Form N-CSR MFS SERIES TRUST X For: Jul 31

September 17, 2021 12:43 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4492

MFS SERIES TRUST X

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: July 31*

Date of reporting period: July 31, 2021

 

*

This Form N-CSR pertains only to the following series of the Registrant: MFS Emerging Markets Debt Fund. The remaining series of the Registrant have a fiscal year end other than July 31.

 


ITEM 1.

REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
July 31, 2021
MFS®  Emerging Markets
Debt Fund
EMD-ANN




MFS® Emerging Markets
Debt Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE




LETTER FROM THE CEO
Dear Shareholders:
After experiencing dramatic swings in the early days of the coronavirus pandemic, global equity markets have performed strongly over the past year. Though the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as new variants of the virus appear, and questions persist over how fast vaccines can be made widely available in the developing world.
Global central banks have taken aggressive steps to cushion the economic and market fallout related to the virus, and governments are deploying unprecedented levels of fiscal support. Having passed a $1.9 trillion stimulus package in March, the U.S. Congress could approve additional stimulus later this year, some of it focused on infrastructure. Along with extraordinary government expenditures, pent-up consumer demand fueled a surge in economic activity as coronavirus restrictions were eased, pushing up inflation, at least temporarily. Markets initially reacted by pushing yields on global government bonds higher, though some of the rate rise has since been corrected. Some emerging market central banks have begun to raise interest rates in recent months while the U.S. Federal Reserve has started to discuss tapering its bond buying program before the end of 2021.
A spirited debate is underway among investors over whether the current price pressures will persist or prove to be the temporary result of pandemic-induced bottlenecks. The policy measures put in place to counteract the pandemic's effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative trading in cryptocurrencies, special purpose acquisition companies (SPACs), and the like bear watching.
In the aftermath of the crisis, we could see societal changes as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of company fundamentals, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our long-term philosophy and adhering to our commitment to sustainable investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk management to create sustainable value for investors.
Respectfully,
Michael W. Roberge
Chief Executive Officer
MFS Investment Management
September 15, 2021
The opinions expressed in this letter are subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1


Portfolio Composition
Portfolio structure (i)
Fixed income sectors (i)
Sovereign Emerging Markets 43.3%
Emerging Markets Corporate Bonds 25.5%
Other Government Entity-Emerging Markets Quasi Government 21.1%
Developed Markets Corporate Bonds 2.8%
Sovereign Developed Markets 0.5%
Supranational 0.2%
Government Securities Hedge (t) (1.2)%
Portfolio facts (i)
Average Duration (d) 6.9
Average Effective Maturity (m) 11.4 yrs.
Composition including fixed income credit quality (a)(i)
AA 3.9%
A 6.5%
BBB 23.4%
BB 35.9%
B 20.6%
CCC 2.0%
CC 0.1%
D 0.1%
U.S. Government 0.7%
Not Rated (1.0)%
Non-Fixed Income 0.1%
Cash & Cash Equivalents 5.6%
Other 2.1%
Non-U.S. issuer country
weightings (i)(x)
Mexico 8.9%
Indonesia 5.3%
India 4.8%
China 4.8%
Brazil 4.5%
Ukraine 4.2%
United Arab Emirates 3.7%
Turkey 3.0%
Egypt 2.9%
Other Countries 47.5%
 
2


Portfolio Composition - continued
Non-U.S. currency exposure
weightings (i)(y)
Brazilian Real 0.7%
Mexican Peso 0.4%
Uruguay Peso 0.4%
Russian Ruble 0.3%
Egyptian Pound 0.2%
Indian Rupee 0.2%
Hungarian Forint 0.2%
British Pound Sterling (o) 0.0%
Indonesian Rupiah (o) 0.0%
Other Currencies (3.5)%
Emerging market local currency
bond weights by country (i)
South Africa 0.5%
Uruguay 0.4%
Brazil 0.3%
India 0.3%
Mexico 0.2%
Egypt 0.2%
Chile 0.2%
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities.
Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move.
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
(t) For the purpose of managing the fund’s duration (but not its credit exposure), the fund holds futures contracts and U.S. Treasury securities with a bond equivalent exposure of (1.2)%.
3


Portfolio Composition - continued
(x) Represents the portfolio’s exposure to issuer countries as a percentage of the portfolio’s net assets. United States issuer country exposure is 10.4% and includes Cash & Cash Equivalents and Other.
(y) Represents the portfolio’s exposure to a particular currency as a percentage of the portfolio's net assets. United States Dollar currency exposure is 101.1% and includes Cash & Cash Equivalents.
Where the fund holds convertible bonds, they are treated as part of the equity portion of the portfolio.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative.
Percentages are based on net assets as of July 31, 2021.
The portfolio is actively managed and current holdings may be different.
4


Management Review
Summary of Results
For the twelve months ended July 31, 2021, Class A shares of the MFS Emerging Markets Debt Fund (fund) provided a total return of 5.11%, at net asset value. This compares with a return of 3.57% for the fund’s benchmark, the JPMorgan Emerging Markets Bond Index Global.
Market Environment
The global economy continued to recover from the most unusual recession in memory as financial markets benefited from massive fiscal and monetary intervention aimed at offsetting the economic effects of the pandemic. In developed markets, vaccine distribution broadened after getting off to a slower-than-hoped-for start in some locales, though concerns remained that too few people will be inoculated for herd immunity to be achieved, which could result in the emergence of additional variants. On balance, emerging markets experienced slower rollouts than developed markets amid ongoing vaccine supply constraints.
Around the world, central banks responded quickly and massively to the crisis with programs to improve liquidity and support markets. These undertakings proved largely successful in helping to restore market function, ease volatility and stimulate a prolonged rebound. In the first half of the period, the US Federal Reserve adopted a new, flexible average-inflation-targeting framework, which is expected to result in the federal funds rate remaining at low levels longer than under its previous model. Due to relatively manageable external liabilities and balances of payments in many countries and persistently low inflation, even emerging market countries were able to implement countercyclical policies — a departure from the usual market-dictated response to risk-off crises.
Late in the period, markets grappled with the threat of resurgent inflation resulting from pandemic-induced production bottlenecks, monumental levels of economic stimulus and the unleashing of post-lockdown pent-up demand. Meanwhile, raw materials prices rebounded strongly on account of the surprising resilience of the global manufacturing sector during the pandemic. Global sovereign bond yields initially rose in response to these factors before yields moderated in the second half of the period. The vaccine breakthroughs announced in November 2020 saw market leadership shift from a handful of mega-cap technology companies to a broader array of small-cap and value stocks, though growth stocks have performed strongly in recent months. Signs of excess investor enthusiasm were seen in pockets of the market, such as the “meme stocks” popular with users of online message boards and heavy retail participation in the market for short-dated equity options.
Factors Affecting Performance
The fund’s lesser-than-benchmark exposure to both Argentinian and Chinese-issued bonds, its out-of-benchmark exposure to corporate bonds, notably to Peruvian and Colombian-issued securities, and favorable security selection in Ukrainian bonds, particularly in sovereign-issued securities, contributed to performance relative to the JPMorgan Emerging Markets Bond Index. In addition, the fund’s shorter duration (d) stance in the United States benefited relative returns as interest rates generally increased throughout the reporting period.
5


Management Review - continued
Conversely, the fund's out-of-benchmark exposure to bonds issued in the United States and the fund’s lesser-than-benchmark exposure to both Turkish and Mexican-issued bonds weighed on relative results.
Respectfully,
Portfolio Manager(s)
Neeraj Arora, Ward Brown, and Matt Ryan
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
6


