/3/26
COP
56,900,000
Republic of Colombia,
6.00%, 4/28/28
Bank of America, N.A.
18,034,751
(75,205
)
 
 
 
 
$(96,795
)
 
1
Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.
 
Futures Contracts 
Description
Number of
Contracts
Position
Expiration
Date
Notional
Amount
Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Futures
Euro-Bobl
(61
)
Short
9/8/26
$(8,007,749
)
$53,460
U.S. 5-Year Treasury Note
(86
)
Short
9/30/26
(9,113,984
)
54,325
U.S. 10-Year Treasury Note
(212
)
Short
9/21/26
(22,896,000
)
251,364
U.S. Long Treasury Bond
(4
)
Short
9/21/26
(433,250
)
7,249
 
$366,398
 
Interest Rate Swaps (Centrally Cleared) 
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
BRL
    88,800
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
10.06%
(pays upon termination)
1/4/27
$ (2,297,424)
$ —
$(2,297,424
)
BRL
    34,300
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
10.47%
(pays upon termination)
1/4/27
   (778,353)
 —
(778,353
)
BRL
    66,680
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
14.78%
(pays upon termination)
1/4/27
     89,315
 —
89,315
BRL
    37,684
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
10.33%
(pays upon termination)
1/2/29
 (1,199,710)
 —
(1,199,710
)
BRL
    28,020
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
11.89%
(pays upon termination)
1/2/29
   (535,438)
 —
(535,438
)
21

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
BRL
    67,456
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
12.61%
(pays upon termination)
1/2/29
$   (529,465)
$ —
$(529,465
)
BRL
    90,100
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
12.61%
(pays upon termination)
1/2/29
   (712,857)
 —
(712,857
)
BRL
   108,100
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
12.96%
(pays upon termination)
1/2/29
   (707,383)
 —
(707,383
)
BRL
    37,010
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.02%
(pays upon termination)
1/2/29
   (319,970)
 —
(319,970
)
BRL
    26,045
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.20%
(pays upon termination)
1/2/29
   (177,127)
 —
(177,127
)
BRL
    19,090
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.20%
(pays upon termination)
1/2/29
    (90,452)
 —
(90,452
)
BRL
    38,790
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.40%
(pays upon termination)
1/2/29
   (223,788)
 —
(223,788
)
BRL
    48,206
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.51%
(pays upon termination)
1/2/29
   (274,679)
 —
(274,679
)
BRL
    60,900
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.99%
(pays upon termination)
1/2/29
     (9,671)
 —
(9,671
)
BRL
    14,252
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
12.97%
(pays upon termination)
1/2/31
   (168,353)
 —
(168,353
)
BRL
    16,000
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.03%
(pays upon termination)
1/2/31
   (181,046)
 —
(181,046
)
BRL
    15,200
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.10%
(pays upon termination)
1/2/31
   (218,811)
 —
(218,811
)
BRL
    15,160
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.13%
(pays upon termination)
1/2/31
   (182,734)
 —
(182,734
)
BRL
    21,574
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.30%
(pays upon termination)
1/2/31
   (220,530)
 —
(220,530
)
BRL
    36,700
Pays
Brazil CETIP Interbank
Deposit Rate
(pays upon termination)
13.46%
(pays upon termination)
1/2/31
   (308,696)
 —
(308,696
)
CLP
 2,647,200
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.55%
(pays semi-annually)
12/18/29
    (42,927)
 —
(42,927
)
CLP
13,630,000
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.75%
(pays semi-annually)
6/18/30
   (167,350)
 —
(167,350
)
CLP
 4,255,590
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.75%
(pays semi-annually)
9/17/30
    (56,549)
 —
(56,549
)
22

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
CLP
 3,675,200
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.80%
(pays semi-annually)
12/17/30
$    (49,464)
$ —
$(49,464
)
CLP
 4,923,300
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.72%
(pays semi-annually)
3/18/31
    (92,199)
 —
(92,199
)
CLP
 4,477,000
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.73%
(pays semi-annually)
3/18/31
    (82,520)
 —
(82,520
)
CLP
 3,362,600
Pays
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.08%
(pays semi-annually)
7/1/31
   (176,750)
 —
(176,750
)
CLP
 7,785,000
Receives
6-month Sinacofi Chile
Interbank Rate
(pays semi-annually)
4.97%
(pays semi-annually)
9/16/31
     90,268
 —
90,268
CNY
   215,650
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.47%
(pays quarterly)
12/21/27
    503,877
 —
503,877
CNY
    45,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.29%
(pays quarterly)
9/20/28
    130,313
 —
130,313
CNY
    95,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.48%
(pays quarterly)
9/20/28
    334,029
 —
334,029
CNY
    62,400
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.49%
(pays quarterly)
9/20/28
    223,090
 —
223,090
CNY
    38,700
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.38%
(pays quarterly)
12/20/28
    137,280
 —
137,280
CNY
    38,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.21%
(pays quarterly)
3/20/29
    122,013
 —
122,013
CNY
    40,800
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.03%
(pays quarterly)
9/19/29
    117,253
 —
117,253
CNY
    20,230
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.44%
(pays quarterly)
3/19/30
        258
 —
258
CNY
    21,200
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.46%
(pays quarterly)
3/19/30
      2,903
 —
2,903
CNY
    13,670
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.49%
(pays quarterly)
3/19/30
      4,418
 —
4,418
CNY
    23,850
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.50%
(pays quarterly)
3/19/30
      8,030
 —
8,030
CNY
    10,170
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.50%
(pays quarterly)
3/19/30
      3,699
 —
3,699
CNY
    19,890
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.50%
(pays quarterly)
3/19/30
      7,448
 —
7,448
23

