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Form NPORT-P VanEck ETF Trust For: Jul 31

September 24, 2021 4:35 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0001137360
          XXXXXXXX
        
      
      
      
      
        S000030676
        C000095062
      
      
      
    
  
  
    
      VanEck Vectors ETF Trust
      811-10325
      0001137360
      549300ZLFKNTXC51ZN76
      666 THIRD AVENUE, 9TH FLOOR
      NEW YORK
      
      10017
      212-293-2000
      VanEck Vectors Emerging Markets Aggregate Bond ETF
      S000030676
      5493000E0HOXYH9PWE33
      2022-04-30
      2021-07-31
      N
    
    
      16742946.22
      54328.61
      16688617.61
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      114974.87000000
      
        
          BRL
          
          
        
        
          COP
          
          
        
        
          CZK
          
          
        
        
          EUR
          
          
        
        
          HUF
          
          
        
        
          IDR
          
          
        
        
          ILS
          
          
        
        
          MXN
          
          
        
        
          MYR
          
          
        
        
          PEN
          
          
        
        
          PLN
          
          
        
        
          RON
          
          
        
        
          RUB
          
          
        
        
          THB
          
          
        
        
          USD
          
          
        
        
          ZAR
          
          
        
      
      
      
      
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        100000.00000000
        PA
        
        41836.86000000
        0.250690985782
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2026-10-30
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1000000.00000000
        PA
        
        14512.06000000
        0.086957831613
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2030-04-10
          Fixed
          7.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MDGH - GMTN BV
        213800L53ZH5KG593W13
        MDGH - GMTN BV
        55276VAK8
        
          
        
        150000.00000000
        PA
        USD
        165491.70000000
        0.991644148529
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2049-11-07
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        70000000.00000000
        PA
        
        17477.02000000
        0.104724192311
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2027-11-03
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        210000000.00000000
        PA
        
        15282.63000000
        0.091575170317
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2035-06-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Colombia
        549300MHDRBVRF6B9117
        Colombia Government International Bond
        195325CU7
        
          
        
        50000.00000000
        PA
        USD
        52461.50000000
        0.314354976703
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2045-06-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        45000.00000000
        PA
        
        10836.41000000
        0.064932939643
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2022-08-15
          Fixed
          3.42000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        123000.00000000
        PA
        
        30751.62000000
        0.184267029892
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2024-07-15
          Fixed
          4.18000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        894000.00000000
        PA
        
        30452.23000000
        0.182473052661
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2028-12-17
          Fixed
          2.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        477000.00000000
        PA
        
        25329.67000000
        0.151778119625
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2034-11-23
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arab Republic of Egypt
        529900GFIVH4086NMH82
        Egypt Government International Bond
        038461AL3
        
          
        
        50000.00000000
        PA
        USD
        55566.65000000
        0.332961371028
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2027-01-31
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        700000.00000000
        PA
        
        41249.94000000
        0.247174097723
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2031-02-28
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        118000.00000000
        PA
        
        11180.72000000
        0.066996082367
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2026-02-11
          Fixed
          10.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROVINCIA DE BUENOS AIRE
        549300L6AYROPOTQ4L07
        Provincia de Buenos Aires/Government Bonds
        000000000
        
          
        
        120000.00000000
        PA
        
        54072.45000000
        0.324007963173
        Long
        DBT
        NUSS
        AR
        N
        
        2
        
          2035-05-15
          Fixed
          4.00000000
          N
          Y
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        393000000.00000000
        PA
        
        31866.15000000
        0.190945414082
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2031-05-15
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Colombia
        549300MHDRBVRF6B9117
        Colombia Government International Bond
        195325BM6
        
          
        
        25000.00000000
        PA
        USD
        29418.25000000
        0.176277332775
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2041-01-18
          Fixed
          6.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        75000.00000000
        PA
        
        18677.57000000
        0.111918017636
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2025-07-28
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL
        TINT358G1SSHR3L3PW36
        Anglo American Capital PLC
        000000000
        
          
        