Performance Summary THROUGH 7/31/21
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment
7


Performance Summary  - continued
Total Returns through 7/31/21
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr
A 3/17/98 5.11% 4.35% 4.68%
B 5/31/02 4.31% 3.55% 3.89%
C 5/31/02 4.32% 3.55% 3.89%
I 3/17/98 5.37% 4.58% 4.92%
R1 12/01/08 4.38% 3.55% 3.89%
R2 12/01/08 4.84% 4.07% 4.41%
R3 12/01/08 5.11% 4.33% 4.67%
R4 12/01/08 5.37% 4.59% 4.94%
R6 5/01/06 5.42% 4.67% 5.01%
Comparative benchmark(s)
       
JPMorgan Emerging Markets Bond Index Global (f) 3.57% 4.23% 5.20%
Average annual with sales charge
       
A
With Initial Sales Charge (4.25%)
0.64% 3.44% 4.22%
B
With CDSC (Declining over six years from 4% to 0%) (v)
0.31% 3.20% 3.89%
C
With CDSC (1% for 12 months) (v)
3.32% 3.55% 3.89%
CDSC – Contingent Deferred Sales Charge.
Class I, R1, R2, R3, R4, and R6 shares do not have a sales charge.
On May 30, 2012, Class W shares were redesignated Class R5 shares. Total returns for Class R5 shares prior to May 30, 2012 reflect the performance history of Class W shares which had different fees and expenses than Class R5 shares. Effective August 26, 2016, Class R5 shares were renamed Class R6 shares.
(f) Source: FactSet Research Systems Inc.
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
JPMorgan Emerging Markets Bond Index Global – measures the performance of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds.
It is not possible to invest directly in an index.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
8


Performance Summary  - continued
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
9


Expense Table
Fund expenses borne by the shareholders during the period,
February 1, 2021 through July 31, 2021
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period February 1, 2021 through July 31, 2021.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10


Expense Table - continued
Share
Class
  Annualized
Expense
Ratio
Beginning
Account Value
2/01/21
Ending
Account Value
7/31/21
Expenses
Paid During
Period (p)
2/01/21-7/31/21
A Actual 1.05% $1,000.00 $1,000.54 $5.21
Hypothetical (h) 1.05% $1,000.00 $1,019.59 $5.26
B Actual 1.80% $1,000.00 $996.82 $8.91
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
C Actual 1.80% $1,000.00 $996.80 $8.91
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
I Actual 0.80% $1,000.00 $1,001.75 $3.97
Hypothetical (h) 0.80% $1,000.00 $1,020.83 $4.01
R1 Actual 1.80% $1,000.00 $996.82 $8.91
Hypothetical (h) 1.80% $1,000.00 $1,015.87 $9.00
R2 Actual 1.30% $1,000.00 $999.33 $6.44
Hypothetical (h) 1.30% $1,000.00 $1,018.35 $6.51
R3 Actual 1.05% $1,000.00 $1,000.54 $5.21
Hypothetical (h) 1.05% $1,000.00 $1,019.59 $5.26
R4 Actual 0.80% $1,000.00 $1,001.80 $3.97
Hypothetical (h) 0.80% $1,000.00 $1,020.83 $4.01
R6 Actual 0.69% $1,000.00 $1,002.32 $3.43
Hypothetical (h) 0.69% $1,000.00 $1,021.37 $3.46
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
11


Portfolio of Investments
7/31/21
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Bonds – 93.4%
Angola – 0.3%
Republic of Angola, 8%, 11/26/2029 (n)   $       3,588,000  $     3,709,561
Republic of Angola, 8%, 11/26/2029           6,071,000     6,276,685
Republic of Angola, 9.375%, 5/08/2048 (n)             500,000       523,750
Republic of Angola, 9.375%, 5/08/2048          10,353,000    10,844,768
Republic of Angola, 9.125%, 11/26/2049 (n)           1,391,000     1,427,806
Republic of Angola, 9.125%, 11/26/2049           5,600,000     5,748,176
            $28,530,746
Argentina – 0.9%
Province of Cordoba, 5%, 6/01/2027 (n)   $       4,556,036  $     3,098,150
Province of Cordoba, 5%, 6/01/2027           7,277,311     4,948,644
Province of Santa Fe, 7%, 3/23/2023 (n)          12,978,000    12,069,670
Province of Santa Fe, 7%, 3/23/2023             300,000       279,003
Republic of Argentina, 0.5%, 7/09/2030          36,715,548    13,346,102
Republic of Argentina, 1.125%, 7/09/2035          45,877,549    14,795,968
Republic of Argentina, 2%, 1/09/2038          29,834,000    11,814,264
Republic of Argentina, 2.5%, 7/09/2041          67,769,000    25,315,110
Stoneway Capital Corp., 10%, 3/01/2027 (a)(d)(n)          13,021,612     3,515,835
            $89,182,746
Azerbaijan – 1.2%
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026 (n)   $      16,592,000  $    19,670,978
Southern Gas Corridor CJSC (Republic of Azerbaijan), 6.875%, 3/24/2026          46,055,000    54,601,426
State Oil Company of the Azerbaijan Republic, 6.95%, 3/18/2030          28,990,000    35,967,719
           $110,240,123
Bahamas – 0.3%
Commonwealth of Bahamas, 6%, 11/21/2028   $       9,709,000  $     9,500,354
Commonwealth of Bahamas, 8.95%, 10/15/2032          19,532,000    21,430,510
            $30,930,864
Benin – 0.5%
Republic of Benin, 4.875%, 1/19/2032   EUR       7,102,000  $     8,333,217
Republic of Benin, 4.875%, 1/19/2032 (n)          16,485,000    19,342,874
Republic of Benin, 6.875%, 1/19/2052 (n)          10,532,000    12,830,906
Republic of Benin, 6.875%, 1/19/2052           2,100,000     2,558,384
            $43,065,381
12