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
CNY
    10,200
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.50%
(pays quarterly)
3/19/30
$      3,875
$ —
$3,875
CNY
    13,460
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.51%
(pays quarterly)
3/19/30
      5,622
 —
5,622
CNY
    10,150
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.52%
(pays quarterly)
3/19/30
      4,513
 —
4,513
CNY
    14,340
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.52%
(pays quarterly)
3/19/30
      6,353
 —
6,353
CNY
    50,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.66%
(pays quarterly)
3/19/30
     61,236
 —
61,236
CNY
    61,070
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.39%
(pays quarterly)
6/18/30
    (16,681)
 —
(16,681
)
CNY
    33,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.44%
(pays quarterly)
6/18/30
        544
 —
544
CNY
    17,460
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.48%
(pays quarterly)
6/18/30
      3,734
 —
3,734
CNY
    25,113
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.49%
(pays quarterly)
6/18/30
      6,384
 —
6,384
CNY
    15,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.58%
(pays quarterly)
6/18/30
     12,156
 —
12,156
CNY
    27,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.46%
(pays quarterly)
9/17/30
      1,588
 —
1,588
CNY
    64,900
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.56%
(pays quarterly)
9/17/30
     45,132
 —
45,132
CNY
    20,670
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.60%
(pays quarterly)
9/17/30
     19,822
 —
19,822
CNY
    85,210
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.61%
(pays quarterly)
9/17/30
     86,821
 —
86,821
CNY
    40,250
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.57%
(pays quarterly)
12/17/30
     29,847
 —
29,847
CNY
    68,100
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.59%
(pays quarterly)
12/17/30
     58,859
 —
58,859
CNY
    31,900
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.59%
(pays quarterly)
12/17/30
     27,880
 —
27,880
CNY
    96,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.59%
(pays quarterly)
12/17/30
     84,834
 —
84,834
24

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
CNY
    32,500
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.59%
(pays quarterly)
12/17/30
$     28,982
$ —
$28,982
CNY
    54,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.59%
(pays quarterly)
12/17/30
     48,242
 —
48,242
CNY
    79,604
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.64%
(pays quarterly)
12/17/30
     94,779
 —
94,779
CNY
    48,180
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.66%
(pays quarterly)
12/17/30
     64,836
 —
64,836
CNY
    21,948
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.60%
(pays quarterly)
3/18/31
     22,049
 —
22,049
CNY
    54,570
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.61%
(pays quarterly)
3/18/31
     57,790
 —
57,790
CNY
    99,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.62%
(pays quarterly)
3/18/31
    108,209
 —
108,209
CNY
    72,852
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.63%
(pays quarterly)
3/18/31
     83,494
 —
83,494
CNY
    36,520
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.63%
(pays quarterly)
3/18/31
     41,904
 —
41,904
CNY
    29,137
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.63%
(pays quarterly)
3/18/31
     33,631
 —
33,631
CNY
   129,200
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.63%
(pays quarterly)
3/18/31
    153,522
 —
153,522
CNY
    93,340
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.52%
(pays quarterly)
6/17/31
     40,758
 —
40,758
CNY
    66,700
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.58%
(pays quarterly)
6/17/31
     54,165
 —
54,165
CNY
    26,619
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.45%
(pays quarterly)
9/16/31
     (3,670)
 —
(3,670
)
CNY
    18,457
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.45%
(pays quarterly)
9/16/31
     (1,769)
 —
(1,769
)
CNY
    25,487
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.45%
(pays quarterly)
9/16/31
     (3,241)
 —
(3,241
)
CNY
    49,857
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
1.46%
(pays quarterly)
9/16/31
     (4,387)
 —
(4,387
)
COP
95,000,000
Pays
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.45%
(pays quarterly)
3/18/31
   (111,368)
 —
(111,368
)
25

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
COP
56,112,700
Pays
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.57%
(pays quarterly)
3/18/31
$     11,166
$26,924
$38,090
COP
11,608,000
Receives
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.20%
(pays quarterly)
9/16/31
     30,114
 —
30,114
COP
12,000,000
Pays
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.38%
(pays quarterly)
3/18/36
      8,520
 —
8,520
COP
13,000,000
Pays
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.56%
(pays quarterly)
3/18/36
     53,600
 —
53,600
COP
17,900,000
Pays
Colombia Overnight
Interbank Reference Rate
(pays quarterly)
10.75%
(pays quarterly)
3/18/36
    138,292
 —
138,292
CZK
   110,000
Pays
6-month CZK PRIBOR
(pays semi-annually)
5.39%
(pays annually)
3/15/28
    123,105
 —
123,105
CZK
    53,900
Pays
6-month CZK PRIBOR
(pays semi-annually)
4.61%
(pays annually)
6/21/28
     14,313
 —
14,313
CZK
    49,200
Pays
6-month CZK PRIBOR
(pays semi-annually)
4.15%
(pays annually)
9/20/28
     43,269
 —
43,269
CZK
   593,000
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.65%
(pays annually)
6/19/29
   (602,699)
 —
(602,699
)
CZK
    52,000
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.59%
(pays annually)
9/17/30
    (38,163)
 —
(38,163
)
CZK
   102,800
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.64%
(pays annually)
9/17/30
    (64,149)
 —
(64,149
)
CZK
    58,100
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.76%
(pays annually)
9/17/30
    (20,844)
 —
(20,844
)
CZK
   110,000
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.88%
(pays annually)
9/17/30
     (9,917)
 —
(9,917
)
CZK
    76,360
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.79%
(pays annually)
12/17/30
    (30,378)
 —
(30,378
)
CZK
    95,590
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.86%
(pays annually)
12/17/30
    (24,592)
 —
(24,592
)
CZK
   105,000
Pays
6-month CZK PRIBOR
(pays semi-annually)
4.00%
(pays annually)
12/17/30
      5,616
 —
5,616
CZK
    93,350
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.60%
(pays annually)
3/18/31
   (167,798)
 —
(167,798
)
CZK
   145,459
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.64%
(pays annually)
3/18/31
   (247,883)
 —
(247,883
)
CZK
   223,900
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.83%
(pays annually)
3/18/31
   (290,877)
 —
(290,877
)
CZK
    85,500
Pays
6-month CZK PRIBOR
(pays semi-annually)
4.29%
(pays annually)
6/17/31
    (35,307)
 —
(35,307
)
CZK
   136,300
Receives
6-month CZK PRIBOR
(pays semi-annually)
4.35%
(pays annually)
9/16/31
     53,033
 —
53,033
CZK
   262,900
Pays
6-month CZK PRIBOR
(pays semi-annually)
4.36%
(pays annually)
9/16/31
    (96,326)
 —
(96,326
)
CZK
    31,235
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.54%
(pays annually)
3/20/34
   (100,542)
 —
(100,542
)
26