        50000.00000000
        PA
        USD
        58057.83000000
        0.347888790772
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2027-04-10
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        88032XAG9
        
          
        
        50000.00000000
        PA
        USD
        54977.38000000
        0.329430401515
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2028-01-19
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ICICI Bank Ltd/Dubai
        R7RX8ER1V4666J8D1I38
        ICICI Bank Ltd/Dubai
        45112FAJ5
        
          
        
        50000.00000000
        PA
        USD
        54535.25000000
        0.326781110781
        Long
        DBT
        CORP
        IN
        N
        
        2
        
          2026-03-18
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAUDI INTERNATIONAL BOND
        635400FMICXSM3SI3H65
        Saudi Government International Bond
        80413TAC3
        
          
        
        50000.00000000
        PA
        USD
        58845.75000000
        0.352610092550
        Long
        DBT
        NUSS
        SA
        N
        
        2
        
          2046-10-26
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        90000.00000000
        PA
        
        45778.19000000
        0.274307861021
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2042-01-31
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        526000000.00000000
        PA
        
        39061.30000000
        0.234059530350
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2027-05-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        7400000.00000000
        PA
        
        24840.82000000
        0.148848877603
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2022-10-26
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERBIA TREASURY BONDS
        254900W94OCY91V32O78
        Serbia Treasury Bonds
        000000000
        
          
        
        870000.00000000
        PA
        
        9583.03000000
        0.057422551249
        Long
        DBT
        NUSS
        RS
        N
        
        2
        
          2023-07-21
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETRONAS CAPITAL LTD
        549300G7YFX3540OYR85
        Petronas Capital Ltd
        000000000
        
          
        
        100000.00000000
        PA
        USD
        123960.75000000
        0.742786208521
        Long
        DBT
        CORP
        MY
        N
        
        2
        
          2050-04-21
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERBIA TREASURY BONDS
        254900W94OCY91V32O78
        Serbia Treasury Bonds
        000000000
        
          
        
        890000.00000000
        PA
        
        9852.84000000
        0.059039281924
        Long
        DBT
        NUSS
        RS
        N
        
        2
        
          2026-01-11
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS TESORERIA PESOS
        549300FLZTJM5YJF8D34
        Bonos de la Tesoreria de la Republica en pesos
        000000000
        
          
        
        40000000.00000000
        PA
        
        55514.18000000
        0.332646965119
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2026-03-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMAN GOV INTERNTL BOND
        549300SZ20F0QTKNQC75
        Oman Government International Bond
        682051AH0
        
          
        
        75000.00000000
        PA
        USD
        79107.68000000
        0.474021766503
        Long
        DBT
        NUSS
        OM
        N
        
        2
        
          2028-01-17
          Fixed
          5.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FED REPUBLIC OF BRAZIL
        254900ZFY40OYEADAP90
        Brazilian Government International Bond
        105756BK5
        
          
        
        50000.00000000
        PA
        USD
        63086.75000000
        0.378022622809
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2037-01-20
          Fixed
          7.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMAN GOV INTERNTL BOND
        549300SZ20F0QTKNQC75
        Oman Government International Bond
        682051AJ6
        
          
        
        50000.00000000
        PA
        USD
        50696.00000000
        0.303775909932
        Long
        DBT
        NUSS
        OM
        N
        
        2
        
          2048-01-17
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2050000.00000000
        PA
        
        26555.39000000
        0.159122766310
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2028-05-17
          Fixed
          5.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        11684.87000000
        0.070017003643
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2027-08-11
          Fixed
          10.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Mexican States
        254900EGTWEU67VP6075
        Mexico Government International Bond
        91086QAV0
        
          
        
        60000.00000000
        PA
        USD
        75922.50000000
        0.454935823770
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2040-01-11
          Fixed
          6.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        560000000.00000000
        PA
        
        40753.67000000
        0.244200394259
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2030-09-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS TESORERIA PESOS
        549300FLZTJM5YJF8D34
        Bonos de la Tesoreria de la Republica en pesos
        000000000
        
          
        