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Bermuda – 0.4%
Government of Bermuda, 2.375%, 8/20/2030 (n)   $      20,232,000  $    20,282,580
Government of Bermuda, 2.375%, 8/20/2030           3,500,000     3,508,750
Government of Bermuda, 3.375%, 8/20/2050 (n)          17,184,000    17,653,123
Government of Bermuda, 3.375%, 8/20/2050             800,000       821,840
            $42,266,293
Brazil – 4.4%
Aegea Finance S.à r.l., 5.75%, 10/10/2024 (n)   $       1,080,000  $     1,112,411
Aegea Finance S.à r.l., 5.75%, 10/10/2024          22,879,000    23,565,599
Azul Investments LLP, 7.25%, 6/15/2026 (n)          20,068,000    18,774,216
Banco BTG Pactual S.A. (Cayman Islands), 4.5%, 1/10/2025 (n)          22,928,000    23,730,480
Banco BTG Pactual S.A. (Cayman Islands), 4.5%, 1/10/2025           5,513,000     5,705,955
Centrais Eletricas Brasileiras S.A., 3.625%, 2/04/2025 (n)          10,865,000    11,212,680
CSN Inova Ventures, 6.75%, 1/28/2028          12,983,000    14,329,207
Federative Republic of Brazil, 10%, 1/01/2023   BRL     163,847,000    32,296,285
Federative Republic of Brazil, 3.875%, 6/12/2030   $      28,207,000    28,481,172
Federative Republic of Brazil, 3.75%, 9/12/2031          17,921,000    17,696,987
Federative Republic of Brazil, 5.625%, 2/21/2047           9,107,000     9,821,991
Federative Republic of Brazil, 4.75%, 1/14/2050          29,955,000    28,742,422
FS Luxembourg S.à r.l., 10%, 12/15/2025 (n)          16,007,000    17,887,983
FS Luxembourg S.à r.l., 10%, 12/15/2025          10,400,000    11,622,104
Guara Norte S.à r.l., 5.198%, 6/15/2034 (n)          18,195,940    18,736,359
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 (n)          22,427,000    23,265,770
MercadoLibre, Inc., 2.375%, 1/14/2026           8,080,000     8,100,281
MV24 Capital B.V., 6.748%, 6/01/2034 (n)           4,407,394     4,778,144
MV24 Capital B.V., 6.748%, 6/01/2034          24,763,581    26,846,693
Petrobras Global Finance Co. (Federative Republic of Brazil), 5.5%, 6/10/2051          24,044,000    23,653,285
Rede D'Or Finance S.à r.l., 4.5%, 1/22/2030 (n)           6,110,000     6,224,624
Rede D'Or Finance S.à r.l., 4.5%, 1/22/2030           2,100,000     2,139,396
StoneCo Ltd., 3.95%, 6/16/2028 (n)          22,681,000    22,511,119
TerraForm Global Operating LLC, 6.125%, 3/01/2026 (n)          17,217,000    17,690,467
TerraForm Global Operating LLC, 6.125%, 3/01/2026           1,392,000     1,430,280
XP, Inc., 3.25%, 7/01/2026 (n)          23,366,000    22,847,275
           $423,203,185
13


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Bulgaria – 0.1%
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028 (n)   EUR       6,782,000  $     8,196,473
ContourGlobal Power Holdings S.A., 3.125%, 1/01/2028           1,900,000     2,296,269
            $10,492,742
Chile – 2.7%
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079 (n)   $      14,693,000  $    15,523,301
AES Gener S.A., 6.35% to 4/07/2025, FLR (CMT - 5yr. + 4.917%) to 4/07/2030, FLR (CMT - 5yr. + 5.167%) to 4/07/2045, FLR (CMT - 5yr. + 5.917%) to 10/07/2079          12,919,000    13,649,053
Banco del Estado de Chile, 3.875%, 2/08/2022           5,423,000     5,504,453
Banco del Estado de Chile, 2.704%, 1/09/2025 (n)          15,334,000    15,985,848
Banco del Estado de Chile, 2.704%, 1/09/2025          10,998,000    11,465,525
Chile Electricity PEC S.p.A., 0%, 1/25/2028          12,453,000    10,009,099
E.CL S.A., 4.5%, 1/29/2025          14,398,000    15,770,773
Empresa Nacional del Petroleo (Republic of Chile), 4.375%, 10/30/2024 (n)           2,635,000     2,854,777
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026 (n)           9,946,000    10,474,580
Empresa Nacional del Petroleo (Republic of Chile), 3.75%, 8/05/2026          10,210,000    10,752,611
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029 (n)           4,892,000     5,529,681
Empresa Nacional del Petroleo (Republic of Chile), 5.25%, 11/06/2029           1,100,000     1,243,387
ENGIE Energía Chile S.A., 4.5%, 1/29/2025 (n)           3,831,000     4,196,266
ENGIE Energía Chile S.A., 3.4%, 1/28/2030 (n)          19,782,000    20,375,460
ENGIE Energía Chile S.A., 3.4%, 1/28/2030           2,300,000     2,369,000
Republic of Chile, 5%, 10/01/2028 (n)   CLP 13,300,000,000    18,160,416
Republic of Chile, 2.55%, 7/27/2033   $      23,323,000    23,784,096
Transelec S.A., 4.625%, 7/26/2023 (n)          12,396,000    13,263,844
Transelec S.A., 4.25%, 1/14/2025 (n)           2,029,000     2,205,259
Transelec S.A., 4.25%, 1/14/2025           6,643,000     7,220,077
Transelec S.A., 3.875%, 1/12/2029 (n)           3,436,000     3,723,799
Transelec S.A., 3.875%, 1/12/2029           5,077,000     5,502,250
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028 (n)           8,607,000     8,981,405
VTR Comunicaciones S.p.A., 5.125%, 1/15/2028          10,852,000    11,324,062
VTR Finance B.V., 6.375%, 7/15/2028           5,600,000     5,916,008
VTR Finance N.V., 6.375%, 7/15/2028 (n)           8,102,000     8,559,196
           $254,344,226
14


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
China – 4.7%
CCBL (Cayman) 1 Corp. Ltd., 3.5%, 5/16/2024   $      20,590,000  $    21,812,058
CDBL Funding 1 Co. (People's Republic of China), 4.25%, 12/02/2024          13,113,000    14,183,244
China Construction Bank Corp., 4.25% to 2/27/2024, FLR (CMT - 5yr. + 1.88%) to 2/27/2029          21,299,000    22,835,273
China Development Bank (Hong Kong), FLR, 0.83% (LIBOR - 3mo. + 0.7%), 3/06/2022           4,588,000     4,598,094
China Development Bank Financial Leasing Co. Ltd., 2.875% to 9/28/2025, FLR (CMT-1yr. + 2.75%) to 9/28/2030          18,570,000    18,974,640
China Southern Power Grid Co. Ltd., 3.5%, 5/08/2027          15,881,000    17,621,870
China Southern Power Grid Co. Ltd., 4.25%, 9/18/2028           7,351,000     8,472,249
CNPC General Capital Ltd. (People's Republic of China), 3.95%, 4/19/2022 (n)           5,681,000     5,815,109
ENN Clean Energy International Investment Ltd., 3.375%, 5/12/2026 (n)          26,423,000    26,955,336
Industrial and Commercial Bank of China, 4.875%, 9/21/2025          10,160,000    11,408,097
Meituan, 2.125%, 10/28/2025 (n)          11,141,000    10,820,729
Meituan, 2.125%, 10/28/2025           2,700,000     2,622,383
Meituan, 3.05%, 10/28/2030 (n)          20,144,000    18,783,519
Meituan, 3.05%, 10/28/2030             700,000       652,724
Prosus N.V., 3.061%, 7/13/2031 (n)          18,766,000    18,533,949
Prosus N.V., 4.027%, 8/03/2050 (n)          14,932,000    14,359,716
Prosus N.V., 4.027%, 8/03/2050           3,100,000     2,981,189
Prosus N.V., 3.832%, 2/08/2051 (n)          14,347,000    13,325,849
Prosus N.V., 3.832%, 2/08/2051             600,000       557,295
Seazen Group Ltd., 4.45%, 7/13/2025          19,128,000    18,076,834
Shimao Group Holdings Ltd., 3.45%, 1/11/2031           9,944,000     9,196,415
Shimao Property Holdings Ltd., 5.6%, 7/15/2026           9,200,000     9,563,617
Sinopec Capital (2013) Ltd. (People's Republic of China), 3.125%, 4/24/2023           3,974,000     4,127,953
Sinopec Group Overseas Development (2012) Ltd. (People's Republic of China), 3.9%, 5/17/2022 (n)           5,953,000     6,098,015
Sinopec Group Overseas Development (2017) Ltd. (People's Republic of China), 2.5%, 9/13/2022 (n)          12,630,000    12,881,552
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027 (n)           1,712,000     1,900,354
State Grid Overseas Investment (2016) Ltd. (People's Republic of China), 3.5%, 5/04/2027          57,579,000    63,913,842
Sunac China Holdings Ltd., 7.95%, 10/11/2023           9,265,000     9,058,577
Sunac China Holdings Ltd., 7.5%, 2/01/2024          15,959,000    15,320,325
Sunac China Holdings Ltd., 6.5%, 1/10/2025           6,726,000     6,080,443
15


