NPORT-EX 2 poi_fhemergingmarketscorefd.htm POI - EMERGING MARKETS CORE FUND EDGAR HTML
Emerging Markets Core Fund
Portfolio of Investments
July 31, 2024 (unaudited)  
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—73.0%
 
Banking—0.9%
$     1,250,000
 
Banco De Bogota S.A., Sub., REGS, 6.250%, 5/12/2026
$    1,245,450
     2,500,000
1
Banco Do Brasil S.A., Jr. Sub. Note, REGS, 8.748%, 10/15/2024
    2,548,427
       500,000
 
Banco Do Brasil S.A., Sr. Unsecd. Note, 144A, 6.000%, 3/18/2031
      501,225
       400,000
 
Central American Bank, Sr. Unsecd. Note, 144A, 5.000%, 2/9/2026
      400,186
       750,000
 
Corp Financi De Desarrol, Sr. Unsecd. Note, 144A, 5.950%, 4/30/2029
      757,500
       500,000
 
Industrial & Commercial Bank of China, Sr. Unsecd. Note, 3.538%, 11/8/2027
      483,404
     1,000,000
1
Industrial and Commercial Bank of China Ltd., Jr. Sub. Note, 3.200%, 9/24/2026
      957,500
     3,000,000
 
Turkiye Vakiflar Bankasi T.A.O., Sr. Unsecd. Note, 144A, 9.000%, 10/12/2028
    3,169,500
 
TOTAL
10,063,192
 
Chemicals & Plastics—0.9%
     4,800,000
 
OCP S.A., Sr. Unsecd. Note, 144A, 5.125%, 6/23/2051
    3,702,731
     1,000,000
 
OCP S.A., Sr. Unsecd. Note, 144A, 7.500%, 5/2/2054
    1,035,256
     5,500,000
 
OCP S.A., Sr. Unsecd. Note, REGS, 3.750%, 6/23/2031
    4,821,080
 
TOTAL
9,559,067
 
Finance—0.6%
     3,000,000
 
China Overseas Finance Cayman VII Ltd., Sr. Unsecd. Note, 4.750%, 4/26/2028
    2,943,356
     3,000,000
1
MAF Global Securities, Jr. Sub. Deb., 6.375%, 3/20/2026
    2,977,093
 
TOTAL
5,920,449
 
Financial Intermediaries—0.1%
       600,000
 
Huarong Finance 2017 Co. Ltd., Sr. Unsecd. Note, Series EMTN, 4.250%, 11/7/2027
      564,540
     1,000,000
 
ICD Funding Ltd., Sr. Unsecd. Note, 3.223%, 4/28/2026
      962,474
 
TOTAL
1,527,014
 
Metals & Mining—0.1%
     1,000,000
 
Codelco, Inc., Sr. Unsecd. Note, REGS, 5.125%, 2/2/2033
      966,112
 
Oil & Gas—12.1%
     3,500,000
 
Ecopetrol S.A., Sr. Unsecd. Note, 5.875%, 11/2/2051
    2,456,784
     5,000,000
 
Ecopetrol S.A., Sr. Unsecd. Note, 6.875%, 4/29/2030
    4,895,256
       938,000
 
Ecopetrol S.A., Sr. Unsecd. Note, 8.375%, 1/19/2036
      933,891
     2,200,000
 
Ecopetrol S.A., Sr. Unsecd. Note, 8.625%, 1/19/2029
    2,335,331
    12,400,000
 
Ecopetrol S.A., Sr. Unsecd. Note, 8.875%, 1/13/2033
   12,965,106
       900,000
 
Edo Sukuk Ltd., Sr. Unsecd. Note, 144A, 5.875%, 9/21/2033
      917,717
     5,500,000
 
Pemex Project Funding Master Trust, Co. Guarantee, 6.625%, 6/15/2035
    4,274,448
     1,000,000
 
Petrobras Global Finance B.V., Sr. Unsecd. Note, 5.093%, 1/15/2030
      968,679
     6,300,000
 
Petrobras Global Finance B.V., Sr. Unsecd. Note, 6.500%, 7/3/2033
    6,420,350
     2,049,000
 
Petrobras Global Finance B.V., Sr. Unsecd. Note, 6.900%, 3/19/2049
    1,996,912
     1,000,000
 
Petrobras International Finance Co., Co. Guarantee, 6.750%, 1/27/2041
      994,329
     1,600,000
2,3
Petroleos de Venezuela S.A., Co. Guarantee, 5.375%, 4/12/2027
      181,977
       500,000
 
Petroleos de Venezuela S.A., Sr. Unsecd. Note, REGS, 9.750%, 5/17/2035
       62,500
       500,000
 
Petroleos del Peru S.A., Sr. Unsecd. Note, REGS, 4.750%, 6/19/2032
      376,827
     2,500,000
 
Petroleos del Peru S.A., Sr. Unsecd. Note, REGS, 5.625%, 6/19/2047
    1,608,544
       750,000
 
Petroleos Mexicanos, 6.500%, 6/2/2041
      524,321
     3,000,000
 
Petroleos Mexicanos, Sr. Note, 6.840%, 1/23/2030
    2,687,496
     5,600,000
 
Petroleos Mexicanos, Sr. Secd. Note, 10.000%, 2/7/2033
    5,712,274
     4,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 4.500%, 1/23/2026
    3,824,002
     8,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.490%, 1/23/2027
    7,726,870
1
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
Oil & Gas—continued
$    11,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.500%, 3/13/2027
$   10,586,082
     9,500,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.700%, 2/16/2032
    8,105,621
     6,800,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.750%, 9/21/2047
    4,607,584
     7,400,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 6.950%, 1/28/2060
    4,996,691
     6,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, 7.690%, 1/23/2050
    4,410,720
     8,600,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 5.350%, 2/12/2028
    7,792,862
     5,500,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.350%, 2/12/2048
    3,595,681
     5,000,000
 
Petroleos Mexicanos, Sr. Unsecd. Note, Series WI, 6.500%, 1/23/2029
    4,552,309
       200,000
 
Petronas Capital Ltd., Sr. Unsecd. Note, 144A, 4.550%, 4/21/2050
      177,050
     3,000,000
 
Qatar Petroleum, Sr. Unsecd. Note, REGS, 3.125%, 7/12/2041
    2,276,507
     2,000,000
 
Saudi Arabian Oil Co. (Aramco), Sr. Unsecd. Note, REGS, 4.375%, 4/16/2049
    1,657,074
       400,000
 
Sinopec Group Overseas Development 2015 Ltd., Sr. Unsecd. Note, 144A, 3.250%, 4/28/2025
      395,014
     1,100,000
 
Sinopec Group Overseas Development 2017 Ltd., Sr. Unsecd. Note, 144A, 3.625%, 4/12/2027
    1,073,805
     1,000,000
 
Southern Gas Corridor CJSC, Sr. Unsecd. Note, REGS, 6.875%, 3/24/2026
    1,010,063
       870,000
 
Transport de Gas Del Sur, Sr. Unsecd. Note, 144A, 8.500%, 7/24/2031
      878,388
       227,000
 
YPF Energia Electrica S.A., Sr. Unsecd. Note, 144A, 10.000%, 7/25/2026
      227,739
     2,835,000
 
YPF Sociedad Anonima, Sec. Fac. Bond, 9.500%, 1/17/2031
    2,918,547
     1,750,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, 144A, 9.000%, 6/30/2029
    1,758,804
     3,500,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 7.000%, 12/15/2047
    2,587,192
     1,000,000
 
YPF Sociedad Anonima, Sr. Unsecd. Note, REGS, 8.500%, 7/28/2025
      998,244
 
TOTAL
126,469,591
 
Real Estate—0.1%
       800,000
 
China Great Wall International Holdings III Ltd., Sr. Unsecd. Note, Series EMTN, 3.875%, 8/31/2027
      752,924
 
Sovereign—55.3%
     3,000,000
 
Angola, Government of, Sr. Unsecd. Note, 144A, 8.000%, 11/26/2029
    2,712,300
     4,800,000
 
Angola, Government of, Sr. Unsecd. Note, 144A, 8.750%, 4/14/2032
    4,290,240
     1,700,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 8.000%, 11/26/2029
    1,537,322
     4,000,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 8.250%, 5/9/2028
    3,789,760
     2,500,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 9.125%, 11/26/2049
    2,060,340
     1,800,000
 
Angola, Government of, Sr. Unsecd. Note, REGS, 9.500%, 11/12/2025
    1,831,374
    22,294,359
 
Argentina Bonar Bonds, Unsecd. Note, 0.750%, 7/9/2030
   10,924,236
     2,860,000
 
Argentina, Government of, Series 3, 3.000%, 5/31/2026
    2,136,878
    21,970,441
 
Argentina, Government of, Sr. Unsecd. Note, 0.750%, 7/9/2030
   11,842,068
     3,400,000
 
Argentina, Government of, Sr. Unsecd. Note, 1.000%, 7/9/2029
    1,954,840
    17,300,000
 
Argentina, Government of, Sr. Unsecd. Note, 3.500%, 7/9/2041
    6,837,989
    28,982,671
 
