NPORT-EX 2 poi_fhemergingmarketscorefd.htm POI - EMERGING MARKETS CORE FUND EDGAR HTML
Emerging Markets Core Fund
Portfolio of Investments
July 31, 2022 (unaudited)  
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—61.1%
 
 
 
Airport—0.2%
 
$   800,000
 
Aeropuerto Internacional de Tocumen SA, Sec. Fac. Bond, 144A, 5.125%, 8/11/2061
$    666,360
   373,333
 
Aeropuertos Argentina 2000 S.A., 144A, 6.875%, 2/1/2027
    303,145
   466,000
 
Mexico City Airport Trust, 144A, 3.875%, 4/30/2028
    415,481
   403,000
 
Mexico City Airport Trust, Sec. Fac. Bond, 144A, 5.500%, 10/31/2046
    304,831
 
 
TOTAL
1,689,817
 
 
Banking—1.8%
 
 2,750,000
 
Banco De Bogota S.A., Sub., REGS, 6.250%, 5/12/2026
  2,624,297
   600,000
 
Banco Do Brasil S.A., Jr. Sub. Note, 144A, 9.000%, 12/18/2070
    611,178
   500,000
 
Banco Do Brasil S.A., Jr. Sub. Note, REGS, 9.250%, 10/15/2022
    509,853
   500,000
 
Banco Reservas Rep Domin, Sub. Note, 144A, 7.000%, 2/1/2023
    501,770
   520,000
 
Banco Reservas Rep Domin, Sub. Note, REGS, 7.000%, 2/1/2023
    521,841
 1,630,000
 
Bank of China Ltd., Sub. Note, 144A, 5.000%, 11/13/2024
  1,671,655
 1,100,000
 
Bank of China Ltd., Sub. Note, REGS, 5.000%, 11/13/2024
  1,128,110
 2,300,000
 
Corp Financi De Desarrol, Sr. Unsecd. Note, 144A, 2.400%, 9/28/2027
  1,919,350
   500,000
 
Development Bank of Mongolia, Sr. Unsecd. Note, 144A, 7.250%, 10/23/2023
    480,005
   500,000
1,2,3
Development Bank of the Republic of Belarus JSC, Sr. Unsecd. Note, REGS, 6.750%, 5/2/2024
     55,000
   500,000
 
Industrial & Commercial Bank of China, Sr. Unsecd. Note, 3.538%, 11/8/2027
    505,628
 1,800,000
1,2,3,4
SovCo Capital Partners BV, Jr. Sub. Note, 144A, 7.600%, 8/17/2022
     90,000
 2,000,000
 
Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, 144A, 8.125%, 3/28/2024
  1,908,442
 
 
TOTAL
12,527,129
 
 
Corporate—0.1%
 
 1,000,000
 
1MDB Global Investments Ltd., Sr. Unsecd. Note, REGS, 4.400%, 3/9/2023
    960,209
 
 
Finance—0.6%
 
 1,500,000
 
China Overseas Finance Cayman VII Ltd., Sr. Unsecd. Note, 4.750%, 4/26/2028
  1,446,690
   700,000
 
Fondo Mivivienda SA, Sr. Unsecd. Note, 144A, 4.625%, 4/12/2027
    676,250
 2,200,000
 
QNB Finansbank AS/Turkey, Sr. Unsecd. Note, REGS, 6.875%, 9/7/2024
  2,196,363
 
 
TOTAL
4,319,303
 
 
Financial Intermediaries—0.1%
 
   600,000
 
Huarong Finance 2017 Co. Ltd., Sr. Unsecd. Note, Series EMTN, 4.250%, 11/7/2027
    497,250
 
 
Insurance—0.1%
 
 1,000,000
3
KDB Life Insurance Co. Ltd., Sub., 7.500%, 11/21/2022
    925,000
 
 
Oil & Gas—12.6%
 
 2,500,000
3
Banco Do Brasil S.A., Jr. Sub. Note, REGS, 6.250%, 10/15/2022
  2,238,325
 4,500,000
 
Ecopetrol SA, Sr. Unsecd. Note, 4.125%, 1/16/2025
  4,336,139
 6,300,000
 
Ecopetrol SA, Sr. Unsecd. Note, 5.375%, 6/26/2026
  6,105,991
 4,100,000
 
Ecopetrol SA, Sr. Unsecd. Note, 5.875%, 11/2/2051
  3,009,646
 2,950,000
 
Ecopetrol SA, Sr. Unsecd. Note, 6.875%, 4/29/2030
  2,817,250
 5,800,000
 
Oil & Gas Holdings, Sr. Unsecd. Note, 144A, 7.625%, 11/7/2024
  5,853,621
   837,000
 
Oil & Gas Holdings, Sr. Unsecd. Note, REGS, 7.625%, 11/7/2024
    844,738
 2,500,000
 
Pemex Project Funding Master Trust, Company Guarantee, 6.625%, 6/15/2035
  1,837,500
   550,000
 
Pemex Project Funding Master Trust, Sr. Unsecd. Note, 8.625%, 12/1/2023
    560,747
 1,500,000
 
Petrobras Global Finance BV, Sr. Unsecd. Note, 5.500%, 6/10/2051
  1,245,782
 2,000,000
 
Petrobras Global Finance BV, Sr. Unsecd. Note, 5.600%, 1/3/2031
  1,962,660
 3,000,000
 
Petrobras Global Finance BV, Sr. Unsecd. Note, 5.750%, 2/1/2029
  3,023,355
 2,000,000
 
Petrobras Global Finance BV, Sr. Unsecd. Note, 6.750%, 6/3/2050
  1,869,000
1
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
 
 
Oil & Gas—continued
 
$ 1,000,000
 
Petrobras Global Finance BV, Sr. Unsecd. Note, 7.375%, 1/17/2027
$  1,093,170
 1,300,000
 
Petroleos del Peru SA, Sr. Unsecd. Note, REGS, 5.625%, 6/19/2047
    918,080
 5,000,000
 
Petroleos Mexicanos, Sr. Note, 6.840%, 1/23/2030
  4,263,725
 6,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 5.950%, 1/28/2031
  4,675,800
 3,350,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.375%, 1/23/2045
  2,253,059
 5,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027
  4,527,625
10,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.700%, 2/16/2032
  8,039,200
 4,800,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.750%, 9/21/2047
  3,294,072
 2,500,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.950%, 1/28/2060
  1,688,958
 1,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 7.690%, 1/23/2050
    731,605
 8,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 5.350%, 2/12/2028
  6,711,640
 6,220,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.350%, 2/12/2048
  4,110,798
 4,360,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.500%, 1/23/2029
  3,752,042
   200,000
 
Petronas Capital Ltd., Sr. Unsecd. Note, 144A, 4.550%, 4/21/2050
    194,162
   400,000
 
Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, 144A, 3.250%, 4/28/2025
    396,808
 1,100,000
 
Sinopec Group Overseas Development 2017 Ltd., Sr. Unsecd. Note, 144A, 3.625%, 4/12/2027
  1,108,304
 2,000,000
 
Thaioil Treasury Center Co. Ltd., Sr. Unsecd. Note, REGS, 2.500%, 6/18/2030
  1,628,550
   227,000
 
YPF Energia Electrica Sa, Sr. Unsecd. Note, 144A, 10.000%, 7/25/2026
    171,919
   750,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 2.500%, 6/30/2029
    417,857
   800,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 2.500%, 6/30/2029
    445,715
 3,000,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 7.000%, 12/15/2047
  1,516,965
   600,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 8.500%, 7/28/2025
    384,000
 
 
TOTAL
88,028,808
 
 
Real Estate—0.4%
 
   800,000
 
China Great Wall International Holdings III Ltd., Sr. Unsecd. Note, Series EMTN, 3.875%, 8/31/2027
    668,151
 1,800,000
 
China Overseas Finance Cayman V Ltd., Sr. Unsecd. Note, Series A, 3.950%, 11/15/2022
  1,801,728
 
 
TOTAL
2,469,879
 
 
Sovereign—40.2%
 
 2,000,000
 
Angola, Government of, Sr. Unsecd. Note, 144A, 8.000%, 11/26/2029
  1,600,228
   800,000
 
Angola, Government of, Sr. Unsecd. Note, 144A, 8.750%, 4/14/2032
    645,968
 1,700,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 8.000%, 11/26/2029
  1,360,194
 3,000,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 8.250%, 5/9/2028
  2,512,860
 1,000,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 9.125%, 11/26/2049
    762,500
 1,000,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 9.375%, 5/8/2048
    771,036
 2,000,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 9.500%, 11/12/2025
  1,861,600
21,085,876
 