        25000000.00000000
        PA
        
        34063.05000000
        0.204109476267
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2035-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CZECH REPUBLIC
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        300000.00000000
        PA
        
        13372.41000000
        0.080128925669
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2031-03-13
          Fixed
          1.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        759470AQ0
        
          
        
        150000.00000000
        PA
        USD
        164254.08000000
        0.984228195758
        Long
        DBT
        CORP
        IN
        N
        
        2
        
          2025-01-28
          Fixed
          4.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        30000.00000000
        PA
        
        7483.30000000
        0.044840742204
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2023-10-25
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        110000.00000000
        PA
        
        10801.47000000
        0.064723575387
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2028-03-08
          Fixed
          12.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        147000.00000000
        PA
        
        36762.52000000
        0.220284992197
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2025-09-15
          Fixed
          3.96000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        80000.00000000
        PA
        
        19096.90000000
        0.114430688306
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2037-08-12
          Fixed
          6.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        628000000.00000000
        PA
        
        49061.06000000
        0.293979172790
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2034-03-15
          Fixed
          8.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        65000.00000000
        PA
        
        16931.91000000
        0.101457834289
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2031-08-12
          Fixed
          6.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANCO DO BRASIL (CAYMAN)
        QE0Q0253K88YAGNPE356
        Banco do Brasil SA/Cayman
        000000000
        
          
        
        50000.00000000
        PA
        USD
        55813.00000000
        0.334437526847
        Long
        DBT
        CORP
        BR
        N
        
        2
        
          2024-06-18
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2190000.00000000
        PA
        
        30277.70000000
        0.181427250042
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2029-05-23
          Fixed
          6.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        670000.00000000
        PA
        
        34327.06000000
        0.205691452714
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2023-03-09
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        109000.00000000
        PA
        
        25070.76000000
        0.150226702929
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2040-05-22
          Fixed
          3.76000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        530000.00000000
        PA
        
        26731.55000000
        0.160178336065
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2029-07-23
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        6520000.00000000
        PA
        
        24474.63000000
        0.146654627554
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2025-06-24
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERBIA TREASURY BONDS
        254900W94OCY91V32O78
        Serbia Treasury Bonds
        000000000
        
          
        
        880000.00000000
        PA
        
        9814.58000000
        0.058810023869
        Long
        DBT
        NUSS
        RS
        N
        
        2
        
          2032-08-20
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        480000000.00000000
        PA
        
        38981.69000000
        0.233582498628
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2029-03-15
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1900000.00000000
        PA
        
        27780.18000000
        0.166461840334
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2033-03-23
          Fixed
          7.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1300000.00000000
        PA
        
        47274.38000000
        0.283273193171
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2031-06-20
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CODELCO INC
        549300UVMBCBCIPSUI70
        Corp Nacional del Cobre de Chile
        000000000
        
          
        
        100000.00000000
        PA
        
        126176.76000000
        0.756064779891
        Long
        DBT
        CORP
        CL
        N
        
        2
        
          2024-07-09
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Colombia
        549300MHDRBVRF6B9117
        Colombia Government International Bond
        195325BQ7
        
          
        
        25000.00000000
        PA
        USD
        26248.88000000
        0.157286125270
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2024-02-26
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        399000000.00000000
        PA
        
        28349.40000000
        0.169872668081
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2023-05-15
          Fixed
          5.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        8650000.00000000
        PA
        
        29272.15000000
        0.175401885788
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2024-10-24
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        762000.00000000
        PA
        
        39075.41000000
        0.234144078995
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2042-11-13
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Mexican States
        254900EGTWEU67VP6075
        Mexico Government International Bond
        91086QBB3
        
          
        
        75000.00000000
        PA
        USD
        83555.63000000
        0.500674363525
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2044-03-08
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF PHILIPPINES
        529900RAHBALMYIJ3T08
        Philippine Government International Bond
        718286BW6
        
          
        
        50000.00000000
        PA
        USD
        63103.69000000
        0.378124129120
        Long
        DBT
        NUSS
        PH
        N
        
        2
        
          2037-01-13
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        630000.00000000
        PA
        