Argentina, Government of, Sr. Unsecd. Note, 4.125%, 7/9/2035
   12,097,112
     3,350,000
 
Argentina, Government of, Sr. Unsecd. Note, 4.125%, 7/9/2046
    1,470,536
    15,900,000
 
Argentina, Government of, Sr. Unsecd. Note, 5.000%, 1/9/2038
    7,290,023
     2,000,000
 
Argentina, Government of, Unsecd. Note, 1.000%, 7/9/2029
    1,090,000
    15,000,000
 
Argentina, Government of, Unsecd. Note, 4.125%, 7/9/2035
    6,187,500
     3,000,000
 
Argentina, Government of, Unsecd. Note, 5.000%, 1/9/2038
    1,294,530
     2,140,000
 
Argentina, Government of, Unsecd. Note, Series 1A, 5.000%, 10/31/2027
    1,945,923
     1,140,000
 
Argentina, Government of, Unsecd. Note, Series 1B, 5.000%, 10/31/2027
      878,404
     2,200,000
 
Argentina, Government of, Unsecd. Note, Series 1C, 5.000%, 10/31/2027
    1,585,892
     2,260,000
 
Argentina, Government of, Unsecd. Note, Series 1D, 5.000%, 10/31/2027
    1,580,531
     1,200,000
 
Armenia, Government of, Sr. Unsecd. Note, REGS, 3.950%, 9/26/2029
    1,045,500
     1,300,000
 
Azerbaijan, Government of, Sr. Unsecd. Note, REGS, 3.500%, 9/1/2032
    1,127,113
     3,000,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 6.000%, 11/21/2028
    2,759,999
     1,250,000
 
Bahamas, Government of, Sr. Unsecd. Note, REGS, 9.000%, 6/16/2029
    1,255,979
     4,800,000
 
Bahrain, Government of, Sr. Unsecd. Note, REGS, 6.750%, 9/20/2029
    4,917,597
2
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
Sovereign—continued
$     2,000,000
 
Banco Nacional de Comercio Exterior, Sub., REGS, 2.720%, 8/11/2031
$    1,807,207
EUR 1,300,000
 
Benin, Government of, Sr. Unsecd. Note, 144A, 4.950%, 1/22/2035
    1,120,496
$       600,000
 
Benin, Government of, Sr. Unsecd. Note, 144A, 7.960%, 2/13/2038
      558,750
       500,000
 
Bolivia, Government of, Sr. Unsecd. Note, 144A, 4.500%, 3/20/2028
      281,720
     1,800,000
 
Bolivia, Government of, Sr. Unsecd. Note, REGS, 4.500%, 3/20/2028
    1,014,192
       700,000
 
Bolivia, Government of, Sr. Unsecd. Note, REGS, 7.500%, 3/2/2030
      397,250
     3,000,000
 
Brazil, Government of, Bond, 8.250%, 1/20/2034
    3,446,914
     5,000,000
 
Brazil, Government of, Sr. Secd. Note, 5.625%, 2/21/2047
    4,205,768
     4,000,000
 
Brazil, Government of, Sr. Unsecd. Note, 3.750%, 9/12/2031
    3,473,177
     8,000,000
 
Brazil, Government of, Sr. Unsecd. Note, 3.875%, 6/12/2030
    7,221,498
     3,000,000
 
Brazil, Government of, Sr. Unsecd. Note, 4.750%, 1/14/2050
    2,182,463
    15,450,000
 
Brazil, Government of, Sr. Unsecd. Note, 6.000%, 10/20/2033
   15,187,282
     6,700,000
 
Brazil, Government of, Sr. Unsecd. Note, 6.125%, 3/15/2034
    6,588,398
     2,000,000
 
Brazil, Government of, Sr. Unsecd. Note, 6.250%, 3/18/2031
    2,017,288
     3,683,000
 
Brazil, Government of, Sr. Unsecd. Note, 7.125%, 5/13/2054
    3,628,217
     2,000,000
 
Brazil, Government of, Unsecd. Note, 4.500%, 5/30/2029
    1,918,738
BRL 5,000,000
 
Brazil, Government of, Unsecd. Note, Series NTNF, 10.000%, 1/1/2025
      887,848
 4,000,000
 
Brazil, Government of, Unsecd. Note, Series NTNF, 10.000%, 1/1/2027
      688,563
$     4,500,000
 
Colombia, Government of, 7.375%, 9/18/2037
    4,432,549
       800,000
 
Colombia, Government of, Bond, 10.375%, 1/28/2033
      956,656
     1,500,000
 
Colombia, Government of, Sr. Unsecd. Note, 3.250%, 4/22/2032
    1,173,368
     1,500,000
 
Colombia, Government of, Sr. Unsecd. Note, 3.875%, 2/15/2061
      840,961
     6,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 4.500%, 3/15/2029
    5,546,434
     4,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 5.000%, 6/15/2045
    2,850,308
    12,513,000
 
Colombia, Government of, Sr. Unsecd. Note, 7.500%, 2/2/2034
   12,686,313
    14,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 8.000%, 4/20/2033
   14,689,705
     1,500,000
 
Colombia, Government of, Sr. Unsecd. Note, 8.000%, 11/14/2035
    1,563,930
     6,000,000
 
Colombia, Government of, Sr. Unsecd. Note, 8.750%, 11/14/2053
    6,365,629
COP 10,000,000,000
 
Colombia, Government of, Unsecd. Note, Series B, 7.250%, 10/18/2034
    1,935,214
$     8,500,000
 
Costa Rica, Government of, Sr. Unsecd. Note, REGS, 6.550%, 4/3/2034
    8,800,039
     2,500,000
 
Costa Rica, Government of, Unsecd. Note, 144A, 7.300%, 11/13/2054
    2,665,703
     1,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 4.500%, 1/30/2030
      928,963
     2,650,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 4.875%, 9/23/2032
    2,425,250
     2,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 5.875%, 1/30/2060
    1,728,434
     2,800,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 6.000%, 2/22/2033
    2,771,224
     1,500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, 144A, 7.450%, 4/30/2044
    1,609,396
     5,500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 4.875%, 9/23/2032
    5,033,538
     5,450,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 5.875%, 1/30/2060
    4,709,982
     3,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 5.950%, 1/25/2027
    3,005,425
     3,000,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.000%, 7/19/2028
    3,010,013
     9,400,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.000%, 2/22/2033
    9,303,396
     1,750,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.500%, 2/15/2048
    1,695,507
     1,200,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 6.850%, 1/27/2045
    1,210,818
       500,000
 
Dominican Republic, Government of, Sr. Unsecd. Note, REGS, 7.450%, 4/30/2044
      536,465
     5,400,000
4
Ecuador, Government of, Sr. Unsecd. Note, REGS, 0.000%, 7/31/2030
    2,756,990
     3,515,000
 
Ecuador, Government of, Sr. Unsecd. Note, REGS, 5.000%, 7/31/2040
    1,695,224
     9,175,000
 
Ecuador, Government of, Sr. Unsecd. Note, REGS, 5.500%, 7/31/2035
    4,845,814
     4,050,000
 
Ecuador, Government of, Sr. Unsecd. Note, REGS, 6.900%, 7/31/2030
    2,735,364
EUR 500,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 6.375%, 4/11/2031
      437,922
$     2,000,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.052%, 1/15/2032
    1,640,000
3
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
Sovereign—continued
$     1,200,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.300%, 9/30/2033
$      966,000
     2,400,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.600%, 3/1/2029
    2,237,232
       400,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 7.625%, 5/29/2032
      334,934
     5,800,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 8.750%, 9/30/2051
    4,451,500
     7,700,000
 
Egypt, Government of, Sr. Unsecd. Note, 144A, 8.875%, 5/29/2050
    5,967,500
     4,500,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 5.875%, 2/16/2031
    3,579,435
EUR 1,000,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 6.375%, 4/11/2031
      875,843
$     2,100,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 6.588%, 2/21/2028
    1,937,250
     7,700,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 7.625%, 5/29/2032
    6,445,285
     1,700,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 7.903%, 2/21/2048
    1,223,065
     3,400,000
 
Egypt, Government of, Sr. Unsecd. Note, REGS, 8.700%, 3/1/2049
    2,613,612
EGP 568,875,000
4
Egypt, Government of, Unsecd. Note, Series 364D, 0.000%, 12/3/2024
   10,758,556
$     1,500,000
 
El Salvador, Government of, Sr. Unsecd. Note, 144A, 0.250%, 4/17/2030
       42,000
     1,500,000
 
El Salvador, Government of, Sr. Unsecd. Note, 144A, 9.250%, 4/17/2030
    1,365,739
     1,248,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 6.375%, 1/18/2027
    1,138,744
     6,000,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 7.124%, 1/20/2050
    3,948,800
     1,500,000
 
El Salvador, Government of, Sr. Unsecd. Note, REGS, 8.250%, 4/10/2032
    1,209,377
     2,900,000
 
Gabon, Government of, Sr. Unsecd. Note, 144A, 7.000%, 11/24/2031
    2,139,214
     3,500,000
 