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
CZK
   246,212
Pays
6-month CZK PRIBOR
(pays semi-annually)
3.56%
(pays annually)
12/18/34
$   (643,030)
$ —
$(643,030
)
CZK
   170,764
Receives
6-month CZK PRIBOR
(pays semi-annually)
4.62%
(pays annually)
6/17/36
       (481)
 —
(481
)
HUF
 1,660,000
Pays
6-month HUF BUBOR
(pays semi-annually)
6.20%
(pays annually)
12/17/30
    328,919
 —
328,919
HUF
 1,519,000
Receives
6-month HUF BUBOR
(pays semi-annually)
5.16%
(pays annually)
9/16/31
     22,974
 —
22,974
HUF
 3,071,300
Pays
6-month HUF BUBOR
(pays semi-annually)
6.19%
(pays annually)
12/18/34
    930,492
 —
930,492
INR
 1,636,353
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.23%
(pays semi-annually)
3/20/29
     72,052
 —
72,052
INR
 1,530,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.93%
(pays semi-annually)
12/18/29
   (142,287)
 —
(142,287
)
INR
 1,940,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.01%
(pays semi-annually)
12/18/29
   (126,131)
 —
(126,131
)
INR
 1,018,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.28%
(pays semi-annually)
12/18/29
     21,566
 —
21,566
INR
   476,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.93%
(pays semi-annually)
3/19/30
    (43,530)
 —
(43,530
)
INR
 3,069,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.95%
(pays semi-annually)
3/19/30
   (260,364)
 —
(260,364
)
INR
    77,300
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.06%
(pays semi-annually)
3/19/30
     (3,388)
 —
(3,388
)
INR
   559,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.07%
(pays semi-annually)
3/19/30
    (22,364)
 —
(22,364
)
INR
   150,900
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.08%
(pays semi-annually)
3/19/30
     (5,427)
 —
(5,427
)
INR
   700,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.21%
(pays semi-annually)
3/19/30
      5,948
 —
5,948
INR
   902,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.81%
(pays semi-annually)
6/18/30
   (148,699)
 —
(148,699
)
INR
 1,080,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.95%
(pays semi-annually)
6/18/30
   (121,860)
 —
(121,860
)
INR
   554,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.68%
(pays semi-annually)
9/17/30
   (124,085)
 —
(124,085
)
INR
 1,050,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.69%
(pays semi-annually)
9/17/30
   (232,185)
 —
(232,185
)
INR
   469,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.71%
(pays semi-annually)
9/17/30
   (100,558)
 —
(100,558
)
INR
   797,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.74%
(pays semi-annually)
9/17/30
   (160,823)
 —
(160,823
)
INR
 1,310,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.77%
(pays semi-annually)
9/17/30
   (247,001)
 —
(247,001
)
INR
   978,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.71%
(pays semi-annually)
12/17/30
   (234,685)
 —
(234,685
)
INR
   910,000
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.74%
(pays semi-annually)
12/17/30
   (209,455)
 —
(209,455
)
INR
   496,350
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
5.93%
(pays semi-annually)
3/18/31
    (77,740)
 —
(77,740
)
27

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
INR
 1,864,300
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.03%
(pays semi-annually)
3/18/31
$   (208,710)
$ —
$(208,710
)
INR
 2,061,300
Pays
1-day INR FBIL MIBOR
(pays semi-annually)
6.12%
(pays semi-annually)
3/18/31
   (150,131)
 —
(150,131
)
INR
   462,240
Receives
1-day INR FBIL MIBOR
(pays semi-annually)
6.44%
(pays semi-annually)
9/16/31
     (3,062)
 —
(3,062
)
INR
   507,000
Receives
1-day INR FBIL MIBOR
(pays semi-annually)
6.45%
(pays semi-annually)
9/16/31
     (4,664)
 —
(4,664
)
KRW
 8,267,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.37%
(pays quarterly)
3/18/31
   (134,391)
 —
(134,391
)
KRW
12,415,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.38%
(pays quarterly)
3/18/31
   (201,431)
 —
(201,431
)
KRW
 6,497,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.38%
(pays quarterly)
3/18/31
   (104,205)
 —
(104,205
)
KRW
 6,200,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.39%
(pays quarterly)
3/18/31
    (98,641)
 —
(98,641
)
KRW
 9,067,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.41%
(pays quarterly)
3/18/31
   (137,499)
 —
(137,499
)
KRW
10,880,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.44%
(pays quarterly)
3/18/31
   (155,105)
 —
(155,105
)
KRW
 9,862,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.44%
(pays quarterly)
3/18/31
   (139,194)
 —
(139,194
)
KRW
 4,534,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.45%
(pays quarterly)
3/18/31
    (63,637)
 —
(63,637
)
KRW
10,880,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.45%
(pays quarterly)
3/18/31
   (150,135)
 —
(150,135
)
KRW
 7,411,400
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.47%
(pays quarterly)
3/18/31
    (97,019)
 —
(97,019
)
KRW
 4,533,600
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.47%
(pays quarterly)
3/18/31
    (59,761)
 —
(59,761
)
KRW
 2,255,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
3.99%
(pays quarterly)
6/17/31
      6,560
 —
6,560
KRW
 3,442,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
4.03%
(pays quarterly)
6/17/31
     14,272
 —
14,272
KRW
 4,499,000
Pays
3-month KRW Certificate
of Deposit Rate
(pays quarterly)
4.05%
(pays quarterly)
6/17/31
     22,664
 —
22,664
MXN
   323,500
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
9.11%
(pays monthly)
12/16/26
    184,396
(1,758
)
182,638
28