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
China – continued
Tencent Holdings Ltd., 3.595%, 1/19/2028   $      10,200,000  $    11,193,422
Tencent Holdings Ltd., 2.39%, 6/03/2030 (n)           8,800,000     8,850,678
Times China Holdings Ltd., 6.75%, 7/08/2025           9,600,000     9,246,525
Times China Holdings Ltd., 6.2%, 3/22/2026           9,100,000     8,294,650
Weibo Corp., 3.375%, 7/08/2030          22,658,000    22,947,174
           $452,063,699
Colombia – 1.7%
Banco GNB Sudameris S.A., 7.5% to 4/16/2026, FLR (CMT - 5yr. + 6.66%) to 4/16/2031 (n)   $      20,220,000  $    20,649,675
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031 (n)           4,833,000     4,736,388
Empresas Publicas de Medellin E.S.P., 4.375%, 2/15/2031           4,600,000     4,508,046
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030 (n)          21,783,000    21,728,760
EnfraGen Energia Sur S.A., 5.375%, 12/30/2030           1,000,000       997,510
Millicom International Cellular S.A., 6.625%, 10/15/2026          10,223,100    10,714,729
Republic of Colombia, 4.5%, 1/28/2026          21,502,000    23,362,783
Republic of Colombia, 3.25%, 4/22/2032          20,504,000    20,046,966
Sierracol Energy Andina LLC, 6%, 6/15/2028 (n)          31,083,000    31,121,854
TermoCandelaria Power Ltd., 7.875%, 1/30/2029 (n)          22,988,100    24,252,675
TermoCandelaria Power Ltd., 7.875%, 1/30/2029           4,255,000     4,489,068
           $166,608,454
Costa Rica – 0.8%
Republic of Costa Rica, 6.125%, 2/19/2031   $       5,265,000  $     5,607,277
Republic of Costa Rica, 7%, 4/04/2044          32,056,000    33,658,800
Republic of Costa Rica, 7.158%, 3/12/2045          32,543,000    34,487,770
            $73,753,847
Cote d'Ivoire – 1.2%
Republic of Cote d’Ivoire, 6.625%, 3/22/2048 (n)   EUR       8,040,000  $    10,126,860
Republic of Cote d’Ivoire, 6.625%, 3/22/2048           2,100,000     2,645,075
Republic of Cote d'Ivoire, 5.25%, 3/22/2030          17,182,000    21,503,156
Republic of Cote d'Ivoire, 4.875%, 1/30/2032 (n)          27,829,000    33,329,053
Republic of Cote d'Ivoire, 4.875%, 1/30/2032           3,700,000     4,431,259
Republic of Cote d'Ivoire, 6.875%, 10/17/2040 (n)          21,157,000    27,691,957
Republic of Cote d'Ivoire, 6.875%, 10/17/2040          12,954,000    16,955,221
           $116,682,581
Croatia – 0.2%
Republic of Croatia, 1.75%, 3/04/2041   EUR      18,704,000  $    22,978,155
Czech Republic – 0.2%
PPF Telecom Group B.V., 3.25%, 9/29/2027   EUR      17,615,000  $    22,567,447
16


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Dominican Republic – 2.5%
Aeropuertos Dominicanos Siglo XXI S.A., 6.75%, 3/30/2029   $       5,433,000  $     5,629,946
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023          20,083,000    21,087,351
Banco de Reservas de la Republica Dominicana, 7%, 2/01/2023 (n)           7,699,000     8,084,027
Dominican Republic, 4.5%, 1/30/2030 (n)           9,738,000     9,976,678
Dominican Republic, 4.5%, 1/30/2030             600,000       614,706
Dominican Republic, 4.875%, 9/23/2032 (n)          38,981,000    40,443,177
Dominican Republic, 4.875%, 9/23/2032           1,800,000     1,867,518
Dominican Republic, 5.3%, 1/21/2041 (n)          19,340,000    19,610,760
Dominican Republic, 5.3%, 1/21/2041           1,100,000     1,115,400
Dominican Republic, 6.5%, 2/15/2048 (n)           2,821,000     3,092,550
Dominican Republic, 6.5%, 2/15/2048           8,662,000     9,495,804
Dominican Republic, 6.4%, 6/05/2049          14,941,000    16,226,076
Dominican Republic, 5.875%, 1/30/2060 (n)          41,796,000    42,172,582
Dominican Republic, 5.875%, 1/30/2060          61,192,000    61,743,340
           $241,159,915
Ecuador – 0.9%
Petroamazonas (Republic of Ecuador), 4.625%, 12/06/2021 (z)   $         601,036  $       592,021
Republic of Ecuador, 5%, 7/31/2030           7,595,000     6,626,713
Republic of Ecuador, 1%, 7/31/2035          51,766,000    35,848,473
Republic of Ecuador, 5%, 7/31/2035 (n)          17,332,831    12,003,159
Republic of Ecuador, 0.5%, 7/31/2040 (n)          21,097,161    12,974,965
Republic of Ecuador, 0.5%, 7/31/2040          30,323,000    18,648,948
            $86,694,279
Egypt – 2.9%
Arab Republic of Egypt, 0%, 8/03/2021   EGP      86,825,000  $     5,523,071
Arab Republic of Egypt, 0%, 8/10/2021         115,700,000     7,351,314
Arab Republic of Egypt, 0%, 8/24/2021          89,900,000     5,688,735
Arab Republic of Egypt, 0%, 9/07/2021          75,000,000     4,724,506
Arab Republic of Egypt, 7.5%, 1/31/2027   $       7,834,000     8,680,746
Arab Republic of Egypt, 6.588%, 2/21/2028 (n)          16,993,000    17,766,181
Arab Republic of Egypt, 7.6%, 3/01/2029 (n)           9,596,000    10,409,741
Arab Republic of Egypt, 7.6%, 3/01/2029          13,152,000    14,267,290
Arab Republic of Egypt, 6.375%, 4/11/2031 (n)   EUR      13,082,000    15,872,648
Arab Republic of Egypt, 6.375%, 4/11/2031           4,500,000     5,459,939
Arab Republic of Egypt, 7.052%, 1/15/2032 (n)   $       9,816,000     9,989,743
Arab Republic of Egypt, 7.052%, 1/15/2032          11,188,000    11,386,028
Arab Republic of Egypt, 7.625%, 5/29/2032 (n)          14,581,000    15,380,330
Arab Republic of Egypt, 7.625%, 5/29/2032           2,100,000     2,215,122
17