Gabon, Government of, Sr. Unsecd. Note, REGS, 6.950%, 6/16/2025
    3,164,000
     2,200,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 6.375%, 2/11/2027
    1,100,000
     1,000,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 7.625%, 5/16/2029
      503,625
     2,000,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 7.750%, 4/7/2029
    1,010,750
       500,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 8.125%, 3/26/2032
      255,000
       500,000
 
Ghana, Government of, Sr. Unsecd. Note, REGS, 8.950%, 3/26/2051
      256,375
     1,000,000
 
Ghana, Government of, Unsecd. Note, REGS, 10.750%, 10/14/2030
      671,924
     1,000,000
 
Guatemala, Government of, 144A, 7.050%, 10/4/2032
    1,057,548
     3,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.650%, 10/7/2041
    2,379,321
     1,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.875%, 2/13/2028
      966,382
     4,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 4.900%, 6/1/2030
    3,812,332
     3,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 5.375%, 4/24/2032
    2,897,859
     2,000,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 6.600%, 6/13/2036
    2,025,386
     1,250,000
 
Guatemala, Government of, Sr. Unsecd. Note, REGS, 7.050%, 10/4/2032
    1,321,935
     1,000,000
 
Guatemala, Government of, Unsecd. Note, REGS, 5.250%, 8/10/2029
      968,494
     2,200,000
 
Honduras, Government of, Sr. Unsecd. Note, REGS, 5.625%, 6/24/2030
    1,894,750
IDR 10,000,000,000
 
Indonesia, Government of, Sr. Unsecd. Note, Series FR68, 8.375%, 3/15/2034
      675,182
EUR 1,038,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 5.875%, 10/17/2031
    1,022,272
$     1,000,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 6.125%, 6/15/2033
      887,820
     1,300,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, 144A, 8.250%, 1/30/2037
    1,257,165
     3,041,670
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 5.750%, 12/31/2032
    2,843,961
     6,300,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.125%, 6/15/2033
    5,593,266
     2,100,000
 
Ivory Coast, Government of, Sr. Unsecd. Note, REGS, 6.375%, 3/3/2028
    2,058,000
     1,000,000
 
Jamaica, Government of, 7.875%, 7/28/2045
    1,181,760
     2,300,000
 
Jordan, Government of, Sr. Unsecd. Note, 144A, 5.850%, 7/7/2030
    2,104,500
       500,000
 
Jordan, Government of, Sr. Unsecd. Note, 144A, 7.375%, 10/10/2047
      436,250
       600,000
 
Kenya, Government of, Sr. Unsecd. Note, 144A, 6.300%, 1/23/2034
      450,157
       500,000
 
Kenya, Government of, Sr. Unsecd. Note, 144A, 9.750%, 2/16/2031
      475,628
     2,000,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 7.000%, 5/22/2027
    1,895,054
       200,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 7.250%, 2/28/2028
      180,976
     4,500,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 8.000%, 5/22/2032
    3,888,288
     2,000,000
 
Kenya, Government of, Sr. Unsecd. Note, REGS, 8.250%, 2/28/2048
    1,542,080
4
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
Sovereign—continued
$     5,600,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.250%, 1/25/2033
$    5,059,410
     5,200,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.450%, 9/16/2032
    4,827,888
     4,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 5.625%, 5/18/2034
    3,651,636
     1,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, 144A, 7.375%, 5/14/2030
    1,052,600
     3,000,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.250%, 1/25/2033
    2,709,600
     3,500,000
 
Kingdom of Bahrain, Government of, Sr. Unsecd. Note, REGS, 5.625%, 9/30/2031
    3,329,149
     1,700,000
2,3
Lebanon, Government of, Sr. Secd. Note, Series EMTN, 6.100%, 12/31/2099
      110,500
     1,000,000
2,3
Lebanon, Government of, Sr. Unsecd. Note, 6.000%, 12/31/2099
       65,000
     1,000,000
 
Liberty Costa Rica SR SF, Sec. Fac. Bond, REGS, 10.875%, 1/15/2031
    1,052,100
     1,000,000
 
Mongolia, Government of, Sr. Unsecd. Note, REGS, 3.500%, 7/7/2027
      906,778
       700,000
 
Mongolia, Government of, Sr. Unsecd. Note, REGS, 5.125%, 4/7/2026
      682,785
     1,250,000
 
Morocco, Government of, Sr. Unsecd. Note, 144A, 4.000%, 12/15/2050
      871,100
     1,500,000
 
Morocco, Government of, Sr. Unsecd. Note, REGS, 4.000%, 12/15/2050
    1,045,320
     2,300,000
 
Nigeria, Government of, Sr. Unsecd. Note, 144A, 7.375%, 9/28/2033
    1,880,250
     2,800,000
 
Nigeria, Government of, Sr. Unsecd. Note, 144A, 8.375%, 3/24/2029
    2,632,420
     3,500,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 6.125%, 9/28/2028
    3,071,250
     3,300,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 6.500%, 11/28/2027
    3,034,990
     1,400,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.143%, 2/23/2030
    1,229,711
     2,600,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 7.625%, 11/28/2047
    1,898,000
     1,500,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 8.375%, 3/24/2029
    1,410,045
     3,200,000
 
Nigeria, Government of, Sr. Unsecd. Note, REGS, 8.747%, 1/21/2031
    2,976,134
     1,000,000
 
Nigeria, Government of, Unsecd. Note, REGS, 7.875%, 2/16/2032
      867,500
     3,000,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 6.500%, 3/8/2047
    3,048,042
     4,500,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 6.750%, 1/17/2048
    4,676,175
     3,500,000
 
Oman, Government of, Sr. Unsecd. Note, REGS, 7.000%, 1/25/2051
    3,754,338
     7,100,000
 
Pakistan, Government of, Sr. Secd. Note, REGS, 6.875%, 12/5/2027
    6,081,498
     2,800,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 6.000%, 4/8/2026
    2,531,186
     4,000,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 7.375%, 4/8/2031
    3,175,000
     1,000,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 7.950%, 1/31/2029
      891,250
     4,100,000
 
Pakistan, Government of, Sr. Unsecd. Note, REGS, 8.250%, 9/30/2025
    3,947,070
     1,500,000
 
Panama, Government of, Sr. Unsecd. Note, 2.252%, 9/29/2032
    1,106,746
     1,900,000
 
Panama, Government of, Sr. Unsecd. Note, 4.500%, 1/19/2063
    1,242,935
       500,000
 
Panama, Government of, Sr. Unsecd. Note, 4.500%, 4/16/2050
      344,920
     1,250,000
 
Panama, Government of, Sr. Unsecd. Note, 7.500%, 3/1/2031
    1,323,586
       500,000
 
Panama, Government of, Sr. Unsecd. Note, 8.000%, 3/1/2038
      538,318
     2,300,000
 
Papua New Guinea, Government of, Sr. Unsecd. Note, REGS, 8.375%, 10/4/2028
    2,227,583
     1,000,000
 
Paraguay, Government of, 144A, 5.400%, 3/30/2050
      894,286
     4,000,000
 
Paraguay, Government of, Sr. Secd. Note, REGS, 4.950%, 4/28/2031
    3,903,956
     2,000,000
 
Paraguay, Government of, Sr. Unsecd. Note, REGS, 3.849%, 6/28/2033
    1,772,181
PEN 4,560,000
 
Peru, Government of, 144A, 7.600%, 8/12/2039
    1,246,028
 10,000,000
 
Peru, Government of, Sr. Unsecd. Note, 7.300%, 8/12/2033
    2,766,371
$     3,800,000
 
PERUSAHAAN PENERBIT SBSN, Sr. Unsecd. Note, 144A, 5.200%, 7/2/2034
    3,842,104
     3,200,000
 
Romania, Government of, Sr. Unsecd. Note, 144A, 4.000%, 2/14/2051
    2,250,240
     2,300,000
 
Romania, Government of, Sr. Unsecd. Note, 144A, 6.375%, 1/30/2034
    2,345,770
     1,000,000
 
Romania, Government of, Sr. Unsecd. Note, REGS, 3.625%, 3/27/2032
      863,746
       900,000
 
Rwanda, Government of, Sr. Unsecd. Note, 144A, 5.500%, 8/9/2031
      722,250
       500,000
 
Saudi Arabia, Government of, Sr. Unsecd. Note, 144A, 5.000%, 1/18/2053
      445,415
EUR 3,000,000
 
Senegal, Government of, Sr. Unsecd. Note, 144A, 5.375%, 6/8/2037
    2,357,189
$     1,000,000
 
Senegal, Government of, Sr. Unsecd. Note, REGS, 6.750%, 3/13/2048
      727,025
     3,800,000
 
Serbia, Government of, Sr. Unsecd. Note, 144A, 6.500%, 9/26/2033
    3,926,494
5
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
Sovereign—continued
$     1,000,000
 
Serbia, Government of, Sr. Unsecd. Note, REGS, 2.125%, 12/1/2030
$      812,560
     1,500,000
 
Sharjah Govt., Sr. Unsecd. Note, REGS, 4.000%, 7/28/2050
      988,122
     2,600,000
 