        27637.17000000
        0.165604908961
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2030-05-15
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        60000.00000000
        PA
        
        15532.77000000
        0.093074036226
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2033-11-07
          Fixed
          4.64000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        36947.09000000
        0.221390955580
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2025-07-25
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        50000.00000000
        PA
        
        17158.02000000
        0.102812709841
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2029-04-25
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Indonesia
        529900FWX0GRR7WG5W79
        Indonesia Government International Bond
        000000000
        
          
        
        100000.00000000
        PA
        USD
        160965.64000000
        0.964523507948
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2035-10-12
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEZ AS
        529900S5R9YHJHYKKG94
        CEZ AS
        000000000
        
          
        
        50000.00000000
        PA
        
        70378.80000000
        0.421717374348
        Long
        DBT
        CORP
        CZ
        N
        
        2
        
          2025-04-16
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEVA PHARMACEUTICALS NE
        5493004T21MOAFINJP35
        Teva Pharmaceutical Finance Netherlands III BV
        88167AAD3
        
          
        
        20000.00000000
        PA
        USD
        19795.00000000
        0.118613778939
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2023-07-21
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CZECH REPUBLIC
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        470000.00000000
        PA
        
        21681.18000000
        0.129915973309
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2025-02-14
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        125000.00000000
        PA
        
        32414.48000000
        0.194231066691
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2030-04-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        000000000
        
          
        
        25000.00000000
        PA
        
        32831.82000000
        0.196731813067
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2025-10-29
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        125000.00000000
        PA
        
        31893.95000000
        0.191111994686
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2026-04-15
          Fixed
          4.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        1095000.00000000
        PA
        
        61420.51000000
        0.368038332684
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2024-12-05
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        500000.00000000
        PA
        
        22827.67000000
        0.136785865273
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2023-10-25
          Fixed
          0.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMISION FEDERAL DE ELEC
        4469000001BFPONMPF32
        Comision Federal de Electricidad
        000000000
        
          
        
        50000.00000000
        PA
        USD
        54292.00000000
        0.325323530497
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2024-01-15
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VNESHECONOMBANK(VEB FIN)
        635400KYY8E2NCZXJ191
        Vnesheconombank Via VEB Finance PLC
        000000000
        
          
        
        100000.00000000
        PA
        
        124638.18000000
        0.746845442281
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2023-02-21
          Fixed
          4.03000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        Petroleos Mexicanos
        71654QCG5
        
          
        
        75000.00000000
        PA
        USD
        79518.75000000
        0.476484942361
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2027-03-13
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1300000.00000000
        PA
        
        40386.36000000
        0.241999433049
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2022-12-17
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        73000.00000000
        PA
        
        19008.50000000
        0.113900985954
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2025-04-25
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Mexican States
        254900EGTWEU67VP6075
        Mexico Government International Bond
        91086QBC1
        
          
        
        15000.00000000
        PA
        USD
        16246.65000000
        0.097351682324
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2023-10-02
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KAZMUNAYGAS NATIONAL CO
        2138001H1M69RFJCSH88
        KazMunayGas National Co JSC
        48667QAP0
        
          
        
        50000.00000000
        PA
        USD
        62402.00000000
        0.373919526819
        Long
        DBT
        CORP
        KZ
        N
        
        2
        
          2047-04-19
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        1190000000.00000000
        PA
        
        93159.41000000
        0.558221251017
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2029-05-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        60000.00000000
        PA
        
        16618.82000000
        0.099581765178
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2027-07-26
          Fixed
          5.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        32197.25000000
        0.192929401059
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2028-06-15
          Fixed
          3.73000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government International Bond
        836205AU8
        
          
        
        50000.00000000
        PA
        USD
        51705.00000000
        0.309821946959
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2028-10-12
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOTA DO TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Notas do Tesouro Nacional Serie F
        000000000
        
          
        
        235000.00000000
        PA
        
        47713.06000000
        0.285901811132
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2029-01-01
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        70000.00000000
        PA
        