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Egypt – continued
Arab Republic of Egypt, 8.5%, 1/31/2047 (n)   $      17,105,000  $    17,664,265
Arab Republic of Egypt, 8.5%, 1/31/2047          45,472,000    46,958,753
Arab Republic of Egypt, 8.7%, 3/01/2049 (n)          13,828,000    14,435,879
Arab Republic of Egypt, 8.7%, 3/01/2049           5,900,000     6,159,364
Arab Republic of Egypt, 8.875%, 5/29/2050 (n)          23,370,000    24,868,251
Arab Republic of Egypt, 8.875%, 5/29/2050           8,348,000     8,883,190
Arab Republic of Egypt, 7.5%, 2/16/2061 (n)          24,542,000    22,824,060
           $276,509,156
El Salvador – 0.2%
Republic of El Salvador, 7.65%, 6/15/2035   $       8,436,000  $     7,381,584
Republic of El Salvador, 7.124%, 1/20/2050 (n)           4,515,000     3,645,908
Republic of El Salvador, 7.124%, 1/20/2050          13,712,000    11,072,577
            $22,100,069
Ghana – 0.6%
Republic of Ghana, 10.75%, 10/14/2030   $      12,896,000  $    16,055,520
Republic of Ghana, 8.625%, 4/07/2034 (n)           5,151,000     5,202,428
Republic of Ghana, 7.875%, 2/11/2035 (n)           1,380,000     1,323,635
Republic of Ghana, 7.875%, 2/11/2035          27,946,000    26,804,573
Republic of Ghana, 8.75%, 3/11/2061           9,300,000     8,808,365
            $58,194,521
Guatemala – 2.2%
Banco Industrial S. A., 4.875% to 1/29/2026, FLR (CMT - 5yr. + 4.442%) to 1/29/2031 (n)   $      18,031,000  $    18,662,085
Central American Bottling Corp., 5.75%, 1/31/2027          11,997,000    12,491,216
Central American Bottling Corp., 5.75%, 1/31/2027 (n)          27,811,000    28,956,674
Energuate Trust, 5.875%, 5/03/2027 (n)          10,965,000    11,444,828
Energuate Trust, 5.875%, 5/03/2027          18,550,000    19,361,748
Investment Energy Resources Ltd., 6.25%, 4/26/2029 (n)          23,525,000    25,642,250
Republic of Guatemala, 4.875%, 2/13/2028           4,270,000     4,746,148
Republic of Guatemala, 4.9%, 6/01/2030          27,292,000    30,362,623
Republic of Guatemala, 5.375%, 4/24/2032 (n)          11,375,000    13,075,563
Republic of Guatemala, 5.375%, 4/24/2032             600,000       689,700
Republic of Guatemala, 6.125%, 6/01/2050 (n)          16,652,000    19,899,307
Republic of Guatemala, 6.125%, 6/01/2050          19,390,000    23,171,244
           $208,503,386
Hungary – 0.3%
MOL PLC, 1.5%, 10/08/2027   EUR      12,763,000  $    15,797,183
Republic of Hungary, 1.75%, 6/05/2035          11,705,000    14,879,497
            $30,676,680
18


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
India – 4.8%
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024 (n)   $      26,800,000  $    29,118,200
Adani Green Energy (UP) Ltd./Prayatna Developers Private Ltd., 6.25%, 12/10/2024           4,800,000     5,215,200
Adani Ports & Special Economic Zone Ltd., 5%, 8/02/2041 (n)          24,654,000    24,577,054
Adani Transmission Ltd., 4.25%, 5/21/2036 (n)          17,253,555    17,633,817
Adani Transmission Ltd., 4.25%, 5/21/2036           2,711,500     2,771,260
Azure Power Energy Ltd., 5.5%, 11/03/2022 (n)          11,992,000    12,141,900
Azure Power Energy Ltd., 5.5%, 11/03/2022          13,358,000    13,524,975
Clean Renewable Power, 4.25%, 3/25/2027 (n)          13,736,000    13,621,991
Cliffton Ltd., 6.25%, 10/25/2025 (n)          25,444,000    24,299,020
Delhi International Airport Ltd., 6.125%, 10/31/2026           6,492,000     6,389,426
Delhi International Airport Ltd., 6.45%, 6/04/2029 (n)           5,539,000     5,375,599
Delhi International Airport Ltd., 6.45%, 6/04/2029           3,900,000     3,784,950
Export-Import Bank of India, 3.375%, 8/05/2026           4,163,000     4,444,373
Export-Import Bank of India, 3.875%, 2/01/2028          12,700,000    13,782,987
Export-Import Bank of India, 3.25%, 1/15/2030           8,068,000     8,268,004
Export-Import Bank of India, 2.25%, 1/13/2031 (n)          35,390,000    33,172,793
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024 (n)           6,000,000     6,120,744
GMR Hyderabad International Airport Ltd., 5.375%, 4/10/2024           2,900,000     2,958,360
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/2027           6,080,000     5,799,475
Greenko Dutch B.V. (Republic of India), 3.85%, 3/29/2026 (n)          18,738,000    18,848,929
Indian Railway Finance Corp., 2.8%, 2/10/2031 (n)          36,965,000    35,708,902
Indian Railway Finance Corp., 2.8%, 2/10/2031          12,393,000    11,971,877
Muthoot Finance Ltd., 6.125%, 10/31/2022 (n)           6,091,000     6,273,730
Muthoot Finance Ltd., 6.125%, 10/31/2022           1,600,000     1,648,000
Muthoot Finance Ltd., 4.4%, 9/02/2023 (n)          17,308,000    17,636,852
Muthoot Finance Ltd., 4.4%, 9/02/2023           7,300,000     7,438,700
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030 (n)          11,524,000    11,861,077
Power Finance Corp. Ltd. (Republic of India), 3.95%, 4/23/2030           2,300,000     2,367,275
ReNew Wind Energy AP2/ReNew Power Private Ltd., 4.5%, 7/14/2028 (n)          24,616,000    24,816,946
Republic of India, 7.27%, 4/08/2026   INR 1,222,290,000    17,361,561
Republic of India, 7.17%, 1/08/2028         941,680,000    13,251,727
Shriram Transport Finance Co. Ltd., 5.1%, 7/16/2023   $      19,019,000    19,090,321
Shriram Transport Finance Co. Ltd., 4.4%, 3/13/2024 (n)          20,275,000    20,173,625
19


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
India – continued
State Bank of India (London), 3.25%, 1/24/2022   $      14,306,000  $    14,473,237
           $455,922,887
Indonesia – 5.3%
Bank Mandiri, 4.75%, 5/13/2025   $      20,168,000  $    22,347,373
Bank Negara Indonesia, 3.75%, 3/30/2026          23,896,000    24,439,339
Listrindo Capital B.V., 4.95%, 9/14/2026 (n)           4,717,000     4,834,925
Listrindo Capital B.V., 4.95%, 9/14/2026          18,402,000    18,862,050
Medco Bell Pte. Ltd., 6.375%, 1/30/2027 (n)           6,204,000     6,216,966
Medco Bell Pte. Ltd., 6.375%, 1/30/2027          22,414,000    22,460,845
Perusahaan Penerbit SBSN Indonesia III, 2.3%, 6/23/2025 (n)          11,155,000    11,585,918
Perusahaan Penerbit SBSN Indonesia III, 2.8%, 6/23/2030 (n)          22,580,000    23,228,046
PT Indofood CBP Sukses Makmur Tbk, 3.398%, 6/09/2031           8,801,000     9,107,739
PT Indonesia Asahan Aluminium (Persero), 4.75%, 5/15/2025 (n)           7,615,000     8,328,906
PT Indonesia Asahan Aluminium (Persero), 5.8%, 5/15/2050 (n)           4,703,000     5,573,055
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049 (n)           6,953,000     7,502,704
PT Perusahaan Listrik Negara (Republic of Indonesia), 4.875%, 7/17/2049             600,000       647,436
Republic of Indonesia, 3.375%, 4/15/2023          16,497,000    17,261,773
Republic of Indonesia, 5.875%, 1/15/2024          15,167,000    17,052,567
Republic of Indonesia, 5.875%, 1/15/2024 (n)             868,000       975,910
Republic of Indonesia, 4.45%, 2/11/2024          12,324,000    13,461,634
Republic of Indonesia, 4.125%, 1/15/2025          24,766,000    27,318,735
Republic of Indonesia, 4.125%, 1/15/2025 (n)           5,055,000     5,576,040
Republic of Indonesia, 4.75%, 1/08/2026 (n)           3,476,000     3,976,336
Republic of Indonesia, 4.75%, 1/08/2026          21,001,000    24,023,884
Republic of Indonesia, 4.35%, 1/08/2027 (n)          14,417,000    16,355,639
Republic of Indonesia, 4.35%, 1/08/2027          12,004,000    13,618,165
Republic of Indonesia, 3.5%, 1/11/2028          16,155,000    17,708,189
Republic of Indonesia, 3.4%, 9/18/2029          20,637,000    22,415,158
Republic of Indonesia, 1.1%, 3/12/2033   EUR      16,134,000    18,744,208
Republic of Indonesia, 5.25%, 1/17/2042   $      10,924,000    13,676,212
Republic of Indonesia, 4.625%, 4/15/2043          46,098,000    53,962,011
Republic of Indonesia, 4.35%, 1/11/2048          30,503,000    34,857,877
Saka Energi Indonesia PT, 4.45%, 5/05/2024 (n)           4,370,000     4,009,475
Saka Energi Indonesia PT, 4.45%, 5/05/2024             200,000       183,500
20