South Africa, Government of, Sr. Unsecd. Note, 4.850%, 9/30/2029
    2,425,329
     4,000,000
 
South Africa, Government of, Sr. Unsecd. Note, 5.000%, 10/12/2046
    2,885,000
     3,500,000
 
South Africa, Government of, Sr. Unsecd. Note, 5.650%, 9/27/2047
    2,703,750
     5,700,000
 
South Africa, Government of, Sr. Unsecd. Note, 5.875%, 4/20/2032
    5,396,190
     2,300,000
 
South Africa, Government of, Sr. Unsecd. Note, 6.250%, 3/8/2041
    2,016,192
     2,400,000
 
South Africa, Government of, Sr. Unsecd. Note, 6.300%, 6/22/2048
    1,999,110
     1,125,000
 
Trinidad and Tobago, Government of, 144A, 6.400%, 6/26/2034
    1,137,028
       500,000
 
Tunisia, Government of, Sr. Unsecd. Note, REGS, 5.750%, 1/30/2025
      480,073
     2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.250%, 4/14/2026
    1,943,822
     6,700,000
 
Turkey, Government of, Sr. Unsecd. Note, 4.875%, 4/16/2043
    4,799,110
     4,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.125%, 2/17/2028
    4,325,625
     2,800,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.250%, 3/13/2030
    2,607,500
     5,200,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.750%, 5/11/2047
    4,036,500
     2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.875%, 6/26/2031
    1,872,500
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 5.950%, 1/15/2031
    2,830,545
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.000%, 1/14/2041
    2,542,500
     3,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.000%, 3/25/2027
    3,482,500
     2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.500%, 9/20/2033
    1,916,328
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.750%, 5/30/2040
    2,776,560
     5,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 6.875%, 3/17/2036
    4,815,585
     4,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 7.625%, 4/26/2029
    4,652,685
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 9.125%, 7/13/2030
    3,319,236
     2,000,000
 
Turkey, Government of, Sr. Unsecd. Note, 9.375%, 3/14/2029
    2,204,680
     5,500,000
 
Turkey, Government of, Sr. Unsecd. Note, 9.375%, 1/19/2033
    6,247,791
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, REGS, 5.125%, 6/22/2026
    2,932,311
     3,000,000
 
Turkey, Government of, Sr. Unsecd. Note, REGS, 7.250%, 2/24/2027
    3,045,891
     8,000,000
 
Turkey, Government of, Unsecd. Note, 6.625%, 2/17/2045
    7,000,000
     1,000,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, 144A, 6.876%, 5/21/2031
      305,400
     2,000,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.253%, 3/15/2035
      610,750
     2,000,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2024
      726,400
       900,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2025
      326,925
     2,700,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2026
      911,250
     1,000,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 7.750%, 9/1/2027
      328,000
     7,500,000
2,3
Ukraine, Government of, Sr. Unsecd. Note, REGS, 8.994%, 2/1/2026
    2,731,613
     1,505,000
2,3
Ukraine, Government of, Unsecd. Note, 144A, 7.750%, 8/1/2041
      923,318
     2,000,000
2,3
Ukraine, Government of, Unsecd. Note, REGS, 7.750%, 9/1/2028
      638,000
     1,500,000
 
United Arab Emirates, Government of, Sr. Unsecd. Note, REGS, 4.375%, 3/10/2051
    1,049,841
       500,000
 
United Arab Emirates, Government of, Sr. Unsecd. Note, Series EMTN, 4.226%, 3/14/2028
      478,180
     1,500,000
 
Uzbekistan, Government of, Sr. Unsecd. Note, REGS, 5.375%, 2/20/2029
    1,400,292
     2,653,000
2,3
Venezuela, Government of, Sr. Unsecd. Note, 7.000%, 3/31/2038
      373,431
     3,000,000
2,3
Venezuela, Government of, Sr. Unsecd. Note, 9.250%, 5/7/2028
      504,588
       691,711
 
Zambia, Government of, Sr. Unsecd. Note, REGS, 0.500%, 12/31/2053
      348,449
       736,799
 
Zambia, Government of, Unsecd. Note, REGS, 5.750%, 6/30/2033
      644,699
 
TOTAL
579,480,442
 
State/Provincial—0.6%
       312,000
 
Brazil Minas SPE, Sec. Fac. Bond, 144A, 5.333%, 2/15/2028
      309,432
     1,079,000
 
Buenos Aires, City of, Sr. Unsecd. Note, 144A, 7.500%, 6/1/2027
    1,057,420
     1,780,018
 
Provincia De Buenos Aires, Sr. Unsecd. Note, 144A, 6.375%, 9/1/2037
      785,878
6
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
              
 
FOREIGN GOVERNMENTS/AGENCIES—continued
 
State/Provincial—continued
$     5,546,605
 
Provincia De Buenos Aires, Sr. Unsecd. Note, REGS, 6.375%, 9/1/2037
$    2,448,826
       708,401
 
Provincia De Cordoba, Sr. Unsecd. Note, 144A, 6.990%, 6/1/2027
      616,309
       753,000
 
Provincia De Cordoba, Sr. Unsecd. Note, REGS, 6.990%, 6/1/2027
      655,110
       151,052
 
Provincia de Entre Rios Argentina, Sr. Unsecd. Note, 144A, 8.100%, 8/8/2028
      117,821
 
TOTAL
5,990,796
 
Telecommunications & Cellular—0.1%
     1,500,000
 
Oryx Funding Ltd., Sr. Unsecd. Note, REGS, 5.800%, 2/3/2031
    1,495,683
 
Transportation—0.4%
     2,000,000
 
DP World Ltd., Sr. Unsecd. Note, 144A, 4.700%, 9/30/2049
    1,694,289
     1,500,000
1
DP World Salaam, Jr. Sub. Note, 6.000%, 10/1/2025
    1,492,357
       900,000
2,3
State Age Roads, Sr. Unsecd. Note, 144A, 6.250%, 6/24/2030
      288,216
       600,000
 
Transnet SOC Ltd., Sr. Unsecd. Note, 144A, 8.250%, 2/6/2028
      609,435
 
TOTAL
4,084,297
 
Utilities—1.8%
     1,200,000
 
Eig Pearl Holdings s.a.r.l, Sec. Fac. Bond, 144A, 4.387%, 11/30/2046
      948,084
     3,000,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, 144A, 6.350%, 8/10/2028
    2,964,142
     1,300,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, REGS, 6.350%, 8/10/2028
    1,284,462
     6,900,000
 
Eskom Holdings Soc Ltd., Sr. Unsecd. Note, REGS, 8.450%, 8/10/2028
    7,085,243
       850,000
 
Instituto Costarricense de Electricidad, Sr. Unsecd. Note, REGS, 6.375%, 5/15/2043
      759,432
       900,000
 
Israel Electric Corp. Ltd., Sec. Fac. Bond, Series GMTN, 4.250%, 8/14/2028
      842,737
       400,000
 
Israel Electric Corp. Ltd., Unsecd. Note, Series GMTN, 3.750%, 2/22/2032
      336,135
     1,000,000
 
Lamar Funding Ltd., Sr. Unsecd. Note, REGS, 3.958%, 5/7/2025
      985,965
       450,000
2,3
NPC Ukrenergo, Sr. Unsecd. Note, 144A, 6.875%, 11/9/2028
      247,070
       900,000
 
State Grid Overseas Investment 2016 Ltd., Sr. Unsecd. Note, 144A, 4.250%, 5/2/2028
      901,401
     2,500,000
 
State Grid Overseas Investment 2016 Ltd., Sr. Unsecd. Note, Series EMTN, 1.625%, 8/5/2030
    2,143,498
 
TOTAL
18,498,169
 
TOTAL FOREIGN GOVERNMENTS/AGENCIES
(IDENTIFIED COST $730,215,200)
764,807,736
 
CORPORATE BONDS—23.7%
 
Air Transportation—0.4%
       200,000
 
Aeropuertos Dominicanos Siglo XXI S.A., Sec. Fac. Bond, 144A, 7.000%, 6/30/2034
      206,494
       900,000
 
Embraer Netherlands B.V., Sr. Unsecd. Note, 144A, 7.000%, 7/28/2030
      951,557
       350,000
2,3
Gol Finance, Sr. Unsecd. Note, REGS, 7.000%, 1/31/2025
       44,729
     1,000,000
 
Grupo Aeromexico SAB de CV, Sr. Secd. Note, REGS, 8.500%, 3/17/2027
    1,000,202
     1,800,000
 
Latam Airlines Group S.A., Sec. Fac. Bond, 144A, 13.375%, 10/15/2027
    1,994,040
 
TOTAL
4,197,022
 
Airport—0.3%
     1,315,000
 
Delhi Intl Airport, REGS, 6.450%, 6/4/2029
    1,324,803
     1,250,000
 
GMR Hyderabad International Airport Ltd., REGS, 4.250%, 10/27/2027
    1,178,906
       500,000
 
GMR Hyderabad International Airport Ltd., Term Loan - 1st Lien, 144A, 4.750%, 2/2/2026
      490,186
 
TOTAL
2,993,895
 
Automotive—0.7%
     4,810,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 6.200%, 9/21/2030
    5,102,484
       300,000
 