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
MXN
   217,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.27%
(pays monthly)
12/9/27
$     68,457
$ —
$68,457
MXN
   196,100
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.30%
(pays monthly)
12/9/27
     66,397
 —
66,397
MXN
   431,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
6.93%
(pays monthly)
12/15/27
     20,548
 —
20,548
MXN
   276,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
6.94%
(pays monthly)
12/15/27
     13,668
 —
13,668
MXN
   250,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.30%
(pays monthly)
12/15/27
     82,444
 —
82,444
MXN
   456,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.12%
(pays monthly)
1/12/28
     78,187
 —
78,187
MXN
   454,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.08%
(pays monthly)
1/13/28
     58,574
 —
58,574
MXN
    70,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.04%
(pays monthly)
1/14/28
      7,241
 —
7,241
MXN
   349,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.06%
(pays monthly)
3/7/28
     29,610
 —
29,610
MXN
   351,800
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.04%
(pays monthly)
3/9/28
     17,120
 —
17,120
MXN
   426,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.08%
(pays monthly)
3/10/28
     39,587
 —
39,587
MXN
   193,000
Receives
Mexico Interbank TIIE
28 Day
(pays monthly)
7.53%
(pays monthly)
4/6/28
    (93,107)
 —
(93,107
)
MXN
   534,049
Receives
Mexico Interbank TIIE
28 Day
(pays monthly)
7.54%
(pays monthly)
4/6/28
   (262,202)
 —
(262,202
)
MXN
   314,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.27%
(pays monthly)
5/2/28
     72,577
 —
72,577
MXN
    51,497
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.27%
(pays monthly)
5/2/28
     12,128
 —
12,128
MXN
   387,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.19%
(pays monthly)
7/26/28
     29,641
 —
29,641
MXN
    28,700
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.28%
(pays monthly)
9/14/28
      1,881
 —
1,881
MXN
   174,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.34%
(pays monthly)
9/14/28
     22,703
 —
22,703
29

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
MXN
   337,000
Pays
Mexico Interbank TIIE
28 Day
(pays monthly)
7.40%
(pays monthly)
9/14/28
$     67,122
$ —
$67,122
MYR
    19,570
Pays
3-month MYR KLIBOR
(pays quarterly)
3.07%
(pays quarterly)
9/17/30
   (112,872)
 —
(112,872
)
MYR
    30,400
Pays
3-month MYR KLIBOR
(pays quarterly)
3.09%
(pays quarterly)
9/17/30
   (168,647)
 —
(168,647
)
MYR
    11,000
Pays
3-month MYR KLIBOR
(pays quarterly)
3.12%
(pays quarterly)
9/17/30
    (57,009)
 —
(57,009
)
MYR
    35,700
Pays
3-month MYR KLIBOR
(pays quarterly)
3.18%
(pays quarterly)
9/17/30
   (166,990)
 —
(166,990
)
MYR
    16,000
Pays
3-month MYR KLIBOR
(pays quarterly)
3.19%
(pays quarterly)
9/17/30
    (72,921)
 —
(72,921
)
MYR
    26,900
Pays
3-month MYR KLIBOR
(pays quarterly)
3.19%
(pays quarterly)
9/17/30
   (121,792)
 —
(121,792
)
MYR
    32,600
Pays
3-month MYR KLIBOR
(pays quarterly)
3.27%
(pays quarterly)
9/17/30
   (120,703)
 —
(120,703
)
MYR
    16,570
Pays
3-month MYR KLIBOR
(pays quarterly)
3.15%
(pays quarterly)
12/17/30
    (88,466)
 —
(88,466
)
MYR
    71,000
Pays
3-month MYR KLIBOR
(pays quarterly)
3.18%
(pays quarterly)
12/17/30
   (351,794)
 —
(351,794
)
MYR
    19,680
Pays
3-month MYR KLIBOR
(pays quarterly)
3.26%
(pays quarterly)
12/17/30
    (82,084)
 —
(82,084
)
MYR
    17,600
Pays
3-month MYR KLIBOR
(pays quarterly)
3.28%
(pays quarterly)
12/17/30
    (69,149)
 —
(69,149
)
MYR
    33,200
Pays
3-month MYR KLIBOR
(pays quarterly)
3.33%
(pays quarterly)
12/17/30
   (112,973)
 —
(112,973
)
MYR
    68,100
Pays
3-month MYR KLIBOR
(pays quarterly)
3.37%
(pays quarterly)
3/18/31
   (223,202)
 —
(223,202
)
MYR
    21,400
Pays
3-month MYR KLIBOR
(pays quarterly)
3.40%
(pays quarterly)
3/18/31
    (62,113)
 —
(62,113
)
MYR
    19,000
Pays
3-month MYR KLIBOR
(pays quarterly)
3.43%
(pays quarterly)
3/18/31
    (49,696)
 —
(49,696
)
MYR
    45,000
Pays
3-month MYR KLIBOR
(pays quarterly)
3.46%
(pays quarterly)
3/18/31
   (102,064)
 —
(102,064
)
MYR
    48,690
Pays
3-month MYR KLIBOR
(pays quarterly)
3.48%
(pays quarterly)
3/18/31
   (100,226)
 —
(100,226
)
MYR
    51,100
Pays
3-month MYR KLIBOR
(pays quarterly)
3.54%
(pays quarterly)
3/18/31
    (69,388)
 —
(69,388
)
MYR
    38,437
Pays
3-month MYR KLIBOR
(pays quarterly)
3.45%
(pays quarterly)
6/18/31
   (101,542)
 —
(101,542
)
MYR
    39,800
Pays
3-month MYR KLIBOR
(pays quarterly)
3.54%
(pays quarterly)
6/18/31
    (65,378)
 —
(65,378
)
MYR
    31,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.58%
(pays quarterly)
6/18/31
     33,916
 —
33,916
MYR
    19,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.59%
(pays quarterly)
6/18/31
     20,348
 —
20,348
MYR
    16,720
Receives
3-month MYR KLIBOR
(pays quarterly)
3.59%
(pays quarterly)
6/18/31
     16,844
 —
16,844
MYR
    12,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.59%
(pays quarterly)
6/18/31
     11,812
 —
11,812
30