Argentina, Government of, Sr. Unsecd. Note, 0.500%, 7/9/2030
  4,961,695
22,892,671
 
Argentina, Government of, Sr. Unsecd. Note, 1.500%, 7/9/2035
  5,063,551
11,900,000
 
Argentina, Government of, Sr. Unsecd. Note, 2.000%, 1/9/2038
  3,338,673
10,900,000
 
Argentina, Government of, Sr. Unsecd. Note, 3.500%, 7/9/2041
  2,855,112
11,200,000
 
Argentina, Government of, Sr. Unsecd. Note, 3.500%, 7/9/2041
  2,744,000
 7,850,000
 
Argentina, Government of, Sr. Unsecd. Note, 1.125%, 7/9/2046
  1,762,959
 4,900,000
 
Argentina, Government of, Sr. Unsecd. Note, 1.000%, 7/9/2029
  1,143,357
12,398,291
 
Argentina, Government of, Unsecd. Note, 0.500%, 7/9/2030
  2,665,633
 7,000,000
 
Argentina, Government of, Unsecd. Note, 2.000%, 1/9/2038
  1,715,700
 2,000,000
 
Argentina, Government of, Unsecd. Note, 1.000%, 7/9/2029
    445,000
   900,000
 
Bahamas, Government of, Sr. Unsecd. Note, 144A, 5.750%, 1/16/2024
    747,543
   800,000
 
Bahamas, Government of, Sr. Unsecd. Note, 144A, 8.950%, 10/15/2032
    501,034
   600,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 5.750%, 1/16/2024
    498,362
   957,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 6.000%, 11/21/2028
    623,111
   375,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 6.950%, 11/20/2029
    247,917
2
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
 
 
Sovereign—continued
 
$   800,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 8.950%, 10/15/2032
$    501,034
   500,000
 
Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.000%, 10/12/2028
    500,264
 1,000,000
 
Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.250%, 3/20/2025
    999,658
 5,300,000
 
Bahrain, Government of, Sr. Unsecd. Note, REGS, 6.750%, 9/20/2029
  5,169,874
 1,800,000
 
Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.000%, 1/26/2026
  1,856,502
 2,500,000
 
Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.000%, 10/12/2028
  2,501,320
EUR 1,300,000
 
Benin, Government of, Sr. Unsecd. Note, 144A, 4.950%, 1/22/2035
    856,404
$ 1,000,000
 
Bolivia, Government of, Sr. Unsecd. Note, 144A, 4.500%, 3/20/2028
    808,250
 5,000,000
 
Brazil, Government of, Sr. Secd. Note, 5.625%, 2/21/2047
  4,241,817
 8,500,000
 
Brazil, Government of, Sr. Unsecd. Note, 3.750%, 9/12/2031
  7,484,168
 6,000,000
 
Brazil, Government of, Sr. Unsecd. Note, 3.875%, 6/12/2030
  5,393,871
 5,500,000
 
Brazil, Government of, Sr. Unsecd. Note, 4.750%, 1/14/2050
  4,130,315
 7,000,000
 
Brazil, Government of, Unsecd. Note, 4.500%, 5/30/2029
  6,616,403
 1,500,000
 
Colombia, Government of, Sr. Unsecd. Note, 3.250%, 4/22/2032
  1,166,340
 4,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 3.875%, 4/25/2027
  3,655,406
 2,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 4.500%, 3/15/2029
  1,809,077
 5,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 5.200%, 5/15/2049
  3,685,171
 2,500,000
 
Costa Rica, Government of, Sr. Unsecd. Note, 144A, 7.158%, 3/12/2045
  2,224,378
 1,000,000
 
Costa Rica, Government of, Sr. Unsecd. Note, REGS, 4.375%, 4/30/2025
    973,820
 2,000,000
 
Costa Rica, Government of, Sr. Unsecd. Note, REGS, 6.125%, 2/19/2031
  1,920,796
 1,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 4.500%, 1/30/2030
    863,382
 2,650,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 4.875%, 9/23/2032
  2,228,616
   700,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.300%, 1/21/2041
    546,497
 4,400,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.950%, 1/25/2027
  4,320,588
 1,300,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.000%, 2/22/2033
  1,178,632
 6,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.850%, 1/27/2045
  5,270,330
 4,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 4.500%, 1/30/2030
  3,453,527
 1,500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 4.875%, 9/23/2032
  1,261,481
 2,850,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 5.875%, 1/30/2060
  2,158,672
   300,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 5.950%, 1/25/2027
    294,586
   500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.000%, 7/19/2028
    481,401
 6,250,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.500%, 2/15/2048
  5,202,494
   500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.450%, 4/30/2044
    468,869
   500,000
 
Dubai, Government of, Sr. Unsecd. Note, Series EMTN, 5.250%, 1/30/2043
    458,390
 2,728,450
5
Ecuador, Government of, Sr. Unsecd. Note, 144A, 0.000%, 7/31/2030
  1,149,549
 7,662,500
 
Ecuador, Government of, Sr. Unsecd. Note, 144A, 1.500%, 7/31/2040
  3,152,968
 2,539,550
 
Ecuador, Government of, Sr. Unsecd. Note, 144A, 2.500%, 7/31/2035
  1,148,117
   950,000
5
Ecuador, Government of, Sr. Unsecd. Note, REGS, 0.000%, 7/31/2030
    400,253
 5,825,000
 
Ecuador, Government of, Sr. Unsecd. Note, REGS, 1.000%, 7/31/2035
  2,633,452
 4,350,000
 
Ecuador, Government of, Sr. Unsecd. Note, REGS, 1.500%, 7/31/2040
  1,789,939
EGP 25,200,000
5
Egypt Treasury Bill, Unsecd. Note, Series 364D, 0.000%, 9/6/2022
  1,312,530
EUR 500,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 6.375%, 4/11/2031
    306,870
$   800,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.052%, 1/15/2032
    502,448
 1,000,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.300%, 9/30/2033
    623,238
   800,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.600%, 3/1/2029
    553,942
 1,600,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.625%, 5/29/2032
  1,004,726
   700,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 8.875%, 5/29/2050
    413,041
 2,000,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 5.875%, 6/11/2025
  1,593,800
EUR 800,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 6.375%, 4/11/2031
    490,993
$ 1,300,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 6.588%, 2/21/2028
    897,702
3
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
 
 
Sovereign—continued
 
$ 3,000,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 7.903%, 2/21/2048
$  1,681,200
 3,000,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 8.700%, 3/1/2049
  1,740,000
EGP 25,900,000
 
Egypt, Government of, Unsecd. Note, Series 5YR, 14.369%, 10/20/2025
  1,262,193
$ 2,700,000
 
El Salvador, Government of, Sr. Unsecd. Note, 144A, 7.124%, 1/20/2050
    866,586
 3,640,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 6.375%, 1/18/2027
  1,313,560
 2,231,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.650%, 6/15/2035
    716,585
 1,090,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.750%, 1/24/2023
    937,670
 1,000,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 9.500%, 7/15/2052
    339,316
   800,000
 
Gabon, Government of, Sr. Unsecd. Note, 144A, 7.000%, 11/24/2031
    567,920
 1,000,000
 
Gabon, Government of, Sr. Unsecd. Note, REGS, 6.950%, 6/16/2025
    825,560
   700,000
 
Ghana, Government of, Sr. Unsecd. Note, 144A, 8.875%, 5/7/2042
    306,922
 3,200,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 6.375%, 2/11/2027
  1,648,000
 1,000,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 7.625%, 5/16/2029
    467,500
 2,000,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 7.750%, 4/7/2029
    939,480
   500,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 8.125%, 3/26/2032
    223,920
   500,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 8.950%, 3/26/2051
    217,300
 1,000,000
 
Ghana, Government of, Unsecd. Note, REGS, 10.750%, 10/14/2030
    805,120
 1,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.875%, 2/13/2028
    990,985
   500,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.900%, 6/1/2030
    490,103
   600,030
 
Honduras, Government of, Sr. Unsecd. Note, REGS, 7.500%, 3/15/2024
    585,210
 2,500,000
 
Iraq, Government of, Sr. Unsecd. Note, REGS, 6.752%, 3/9/2023
  2,425,000
EUR 738,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 5.875%, 10/17/2031
    591,121
$ 1,000,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 6.125%, 6/15/2033
    809,400
 4,075,143
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 5.750%, 12/31/2032
  3,583,191
 3,000,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.125%, 6/15/2033
  2,428,200
 1,000,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.375%, 3/3/2028
    900,780
 1,300,000
 