Nemak SAB de CV, Sr. Unsecd. Note, 144A, 3.625%, 6/28/2031
      239,291
     1,000,000
 
Nemak SAB de CV, Sr. Unsecd. Note, REGS, 3.625%, 6/28/2031
      797,637
       900,000
 
SMRC Automotive Holdings, Sec. Fac. Bond, 144A, 5.625%, 7/11/2029
      911,967
 
TOTAL
7,051,379
 
Banking—2.0%
       800,000
1
Access Bank PLC, Jr. Sub. Note, 144A, 9.125%, 10/7/2026
      762,190
     2,000,000
1,5
Akbank TAS, 144A, 9.368% (5-year Constant Maturity Treasury +5.270%), 3/14/2029
    2,002,120
7
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
 
CORPORATE BONDS—continued
 
Banking—continued
$     2,300,000
2,3,6
Alfa Bank (Alfa Bond), Sub., REGS, 5.950%, 4/15/2030
$      115,000
     1,300,000
1
Banco Bilbao Vizcaya Argentaria S.A., Jr. Sub. Note, 9.375%, 3/19/2029
    1,404,940
       500,000
 
Banco Btg Pactual/Cayman, Sr. Unsecd. Note, 144A, 6.250%, 4/8/2029
      510,313
     1,000,000
 
Banco Continental, Sr. Unsecd. Note, 144A, 2.750%, 12/10/2025
      959,628
       500,000
1
Banco de Credito E Inversiones, Jr. Sub. Deb., 144A, 8.750%, 2/8/2029
      526,603
     2,000,000
1
BANCO Del Estado -Chile, Jr. Sub. Note, 144A, 7.950%, 5/2/2029
    2,073,854
       200,000
1
Banco General S.A., Jr. Sub. Note, 144A, 5.250%, 5/7/2031
      179,907
       500,000
 
Banco Industrial, Sub., 144A, 4.875%, 1/29/2031
      486,060
     1,000,000
1
Banco Mercantil De Norte, Jr. Sub. Deb., REGS, 7.500%, 6/27/2029
      985,562
     2,100,000
1
Banco Mercantil De Norte, Jr. Sub. Note, 144A, 6.625%, 1/24/2032
    1,906,498
     1,000,000
 
Bancolombia S.A., Sub., 8.625%, 12/24/2034
    1,036,443
     1,500,000
 
Itau Unibanco Holding S.A., Jr. Sub. Note, REGS, 7.721%, 6/12/2072
    1,504,623
       200,000
1
Itau Unibanco Holding S.A., Sr. Unsecd. Note, REGS, 4.625%, 2/27/2025
      196,301
       500,000
 
Kookmin Bank, Sub. Note, REGS, 2.500%, 11/4/2030
      428,458
     1,000,000
 
Mashreqbank PSC, Sub., 7.875%, 2/24/2033
    1,058,932
     1,000,000
 
Shinhan Bank, Sub., 144A, 5.750%, 4/15/2034
    1,020,298
     1,800,000
1,2,3,6
SovCo Capital Partners B.V., Jr. Sub. Note, 144A, 7.600%, 2/17/2027
       90,000
     2,000,000
 
Turkiye Garanti Bankasi AS, Sub., REGS, 8.375%, 2/28/2034
    2,009,197
     1,800,000
1,5
Yapi ve Kredi Bankasi A.S., Jr. Sub. Note, 144A, 9.743% (5-year Constant Maturity Treasury +5.499%), 4/4/2029
    1,813,189
 
TOTAL
21,070,116
 
Beverage & Tobacco—0.1%
     1,000,000
 
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, Sr. Unsecd. Note, REGS,
5.250%, 4/27/2029
      960,644
 
Building & Development—0.1%
     1,000,000
 
JSW Infrastructure Ltd., Sec. Fac. Bond, 144A, 4.950%, 1/21/2029
      958,821
 
Building Materials—1.0%
       500,000
 
Cemex S.A.B. de C.V., Sec. Fac. Bond, REGS, 5.450%, 11/19/2029
      497,852
     4,000,000
 
Cemex S.A.B. de C.V., Sr. Sub. Note, 144A, 9.125%, 6/14/2072
    4,316,944
     4,000,000
 
Cemex S.A.B. de C.V., Sr. Unsecd. Note, REGS, 5.200%, 9/17/2030
    3,913,431
     2,000,000
1
Cemex S.A.B. de C.V., Sub., REGS, 5.125%, 6/8/2026
    1,954,111
 
TOTAL
10,682,338
 
Chemicals & Plastics—2.6%
     2,200,000
 
Braskem Idesa S.A.P.I., Sec. Fac. Bond, 144A, 6.990%, 2/20/2032
    1,667,412
     2,200,000
 
Braskem Idesa S.A.P.I., Sec. Fac. Bond, REGS, 7.450%, 11/15/2029
    1,772,325
     2,300,000
 
Braskem Netherlands Finance B.V., Sr. Unsecd. Note, 144A, 8.500%, 1/12/2031
    2,380,056
     1,000,000
 
Braskem Netherlands Finance B.V., Sr. Unsecd. Note, REGS, 4.500%, 1/10/2028
      924,941
     2,000,000
 
Braskem Netherlands Finance B.V., Sr. Unsecd. Note, REGS, 4.500%, 1/31/2030
    1,730,784
     1,000,000
 
Braskem Netherlands Finance B.V., Sr. Unsecd. Note, REGS, 5.875%, 1/31/2050
      744,032
     1,900,000
 
Braskem Netherlands Finance B.V., Sr. Unsecd. Note, REGS, 7.250%, 2/13/2033
    1,830,013
       500,000
1
Braskem Netherlands Finance B.V., Sub., REGS, 8.500%, 10/24/2025
      504,636
     5,300,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 5.500%, 3/18/2031
    4,614,616
     2,500,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 6.500%, 9/27/2028
    2,450,144
     1,900,000
 
Sasol Financing USA LLC, Sr. Unsecd. Note, 144A, 8.750%, 5/3/2029
    1,971,020
     1,100,000
 
Sociedad Quimica Y Minera de Chile S.A., Sr. Unsecd. Note, 144A, 6.500%, 11/7/2033
    1,151,215
       500,000
2,3
UNIGEL Luxembourg S.A., Sr. Unsecd. Note, REGS, 8.750%, 10/1/2026
      122,875
     1,250,000
 
WE Soda Investments Holding PLC, Sec. Fac. Bond, 144A, 9.375%, 2/14/2031
    1,290,625
     3,500,000
 
WE Soda Investments Holding PLC, Sec. Fac. Bond, 144A, 9.500%, 10/6/2028
    3,604,041
 
TOTAL
26,758,735
 
Consumer Products—0.1%
       600,000
 
Meituan, Sr. Unsecd. Note, 144A, 3.050%, 10/28/2030
      532,144
8
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
 
CORPORATE BONDS—continued
 
Consumer Products—continued
$     1,000,000
 
Melco Resorts Finance, Sr. Unsecd. Note, REGS, 5.375%, 12/4/2029
$      903,744
 
TOTAL
1,435,888
 
Ecological Services & Equipment—0.3%
     2,250,000
 
Medco Maple Tree Pte Ltd., Sr. Unsecd. Note, 144A, 8.960%, 4/27/2029
    2,372,760
       500,000
 
Medco Maple Tree Pte Ltd., Sr. Unsecd. Note, REGS, 8.960%, 4/27/2029
      527,280
 
TOTAL
2,900,040
 
Electronics—0.1%
       500,000
 
SK Hynix, Inc., Sr. Unsecd. Note, REGS, 6.375%, 1/17/2028
      520,013
       800,000
 
SK Hynix, Inc., Sr. Unsecd. Note, REGS, 6.500%, 1/17/2033
      864,747
 
TOTAL
1,384,760
 
Energy - Midstream—0.2%
     1,889,587
 
Acu Petroleo Luxembourg, Sec. Fac. Bond, 144A, 7.500%, 1/13/2032
    1,859,285
 
Equipment Lease—0.0%
       500,000
2,3
Unifin Financiera S.A. de, Sr. Unsecd. Note, 144A, 9.875%, 1/28/2029
       23,430
 
Finance—0.4%
       300,000
 
Azul Secured Finance LLP, 144A, 10.875%, 5/28/2030
      228,881
       350,000
 
Azul Secured Finance LLP, Sec. Fac. Bond, 144A, 11.930%, 8/28/2028
      337,187
     3,110,000
2,3
Credito Real Sab de CV, Sr. Unsecd. Note, REGS, 7.250%, 12/31/2099
      292,340
        60,000
2,3
Credito Real Sab de CV, Sr. Unsecd. Note, REGS, 9.500%, 2/7/2026
        5,775
       300,000
 
Inversiones Atlantida S.A., Sec. Fac. Bond, 144A, 7.500%, 5/19/2026
      290,538
     2,000,000
1
NBK Tier 1 Ltd., Jr. Sub. Note, REGS, 3.625%, 8/24/2026
    1,876,250
     1,000,000
 