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
MYR
    19,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.60%
(pays quarterly)
6/18/31
$     16,397
$ —
$16,397
MYR
    20,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.61%
(pays quarterly)
6/18/31
     16,798
 —
16,798
MYR
    11,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.61%
(pays quarterly)
6/18/31
      8,985
 —
8,985
MYR
     6,510
Receives
3-month MYR KLIBOR
(pays quarterly)
3.61%
(pays quarterly)
6/18/31
      5,280
 —
5,280
MYR
    33,000
Receives
3-month MYR KLIBOR
(pays quarterly)
3.61%
(pays quarterly)
6/18/31
     24,097
 —
24,097
MYR
    11,200
Receives
3-month MYR KLIBOR
(pays quarterly)
3.61%
(pays quarterly)
6/18/31
      8,631
 —
8,631
MYR
     7,170
Receives
3-month MYR KLIBOR
(pays quarterly)
3.62%
(pays quarterly)
6/18/31
      5,070
 —
5,070
MYR
     6,340
Receives
3-month MYR KLIBOR
(pays quarterly)
3.63%
(pays quarterly)
6/18/31
      3,824
 —
3,824
MYR
     5,260
Receives
3-month MYR KLIBOR
(pays quarterly)
3.63%
(pays quarterly)
6/18/31
      3,081
 —
3,081
MYR
     7,870
Receives
3-month MYR KLIBOR
(pays quarterly)
3.63%
(pays quarterly)
6/18/31
      4,474
 —
4,474
MYR
     9,510
Receives
3-month MYR KLIBOR
(pays quarterly)
3.63%
(pays quarterly)
6/18/31
      5,242
 —
5,242
MYR
    11,290
Receives
3-month MYR KLIBOR
(pays quarterly)
3.63%
(pays quarterly)
6/18/31
      5,963
 —
5,963
MYR
     3,330
Receives
3-month MYR KLIBOR
(pays quarterly)
3.64%
(pays quarterly)
6/18/31
      1,643
 —
1,643
MYR
     4,880
Receives
3-month MYR KLIBOR
(pays quarterly)
3.64%
(pays quarterly)
6/18/31
      2,154
 —
2,154
MYR
     7,380
Receives
3-month MYR KLIBOR
(pays quarterly)
3.64%
(pays quarterly)
6/18/31
      2,874
 —
2,874
MYR
     5,210
Receives
3-month MYR KLIBOR
(pays quarterly)
3.65%
(pays quarterly)
6/18/31
      1,818
 —
1,818
MYR
    50,050
Pays
3-month MYR KLIBOR
(pays quarterly)
3.59%
(pays quarterly)
9/17/31
    (66,541)
 —
(66,541
)
MYR
    20,760
Pays
3-month MYR KLIBOR
(pays quarterly)
3.59%
(pays quarterly)
9/17/31
    (27,832)
 —
(27,832
)
MYR
    42,600
Receives
3-month MYR KLIBOR
(pays quarterly)
3.70%
(pays quarterly)
9/17/31
      6,492
 —
6,492
MYR
    35,200
Receives
3-month MYR KLIBOR
(pays quarterly)
3.70%
(pays quarterly)
9/17/31
      5,168
 —
5,168
PLN
    13,250
Pays
6-month PLN WIBOR
(pays semi-annually)
3.87%
(pays annually)
3/3/27
      3,250
 —
3,250
PLN
    99,138
Pays
6-month PLN WIBOR
(pays semi-annually)
3.91%
(pays annually)
3/3/27
     34,793
 —
34,793
PLN
    75,000
Pays
6-month PLN WIBOR
(pays semi-annually)
2.84%
(pays annually)
1/10/28
    (64,656)
 —
(64,656
)
PLN
    23,914
Pays
6-month PLN WIBOR
(pays semi-annually)
5.41%
(pays annually)
6/19/29
    209,638
 —
209,638
PLN
    58,000
Pays
6-month PLN WIBOR
(pays semi-annually)
5.42%
(pays annually)
6/19/29
    516,027
 —
516,027
31