Jordan, Government of, Sr. Unsecd. Note, 144A, 5.850%, 7/7/2030
  1,098,630
   500,000
 
Jordan, Government of, Sr. Unsecd. Note, 144A, 7.375%, 10/10/2047
    400,080
   600,000
 
Kenya, Government of, Sr. Unsecd. Note, 144A, 6.300%, 1/23/2034
    367,944
 1,500,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 7.000%, 5/22/2027
  1,117,500
   700,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 7.250%, 2/28/2028
    504,476
 1,000,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 8.250%, 2/28/2048
    629,840
 3,600,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.250%, 1/25/2033
  2,936,642
 4,200,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.450%, 9/16/2032
  3,558,030
 2,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.625%, 5/18/2034
  1,642,896
 2,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.375%, 5/14/2030
  1,987,736
 3,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.250%, 1/25/2033
  2,447,202
 2,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.625%, 9/30/2031
  1,736,840
 1,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 7.500%, 9/20/2047
    844,700
 1,700,000
1,2
Lebanon, Government of, Sr. Secd. Note, Series EMTN, 6.100%, 10/4/2022
    106,590
 1,000,000
1,2
Lebanon, Government of, Sr. Unsecd. Note, 6.000%, 1/27/2023
     62,700
 1,500,000
 
Mongolia, Government of, Sr. Unsecd. Note, REGS, 5.125%, 4/7/2026
  1,327,731
 1,250,000
 
Morocco, Government of, Sr. Unsecd. Note, 144A, 4.000%, 12/15/2050
    840,625
   600,000
 
Nigeria, Government of, Sr. Unsecd. Note, 144A, 7.375%, 9/28/2033
    397,512
 1,800,000
 
Nigeria, Government of, Sr. Unsecd. Note, 144A, 8.375%, 3/24/2029
  1,393,164
 1,300,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 6.500%, 11/28/2027
    976,261
 2,200,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.143%, 2/23/2030
  1,583,824
   800,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.625%, 11/21/2025
    708,712
 1,000,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.696%, 2/23/2038
    635,200
 2,000,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 8.747%, 1/21/2031
  1,510,680
4
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
 
 
Sovereign—continued
 
$ 1,200,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 9.248%, 1/21/2049
$    826,872
 1,000,000
 
Oman, Government of, Sr. Unsecd. Note, 144A, 4.875%, 6/15/2030
    978,000
 2,000,000
 
Oman, Government of, Sr. Unsecd. Note, 144A, 5.625%, 1/17/2028
  1,991,604
 2,000,000
 
Oman, Government of, Sr. Unsecd. Note, 144A, 6.000%, 8/1/2029
  1,995,064
 3,000,000
 
Oman, Government of, Sr. Unsecd. Note, 144A, 6.250%, 1/25/2031
  2,985,000
 3,000,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 4.750%, 6/15/2026
  2,930,040
 2,000,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 4.875%, 2/1/2025
  1,984,596
 1,000,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 5.375%, 3/8/2027
    985,560
 5,100,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 5.625%, 1/17/2028
  5,078,590
 4,000,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 6.750%, 1/17/2048
  3,540,240
 1,500,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 7.000%, 1/25/2051
  1,351,992
 2,000,000
 
Pakistan, Government of, Sr. Secd. Note, REGS, 6.875%, 12/5/2027
  1,020,000
 1,500,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 5.625%, 12/5/2022
  1,312,500
 3,600,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 8.250%, 9/30/2025
  1,967,400
 3,000,000
 
Paraguay, Government of, Sr. Unsecd. Note, REGS, 2.739%, 1/29/2033
  2,442,499
 1,050,000
 
Paraguay, Government of, Sr. Unsecd. Note, REGS, 5.600%, 3/13/2048
    929,082
   500,000
 
Romania, Government of, Sr. Unsecd. Note, 144A, 4.000%, 2/14/2051
    352,718
   900,000
 
Rwanda, Government of, Sr. Unsecd. Note, 144A, 5.500%, 8/9/2031
    658,575
EUR 500,000
 
Senegal, Government of, Sr. Unsecd. Note, 144A, 5.375%, 6/8/2037
    358,607
$ 1,000,000
 
Senegal, Government of, Sr. Unsecd. Note, REGS, 6.250%, 5/23/2033
    798,800
 1,500,000
 
Senegal, Government of, Sr. Unsecd. Note, REGS, 6.750%, 3/13/2048
  1,059,030
 1,800,000
 
South Africa, Government of, Sr. Unsecd. Note, 4.850%, 9/30/2029
  1,649,750
 2,500,000
 
South Africa, Government of, Sr. Unsecd. Note, 5.000%, 10/12/2046
  1,771,750
 1,600,000
 
South Africa, Government of, Sr. Unsecd. Note, 5.875%, 4/20/2032
  1,481,386
   500,000
 
South Africa, Government of, Sr. Unsecd. Note, 6.300%, 6/22/2048
    410,650
 1,000,000
 
Trinidad and Tobago, Government of, Sr. Unsecd. Note, REGS, 4.500%, 8/4/2026
    972,201
   500,000
 
Tunisia, Government of, Sr. Unsecd. Note, REGS, 5.750%, 1/30/2025
    269,110
 3,400,000
 
Turkey, Government of, Sr. Unsecd. Note, 3.250%, 3/23/2023
  3,319,964
 2,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.250%, 3/13/2025
  2,162,460
   500,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.250%, 4/14/2026
    409,091
 2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.750%, 1/26/2026
  1,680,000
 3,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.875%, 10/9/2026
  2,861,040
 3,700,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.875%, 4/16/2043
  2,187,588
 1,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.125%, 2/17/2028
  1,161,192
 2,800,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.250%, 3/13/2030
  2,020,850
 2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.600%, 11/14/2024
  1,823,400
 2,700,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.750%, 3/22/2024
  2,536,677
 2,200,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.750%, 5/11/2047
  1,359,560
 1,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.950%, 1/15/2031
  1,102,500
 1,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.000%, 1/14/2041
    640,584
 2,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.000%, 3/25/2027
  2,096,350
 1,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.125%, 10/24/2028
    794,356
 4,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.350%, 8/10/2024
  3,744,392
 3,100,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.375%, 10/14/2025
  2,786,416
 1,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.750%, 5/30/2040
  1,063,560
   500,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.875%, 3/17/2036
    370,524
 1,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 7.625%, 4/26/2029
  1,278,579
   500,000
 
Turkey, Government of, Unsecd. Note, 6.625%, 2/17/2045
    337,000
 2,000,000
 
Ukraine, Government of, Sr. Unsecd. Note, 144A, 6.876%, 5/21/2029
    395,000
 1,000,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.253%, 3/15/2033
    195,000
5
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
          
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
 
 
Sovereign—continued
 
$   500,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2022
$    161,000
   900,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2023
    216,900
 1,700,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2024
    352,750
 1,000,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2025
    203,000
 2,000,000
 
Ukraine, Government of, Sr. Unsecd. Note, REGS, 8.994%, 2/1/2024
    430,000
 1,505,000
 
Ukraine, Government of, Unsecd. Note, 144A, 1.258%, 5/31/2040
    402,588
 2,000,000
 
Ukraine, Government of, Unsecd. Note, REGS, 7.750%, 9/1/2026
    403,632
 4,653,000
1,2
Venezuela, Government of, Sr. Unsecd. Note, 7.000%, 3/31/2038
    407,138
 6,920,000
1,2
Venezuela, Government of, Sr. Unsecd. Note, 8.250%, 10/13/2024
    596,850
 2,000,000
1,2
Venezuela, Government of, Sr. Unsecd. Note, 9.250%, 5/7/2028
    176,500
 
 
TOTAL
279,740,328
 
 
State/Provincial—0.4%
 
   468,000
 
Brazil Minas SPE, Sec. Fac. Bond, 144A, 5.333%, 2/15/2028
    464,394
 1,079,000
 
Buenos Aires, City of, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    859,388
 1,113,200
 
Provincia De Buenos Aires, Sr. Unsecd. Note, 144A, 3.900%, 9/1/2037
    344,798
   650,000
1,2
Provincia De Buenos Aires, Sr. Unsecd. Note, REGS, 3.900%, 9/1/2037
    201,329
   708,401
 
Provincia De Cordoba, Sr. Unsecd. Note, 144A, 5.000%, 6/1/2027
    399,361
   253,000
 
Provincia De Cordoba, Sr. Unsecd. Note, REGS, 5.000%, 6/1/2027
    142,629
   186,484
1,2
Provincia de Entre Rios Argentina, Sr. Unsecd. Note, 144A, 5.000%, 8/8/2028
    115,620
 