SISECAM UK PLC, Sr. Unsecd. Note, 144A, 8.625%, 5/2/2032
    1,020,815
 
TOTAL
4,051,786
 
Financial Institution - Finance Companies—0.2%
     2,700,000
 
CT Trust, Sec. Fac. Bond, REGS, 5.125%, 2/3/2032
    2,411,366
 
Financial Intermediaries—0.0%
       350,000
 
Mx Remit Fund Fiduc Est, Sr. Note, 144A, 4.875%, 1/15/2028
      321,324
 
Food Products—1.1%
     2,600,000
 
Brf S.A., Sr. Secd. Note, REGS, 4.875%, 1/24/2030
    2,383,747
     1,000,000
 
Brf S.A., Sr. Unsecd. Note, REGS, 5.750%, 9/21/2050
      785,302
     1,100,000
 
Cosan Luxembourg S.A., Sr. Unsecd. Note, 144A, 7.250%, 6/27/2031
    1,126,499
     1,500,000
 
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc., Sr. Unsecd. Note, 5.500%, 1/15/2030
    1,495,718
       836,000
 
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc., Sr. Unsecd. Note, 144A, 6.750%, 3/15/2034
      895,165
     1,393,000
 
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc., Sr. Unsecd. Note, REGS, 6.750%, 3/15/2034
    1,491,584
     1,150,000
 
Minerva Luxembourg S.A., Sr. Unsecd. Note, 144A, 8.875%, 9/13/2033
    1,213,804
     2,500,000
 
Minerva Luxembourg S.A., Sr. Unsecd. Note, REGS, 4.375%, 3/18/2031
    2,104,772
 
TOTAL
11,496,591
 
Food Services—0.6%
     2,400,000
 
Alsea de Mexico SAB de CV, Sr. Unsecd. Note, REGS, 7.750%, 12/14/2026
    2,442,180
     2,000,000
 
MARB BondCo PLC, Sr. Unsecd. Note, 144A, 3.950%, 1/29/2031
    1,663,992
     2,000,000
 
MARB BondCo PLC, Sr. Unsecd. Note, REGS, 3.950%, 1/29/2031
    1,663,993
 
TOTAL
5,770,165
 
Government Agency—0.2%
     1,500,000
 
AES Andes S.A., Sr. Unsecd. Note, 144A, 6.300%, 3/15/2029
    1,526,734
       500,000
 
AES Andes S.A., Sr. Unsecd. Note, 144A, 8.150%, 6/10/2055
      511,438
       384,615
 
Provincia De Mendoza, REGS, 5.750%, 3/19/2029
      321,654
 
TOTAL
2,359,826
 
Hotels, Motels, Inns & Casinos—0.1%
       588,828
 
Grupo Posadas SA de C.V., REGS, 7.000%, 12/30/2027
      536,285
9
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
 
CORPORATE BONDS—continued
 
Industrial Products & Equipment—0.1%
$       952,369
 
International Airport S.A., REGS, 12.000%, 3/15/2033
$    1,015,906
 
Insurance—0.1%
     1,510,000
1
AIA Group Ltd., Sub., Series GMTN, 2.700%, 4/7/2026
    1,439,102
 
Metals & Mining—3.1%
     1,000,000
 
Antofagasta PLC, 144A, 6.250%, 5/2/2034
    1,040,311
     3,500,000
 
CSN Resources S.A., Sr. Unsecd. Note, 144A, 8.875%, 12/5/2030
    3,528,896
     2,500,000
 
CSN Resources S.A., Sr. Unsecd. Note, REGS, 5.875%, 4/8/2032
    2,091,004
       200,000
 
Endeavour Mining PLC, Sr. Unsecd. Note, 144A, 5.000%, 10/14/2026
      191,768
     8,000,000
 
First Quantum Minerals Ltd., Sr. Unsecd. Note, REGS, 6.875%, 10/15/2027
    7,872,624
     4,050,000
 
JSW Steel Ltd., Sr. Unsecd. Note, REGS, 5.050%, 4/5/2032
    3,722,413
     1,500,000
 
Minmetals Bounteous Finance B.V.I Ltd., Sr. Unsecd. Note, 4.200%, 7/27/2026
    1,475,381
     6,957,084
 
Samarco Mineracao S.A., Sr. Unsecd. Note, 144A, 9.000%, 6/30/2031
    6,449,865
     1,200,000
 
Stillwater Mining Co., Sr. Unsecd. Note, REGS, 4.000%, 11/16/2026
    1,113,182
       987,000
 
Vedanta Resources II PLC, Sr. Unsecd. Note, REGS, 13.875%, 1/21/2027
      995,981
       252,000
 
Vedanta Resources II PLC, Sr. Unsecd. Note, REGS, 13.875%, 12/9/2028
      251,913
     2,914,000
 
Vedanta Resources Ltd., Sr. Unsecd. Note, REGS, 13.875%, 12/9/2028
    2,908,064
       500,000
 
Vedanta Resources PLC, Sr. Unsecd. Note, REGS, 9.250%, 4/23/2026
      494,910
       980,000
 
Volcan Compania Minera S.A.A., Sr. Unsecd. Note, REGS, 4.375%, 2/11/2026
      809,211
 
TOTAL
32,945,523
 
Oil & Gas—3.6%
     2,570,628
 
AI Candelaria Spain SLU, Sec. Fac. Bond, REGS, 7.500%, 12/15/2028
    2,550,517
     1,926,829
 
Borr IHC Ltd. / Borr Finance LLC, Sec. Fac. Bond, REGS, 10.000%, 11/15/2028
    2,020,463
       900,000
 
Canacol Energy Ltd., Sr. Unsecd. Note, REGS, 5.750%, 11/24/2028
      445,867
       400,000
 
Energian Israel Finance Ltd., Sec. Fac. Bond, 8.500%, 9/30/2033
      382,746
     1,000,000
 
Energian Israel Finance, Sec. Fac. Bond, 5.875%, 3/30/2031
      856,407
     1,549,000
 
Gran Tierra Energy, Inc., 1st Priority Sr. Secd. Note, 144A, 9.500%, 10/15/2029
    1,471,734
     1,000,000
 
Greensaif Pipelines Bidc, Sec. Fac. Bond, 144A, 5.852%, 2/23/2036
    1,004,934
     4,968,900
 
Guara Norte S.a.r.l, Sr. Note, 144A, 5.198%, 6/15/2034
    4,620,589
     1,700,000
 
Hunt Oil Co. of Peru, Sr. Unsecd. Note, 144A, 8.550%, 9/18/2033
    1,856,196
     1,000,000
 
Indika Energy TBK, Sr. Unsecd. Note, 144A, 8.750%, 5/7/2029
    1,016,381
     1,800,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, 144A, 7.500%, 3/1/2028
    1,738,558
     1,000,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, 144A, 7.750%, 5/1/2027
      983,197
     1,000,000
 
Kosmos Energy Ltd., Sr. Unsecd. Note, REGS, 7.125%, 4/4/2026
      989,203
     2,900,963
 
MC Brazil Downstream Trading s.a.r.l, Sec. Fac. Bond, 144A, 7.250%, 6/30/2031
    2,686,555
       898,000
 
Medco Laurel Tree Pte. Ltd., Sr. Unsecd. Note, 144A, 6.950%, 11/12/2028
      898,167
       500,000
 
Medco Laurel Tree Pte. Ltd., Sr. Unsecd. Note, REGS, 6.950%, 11/12/2028
      500,093
       945,960
 
Mv24 Captial B.V., Term Loan - 1st Lien, REGS, 6.748%, 6/1/2034
      897,355
     1,214,000
 
Orazul Energy Egenor SCA, Sr. Unsecd. Note, REGS, 5.625%, 4/28/2027
    1,161,203
       500,000
 
Pampa Energia S.A., Sr. Unsecd. Note, REGS, 9.125%, 4/15/2029
      511,442
       850,000
 
Pan American Energy LLC, Sr. Unsecd. Note, 144A, 8.500%, 4/30/2032
      887,205
       460,000
 
Pluspetrol Cam/Plus Lote, Sr. Unsecd. Note, 144A, 6.240%, 7/3/2036
      470,577
     1,600,000
 
Puma International Financing S.A., Sr. Unsecd. Note, 144A, 7.750%, 4/25/2029
    1,623,288
     1,500,000
 
Reliance Industries Ltd., Sr. Unsecd. Note, 144A, 2.875%, 1/12/2032
    1,295,626
       500,000
 
SEPLAT Petroleum Development Co. PLC, Sr. Unsecd. Note, 144A, 7.750%, 4/1/2026
      494,867
     2,650,000
 
Sierracol Energy Andina, LLC, Sr. Unsecd. Note, REGS, 6.000%, 6/15/2028
    2,384,854
     1,000,000
 
Turkiye Petrol Rafinerileri AS, Sr. Unsecd. Note, REGS, 4.500%, 10/18/2024
      996,735
       700,000
 
Vivo Energy Investments, Sr. Unsecd. Note, 144A, 5.125%, 9/24/2027
      668,500
     2,700,000
 