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
PLN
    13,700
Pays
6-month PLN WIBOR
(pays semi-annually)
5.02%
(pays annually)
9/18/29
$    192,789
$ —
$192,789
PLN
    12,000
Pays
6-month PLN WIBOR
(pays semi-annually)
4.03%
(pays annually)
9/17/30
     33,910
 —
33,910
PLN
    84,200
Pays
6-month PLN WIBOR
(pays semi-annually)
3.94%
(pays annually)
12/17/30
     97,386
 —
97,386
PLN
    15,330
Pays
6-month PLN WIBOR
(pays semi-annually)
4.17%
(pays annually)
6/17/31
    (36,007)
 —
(36,007
)
PLN
    28,177
Pays
6-month PLN WIBOR
(pays semi-annually)
4.18%
(pays annually)
6/17/31
    (62,810)
 —
(62,810
)
PLN
    89,000
Pays
6-month PLN WIBOR
(pays semi-annually)
4.24%
(pays annually)
6/17/31
   (138,753)
 —
(138,753
)
PLN
    54,025
Pays
6-month PLN WIBOR
(pays semi-annually)
4.24%
(pays annually)
6/17/31
    (79,507)
 —
(79,507
)
PLN
    17,268
Pays
6-month PLN WIBOR
(pays semi-annually)
4.25%
(pays annually)
6/17/31
    (24,028)
 —
(24,028
)
PLN
    51,909
Receives
6-month PLN WIBOR
(pays semi-annually)
4.70%
(pays annually)
6/17/31
   (205,302)
 —
(205,302
)
PLN
    24,000
Receives
6-month PLN WIBOR
(pays semi-annually)
4.20%
(pays annually)
9/16/31
     59,373
 —
59,373
PLN
    42,227
Receives
6-month PLN WIBOR
(pays quarterly)
4.49%
(pays annually)
8/12/32
     37,558
 —
37,558
PLN
    42,227
Pays
6-month PLN WIBOR
(pays semi-annually)
4.59%
(pays annually)
8/12/32
    (33,669)
 —
(33,669
)
PLN
   181,230
Receives
6-month PLN WIBOR
(pays quarterly)
4.61%
(pays annually)
9/9/32
     73,032
 —
73,032
PLN
   181,230
Pays
6-month PLN WIBOR
(pays semi-annually)
4.71%
(pays annually)
9/9/32
    (60,623)
 —
(60,623
)
PLN
    20,500
Pays
6-month PLN WIBOR
(pays semi-annually)
5.19%
(pays annually)
9/21/32
    386,856
 —
386,856
PLN
    18,000
Pays
6-month PLN WIBOR
(pays semi-annually)
5.50%
(pays annually)
6/19/34
    300,570
 —
300,570
PLN
     7,086
Pays
6-month PLN WIBOR
(pays semi-annually)
5.53%
(pays annually)
6/19/34
    122,142
 —
122,142
PLN
    19,321
Receives
6-month PLN WIBOR
(pays semi-annually)
4.34%
(pays annually)
6/18/35
    116,336
 —
116,336
PLN
    17,180
Receives
6-month PLN WIBOR
(pays semi-annually)
4.91%
(pays annually)
6/17/36
    (75,920)
 —
(75,920
)
PLN
    10,261
Receives
6-month PLN WIBOR
(pays semi-annually)
4.95%
(pays annually)
6/17/36
    (53,974)
 —
(53,974
)
THB
   120,000
Pays
Thai Overnight
Repurchase Rate
(pays semi-annually)
1.30%
(pays semi-annually)
11/18/26
      6,987
 —
6,987
THB
   115,690
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.35%
(pays quarterly)
6/18/30
    (31,950)
 —
(31,950
)
THB
    32,680
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.36%
(pays quarterly)
6/18/30
     (8,473)
 —
(8,473
)
THB
    77,700
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.37%
(pays quarterly)
6/18/30
    (19,957)
 —
(19,957
)
32

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
THB
   136,500
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.38%
(pays quarterly)
6/18/30
$    (33,577)
$ —
$(33,577
)
THB
    80,000
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.39%
(pays quarterly)
6/18/30
    (18,230)
 —
(18,230
)
THB
    79,000
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.40%
(pays quarterly)
6/18/30
    (16,714)
 —
(16,714
)
THB
    79,220
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.41%
(pays quarterly)
6/18/30
    (16,617)
 —
(16,617
)
THB
    96,000
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.41%
(pays quarterly)
6/18/30
    (19,987)
 —
(19,987
)
THB
   132,000
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.41%
(pays quarterly)
6/18/30
    (26,892)
 —
(26,892
)
THB
   101,800
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.08%
(pays quarterly)
9/17/30
    (69,453)
 —
(69,453
)
THB
   161,300
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.30%
(pays quarterly)
9/17/30
    (63,506)
 —
(63,506
)
THB
   106,700
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.31%
(pays quarterly)
9/17/30
    (40,644)
 —
(40,644
)
THB
    88,300
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.35%
(pays quarterly)
9/17/30
    (29,059)
 —
(29,059
)
THB
   174,270
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.15%
(pays quarterly)
12/17/30
   (116,589)
 —
(116,589
)
THB
   115,670
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.24%
(pays quarterly)
12/17/30
    (62,162)
 —
(62,162
)
THB
   260,100
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.27%
(pays quarterly)
12/17/30
   (131,003)
 —
(131,003
)
THB
   280,700
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.30%
(pays quarterly)
3/18/31
   (150,153)
 —
(150,153
)
THB
   310,110
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.38%
(pays quarterly)
3/18/31
   (126,966)
 —
(126,966
)
THB
   158,000
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.40%
(pays quarterly)
3/18/31
    (61,104)
 —
(61,104
)
THB
   128,120
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.47%
(pays quarterly)
3/18/31
    (37,739)
 —
(37,739
)
THB
   163,401
Pays
Thai Overnight
Repurchase Rate
(pays quarterly)
1.48%
(pays quarterly)
6/17/31
    (53,702)
 —
(53,702
)
33

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (Centrally Cleared) (continued)
Notional Amount
(000's omitted)
Portfolio
Pays/
Receives
Floating
Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value
Unamortized
Upfront
Receipts
(Payments)
Unrealized
Appreciation
(Depreciation)
THB
   120,606
Receives
Thai Overnight
Repurchase Rate
(pays quarterly)
1.74%
(pays quarterly)
9/16/31
$      8,056
$ —
$8,056
THB
   105,121
Receives
Thai Overnight
Repurchase Rate
(pays quarterly)
1.75%
(pays quarterly)
9/16/31
      6,413
 —
6,413
THB
   137,573
Receives
Thai Overnight
Repurchase Rate
(pays quarterly)
1.75%
(pays quarterly)
9/16/31
      7,995
 —
7,995
THB
   200,000
Pays
Thai Overnight
Repurchase Rate
(pays semi-annually)
1.69%
(pays semi-annually)
11/4/31
     (9,849)
 —
(9,849
)
THB
   187,500
Pays
Thai Overnight
Repurchase Rate
(pays semi-annually)
2.48%
(pays semi-annually)
6/19/34
    215,587
 —
215,587
ZAR
   167,000
Pays
3-month ZAR JIBAR
(pays quarterly)
8.47%
(pays quarterly)
9/17/35
    175,437
 —
175,437
Total
 
 
 
 
 
$(12,355,224)
$25,166
$(12,330,058
)
 