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Indonesia – continued
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038 (n)   $       7,264,000  $     7,954,080
Star Energy Geothermal (Salak-Darajat) B.V., 4.85%, 10/14/2038             250,000       273,750
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033 (n)          15,909,172    18,017,137
Star Energy Geothermal (Wayang Windu) Ltd., 6.75%, 4/24/2033           6,962,368     7,884,882
           $504,442,464
Israel – 1.1%
Bank Leumi le-Israel B.M., 3.275%, 1/29/2031 (n)   $      13,901,000  $    14,227,674
Energean Israel Finance Ltd., 4.875%, 3/30/2026          25,477,000    26,042,589
Energean Israel Finance Ltd., 5.375%, 3/30/2028          22,165,000    22,642,700
Leviathan Bond Ltd., 6.125%, 6/30/2025 (n)          16,516,000    17,965,642
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n)          23,224,000    26,029,181
           $106,907,786
Jamaica – 0.5%
Government of Jamaica, 8%, 3/15/2039   $      15,670,000  $    21,898,825
Government of Jamaica, 7.875%, 7/28/2045          18,608,000    25,958,160
            $47,856,985
Jordan – 0.4%
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030 (n)   $      26,474,000  $    27,384,706
Hashemite Kingdom of Jordan, 5.85%, 7/07/2030           6,500,000     6,723,600
            $34,108,306
Kazakhstan – 1.5%
Development Bank of Kazakhstan, 4.125%, 12/10/2022   $      41,672,000  $    43,369,301
KazMunayGas National Co., JSC (Republic of Kazakhstan), 5.375%, 4/24/2030 (n)           6,765,000     8,051,568
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048 (n)           2,262,000     2,971,589
KazMunayGas National Co., JSC (Republic of Kazakhstan), 6.375%, 10/24/2048           2,833,000     3,721,712
KazTransGas JSC (Republic of Kazakhstan), 4.375%, 9/26/2027           8,027,000     8,875,855
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026 (n)           4,422,000     4,797,870
Tengizchevroil Finance Co. International Ltd., 4%, 8/15/2026          40,594,000    44,044,490
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 (n)          27,808,000    28,365,940
21


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Kazakhstan – continued
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030   $       3,200,000  $     3,264,205
           $147,462,530
Kenya – 0.5%
Republic of Kenya, 6.875%, 6/24/2024   $       5,388,000  $     5,919,365
Republic of Kenya, 7%, 5/22/2027 (n)           2,830,000     3,089,822
Republic of Kenya, 7%, 5/22/2027          10,734,000    11,719,488
Republic of Kenya, 7.25%, 2/28/2028           4,124,000     4,550,422
Republic of Kenya, 8%, 5/22/2032           6,614,000     7,468,926
Republic of Kenya, 8.25%, 2/28/2048          14,469,000    15,995,595
            $48,743,618
Kuwait – 0.5%
EQUATE Petrochemical B.V. (State of Kuwait), 4.25%, 11/03/2026   $      25,428,000  $    28,230,674
EQUATE Petrochemical B.V. (State of Kuwait), 2.625%, 4/28/2028 (n)           7,910,000     8,015,140
MEGlobal Canada ULC (State of Kuwait), 5.875%, 5/18/2030 (n)           7,313,000     9,063,220
            $45,309,034
Macau – 0.5%
Industrial & Commercial Bank of China Macau, 2.875% to 9/12/2024, FLR (CMT - 5yr. + 1.65%) to 9/12/2029   $      21,883,000  $    22,733,897
MGM China Holdings Ltd., 4.75%, 2/01/2027 (n)          12,491,000    12,584,682
Wynn Macau Ltd., 5.625%, 8/26/2028 (n)          13,626,000    13,966,650
Wynn Macau Ltd., 5.625%, 8/26/2028           1,292,000     1,324,300
            $50,609,529
Malaysia – 0.5%
GENM Capital Labuan Ltd., 3.882%, 4/19/2031 (n)   $      24,266,000  $    24,375,030
GOHL Capital Ltd., 4.25%, 1/24/2027          12,905,000    13,645,835
PETRONAS Capital Ltd. (Federation of Malaysia), 3.5%, 4/21/2030 (n)           9,974,000    10,908,262
            $48,929,127
Mexico – 8.7%
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027 (n)   $      15,377,000  $    17,402,920
CEMEX S.A.B. de C.V., 7.375%, 6/05/2027           1,000,000     1,131,750
CEMEX S.A.B. de C.V., 3.875%, 7/11/2031 (n)          18,086,000    18,728,053
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031 (n)          18,997,000    18,807,030
22