Yinson Boronia Production, Sec. Fac. Bond, 144A, 8.947%, 7/31/2042
    2,745,049
 
TOTAL
38,158,308
10
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
 
CORPORATE BONDS—continued
 
Other—0.1%
$     1,000,000
 
ENERGO PRO AS, Sr. Unsecd. Note, 144A, 11.000%, 11/2/2028
$    1,074,870
 
Paper Products—0.3%
     1,500,000
 
Klabin Austria Gmbh, Sr. Unsecd. Note, REGS, 3.200%, 1/12/2031
    1,293,870
     1,500,000
 
Klabin Austria Gmbh, Sr. Unsecd. Note, REGS, 7.000%, 4/3/2049
    1,531,728
 
TOTAL
2,825,598
 
Pharmaceuticals—0.1%
     1,200,000
 
Teva Pharmaceutical Finance LLC, Sr. Unsecd. Note, 6.150%, 2/1/2036
    1,194,262
       200,000
 
Teva Pharmaceutical Finance Netherlands III B.V., Sr. Unsecd. Note, 8.125%, 9/15/2031
      224,812
 
TOTAL
1,419,074
 
Rail Industry—0.0%
       161,980
 
Panama Canal Railway Co., Sec. Fac. Bond, 144A, 7.000%, 11/1/2026
      165,796
 
Real Estate—0.2%
     1,000,000
2,3
Country Garden Services Holdings Co. Ltd., 3.300%, 1/12/2031
       84,050
     2,100,000
2,3
Shimao Group Holdings Ltd., Sr. Unsecd. Note, 4.750%, 12/31/2099
      120,750
     2,200,000
 
Trust Fibrauno, Sr. Unsecd. Note, REGS, 4.869%, 1/15/2030
    1,976,661
 
TOTAL
2,181,461
 
Retailers—0.3%
       800,000
2,3
Future Retail Ltd., Sec. Fac. Bond, 144A, 5.600%, 1/22/2025
        9,200
       850,000
 
InRetail Consumer, Sec. Fac. Bond, 144A, 3.250%, 3/22/2028
      777,011
     2,700,000
 
JD.com, Inc., Sr. Unsecd. Note, 3.875%, 4/29/2026
    2,651,854
     1,200,000
2,3
Sri Rejeki Isman Tbk, Sr. Unsecd. Note, REGS, 7.250%, 1/16/2025
       33,120
 
TOTAL
3,471,185
 
State/Provincial—0.0%
       314,428
 
Bono Gar Prov Del Chubut, Term Loan - 1st Lien, REGS, 7.750%, 7/26/2030
      286,915
 
Technology Services—0.6%
       500,000
 
Alibaba Group Holding Ltd., Sr. Unsecd. Note, 4.200%, 12/6/2047
      410,410
     2,000,000
 
Baidu, Inc., Sr. Unsecd. Note, 3.425%, 4/7/2030
    1,862,562
     2,500,000
 
Tencent Holdings Ltd., Sr. Unsecd. Note, 144A, 3.595%, 1/19/2028
    2,417,624
     1,300,000
 
Xiaomi Best Time International Ltd., Sr. Unsecd. Note, 144A, 3.375%, 4/29/2030
    1,186,948
 
TOTAL
5,877,544
 
Telecommunications & Cellular—2.0%
     1,000,000
 
Bharti Airtel Ltd., Sr. Unsecd. Note, REGS, 3.250%, 6/3/2031
      895,764
     2,004,416
 
Digicel Intermediate Holdings Ltd., 12.000%, 5/25/2027
    1,991,816
     2,300,000
 
IHS Holding Ltd., Sr. Unsecd. Note, 144A, 6.250%, 11/29/2028
    2,057,561
     2,300,000
 
IHS Holding Ltd., Sr. Unsecd. Note, REGS, 5.625%, 11/29/2026
    2,195,997
     3,000,000
 
IHS Netherlands Holdco B.V., Sr. Unsecd. Note, 144A, 8.000%, 9/18/2027
    2,930,430
     5,500,000
 
IHS Netherlands Holdco B.V., Sr. Unsecd. Note, REGS, 8.000%, 9/18/2027
    5,372,454
     1,000,000
 
Millicom International Cellular S.A., Sr. Unsecd. Note, REGS, 4.500%, 4/27/2031
      879,185
     1,300,000
 
Telecom of Trin & Tobago, Sec. Fac. Bond, REGS, 8.875%, 10/18/2029
    1,298,122
     1,600,000
 
Telfon Celuar Del Paraguay, Sr. Unsecd. Note, REGS, 5.875%, 4/15/2027
    1,585,813
     1,200,000
 
Total Play Telecom, Sec. Fac. Bond, 144A, 10.500%, 12/31/2028
    1,009,164
       377,000
 
Turk Telekomunikasyon AS, Sr. Unsecd. Note, REGS, 6.875%, 2/28/2025
      378,855
 
TOTAL
20,595,161
 
Transportation—0.6%
     1,000,000
 
Adani Ports and Special Economic Zone Ltd., Sr. Unsecd. Note, REGS, 4.000%, 7/30/2027
      941,286
     1,862,000
 
Avianca Midco 2 PLC, REGS, 9.000%, 12/1/2028
    1,824,545
     2,000,000
 
Mersin Uluslararasi Liman Isletmeciligi A.s., Sr. Unsecd. Note, 144A, 8.250%, 11/15/2028
    2,059,664
     1,100,000
 
Simpar Europe S.A., Sr. Unsecd. Note, 144A, 5.200%, 1/26/2031
      904,197
 
TOTAL
5,729,692
11
Principal
Amount, Shares
or Contracts
 
 
Value in
U.S. Dollars
 
CORPORATE BONDS—continued
 
Utilities—2.1%
$       578,000
1
AES Andes S.A., Jr. Sub. Note, REGS, 6.350%, 4/7/2025
$      571,251
     1,000,000
 
Buffalo Energy Mexico Holdings, Term Loan - 1st Lien, REGS, 7.875%, 2/15/2039
    1,054,117
     1,140,500
 
Empresa Electrica Cochra, 144A, 5.500%, 5/14/2027
    1,101,482
     1,200,000
 
Energuate Trust, Sr. Unsecd. Note, REGS, 5.875%, 5/3/2027
    1,169,598
       990,000
 
Enfragen Energia Sur S.A., Sr. Secd. Note, 144A, 5.375%, 12/30/2030
      826,389
       890,000
 
Engie Energia Chile S.A., Sr. Unsecd. Note, 144A, 6.375%, 4/17/2034
      909,696
     1,400,000
 
Globeleq Mesoamerica, Sr. Note, 144A, 6.250%, 4/26/2029
    1,351,551
     1,820,000
 
Greenko Dutch B.V., REGS, 3.850%, 3/29/2026
    1,742,654
     2,862,750
 
Greenko Power II Ltd., Sr. Unsecd. Note, REGS, 4.300%, 12/13/2028
    2,677,020
     1,000,000
 
Grupo Energia Bogota, Sr. Unsecd. Note, 144A, 7.850%, 11/9/2033
    1,119,327
     1,400,000
2,3
Light Servicos Energia, Sr. Unsecd. Note, REGS, 4.375%, 6/18/2026
      682,325
       193,550
 
LLPL Capital Pte. Ltd., 144A, 6.875%, 2/4/2039
      196,952
     1,450,000
 
Minejesa Capital B.V., Sec. Fac. Bond, 144A, 5.625%, 8/10/2037
    1,345,720
       929,800
 
Minejesa Capital B.V., Term Loan - 1st Lien, REGS, 4.625%, 8/10/2030
      900,416
     1,475,742
 
Mong Duong Finance Holdings B.V., 144A, 5.125%, 5/7/2029
    1,418,873
     1,500,000
 
OMGRID Funding Ltd., Sr. Unsecd. Note, REGS, 5.196%, 5/16/2027
    1,476,041
       877,000
 
ReNew Power Ltd., Term Loan - 1st Lien, REGS, 5.875%, 3/5/2027
      855,100
     1,000,000
 
Rio Energy S.A. / UGEN S.A./ UENS.A. S.A., 144A, 6.875%, 2/1/2025
      833,762
     1,454,600
 
Termocandelaria Power, Sr. Unsecd. Note, REGS, 7.875%, 1/30/2029
    1,457,495
 
TOTAL
21,689,769
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $247,592,219)
248,099,600
 
COMMON STOCKS—0.1%
 
Automotive—0.1%
2,300,000
 
Nemak SAB de CV
      333,315
 
Chemicals & Plastics—0.0%
4,716
 
Sociedad Quimica Y Minera de Chile S.A., ADR
      179,491
 
Consumer Products—0.0%
191,350
3,6
Atento Luxco 1 S.A.
            0
 
Food Products—0.0%
125,353
 
Minerva S.A.
      139,401
 
Telecommunications & Cellular—0.0%
11,153
3,6
DIGICEL HOLDINGS BERMUDA LTD
       22,306
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,319,770)
674,513
 
PURCHASED CALL OPTION—0.0%
3,150,000
 
UBS USD CALL/CHF PUT (CALL-Option), Exercise Price $.8905, Notional Amount $95,067,000.00, Expiration Date
9/18/2024
(IDENTIFIED COST $27,468)
        6,924
 