 
TOTAL
2,527,519
 
 
Telecommunications & Cellular—0.9%
 
   350,000
 
Empresa Nacional de Telecomunicaciones S.A., Sr. Unsecd. Note, 144A, 3.050%, 9/14/2032
    285,519
 2,000,000
 
Empresa Nacional de Telecomunicaciones S.A., Sr. Unsecd. Note, REGS, 3.050%, 9/14/2032
  1,631,540
 1,900,000
 
Oryx Funding Ltd., Sr. Unsecd. Note, 144A, 5.800%, 2/3/2031
  1,780,642
 1,800,000
 
Oztel Holdings SPC Ltd., Sec. Fac. Bond, 144A, 6.625%, 4/24/2028
  1,839,503
 1,000,000
 
Oztel Holdings SPC Ltd., Sec. Fac. Bond, REGS, 6.625%, 4/24/2028
  1,021,946
 
 
TOTAL
6,559,150
 
 
Transportation—0.2%
 
   500,000
3
DP World Salaam, Jr. Sub. Note, 6.000%, 10/1/2025
    501,875
   387,202
 
Sparc Em Spc Panama Metr, Sec. Fac. Bond, REGS, 0.001%, 12/5/2022
    380,362
   900,000
 
State Age Roads, Sr. Unsecd. Note, 144A, 6.250%, 6/24/2028
    162,881
 
 
TOTAL
1,045,118
 
 
Utilities—3.5%
 
 1,450,000
 
Centrais Eletricas Brasileiras SA, Sr. Unsecd. Note, 144A, 4.625%, 2/4/2030
  1,285,969
 1,200,000
 
Eig Pearl Holdings Sarl, Sec. Fac. Bond, 144A, 4.387%, 11/30/2046
    973,998
 2,000,000
 
Empresas Public Medelllin, Sr. Unsecd. Note, REGS, 4.250%, 7/18/2029
  1,595,191
 3,700,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, 144A, 6.350%, 8/10/2028
  3,533,870
 5,000,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, REGS, 6.750%, 8/6/2023
  4,967,500
 1,600,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, REGS, 8.450%, 8/10/2028
  1,432,000
 6,500,000
 
Eskom Holdings Soc Ltd., Unsecd. Note, REGS, 7.125%, 2/11/2025
  6,074,211
   850,000
 
Instituto Costarricense de Electricidad, Sr. Unsecd. Note, REGS, 6.375%, 5/15/2043
    613,431
   900,000
 
Israel Electric Corp. Ltd., Sec. Fac. Bond, Series GMTN, 4.250%, 8/14/2028
    894,062
   400,000
 
Israel Electric Corp. Ltd., Unsecd. Note, Series GMTN, 3.750%, 2/22/2032
    369,111
   450,000
 
NPC Ukrenergo, Sr. Unsecd. Note, 144A, 6.875%, 11/9/2026
     82,575
   900,000
 
State Grid Overseas Investment 2016 Ltd., Sr. Unsecd. Note, 144A, 4.250%, 5/2/2028
    931,919
 2,100,000
 
Sweihan Pv Power Co., Sec. Fac. Bond, 144A, 3.625%, 1/31/2049
  1,774,781
 
 
TOTAL
24,528,618
 
 
TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $493,588,909)
425,818,128
6
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—35.1%
 
 
 
Aerospace & Defense—0.5%
 
$ 2,000,000
 
Embraer Netherlands Finance BV, Sr. Unsecd. Note, 5.400%, 2/1/2027
$  1,958,350
 1,000,000
 
Embraer Netherlands Finance BV, Sr. Unsecd. Note, REGS, 6.950%, 1/17/2028
  1,009,175
   163,000
 
Embraer Overseas Ltd., Sr. Unsecd. Note, 144A, 5.696%, 9/16/2023
    165,562
 
 
TOTAL
3,133,087
 
 
Air Transportation—0.1%
 
 1,040,000
 
Gol Finance, Sr. Unsecd. Note, 144A, 7.000%, 1/31/2025
    559,052
   850,000
 
Gol Finance, Sr. Unsecd. Note, REGS, 7.000%, 1/31/2025
    456,918
 
 
TOTAL
1,015,970
 
 
Airport—0.1%
 
   500,000
 
GMR Hyderabad International Airport Ltd., Term Loan - 1st Lien, 144A, 4.750%, 2/2/2026
    450,625
 
 
Automotive—0.6%
 
 1,500,000
 
Hyundai Capital America, Sr. Unsecd. Note, REGS, 2.100%, 9/15/2028
  1,281,688
 1,250,000
 
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV, Sr. Unsecd. Note, 144A, 5.000%, 5/7/2028
  1,084,382
 1,550,000
 
Metalsa Sa De Cv, Sr. Unsecd. Note, 144A, 3.750%, 5/4/2031
  1,114,939
   300,000
 
Nemak SAB de CV, Sr. Unsecd. Note, 144A, 3.625%, 6/28/2031
    234,419
   400,000
 
Nemak SAB de CV, Sr. Unsecd. Note, REGS, 3.625%, 6/28/2031
    312,558
 
 
TOTAL
4,027,986
 
 
Banking—4.5%
 
   800,000
3
Access Bank PLC, Jr. Sub. Note, 144A, 9.125%, 1/7/2023
    571,436
 1,500,000
 
Akbank TAS, Sr. Unsecd. Note, 144A, 6.800%, 2/6/2026
  1,311,459
 1,000,000
 
Akbank TAS, Sr. Unsecd. Note, REGS, 5.125%, 3/31/2025
    874,146
 2,000,000
3
Al Ahli Bank of Kuwait, Jr. Sub. Note, 7.250%, 9/26/2022
  1,983,660
 2,300,000
1,2,3
Alfa Bank (Alfa Bond), Sub., REGS, 5.950%, 4/15/2030
    115,000
 1,000,000
 
Banco Bradesco S.A., Sr. Unsecd. Note, REGS, 4.375%, 3/18/2027
    964,115
 2,000,000
 
Banco Btg Pactual/Cayman, Sr. Unsecd. Note, 144A, 2.750%, 1/11/2026
  1,810,380
 1,000,000
 
Banco Continental, Sr. Unsecd. Note, 144A, 2.750%, 12/10/2025
    867,520
 1,400,000
 
Banco Continental, Sr. Unsecd. Note, REGS, 2.750%, 12/10/2025
  1,214,528
 1,000,000
3
Banco Davivienda S.A., Jr. Sub. Note, 144A, 6.650%, 10/22/2022
    754,949
   200,000
3
Banco General S.A., Jr. Sub. Note, 144A, 5.250%, 11/7/2022
    179,735
   500,000
 
Banco Industrial, Sub., 144A, 4.875%, 1/29/2031
    464,883
 2,000,000
3
Banco Mercantil De Norte, Jr. Sub. Deb., REGS, 7.500%, 9/27/2022
  1,800,350
 2,400,000
3
Banco Mercantil De Norte, Jr. Sub. Note, 144A, 6.625%, 10/24/2022
  1,947,600
   500,000
3
Banco Votorantim, Jr. Sub. Note, REGS, 8.250%, 12/7/2022
    497,497
   750,000
 
Banco Votorantim, Sr. Unsecd. Note, 144A, 4.375%, 7/29/2025
    719,925
 1,300,000
 
Bancolombia S.A., Sr. Unsecd. Note, 3.000%, 1/29/2025
  1,225,497
 3,200,000
 
Bancolombia S.A., Sub., 4.875%, 10/18/2027
  2,945,680
   750,000
 
Banistmo S.A., Sr. Unsecd. Note, 144A, 4.250%, 7/31/2027
    703,417
 3,160,000
 
BBVA Bancomer SA Mexico, Jr. Sub. Note, 144A, 5.350%, 11/12/2029
  2,970,700
   700,000
 
BBVA Bancomer SA Mexico, Sub. Deb., 144A, 5.875%, 9/13/2034
    623,577
   732,000
 
Industrial Senior Trust, Sr. Unsecd. Note, REGS, 5.500%, 11/1/2022
    731,122
 1,500,000
 
Itau Unibanco Holding S.A., Sub., 144A, 3.875%, 4/15/2031
  1,337,025
 4,000,000
 
Office Cherifien, Sr. Unsecd. Note, REGS, 3.750%, 6/23/2031
  3,260,832
 1,500,000
 
Shriram Transport Finance Co. Ltd., Sec. Fac. Bond, 144A, 5.100%, 7/16/2023
  1,459,219
 
 
TOTAL
31,334,252
 
 
Beverage & Tobacco—0.2%
 
   600,000
 
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, Sr. Unsecd. Note, REGS, 5.250%, 4/27/2029
    568,800
 1,000,000
 
Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 2.750%, 1/22/2030
    918,175
 
 
TOTAL
1,486,975
 
 
Brokerage—0.1%
 
   800,000
 
XP, Inc., Sr. Unsecd. Note, 144A, 3.250%, 7/1/2026
    718,944
7
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—continued
 
 
 
Building & Development—0.2%
 
$ 1,000,000
 
JSW Infrastructure Ltd., Sec. Fac. Bond, 144A, 4.950%, 1/21/2029
$    833,599
   966,667
 
Rutas 2 & 7 Finance Ltd., 144A, 0.001%, 9/30/2036
    576,539
 
 
TOTAL
1,410,138
 
 
Building Materials—0.7%
 
 4,000,000
 
Cemex SAB de CV, Sec. Fac. Bond, 144A, 7.375%, 6/5/2027
  4,065,600
 1,000,000
 
Cemex SAB de CV, Sr. Secd. Note, 144A, 3.875%, 7/11/2031
    804,885
 
 
TOTAL
4,870,485
 
 
Cable & Wireless Television—0.1%
 
 1,000,000
 
Vtr Finance Bv, Sr. Unsecd. Note, 144A, 6.375%, 7/15/2028
    613,343
 
 
Chemicals & Plastics—3.9%
 
 4,200,000
 
Braskem Idesa S.A.P.I., Sec. Fac. Bond, 144A, 6.990%, 2/20/2032
  3,632,622
   500,000
 
Braskem Netherlands Finance BV, Sr. Unsecd. Note, 144A, 4.500%, 1/31/2030
    457,568
 1,500,000
 
Braskem Netherlands Finance BV, Sub., REGS, 8.500%, 1/23/2081
  1,558,762
   500,000
 
Cydsa SAB de CV, Sr. Unsecd. Note, REGS, 6.250%, 10/4/2027
    432,693
 2,800,000
 
Groupe Office Cherifien des Phosphates SA, Sr. Unsecd. Note, 144A, 5.125%, 6/23/2051
  1,984,007
 1,500,000
 
Petkim Petrokimya Holding A.S., Sr. Unsecd. Note, REGS, 5.875%, 1/26/2023
  1,464,048
   500,000
3
San Miguel Corp., Sr. Unsecd. Note, Series EMTN, 5.500%, 1/29/2023
    479,775
 1,300,000
 
San Miguel Industrias, Sr. Unsecd. Note, 144A, 3.500%, 8/2/2028
  1,081,197
   800,000
 
San Miguel Industrias, Sr. Unsecd. Note, REGS, 3.500%, 8/2/2028
    665,352
 4,500,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 5.500%, 3/18/2031
  3,679,807
 3,000,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 5.875%, 3/27/2024
  3,004,650
 2,000,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 6.500%, 9/27/2028
  1,909,170
 1,400,000
 
UNIGEL Luxembourg S.A., Sr. Unsecd. Note, 144A, 8.750%, 10/1/2026
  1,417,080
 5,600,000
 
UNIGEL Luxembourg S.A., Sr. Unsecd. Note, REGS, 8.750%, 10/1/2026
  5,668,320
 
 
TOTAL
27,435,051
 
 
Conglomerates—0.3%
 
 2,100,000
 
Turkiye Sise ve Cam Fabrikalari AS, Sr. Unsecd. Note, REGS, 6.950%, 3/14/2026
  1,860,432
 
 
Consumer Products—0.5%
 
   500,000
 
ATENTO LUXCO 1 SA, Sec. Fac. Bond, 144A, 8.000%, 2/10/2026
    315,194
 1,500,000
 
Bidvest Group UK PLC, Sr. Unsecd. Note, 144A, 3.625%, 9/23/2026
  1,344,600
 1,500,000
 
Fomento Economico Mexicano, SA de C.V., Sr. Unsecd. Note, 3.500%, 1/16/2050
  1,186,958
   600,000
 
Meituan, Sr. Unsecd. Note, 144A, 3.050%, 10/28/2030
    433,549
 
 
TOTAL
3,280,301
 
 
Equipment Lease—0.3%
 
 2,150,000
 
Movida Europe S.A., Sr. Unsecd. Note, 144A, 5.250%, 2/8/2031
  1,816,750
   500,000
 
Unifin Financiera S.A. de, Sr. Unsecd. Note, 144A, 9.875%, 1/28/2029
    266,245
 
 
TOTAL
2,082,995
 
 
Finance—1.2%
 
   850,000
 
Banco GNB Sudameris SA, Sub. Note, REGS, 7.500%, 4/16/2031
    697,472
 1,550,000
 
Cibanco Sa Ins De Banca, Sr. Unsecd. Note, 144A, 4.375%, 7/22/2031
  1,069,794
   500,000
 
Gilex Holding S.a.r.l., Sr. Note, REGS, 8.500%, 5/2/2023
    487,213
 1,000,000
 
Grupo Aval Ltd., Sr. Unsecd. Note, 144A, 4.750%, 9/26/2022
    999,900
 2,200,000
 
Grupo Aval Ltd., Sr. Unsecd. Note, REGS, 4.375%, 2/4/2030
  1,743,412
   500,000
 
Inversiones Atlantida SA, Sec. Fac. Bond, 144A, 7.500%, 5/19/2026
    462,540
 1,800,000
 
Inversiones La Construccion SA, Sr. Unsecd. Note, 144A, 4.750%, 2/7/2032
  1,365,480
   400,000
 
Manappuram Finance Ltd., Sec. Fac. Bond, Series EMTN, 5.900%, 1/13/2023
    397,440
   800,000
 
Muthoot Finance Ltd., Term Loan - 1st Lien, REGS, 4.400%, 9/2/2023
    777,040
 
 
TOTAL
8,000,291
 
 
Finance - Retail—0.2%
 
 1,800,000
 
Ct Trust, Sec. Fac. Bond, 144A, 5.125%, 2/3/2032
  1,612,818
8
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—continued
 
 
 
Financial Intermediaries—0.6%
 
$ 1,600,000
3
ADIB Capital Invest 2 Ltd., Jr. Sub. Note, 7.125%, 9/20/2023
$  1,638,688
 1,050,000
 
Cimpor Financial Operations, Sr. Unsecd. Note, 144A, 5.750%, 7/17/2024
    788,729
 1,500,000
 
Mx Remit Fund Fiduc Est, Sr. Note, 144A, 4.875%, 1/15/2028
  1,196,422
 1,000,000
 
Mx Remit Fund Fiduc Est, Sr. Note, REGS, 4.875%, 1/15/2028
    797,615
 
 
TOTAL
4,421,454
 
 
Food Products—1.1%
 
   675,000
 
Agrosuper S.A., Sr. Unsecd. Note, 144A, 4.600%, 1/20/2032
    588,094
   850,000
 
Arcos Dorados BV, Sr. Unsecd. Note, 144A, 6.125%, 5/27/2029
    808,792
 1,500,000
 
JBS USA LUX SA / JBS Food Co. / JBS USA Finance, Inc., Sr. Unsecd. Note, 144A, 3.000%, 2/2/2029
  1,293,100
   500,000
 
JBS USA LUX SA / JBS Food Co. / JBS USA Finance, Inc., Sr. Unsecd. Note, 144A, 6.500%, 12/1/2052
    504,457
 1,000,000
 
JGSH Philippines Ltd., Sr. Unsecd. Note, 4.125%, 7/9/2030
    932,500
 2,400,000
 
MHP SA, Sr. Unsecd. Note, REGS, 7.750%, 5/10/2024
  1,055,544
 2,000,000
 
Minerva Luxembourg SA, Sr. Unsecd. Note, REGS, 4.375%, 3/18/2031
  1,652,930
 1,000,000
 
NBM US Holdings, Inc., Sr. Unsecd. Note, 144A, 7.000%, 5/14/2026
  1,005,200
 
 
TOTAL
7,840,617
 
 
Food Services—0.6%
 
 1,000,000
 
Alsea de Mexico SAB de CV, Sr. Unsecd. Note, 144A, 7.750%, 12/14/2026
    954,555
 2,300,000
 
MARB BondCo PLC, Sr. Unsecd. Note, REGS, 3.950%, 1/29/2031
  1,878,847
 3,000,000
 