        17866.70000000
        0.107059196978
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2023-04-26
          Fixed
          5.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        756000.00000000
        PA
        
        39583.26000000
        0.237187171070
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2047-11-07
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominican Republic
        254900EHU7Q8FGVPI369
        Dominican Republic International Bond
        000000000
        
          
        
        25000.00000000
        PA
        USD
        28500.25000000
        0.170776577581
        Long
        DBT
        NUSS
        DO
        N
        
        2
        
          2045-01-27
          Fixed
          6.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FED REPUBLIC OF BRAZIL
        254900ZFY40OYEADAP90
        Brazilian Government International Bond
        105756BW9
        
          
        
        25000.00000000
        PA
        USD
        25030.00000000
        0.149982464605
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2045-01-27
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Peru
        254900STKLK2DBJJZ530
        Peruvian Government International Bond
        715638AP7
        
          
        
        25000.00000000
        PA
        USD
        38779.75000000
        0.232372452328
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2033-11-21
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd
        01609WAH5
        
          
        
        100000.00000000
        PA
        USD
        108371.47000000
        0.649373558269
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2024-11-28
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        580000.00000000
        PA
        
        26273.10000000
        0.157431254127
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2026-06-26
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Federal Republic of Nigeria
        549300GSBZD84TNEQ285
        Nigeria Government Bond
        000000000
        
          
        
        18470000.00000000
        PA
        
        47425.04000000
        0.284175964170
        Long
        DBT
        NUSS
        NG
        N
        
        2
        
          2022-01-27
          Fixed
          16.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        45000.00000000
        PA
        
        12001.67000000
        0.071915303474
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2024-08-12
          Fixed
          5.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        930000.00000000
        PA
        
        60539.41000000
        0.362758686278
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2030-01-31
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Indonesia Government
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        499000000.00000000
        PA
        
        37847.51000000
        0.226786369515
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2024-05-15
          Fixed
          8.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        1955000.00000000
        PA
        
        152404.14000000
        0.913222074839
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2026-12-21
          Fixed
          10.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2200000.00000000
        PA
        
        31023.64000000
        0.185897003125
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2034-05-10
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        487000000.00000000
        PA
        
        34179.41000000
        0.204806717960
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2028-05-15
          Fixed
          6.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2300000.00000000
        PA
        
        31873.75000000
        0.190990954103
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2024-10-16
          Fixed
          7.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        114000.00000000
        PA
        
        24223.16000000
        0.145147792142
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2034-08-12
          Fixed
          5.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        906000.00000000
        PA
        
        47728.31000000
        0.285993190780
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2023-12-07
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        60000.00000000
        PA
        
        14030.78000000
        0.084073949849
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2042-02-12
          Fixed
          6.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LETRA TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Letras do Tesouro Nacional
        000000000
        
          
        
        440000.00000000
        PA
        
        73403.57000000
        0.439842123028
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2023-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        55000.00000000
        PA
        
        16318.80000000
        0.097784012920
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2026-08-12
          Fixed
          8.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2000000.00000000
        PA
        
        27847.87000000
        0.166867446128
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2028-01-19
          Fixed
          7.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1300000.00000000
        PA
        
        17953.54000000
        0.107579551641
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2022-12-07
          Fixed
          7.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEVA PHARMACEUT FIN BV
        549300Q840R30TDKVK53
        Teva Pharmaceutical Finance Co BV
        88165FAG7
        
          
        
        10000.00000000
        PA
        USD
        10075.00000000
        0.060370488649
        Long
        DBT
        CORP
        CW
        
        N
        
        2
        
          2022-12-18
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANCO DE CREDITO DEL PER
        549300EQYQ8SCQZ4BY14
        Banco de Credito del Peru
        000000000
        
          
        
        125000.00000000
        PA
        USD
        130077.50000000
        0.779438435464
        Long
        DBT
        CORP
        PE
        N
        
        2
        
          2023-04-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        510000.00000000
        PA
        
        22071.87000000
        0.132257030005
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2027-02-10
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        700000.00000000
        PA
        