EXCHANGE-TRADED FUND—0.0%
8,777
 
iShares MSCI Emerging Markets ETF
(IDENTIFIED COST $330,761)
      376,972
 
INVESTMENT COMPANY—1.2%
12,953,573
 
Federated Hermes Government Obligations Fund, Premier Shares, 5.24%7
(IDENTIFIED COST $12,953,573)
   12,953,573
 
TOTAL INVESTMENT IN SECURITIES—98.0%
(IDENTIFIED COST $992,438,991)
1,026,919,318
 
OTHER ASSETS AND LIABILITIES - NET—2.0%8
21,189,107
 
TOTAL NET ASSETS—100%
$1,048,108,425
12
At July 31, 2024, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
United States Treasury Notes 5-Year Long Futures
15
$1,618,359
September 2024
$26,802
United States Treasury Notes 10-Year Long Futures
20
$2,236,250
September 2024
$56,676
Short Futures:
 
United States Treasury Long Bond Short Futures
12
$1,449,375
September 2024
$(18,402)
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS
$65,076
The average notional value of long and short futures contracts held by the Fund throughout the period was $5,081,801 and $2,921,333, respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
At July 31, 2024, 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:
 
 
 
8/30/2024
Credit Agricole
10,885,001
NOK
$998,349
$8,349
8/30/2024
Barclays Bank PLC
7,215,382
NOK
$661,779
$1,779
8/30/2024
Credit Agricole
11,834,955
NOK
1,085,476 EUR
$11,353
8/30/2024
State Street Bank & Trust Co.
7,809,736
NOK
716,292 EUR
$499
8/30/2024
Barclays Bank PLC
15,273,509
SEK
1,428,226 EUR
$2,021
9/3/2024
Morgan Stanley Capital
7,480,836
BRL
$1,318,430
$(1,570)
9/4/2024
State Street Bank & Trust Co.
2,209,103
BRL
$389,290
$(18,470)
9/5/2024
JP Morgan Chase Bank, N.A.
11,463,046
MXN
$612,038
$(12,962)
9/5/2024
Bank Of America, N.A.
33,192,188
TRY
$964,326
$26,826
9/5/2024
Bank Of America, N.A.
22,327,500
TRY
$648,676
$23,676
9/18/2024
State Street Bank & Trust Co.
16,783,630,473
IDR
$1,030,647
$886
9/18/2024
State Street Bank & Trust Co.
10,140,820
MXN
$540,351
$320
9/18/2024
Barclays Bank PLC
7,835,017
PEN
$2,095,632
$15,562
9/20/2024
UBS AG
962,004
CHF
$1,101,977
$30,977
9/20/2024
UBS AG
829,106
CHF
$949,742
$12,242
9/23/2024
JP Morgan Chase Bank, N.A.
1,857,035,368
CLP
$1,970,922
$(48,210)
9/23/2024
Bank Of America, N.A.
963,339,547
CLP
$1,022,418
$(25,624)
9/23/2024
Morgan Stanley Capital
469,059,374
CLP
$497,825
$(9,014)
Contracts Sold:
 
 
 
8/30/2024
Credit Agricole
1,072,823
EUR
11,834,955 NOK
$1,300
8/30/2024
Barclays Bank PLC
1,430,430
EUR
15,273,509 SEK
$(4,226)
8/30/2024
State Street Bank & Trust Co.
715,215
EUR
7,809,736 NOK
$578
9/5/2024
State Street Bank & Trust Co.
11,323,460
MXN
$625,000
$20,415
9/18/2024
State Street Bank & Trust Co.
8,610,529,808
COP
$2,059,945
$(51,630)
9/18/2024
State Street Bank & Trust Co.
5,685,503
EUR
$6,122,879
$(43,765)
9/18/2024
JP Morgan Chase Bank, N.A.
10,140,820
MXN
$558,243
$17,891
9/18/2024
BNP Paribas S.A.
7,700,124
PEN
$2,036,807
$(22,746)
9/18/2024
BNP Paribas S.A.
10,826,116
PEN
$2,865,557
$(30,105)
9/20/2024
UBS AG
947,931
CHF
$1,071,000
$(14,856)
9/20/2024
UBS AG
825,356
CHF
$937,500
$(7,946)
9/23/2024
State Street Bank & Trust Co.
469,059,374
CLP
$513,984
$16,159
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS
$(100,291)
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period was $165,627 and $309,856 respectively. This is based on the contracts held as of each month-end throughout the nine-month fiscal period.
13
At July 31, 2024, 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
07/31/20249
Notional
Amount
Market
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
OTC Swaps:
 
 
 
Barclays Bank
Republic of Indonesia
Pay
(1.000)%
06/20/2029
0.74%
$4,000,000
$(44,748)
$(30,183)
$(14,565)
Morgan Stanley
Republic of Peru
Pay
(1.000)%
06/20/2029
0.77%
$4,000,000
$(45,760)
$(22,221)
$(23,537)
TOTAL CREDIT DEFAULT SWAPS
$(90,508)
$(52,404)
$(38,102)
The average notional amount of credit default swap contracts held by the Fund throughout the period was $10,830,000. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of purchased put and call options held by the Fund throughout the period was $6,089 and $21,176, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
At July 31, 2024, the Fund had the following outstanding written option contracts:  
Counterparty
Description
Number of
Contracts
Notional
Amount
Expiration
Date
Exercise
Price
Value
Call Option:
 
 
UBS
UBS USD CALL/MXN PUT (CALL-Option),
(1,650,000)
$1,650,000
September 2024
$18.84
$(35,604)
Put Option:
 
 
UBS
UBS USD PUT/CHF CALL (PUT-Option)
(3,150,000)
$3,150,000
September 2024
$0.85
$(6,816)
(Premium Received $61,830)
$(42,420)
The average market value of written put and call options held by the Fund throughout the period was $3,796 and $3,560, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Appreciation (Depreciation) on Futures, Foreign Exchange Contracts and the value of Swap Contracts and Written Options Contracts are included in“Other Assets and Liabilities—Net.”
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended July 31, 2024, were as follows:  
 
Federated
Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Federated
Hermes
Government
Obligations Fund,
Premier Shares
Total of
Affiliated
Transactions
Value as of 10/31/2023
$177,755
$—
$177,755
Purchases at Cost
$293,977,599
$49,873,884
$343,851,483
Proceeds from Sales
$(294,153,341)
$(36,920,311)
$(331,073,652)
Change in Unrealized Appreciation/Depreciation
$—
$—
$—
Net Realized Gain/(Loss)
$(2,013)
$—
$(2,013)
Value as of 7/31/2024
$—
$12,953,573
$12,953,573
Shares Held as of 7/31/2024
—
12,953,573
12,953,573
Dividend Income
$5,218
$73,311
$78,529
14
 
1
Perpetual Bond Security. The maturity date reflects the next call date.
2
Issuer in default.
3
Non-income-producing security.
4
Zero coupon bond, reflects effective rate at time of purchase.
5
Floating/variable note with current rate and current maturity or next reset date shown.
6
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee (“Valuation Committee”).
7
7-day net yield.
8
Assets, other than investments in securities, less liabilities.
9
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, 2024.
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 Federated Investment Management Company (the “Adviser”).
■ 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 ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
■ 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 Adviser, 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 Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s 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.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services 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 Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review 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 ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency
15
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 Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee 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 Adviser has 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 Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
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.

The following is a summary of the inputs used, as of July 31, 2024, 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
$—
$764,807,736
$—
$764,807,736
Corporate Bonds
—
247,894,600
205,000
248,099,600
Purchased Call Option
—
6,924
—
6,924
Exchange-Traded Fund
376,972
—
—
376,972
Equity Securities:
Common Stocks
International
652,207
—
22,306
674,513
Investment Company
12,953,573
—
—
12,953,573
TOTAL SECURITIES
$13,982,752
$1,012,709,260
$227,306
$1,026,919,318
Other Financial Instruments:
Assets
Futures Contracts
$83,478
$—
$—
$83,478
Foreign Exchange Contracts
—
190,833
—
190,833
Liabilities
Futures Contracts
(18,402)
—
—
(18,402)
Foreign Exchange Contracts
—
(291,124)
—
(291,124)
Swap Contracts
—
(90,508)
—
(90,508)
Written Options Contracts
—
(42,420)
—
(42,420)
TOTAL OTHER FINANCIAL INSTRUMENTS
$65,076
$(233,219)
$—
$(168,143)
16
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
BRL
—Brazilian Real
CHF
—Swiss Franc
CJSC
—Closed Joint Stock Company
CLP
—Chilean Peso
COP
—Colombian Peso
EGP
—Egyptian Pound
EMTN
—Euro Medium Term Note
ETF
—Exchange-Traded Fund
EUR
—Euro
GMTN
—Global Medium Term Note
IDR
—Indonesian Rupiah
LLP
—Limited Liability Partnership
MXN
—Mexican Peso
NOK
—Norwegian Krone
PEN
—Peruvian Nuevo Sol
PLC
—Public Limited Company
SEK
—Swedish Krona
TRY
—Turkish Lira
USD
—United States Dollar
17