MHP Lux SA, Sr. Unsecd. Note, REGS, 6.950%, 4/3/2026
  1,300,200
 
 
TOTAL
4,133,602
 
 
Health Care—0.1%
 
   800,000
 
Auna SAA, Sr. Unsecd. Note, 144A, 6.500%, 11/20/2025
    714,458
 
 
Hotels, Motels, Inns & Casinos—0.1%
 
   588,828
 
Grupo Posadas SA de C.V., REGS, 4.000%, 12/30/2027
    359,185
 
 
Metals & Mining—2.3%
 
   200,000
 
Abja Investment Co., Sr. Unsecd. Note, 5.450%, 1/24/2028
    194,051
 1,950,000
 
Cap S.A., Sr. Unsecd. Note, 144A, 3.900%, 4/27/2031
  1,533,480
 2,000,000
 
CSN Islands XI Corp., Sr. Unsecd. Note, 144A, 6.750%, 1/28/2028
  1,865,750
   900,000
 
CSN Islands XI Corp., Sr. Unsecd. Note, REGS, 6.750%, 1/28/2028
    839,587
 1,600,000
 
CSN Resources SA, Sr. Unsecd. Note, 144A, 4.625%, 6/10/2031
  1,210,272
 2,000,000
 
CSN Resources SA, Sr. Unsecd. Note, 144A, 5.875%, 4/8/2032
  1,599,017
   200,000
 
Endeavour Mining PLC, Sr. Unsecd. Note, 144A, 5.000%, 10/14/2026
    163,678
    22,975
 
Eterna Capital Pte Ltd., Term Loan - 1st Lien, Series A, 7.500%, 12/11/2022
     22,171
   500,000
 
Indika Energy Capital IV Pte. Ltd., 144A, 8.250%, 10/22/2025
    487,125
 1,500,000
 
Indika Energy Capital IV Pte. Ltd., REGS, 8.250%, 10/22/2025
  1,461,375
 1,500,000
 
Minmetals Bounteous Finance BVI Ltd., Sr. Unsecd. Note, 4.200%, 7/27/2026
  1,516,485
   700,000
 
Nexa Resources SA, Sr. Unsecd. Note, 144A, 6.500%, 1/18/2028
    700,487
   500,000
 
Samarco Mineracao SA, Sr. Unsecd. Note, REGS, 4.125%, 11/1/2022
    296,700
   500,000
 
Vedanta Resources II PLC, Sr. Unsecd. Note, 144A, 13.875%, 1/21/2024
    433,553
   500,000
 
Vedanta Resources II PLC, Sr. Unsecd. Note, REGS, 8.000%, 4/23/2023
    442,011
 3,200,000
 
Vedanta Resources Ltd., Sr. Unsecd. Note, REGS, 6.125%, 8/9/2024
  2,038,366
   600,000
 
Vedanta Resources PLC, Sr. Unsecd. Note, REGS, 7.125%, 5/31/2023
    523,279
   300,000
 
Vedanta Resources PLC, Sr. Unsecd. Note, REGS, 9.250%, 4/23/2026
    189,751
   800,000
 
VM Holding S.A., Sr. Unsecd. Note, 144A, 5.375%, 5/4/2027
    762,297
 
 
TOTAL
16,279,435
 
 
Oil & Gas—5.6%
 
 1,500,000
 
AI Candelaria Spain SLU, Sec. Fac. Bond, 144A, 5.750%, 6/15/2033
  1,128,698
 2,800,000
 
Canacol Energy Ltd., Sr. Unsecd. Note, 144A, 5.750%, 11/24/2028
  2,315,591
 1,500,000
 
Frontera Energy Corp., Sr. Unsecd. Note, 144A, 7.875%, 6/21/2028
  1,223,143
   733,000
 
Frontera Energy Corp., Sr. Unsecd. Note, REGS, 7.875%, 6/21/2028
    597,709
9
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—continued
 
 
 
Oil & Gas—continued
 
$ 1,300,000
 
Geopark Ltd., Sr. Unsecd. Note, 144A, 5.500%, 1/17/2027
$  1,120,299
 1,600,000
 
Geopark Ltd., Sr. Unsecd. Note, REGS, 5.500%, 1/17/2027
  1,378,830
   219,000
 
Geopark Ltd., Sr. Unsecd. Note, REGS, 6.500%, 9/21/2024
    225,193
 1,900,000
 
Gran Tierra Energy, Inc., Sr. Unsecd. Note, REGS, 6.250%, 2/15/2025
  1,620,709
 2,200,000
 
Gran Tierra Energy, Inc., Sr. Unsecd. Note, REGS, 7.750%, 5/23/2027
  1,842,610
 1,872,300
 
Guara Norte Sarl, Sr. Note, 144A, 5.198%, 6/15/2034
  1,539,424
 2,290,000
 
Hunt Oil Co. of Peru, Sr. Unsecd. Note, REGS, 6.375%, 6/1/2028
  2,112,525
   400,000
 
Koc Holding A.S., Sr. Unsecd. Note, 144A, 6.500%, 3/11/2025
    366,572
   800,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, 144A, 7.500%, 3/1/2028
    652,781
 1,000,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, 144A, 7.750%, 5/1/2027
    850,160
 1,000,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, REGS, 7.125%, 4/4/2026
    882,555
 1,600,000
 
Leviathan Bond Ltd., Sr. Note, 6.500%, 6/30/2027
  1,535,533
 1,350,000
 
MC Brazil Downstream Trading SARL, Sec. Fac. Bond, 144A, 7.250%, 6/30/2031
  1,084,961
   400,000
 
MC Brazil Downstream Trading SARL, Sec. Fac. Bond, REGS, 7.250%, 6/30/2031
    321,470
 2,430,000
 
Medco Bell Pte Ltd., Term Loan - 1st Lien, 144A, 6.375%, 1/30/2027
  2,146,370
   700,000
 
Medco Laurel Tree Pte. Ltd., Sr. Unsecd. Note, 144A, 6.950%, 11/12/2028
    603,155
   750,000
 
Medco Platinum Road Pte. Ltd., 144A, 6.750%, 1/30/2025
    711,428
 3,555,600
 
Mv24 Captial Bv, Term Loan - 1st Lien, REGS, 6.748%, 6/1/2034
  3,278,263
   628,000
 
Orazul Energy Egenor SCA, Sr. Unsecd. Note, REGS, 5.625%, 4/28/2027
    558,832
 1,750,000
 
Peru LNG S.R.L., Sr. Unsecd. Note, REGS, 5.375%, 3/22/2030
  1,465,625
   500,000
 
Petron Corp., Sr. Unsecd. Note, 5.950%, 10/19/2022
    472,500
 1,500,000
 
Puma International Financing SA, Sr. Unsecd. Note, 144A, 5.125%, 10/6/2024
  1,352,250
   500,000
 
Reliance Industries Ltd., Sr. Unsecd. Note, REGS, 3.625%, 1/12/2052
    381,133
   500,000
 
SEPLAT Petroleum Development Co. PLC, Sr. Unsecd. Note, 144A, 7.750%, 4/1/2026
    425,010
   800,000
 
Sierracol Energy Andina, Llc, Sr. Unsecd. Note, 144A, 6.000%, 6/15/2028
    582,160
 1,000,000
 
Sierracol Energy Andina, Llc, Sr. Unsecd. Note, REGS, 6.000%, 6/15/2028
    727,700
   563,000
 
Tullow Oil PLC, Sec. Fac. Bond, 144A, 10.250%, 5/15/2026
    528,564
 2,500,000
 
Tullow Oil PLC, Sr. Unsecd. Note, 144A, 7.000%, 3/1/2025
  2,070,125
 2,000,000
 
Tupras Turkiye Petrol Rafinerileri A.S., Sr. Unsecd. Note, REGS, 4.500%, 10/18/2024
  1,786,652
   215,000
 
Ultrapar International SA, Sr. Unsecd. Note, 144A, 5.250%, 10/6/2026
    214,754
   458,000
 
Ultrapar International SA, Sr. Unsecd. Note, 144A, 5.250%, 6/6/2029
    416,281
   700,000
 
Vivo Energy Investments, Sr. Unsecd. Note, 144A, 5.125%, 9/24/2027
    662,900
 
 
TOTAL
39,182,465
 
 
Other—0.1%
 
   829,373
 
TransJamaican Highway Ltd., Sec. Fac. Bond, REGS, 5.750%, 10/10/2036
    722,959
 
 
Pharmaceuticals—0.4%
 
 1,500,000
 
Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 3.150%, 10/1/2026
  1,356,953
 1,500,000
 
Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecd. Note, 4.750%, 5/9/2027
  1,440,000
 
 
TOTAL
2,796,953
 
 
Rail Industry—0.1%
 
   396,890
 
Panama Canal Railway Co., Sec. Fac. Bond, 144A, 7.000%, 11/1/2026
    411,401
   344,000
 