Interest Rate Swaps (OTC) 
Counterparty
Notional Amount
(000's omitted)
Portfolio
Pays/Receives
Floating Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value/Unrealized
Appreciation
(Depreciation)
Bank of America, N.A.
MYR
112,767
Pays
3-month MYR KLIBOR
(pays quarterly)
3.64%
(pays quarterly)
9/18/29
$  21,966
Bank of America, N.A.
MYR
138,600
Pays
3-month MYR KLIBOR
(pays quarterly)
3.68%
(pays quarterly)
9/18/29
  78,593
Bank of America, N.A.
MYR
  4,200
Pays
3-month MYR KLIBOR
(pays quarterly)
3.48%
(pays quarterly)
6/18/30
  (5,964)
BNP Paribas
MYR
 17,413
Pays
3-month MYR KLIBOR
(pays quarterly)
2.95%
(pays quarterly)
3/16/27
 (20,709)
BNP Paribas
MYR
  3,430
Pays
3-month MYR KLIBOR
(pays quarterly)
3.49%
(pays quarterly)
6/18/30
  (4,789)
BNP Paribas
MYR
  3,580
Pays
3-month MYR KLIBOR
(pays quarterly)
3.50%
(pays quarterly)
6/18/30
  (4,321)
Citibank, N.A.
CNY
 34,000
Pays
7-day China Fixing Repo
Rates
(pays quarterly)
2.35%
(pays quarterly)
3/20/29
 127,619
Citibank, N.A.
MYR
113,116
Pays
3-month MYR KLIBOR
(pays quarterly)
3.64%
(pays quarterly)
9/18/29
  23,276
JPMorgan Chase Bank, N.A.
MYR
 19,340
Pays
3-month MYR KLIBOR
(pays quarterly)
3.30%
(pays quarterly)
6/18/30
 (61,788)
JPMorgan Chase Bank, N.A.
TRY
356,122
Receives
1-day TRY TRLEF
(pays quarterly)
39.34%
(pays quarterly)
6/3/27
 (29,625)
JPMorgan Chase Bank, N.A.
TRY
356,122
Receives
1-day TRY TRLEF
(pays quarterly)
39.37%
(pays quarterly)
6/4/27
 (31,547)
JPMorgan Chase Bank, N.A.
TRY
356,122
Receives
1-day TRY TRLEF
(pays quarterly)
39.35%
(pays quarterly)
6/12/27
 (34,908)
34

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Interest Rate Swaps (OTC) (continued)
Counterparty
Notional Amount
(000's omitted)
Portfolio
Pays/Receives
Floating Rate
Floating Rate
Annual
Fixed Rate
Termination
Date
Value/Unrealized
Appreciation
(Depreciation)
JPMorgan Chase Bank, N.A.
TRY
208,761
Receives
1-day TRY TRLEF
(pays annually)
37.48%
(pays annually)
6/3/28
$  38,394
Standard Chartered Bank
MYR
 34,430
Pays
3-month MYR KLIBOR
(pays quarterly)
3.46%
(pays quarterly)
12/18/29
 (46,444)
Standard Chartered Bank
MYR
 16,800
Pays
3-month MYR KLIBOR
(pays quarterly)
3.58%
(pays quarterly)
12/18/29
  (5,171)
Standard Chartered Bank
MYR
 33,500
Pays
3-month MYR KLIBOR
(pays quarterly)
3.46%
(pays quarterly)
6/18/30
 (54,703)
Standard Chartered Bank
MYR
 79,041
Pays
3-month MYR KLIBOR
(pays quarterly)
3.48%
(pays quarterly)
6/18/30
(114,102)
Total
 
 
 
 
 
$(124,223)
 
Total Return Swaps (OTC) 
Counterparty
Notional Amount
(000's omitted)
Portfolio Receives
Portfolio Pays
Termination
Date
Value/Unrealized
Appreciation
(Depreciation)
Citibank, N.A.
USD
354
Total Return on
GHS 3,860,000 Republic
of Ghana Government
Bonds, 8.35%,
2/16/27 (pays upon
termination)
Fully Funded1
2/16/27
$(12,393
)
ICBC Standard Bank plc
USD
869
Total Return on
UZS 10,172,000,000 Uzbekistan
Treasury Bonds, 14.00%,
2/4/29 (pays upon
termination)
Fully Funded1
2/6/29
75,994
ICBC Standard Bank plc
USD
1,119
Total Return on
UZS 12,885,000,000 Uzbekistan
Treasury Bonds, 14.00%,
2/4/29 (pays upon
termination)
Fully Funded1
2/6/29
77,891
ICBC Standard Bank plc
USD
405
Total Return on
UZS 4,679,000,000 Uzbekistan
Treasury Bonds, 15.00%,
1/7/29 (pays upon
termination)
Fully Funded1
1/7/29
16,462
ICBC Standard Bank plc
USD
562
Total Return on
UZS 6,442,000,000 Uzbekistan
Treasury Bonds, 15.00%,
1/7/29 (pays upon
termination)
Fully Funded1
1/7/29
18,772
JPMorgan Chase Bank,
N.A.
USD
5,705
Total Return on EGP
336,875,000 Egypt
Treasury Bills, 0.00%,
3/16/27 (pays upon
termination)
SOFR + 0.75% on
Notional Amount (pays
upon termination)
3/16/27
(28,778
)
Standard Chartered Bank
USD
9,140
Total Return on EGP
529,800,000 Egypt
Treasury Bills, 0.00%,
3/16/27 (pays upon
termination)
SOFR + 0.75% on
Notional Amount (pays
upon termination)
10/14/26
(214,958
)
35

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Total Return Swaps (OTC) (continued)
Counterparty
Notional Amount
(000's omitted)
Portfolio Receives
Portfolio Pays
Termination
Date
Value/Unrealized
Appreciation
(Depreciation)
Standard Chartered Bank
USD
15,079
Total Return on EGP
774,925,000 Egypt
Treasury Bills, 0.00%,
9/15/26 (pays upon
termination)
SOFR + 0.75% on
Notional Amount (pays
upon termination)
9/15/26
$(408,540
)
 
 
 
 
 
$(475,550
)
 
1
The Portfolio enters into fully funded total return swap agreements. Under these arrangements, the Portfolio does not make periodic payments to the
counterparty.
 