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mexico – continued
Comision Federal de Electricidad (United Mexican States), 3.348%, 2/09/2031   $       1,300,000  $     1,287,000
Comision Federal de Electricidad (United Mexican States), 3.875%, 7/26/2033 (n)          20,619,000    20,464,358
Comision Federal de Electricidad (United Mexican States), 4.677%, 2/09/2051 (n)          18,354,000    17,872,208
Comision Federal de Electricidad (United Mexican States), 4.677%, 2/09/2051           1,800,000     1,752,750
Grupo Axo S.A.P.I. de C.V., 5.75%, 6/08/2026 (n)          19,902,000    20,051,265
Grupo Bimbo S.A.B. de C.V., 5.95%, 4/17/2059          22,611,000    23,741,550
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024 (n)           5,373,000     5,524,250
Grupo Cementos de Chihuahua S.A.B. de C.V., 5.25%, 6/23/2024          12,274,000    12,619,513
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027 (n)           9,963,000    10,426,379
Grupo KUO S.A.B. de C.V., 5.75%, 7/07/2027          11,949,000    12,504,748
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048 (n)          13,297,000    13,762,395
Infraestructura Energética Nova S.A.B. de C.V., 4.875%, 1/14/2048          14,516,000    15,024,060
Infraestructura Energética Nova S.A.B. de C.V., 4.75%, 1/15/2051           3,218,000     3,313,510
Petroleos Mexicanos, 6.875%, 10/16/2025 (n)          20,834,000    22,942,192
Petroleos Mexicanos, 6.875%, 10/16/2025           1,585,000     1,745,386
Petroleos Mexicanos, 4.5%, 1/23/2026           9,088,000     9,207,962
Petroleos Mexicanos, 6.875%, 8/04/2026          10,490,000    11,534,594
Petroleos Mexicanos, 6.49%, 1/23/2027          45,241,000    48,054,990
Petroleos Mexicanos, 6.5%, 3/13/2027          13,790,000    14,603,610
Petroleos Mexicanos, 5.35%, 2/12/2028          37,437,000    36,894,163
Petroleos Mexicanos, 6.84%, 1/23/2030          46,951,000    48,979,283
Petroleos Mexicanos, 5.95%, 1/28/2031          43,284,000    42,548,172
Petroleos Mexicanos, 6.5%, 6/02/2041          28,942,000    26,185,275
Petroleos Mexicanos, 6.75%, 9/21/2047          68,815,000    61,513,728
Petroleos Mexicanos, 7.69%, 1/23/2050          73,106,000    71,059,032
Petroleos Mexicanos, 6.95%, 1/28/2060          41,414,000    37,164,924
United Mexican States, 5.75%, 3/05/2026   MXN     477,800,000    23,318,200
United Mexican States, 3.25%, 4/16/2030   $      22,589,000    23,515,375
United Mexican States, 2.659%, 5/24/2031          27,098,000    26,651,425
United Mexican States, 4.75%, 4/27/2032          38,557,000    44,242,615
United Mexican States, 1.45%, 10/25/2033   EUR      11,609,000    13,074,349
United Mexican States, 4.5%, 1/31/2050   $      13,148,000    14,083,086
United Mexican States, 3.771%, 5/24/2061          17,906,000    16,652,580
23


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Mexico – continued
United Mexican States, 3.75%, 4/19/2071   $      28,609,000  $    26,393,805
           $834,778,485
Morocco – 1.5%
Kingdom of Morocco, 4.25%, 12/11/2022   $       8,511,000  $     8,915,272
Kingdom of Morocco, 1.375%, 3/30/2026 (n)   EUR      10,298,000    12,398,015
Kingdom of Morocco, 1.375%, 3/30/2026             800,000       963,140
Kingdom of Morocco, 2%, 9/30/2030          11,828,000    13,952,890
Kingdom of Morocco, 1.5%, 11/27/2031           8,104,000     9,056,983
Kingdom of Morocco, 3%, 12/15/2032 (n)   $      30,274,000    29,423,301
Kingdom of Morocco, 3%, 12/15/2032           3,300,000     3,207,270
Kingdom of Morocco, 4%, 12/15/2050 (n)          15,868,000    14,882,375
Kingdom of Morocco, 4%, 12/15/2050           2,300,000     2,157,138
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 3.75%, 6/23/2031 (n)          16,563,000    16,779,512
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044           5,678,000     6,969,018
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.875%, 4/25/2044 (n)           2,259,000     2,772,633
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 5.125%, 6/23/2051 (n)          19,482,000    19,852,158
           $141,329,705
Nigeria – 0.6%
Federal Republic of Nigeria, 7.875%, 2/16/2032   $      25,898,000  $    27,710,860
Federal Republic of Nigeria, 7.696%, 2/23/2038 (n)           2,336,000     2,393,092
Federal Republic of Nigeria, 7.696%, 2/23/2038          26,114,000    26,752,226
            $56,856,178
North Macedonia – 0.3%
Republic of North Macedonia, 1.625%, 3/10/2028 (n)   EUR      23,148,000  $    27,395,597
Republic of North Macedonia, 1.625%, 3/10/2028             800,000       946,798
            $28,342,395
Oman – 1.7%
Government of Oman, 6.25%, 1/25/2031   $      19,833,000  $    21,415,356
Government of Oman, 6.75%, 1/17/2048          61,145,000    61,756,450
Government of Oman, 7%, 1/25/2051           7,344,000     7,582,680
Omani Government, 6.75%, 1/17/2048 (n)           1,500,000     1,515,000
Oryx Funding Ltd. (Sultanate of Oman), 5.8%, 2/03/2031 (n)          17,230,000    18,146,085
Sultanate of Oman, 6%, 8/01/2029          17,729,000    18,865,323
Sultanate of Oman, 6.25%, 1/25/2031 (n)           7,593,000     8,198,800
24


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Oman – continued
Sultanate of Oman, 7%, 1/25/2051 (n)   $      19,243,000  $    19,868,397
           $157,348,091
Pakistan – 0.2%
Islamic Republic of Pakistan, 8.875%, 4/08/2051 (n)   $       6,678,000  $     6,878,340
Republic of Pakistan, 6%, 4/08/2026 (n)          13,555,000    13,639,719
            $20,518,059
Panama – 1.8%
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 5.625%, 5/18/2036   $       4,382,000  $     4,984,525
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048 (n)          16,089,575    18,752,400
Aeropuerto Internacional de Tocumen S.A. (Republic of Panama), 6%, 11/18/2048          21,807,814    25,417,007
AES Panama Generation Holdings SRL, 4.375%, 5/31/2030 (n)          26,394,000    27,310,136
Autoridad del Canal de Panama, 4.95%, 7/29/2035 (n)          12,229,000    14,980,525
Autoridad del Canal de Panama, 4.95%, 7/29/2035           5,145,000     6,302,625
Banco General S.A., 5.25% to 5/07/2031, FLR (CMT - 10yr. + 3.665%) to 5/07/2071 (n)          15,411,000    15,969,649
Cable Onda S.A., 4.5%, 1/30/2030 (n)           8,760,000     9,237,420
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049 (n)           8,721,000     9,811,212
Empresa de Transmision Electrica S.A. (Republic of Panama), 5.125%, 5/02/2049           8,000,000     9,000,080
Panama Canal Railway Co., 7%, 11/01/2026           3,142,773     3,229,231
Panama Canal Railway Co., 7%, 11/01/2026 (n)             623,745       640,904
Republic of Panama, 3.75%, 4/17/2026           6,366,000     6,886,102
Republic of Panama, 3.362%, 6/30/2031 (n)          22,729,000    22,785,822
           $175,307,638
Paraguay – 1.2%
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025 (n)   $      16,352,000  $    16,123,236
Banco Continental S.A.E.C.A., 2.75%, 12/10/2025           2,000,000     1,972,020
Republic of Paraguay, 5%, 4/15/2026           6,313,000     7,094,297
Republic of Paraguay, 4.95%, 4/28/2031 (n)           9,772,000    11,188,940
Republic of Paraguay, 4.95%, 4/28/2031           3,074,000     3,519,730
Republic of Paraguay, 6.1%, 8/11/2044           9,059,000    11,296,573
Republic of Paraguay, 5.6%, 3/13/2048 (n)          10,688,000    12,713,376
Republic of Paraguay, 5.6%, 3/13/2048          21,379,000    25,430,320
Republic of Paraguay, 5.4%, 3/30/2050 (n)           5,156,000     6,064,797
Republic of Paraguay, 5.4%, 3/30/2050           5,200,000     6,116,552
25