Panama Canal Railway Co., Sr. Note, REGS, 7.000%, 11/1/2026
    356,578
 
 
TOTAL
767,979
 
 
Real Estate—1.6%
 
 1,800,000
 
Country Garden Holdings Co., 4.750%, 1/17/2023
  1,440,000
 2,700,000
 
Dar Al-Arkan Sukuk Co. Ltd., Sr. Unsecd. Note, 6.875%, 3/21/2023
  2,706,912
 2,000,000
 
Esic Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.939%, 7/30/2024
  1,971,630
 3,000,000
 
Longfor Properties, Sr. Unsecd. Note, 4.500%, 1/16/2028
  2,218,041
 2,100,000
 
Shimao Group Holdings Ltd., 4.750%, 7/3/2022
    258,338
 1,969,000
 
Theta Capital Pte ltd., Sr. Unsecd. Note, 8.125%, 1/22/2025
  1,551,414
10
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—continued
 
 
 
Real Estate—continued
 
$ 2,000,000
 
Wanda Properties International Co., Sr. Unsecd. Note, 7.250%, 1/29/2024
$  1,288,750
 
 
TOTAL
11,435,085
 
 
Retailers—0.7%
 
   800,000
 
Future Retail Ltd., Sec. Fac. Bond, 144A, 5.600%, 1/22/2025
     93,280
 1,100,000
 
Golden Eagle Retail Group Ltd., Sr. Unsecd. Note, REGS, 4.625%, 5/21/2023
  1,022,313
   300,000
 
Grupo Axo Sa De Cv, Sr. Unsecd. Note, 144A, 5.750%, 6/8/2026
    228,085
 1,350,000
 
Grupo Axo Sa De Cv, Sr. Unsecd. Note, REGS, 5.750%, 6/8/2026
  1,026,382
   850,000
 
InRetail Consumer, Sec. Fac. Bond, 144A, 3.250%, 3/22/2028
    706,868
 1,700,000
 
JD.com, Inc., Sr. Unsecd. Note, 3.875%, 4/29/2026
  1,681,744
 1,200,000
1,2
Sri Rejeki Isman Tbk, Sr. Unsecd. Note, REGS, 7.250%, 1/16/2025
    126,000
 
 
TOTAL
4,884,672
 
 
Services—0.1%
 
   500,000
 
Bukit Makmur Mandiri Utama, 144A, 7.750%, 2/10/2026
    410,375
 
 
Steel—0.2%
 
   750,000
4
Posco, Sr. Unsecd. Note, 144A, 4.375%, 8/4/2025
    751,012
   300,000
4
Posco, Sr. Unsecd. Note, 144A, 4.500%, 8/4/2027
    300,740
   500,000
 
Usiminas International Ltd., Sr. Unsecd. Note, 144A, 5.875%, 7/18/2026
    493,223
 
 
TOTAL
1,544,975
 
 
Technology Services—0.8%
 
   800,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 3.400%, 12/6/2027
    775,545
 1,000,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 4.200%, 12/6/2047
    820,193
 1,000,000
 
Baidu, Inc., Sr. Unsecd. Note, 3.425%, 4/7/2030
    922,240
   500,000
 
Baidu, Inc., Sr. Unsecd. Note, 3.875%, 9/29/2023
    501,743
 1,000,000
 
Baidu, Inc., Sr. Unsecd. Note, 4.375%, 3/29/2028
    999,750
   500,000
 
Tencent Holdings Ltd., Sr. Unsecd. Note, 144A, 3.595%, 1/19/2028
    478,976
 1,300,000
 
Xiaomi Best Time International Ltd., Sr. Unsecd. Note, 144A, 3.375%, 4/29/2030
  1,085,119
 
 
TOTAL
5,583,566
 
 
Telecommunications & Cellular—3.4%
 
   700,000
 
America Movil S.A.B. de C.V., Sr. Unsecd. Note, 4.700%, 7/21/2032
    726,866
 1,750,000
 
America Movil S.A.B. de C.V., Sr. Unsecd. Note, 144A, 5.375%, 4/4/2032
  1,662,614
   500,000
 
ATP Tow & Telecom, Sec. Fac. Bond, 144A, 4.050%, 4/27/2026
    444,221
    85,129
 
Digicel Group 0.5 Ltd., Sr. Unsecd. Note, 144A, 8.000%, 4/1/2025
     55,333
   750,000
 
Digicel International Finance Ltd., 144A, 8.750%, 5/25/2024
    702,315
   650,773
 
Digicel International Finance Ltd., Sr. Unsecd. Note, REGS, 13.000%, 12/31/2025
    556,138
 1,000,000
 
Digicel International Finance Ltd., Sub., REGS, 8.000%, 12/31/2026
    684,345
   500,000
 
Digicel Ltd., Sr. Unsecd. Note, REGS, 6.750%, 3/1/2023
    322,510
 2,000,000
 
HTA Group Ltd., Sr. Unsecd. Note, 144A, 7.000%, 12/18/2025
  1,775,640
   500,000
 
IHS Holding Ltd., Sr. Unsecd. Note, 144A, 6.250%, 11/29/2028
    410,670
 2,000,000
 
IHS Netherlands Holdco BV, Sr. Unsecd. Note, 144A, 8.000%, 9/18/2027
  1,783,740
 3,300,000
 
IHS Netherlands Holdco BV, Sr. Unsecd. Note, REGS, 8.000%, 9/18/2027
  2,943,171
 1,000,000
 
Kenbourne Invest SA, Sr. Unsecd. Note, 144A, 4.700%, 1/22/2028
    714,820
   700,000
 
Kenbourne Invest SA, Sr. Unsecd. Note, REGS, 6.875%, 11/26/2024
    657,688
 1,500,000
 
Millicom International Cellular S. A., Sr. Unsecd. Note, REGS, 4.500%, 4/27/2031
  1,230,044
 2,100,000
 
MTN Mauritius Investment Ltd., Sr. Unsecd. Note, REGS, 4.755%, 11/11/2024
  2,071,650
   500,000
3
Network i2i Ltd., Sub. Deb., REGS, 5.650%, 10/15/2022
    486,060
 1,000,000
3
Network i2i Ltd., Sub., 144A, 3.975%, 12/3/2022
    838,860
   800,000
 
Sable International Finance Ltd., Sec. Fac. Bond, REGS, 5.750%, 9/7/2027
    707,296
   900,000
 
Telfon Celuar Del Paraguay, Sr. Unsecd. Note, 144A, 5.875%, 4/15/2027
    859,243
   500,000
 
Telfon Celuar Del Paraguay, Sr. Unsecd. Note, REGS, 5.875%, 4/15/2027
    477,358
   500,000
 
Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 4.875%, 6/19/2024
    432,575
11
Principal
Amount
or Shares
 
 
Value in
U.S. Dollars
 
 
CORPORATE BONDS—continued
 
 
 
Telecommunications & Cellular—continued
 
$ 2,000,000
 
Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 6.875%, 2/28/2025
$  1,731,320
 1,000,000
 
Turkcell Iletisim Hizmetleri A.S., Sr. Unsecd. Note, REGS, 5.750%, 10/15/2025
    856,200
   240,000
 
VTR Comunicaciones SpA, Sec. Fac. Bond, 144A, 5.125%, 1/15/2028
    175,642
 
 
TOTAL
23,306,319
 
 
Transportation—0.6%
 
 2,250,000
4
Acu Petroleo Luxembourg, Sec. Fac. Bond, 144A, 7.500%, 1/13/2032
  1,884,679
   500,000
 
Adani Ports and Special, Sr. Unsecd. Note, 144A, 5.000%, 8/2/2041
    393,167
 1,150,000
 
Rumo Luxembourg Sarl, Sr. Unsecd. Note, 144A, 4.200%, 1/18/2032
    943,230
 1,000,000
 
Simpar Europe SA, Sr. Unsecd. Note, 144A, 5.200%, 1/26/2031
    841,495
 
 
TOTAL
4,062,571
 
 
Utility - Diversified—3.2%
 
   499,000
 
ACWA Power Management and Investments One Ltd., Sec. Fac. Bond, REGS, 5.950%, 12/15/2039
    496,996
   400,000
 
Adani Green Energy UP Ltd., Sec. Fac. Bond, 144A, 6.250%, 12/10/2024
    391,760
   400,000
 
AES Argentina Generacion SA, Sr. Unsecd. Note, REGS, 7.750%, 2/2/2024
    309,024
 2,000,000
3
AES Gener S.A., Jr. Sub. Note, REGS, 6.350%, 10/7/2079
  1,712,770
   192,740
 