Abbreviations:
BUBOR
– Budapest Interbank Offered Rate
FBIL
– Financial Benchmarks India Ltd.
JIBAR
– Johannesburg Interbank Average Rate
KLIBOR
– Kuala Lumpur Interbank Offered Rate
MIBOR
– Mumbai Interbank Offered Rate
OTC
– Over-the-counter
PIK
– Payment In Kind
PRIBOR
– Prague Interbank Offered Rate
SOFR
– Secured Overnight Financing Rate
TRLEF
Turkish Lira Overnight Reference Rate
WIBOR
– Warsaw Interbank Offered Rate
 
 
Currency Abbreviations:
ALL
– Albanian Lek
AMD
– Armenian Dram
BAM
– Bosnia-Herzegovina Convertible Mark
BRL
– Brazilian Real
CLP
– Chilean Peso
CNH
– Yuan Renminbi Offshore
CNY
– Yuan Renminbi
COP
– Colombian Peso
CZK
– Czech Koruna
DOP
– Dominican Peso
EGP
– Egyptian Pound
EUR
– Euro
GEL
– Georgian Lari
GHS
– Ghanaian Cedi
HUF
– Hungarian Forint
IDR
– Indonesian Rupiah
INR
– Indian Rupee
JPY
– Japanese Yen
KES
– Kenyan Shilling
KRW
– South Korean Won
KZT
– Kazakhstani Tenge
 
LKR
– Sri Lankan Rupee
MNT
– Mongolia Tughrik
MXN
– Mexican Peso
MYR
– Malaysian Ringgit
NGN
– Nigerian Naira
PEN
– Peruvian Sol
PLN
– Polish Zloty
PYG
– Paraguayan Guarani
RON
– Romanian Leu
RSD
– Serbian Dinar
RUB
– Russian Ruble
THB
– Thai Baht
TRY
– Turkish Lira
TWD
– New Taiwan Dollar
TZS
– Tanzanian Shilling
UGX
– Ugandan Shilling
USD
– United States Dollar
UYU
– Uruguayan Peso
UZS
– Uzbekistani Som
VND
– Viet Nam Dong
ZAR
– South African Rand
36

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
 
ZMW
– Zambian Kwacha
In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:
Foreign Exchange Risk: The Portfolio engaged in forward foreign currency exchange contracts, currency options, forward volatility agreements and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
Interest Rate Risk: The Portfolio utilized various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.
At July 31, 2026, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
Affiliated Investments
At July 31, 2026, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $82,819,200, which represents 4.3% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended July 31, 2026 were as follows: 
Name
Value,
beginning
of period
Purchases
Sales
proceeds
Net
realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Dividend
income
Shares,
end of period
Short-Term Investments
Liquidity Fund, Institutional Class(1)
$83,602,121
$1,238,722,498
$(1,239,505,419)
$ —
$ —
$82,819,200
$4,218,571
82,819,200
 
(1)
Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At July 31, 2026, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at fair value, were as follows: 
Asset Description 
Level 1
Level 2
Level 3
Total
Credit Linked Notes
$ —
$1,113,516
$ —
$1,113,516
Foreign Corporate Bonds
 —
94,735,408
 —
94,735,408
Senior Floating-Rate Loans
 —
9,398,427
 —
9,398,427
Sovereign Government Bonds
 —
1,182,600,474
 —
1,182,600,474
Short-Term Investments:
Affiliated Fund
82,819,200
 —
 —
82,819,200
Sovereign Government Securities
 —
207,768,519
 —
207,768,519
37

Emerging Markets Local Income Portfolio
July 31, 2026
Portfolio of Investments (Unaudited) — continued
Asset Description (continued)
Level 1
Level 2
Level 3
Total
U.S. Treasury Obligations
$ —
$200,669,242
$ —
$200,669,242
Purchased Currency Options
 —
1,670,371
 —
1,670,371
Purchased Interest Rate Swaptions
 —
1,323,574
 —
1,323,574
Total Investments
$82,819,200
$1,699,279,531
$—
$1,782,098,731
Forward Foreign Currency Exchange Contracts
$ —
$44,678,819
$ —
$44,678,819
Forward Volatility Agreements
 —
59,939
 —
59,939
Non-Deliverable Bond Forward Contracts
 —
7,172
 —
7,172
Futures Contracts
366,398
 —
 —
366,398
Swap Contracts
 —
9,138,524
 —
9,138,524
Total
$83,185,598
$1,753,163,985
$—
$1,836,349,583
Liability Description 
 
 
 
 
Written Currency Options
$ —
$(673,789
)
$ —
$(673,789
)
Forward Foreign Currency Exchange Contracts
 —
(46,912,498
)
 —
(46,912,498
)
Non-Deliverable Bond Forward Contracts
 —
(103,967
)
 —
(103,967
)
Swap Contracts
 —
(22,093,521
)
 —
(22,093,521
)
Total
$ —
$(69,783,775
)
$ —
$(69,783,775
)
Investment Valuation - Derivatives. Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration. Options on interest rate swaps ("swaptions") are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service.
Forward Volatility Agreements - Forward volatility agreements are transactions in which two parties agree to the purchase or sale of an option straddle on an underlying exchange rate at the expiration of the agreement. The strike volatility rate is determined at the trade date. At expiration, the amount settled is determined based on the Black Scholes formula, the then current spot exchange rate, interest rates, and the agreed upon implied volatility, and is recorded as a realized gain or loss. Changes in the value of the forward volatility agreement prior to the expiration date are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying exchange rate.
Swaptions - A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.
For additional information on the Portfolio's policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent annual or semi-annual financial statements.
38