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Paraguay – continued
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027 (n)   $       4,583,000  $     4,812,150
Telefónica Celular del Paraguay S.A., 5.875%, 4/15/2027           8,600,000     9,030,000
           $115,361,991
Peru – 0.9%
Camposol S.A., 6%, 2/03/2027 (n)   $       1,887,000  $     1,938,893
Camposol S.A., 6%, 2/03/2027           5,801,000     5,960,527
Corporacion Lindley S.A., 6.75%, 11/23/2021             714,000       722,033
Corporacion Lindley S.A., 6.75%, 11/23/2021 (n)             442,000       446,973
El Fondo Mivivienda S.A., 3.5%, 1/31/2023           4,192,000     4,307,322
Gas Natural de Lima y Callao S.A., 4.375%, 4/01/2023          14,210,000    14,757,085
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024             824,722       892,761
IIRSA Norte Finance Ltd. (Republic of Peru), 8.75%, 5/30/2024 (n)              50,204        54,346
Inkia Energy Ltd., 5.875%, 11/09/2027 (n)          20,844,000    21,260,880
Inkia Energy Ltd., 5.875%, 11/09/2027           3,650,000     3,723,000
InterCorp Peru Ltd., 3.875%, 8/15/2029 (n)           1,949,000     1,880,804
Peru LNG, 5.375%, 3/22/2030 (n)           2,724,000     2,097,480
Peru LNG, 5.375%, 3/22/2030           4,100,000     3,157,000
San Miguel Industrias PET S.A., 3.5%, 8/02/2028 (n)          29,185,000    28,572,115
            $89,771,219
Philippines – 0.7%
Republic of Philippines, 1.2%, 4/28/2033   EUR      30,997,000  $    36,820,182
Republic of Philippines, 1.75%, 4/28/2041          27,375,000    32,189,436
            $69,009,618
Poland – 0.5%
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025 (n)   $      12,199,000  $    12,412,482
Canpack S.A./Eastern PA Land Investment Holding LLC, 3.125%, 11/01/2025             800,000       814,000
Canpack S.A./Eastern PA Land Investment Holding LLC, 2.375%, 11/01/2027 (n)   EUR      14,047,000    17,125,985
Synthos S.A., 2.5%, 6/07/2028 (n)          17,671,000    20,729,534
            $51,082,001
Qatar – 2.5%
Commercial Bank P.S.Q.C., 4.5%, 9/03/2169   $      26,577,000  $    26,731,147
Ooredoo International Finance Ltd. (State of Qatar), 2.625%, 4/08/2031 (n)          20,625,000    21,141,862
Qatar Petroleum, 2.25%, 7/12/2031 (n)          20,025,000    20,260,334
26


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Qatar – continued
Qatar Petroleum, 3.3%, 7/12/2051 (n)   $      15,898,000  $    16,474,302
QNB Finance Ltd. (State of Qatar), 2.75%, 2/12/2027          13,001,000    13,622,266
State of Qatar, 3.4%, 4/16/2025 (n)           6,647,000     7,229,277
State of Qatar, 4%, 3/14/2029 (n)           7,269,000     8,386,609
State of Qatar, 4%, 3/14/2029          15,940,000    18,390,775
State of Qatar, 5.103%, 4/23/2048 (n)          18,259,000    24,467,060
State of Qatar, 5.103%, 4/23/2048          20,601,000    27,605,340
State of Qatar, 4.817%, 3/14/2049 (n)          24,061,000    31,304,516
State of Qatar, 4.817%, 3/14/2049          17,000,000    22,117,816
State of Qatar, 4.4%, 4/16/2050 (n)             580,000       715,147
           $238,446,451
Republic of Moldova – 0.2%
Aragvi Finance International DAC, 8.45%, 4/29/2026 (n)   $      18,317,000  $    18,999,125
Romania – 1.6%
Republic of Romania, 2.875%, 3/11/2029   EUR       5,452,000  $     7,135,518
Republic of Romania, 2.5%, 2/08/2030           7,605,000     9,630,374
Republic of Romania, 3.624%, 5/26/2030             694,000       949,133
Republic of Romania, 3.624%, 5/26/2030 (n)           6,066,000     8,296,025
Republic of Romania, 1.75%, 7/13/2030 (n)          22,424,000    26,613,758
Republic of Romania, 2.124%, 7/16/2031           6,974,000     8,470,626
Republic of Romania, 2.124%, 7/16/2031 (n)          12,161,000    14,770,761
Republic of Romania, 2%, 1/28/2032           4,281,000     5,104,010
Republic of Romania, 2%, 1/28/2032 (n)           8,936,000    10,653,921
Republic of Romania, 2%, 4/14/2033             995,000     1,165,564
Republic of Romania, 2%, 4/14/2033 (n)          15,765,000    18,467,458
Republic of Romania, 3.375%, 2/08/2038           5,950,000     7,672,246
Republic of Romania, 2.625%, 12/02/2040 (n)           8,479,000     9,840,791
Republic of Romania, 2.625%, 12/02/2040           2,600,000     3,017,580
Republic of Romania, 2.75%, 4/14/2041 (n)          15,965,000    18,593,830
           $150,381,595
Russia – 2.3%
Gaz Capital S.A. (Russian Federation), 4.95%, 2/06/2028   $       8,015,000  $     8,936,725
Gaz Capital S.A. (Russian Federation), 3.25%, 2/25/2030           2,200,000     2,191,970
Gazprom PJSC (Russian Federation), 3.25%, 2/25/2030 (n)          14,825,000    14,770,889
Hacienda Investments Ltd. via DME Airport Ltd., 5.35%, 2/08/2028 (n)          13,295,000    13,932,495
Russian Federation, 4.75%, 5/27/2026          12,400,000    14,120,872
Russian Federation, 4.25%, 6/23/2027          79,800,000    89,353,018
Russian Federation, 4.25%, 6/23/2027 (n)           1,600,000     1,791,539
Russian Federation, 4.375%, 3/21/2029 (n)           4,400,000     4,989,072
27


Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – continued
Russia – continued
Russian Federation, 4.375%, 3/21/2029   $      27,800,000  $    31,521,864
Russian Federation, 5.1%, 3/28/2035           7,200,000     8,685,000
Russian Federation, 5.1%, 3/28/2035 (n)          22,000,000    26,537,500
           $216,830,944
Saudi Arabia – 2.7%
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026 (n)   $      23,522,000  $    24,393,255
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/2023           9,862,000    10,230,346
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 2/26/2027          29,610,000    29,835,628
Kingdom of Saudi Arabia, 2.25%, 2/02/2033 (n)          33,463,000    32,840,923
Kingdom of Saudi Arabia, 4.625%, 10/04/2047          21,254,000    25,409,114
Kingdom of Saudi Arabia, 5.25%, 1/16/2050 (n)          21,784,000    28,641,124
Kingdom of Saudi Arabia, 5.25%, 1/16/2050           2,900,000     3,812,856
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 1.602%, 6/17/2026 (n)           5,876,000     5,878,115
SA Global Sukuk Ltd. (Kingdom of Saudi Arabia), 2.694%, 6/17/2031 (n)           8,385,000     8,594,625
Saudi Arabian Oil Co., 3.5%, 4/16/2029          11,981,000    13,091,016
Saudi Arabian Oil Co., 2.25%, 11/24/2030 (n)          12,018,000    11,897,820
Saudi Arabian Oil Co., 4.25%, 4/16/2039 (n)           8,226,000     9,339,405
Saudi Arabian Oil Co., 3.5%, 11/24/2070 (n)             727,000       708,665
Saudi Arabian Oil Co., 3.5%, 11/24/2070          23,006,000    22,425,789
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 4/17/2030          12,420,000    14,676,714
Saudi Aramco (Kingdom of Saudi Arabia), 4.5%, 10/26/2046