Azure Power Energy Ltd., 144A, 3.575%, 8/19/2026
    169,129
 3,050,000
 
Enel Generacion Chile SA, Sr. Unsecd. Note, 4.250%, 4/15/2024
  3,037,549
   300,000
 
Enfragen Energia Sur Sa, REGS, 5.375%, 12/30/2030
    204,741
   800,000
 
Enfragen Energia Sur Sa, Sr. Secd. Note, 144A, 5.375%, 12/30/2030
    545,976
 1,000,000
 
Engie Energia Chile SA, Sr. Unsecd. Note, REGS, 3.400%, 1/28/2030
    826,790
   300,000
 
Globeleq Mesoamerica, Sr. Note, 144A, 6.250%, 4/26/2029
    276,489
 1,500,000
 
Greenko Solar (Mauritius) Ltd., 144A, 5.950%, 7/29/2026
  1,376,250
   600,000
 
India Clean Energy Hldg, 144A, 4.500%, 4/18/2027
    454,500
   800,000
 
India Green Power Hold, Sec. Fac. Bond, 144A, 4.000%, 2/22/2027
    644,000
 2,260,000
 
Inkia Energy Ltd., Sr. Unsecd. Note, REGS, 5.875%, 11/9/2027
  2,097,441
   920,000
 
JSW Hydro Energy Ltd., Sec. Fac. Bond, 144A, 4.125%, 5/18/2031
    794,829
   300,000
 
KALLPA Generacion SA, Sr. Unsecd. Note, REGS, 4.125%, 8/16/2027
    274,956
 2,114,000
 
KALLPA Generacion SA, Sr. Unsecd. Note, REGS, 4.875%, 5/24/2026
  2,038,720
   500,000
 
Listrindo Capital BV, Sr. Unsecd. Note, REGS, 4.950%, 9/14/2026
    461,920
   217,925
 
LLPL Capital Pte. Ltd., 144A, 6.875%, 2/4/2039
    205,960
 1,050,000
 
Minejesa Capital BV, Sec. Fac. Bond, 144A, 5.625%, 8/10/2037
    855,467
 1,750,000
 
Mong Duong Finance Holdings B.V., 144A, 5.125%, 5/7/2029
  1,439,375
 1,555,000
 
ReNew Power Ltd., Sec. Fac. Bond, REGS, 6.450%, 9/27/2022
  1,549,247
 1,300,000
 
Rio Energy SA / UGEN SA/ UENSA SA, 144A, 6.875%, 2/1/2025
    753,680
 2,000,000
 
Sociedad De Transmision, Sr. Unsecd. Note, 144A, 4.000%, 1/27/2032
  1,680,608
 
 
TOTAL
22,598,177
 
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $275,534,343)
244,378,540
 
 
INVESTMENT COMPANY—2.2%
 
15,181,269
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 1.84%6
(IDENTIFIED COST $15,172,241)
 15,173,678
 
 
TOTAL INVESTMENT IN SECURITIES—98.4%
(IDENTIFIED COST $784,295,493)
685,370,346
 
 
OTHER ASSETS AND LIABILITIES - NET—1.6%7
11,086,468
 
 
TOTAL NET ASSETS—100%
$696,456,814
12
At July 31, 2022, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
 
 
 
2United States Treasury Long Bond Long Futures
60
$8,640,000
September 2022
$277,841
2United States Treasury Notes 10-Year Long Futures
60
$7,268,437
September 2022
$76,740
Short Futures:
 
 
 
 
2United States Treasury Notes 5-Year Short Futures
50
$5,686,328
September 2022
$(55,967)
2Euro Schatz Short Futures
160
$18,010,151
September 2022
$3,312
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$301,926
The average notional value of long and short futures contracts held by the Fund throughout the period was $8,833,219 and $27,375,162, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
At July 31, 2022, the Fund had the following outstanding foreign exchange contracts:  
Settlement
Date
Counterparty
Foreign
Currency
Units to
Deliver/Receive
In
Exchange
For
Net Unrealized
Appreciation/
(Depreciation)
Contracts Purchased:
 
 
 
 
 
9/13/2022
BNP Paribas SA
121,650,000
ARS
$871,856
$(76,036)
10/11/2022
Credit Agricole CIB
1,324,816
AUD
$900,000
$26,610
10/11/2022
BNP Paribas SA
3,000,000
BRL
$540,352
$28,480
10/11/2022
Credit Agricole CIB
776,676
CAD
$600,000
$6,364
10/11/2022
State Street Bank & Trust Co.
496,395,000
CLP
$488,698
$55,523
10/11/2022
Bank of America N.A.
291,124
EUR
$300,000
$(983)
10/11/2022
Morgan Stanley
1,574,568
GBP
$1,883,111
$37,523
10/11/2022
Bank of America N.A.
2,974,529
NOK
$300,000
$8,191
Contracts Sold:
 
 
 
 
 
9/13/2022
BNP Paribas SA
121,650,000
ARS
$850,997
$55,177
9/21/2022
HSBC BANK USA
2,937,000
EUR
$3,110,749
$98,495
10/11/2022
Morgan Stanley
496,395,000
CLP
$497,335
$(46,886)
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS
$192,458
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $205,596 and $276,106, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
At July 31, 2022, the Fund had the following open swap contracts:  
Credit Default Swap
Counterparty
Reference
Entity
Buy/
Sell
Pay/
Receive
Fixed Rate
Expiration
Date
Implied
Credit
Spread at
07/31/20228
Notional
Amount
Market
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
OTC Swaps:
 
 
 
 
 
 
 
 
 
Citibank, N.A.
Republic of Brazil
Sell
1.000%
06/20/2027
2.77%
$3,000,000
$(219,709)
$(244,217)
$24,508
Morgan Stanley
United Mexican States
Sell
1.000%
06/20/2027
1.58%
$1,800,000
$(45,204)
$(49,574)
$4,371
TOTAL CREDIT DEFAULT SWAPS
$(264,913)
$(293,791)
$28,879
The average notional amount of credit default swap contracts held by the Fund throughout the period was $26,055,000. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of purchased call options held by the Fund throughout the period was $(1,759). This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of written put and call options held by the Fund throughout the period was $(3,933) and $(1,040), respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
13
Net Unrealized Appreciation on Futures, Foreign Exchange Contracts and the value of Swap Contracts and Written Options Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended July 31, 2022, were as follows:  
 
Federated
Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Value as of 10/31/2021
$6,324,645
Purchases at Cost
$346,071,804
Proceeds from Sales
$(337,213,958)
Change in Unrealized Appreciation/Depreciation
$1,000
Net Realized Gain/(Loss)
$(9,813)
Value as of 7/31/2022
$15,173,678
Shares Held as of 7/31/2022
15,181,269
Dividend Income
$13,263
Gain Distributions Received
$5,649
 
1
Issuer in default.
2
Non-income-producing security.
3
Perpetual Bond Security. The maturity date reflects the next call date.
4
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Board of Trustees (the “Trustees”).
5
Zero coupon bond, reflects effective rate at time of purchase.
6
7-day net yield.
7
Assets, other than investments in securities, less liabilities.
8
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements serve as an indicator of the
current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular
referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit
spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined
under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund’s Board of Trustees.
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
14
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Trustees have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
15

The following is a summary of the inputs used, as of July 31, 2022, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Debt Securities:
 
 
 
 
Foreign Governments/Agencies
$—
$425,728,128
$90,000
$425,818,128
Corporate Bonds
—
241,442,109
2,936,431
244,378,540
Investment Company
15,173,678
—
—
15,173,678
TOTAL SECURITIES
$15,173,678
$667,170,237
$3,026,431
$685,370,346
Other Financial Instruments:
 
 
 
 
Assets
 
 
 
 
Futures Contracts
$357,893
$—
$—
$357,893
Foreign Exchange Contracts
—
316,363
—
316,363
Swap Contracts
—
(264,913)
—
(264,913)
Liabilities
 
 
 
 
Futures Contracts
(55,967)
—
—
(55,967)
Foreign Exchange Contracts
—
(123,905)
—
(123,905)
TOTAL OTHER FINANCIAL INSTRUMENTS
$301,926
$(72,455)
$—
$229,471
 
The following acronym(s) are used throughout this portfolio:
 
ARS
—Argentine Peso
AUD
—Australian Dollar
BRL
—Brazilian Real
CAD
—Canadian Dollar
CLP
—Chilean Peso
EGP
—Egyptian Pound
EMTN
—Euro Medium Term Note
EUR
—Euro Currency
GBP
—British Pound
GMTN
—Global Medium Term Note
JSC
—Joint Stock Company
NOK
—Norwegian Krone
PLC
—Public Limited Company
16