        27146.63000000
        0.162665540276
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2066-06-17
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        3000000.00000000
        PA
        
        9549.69000000
        0.057222774367
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2025-11-26
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Turkey
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123AW0
        
          
        
        80000.00000000
        PA
        USD
        86996.48000000
        0.521292308524
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2025-02-05
          Fixed
          7.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        5080000.00000000
        PA
        
        74181.96000000
        0.444506320017
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2027-02-03
          Fixed
          8.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        480000.00000000
        PA
        
        34193.48000000
        0.204891026920
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2023-02-28
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        730000.00000000
        PA
        
        23191.37000000
        0.138965194972
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2023-12-17
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YPF SOCIEDAD ANONIMA
        5493003N7447U18U5U53
        YPF SA
        000000000
        
          
        
        25000.00000000
        PA
        USD
        19531.50000000
        0.117034858467
        Long
        DBT
        CORP
        AR
        N
        
        2
        
          2025-07-28
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        120000.00000000
        PA
        
        29413.65000000
        0.176249769078
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2024-04-29
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        550000.00000000
        PA
        
        34141.71000000
        0.204580815486
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2035-02-28
          Fixed
          8.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CK HUTCHISON CAPITAL 17
        2549005DONFYBXB2FX49
        CK Hutchison Capital Securities 17 Ltd
        000000000
        
          
        
        150000.00000000
        PA
        USD
        153000.00000000
        0.916792532344
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2022-05-12
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        493000.00000000
        PA
        
        23831.23000000
        0.142799305232
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2036-03-31
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLOGOLD HOLDINGS PLC
        213800745ZIXC4L6A131
        AngloGold Ashanti Holdings PLC
        03512TAE1
        
          
        
        25000.00000000
        PA
        USD
        26137.50000000
        0.156618724275
        Long
        DBT
        CORP
        IM
        
        N
        
        2
        
          2030-10-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        DP WORLD PLC
        549300M3U2DNF4QVSS04
        DP World Ltd/United Arab Emirates
        000000000
        
          
        
        100000.00000000
        PA
        USD
        135766.30000000
        0.813526339764
        Long
        DBT
        CORP
        AE
        N
        
        2
        
          2037-07-02
          Fixed
          6.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        430000.00000000
        PA
        
        27066.63000000
        0.162186171632
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2036-11-20
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        1190100.00000000
        PA
        
        62407.49000000
        0.373952423492
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2027-06-03
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KUWAIT INTL BOND
        549300FSC1YD0D9XX589
        Kuwait International Government Bond
        501499AB3
        
          
        
        40000.00000000
        PA
        USD
        44792.80000000
        0.268403297665
        Long
        DBT
        NUSS
        KW
        N
        
        2
        
          2027-03-20
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government of Jamaica
        529900Y93KNSXZI8KK56
        Jamaica Government International Bond
        470160CA8
        
          
        
        50000.00000000
        PA
        USD
        58490.00000000
        0.350478400109
        Long
        DBT
        NUSS
        JM
        N
        
        2
        
          2028-04-28
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1400000.00000000
        PA
        
        45453.48000000
        0.272362163614
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2026-12-17
          Fixed
          2.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY
        5299003F3UFKGCCMAP43
        Hungary Government International Bond
        445545AL0
        
          
        
        100000.00000000
        PA
        USD
        112563.60000000
        0.674493254207
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2024-03-25
          Fixed
          5.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF PHILIPPINES
        529900RAHBALMYIJ3T08
        Philippine Government International Bond
        718286AY3
        
          
        
        25000.00000000
        PA
        USD
        39321.13000000
        0.235616459786
        Long
        DBT
        NUSS
        PH
        N
        
        2
        
          2030-02-02
          Fixed
          9.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        120000.00000000
        PA
        
        33205.21000000
        0.198969206293
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2022-09-23
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DOMINICAN REPUBLIC
        254900EHU7Q8FGVPI369
        Dominican Republic International Bond
        000000000
        
          
        
        25000.00000000
        PA
        USD
        28150.25000000
        0.168679339762
        Long
        DBT
        NUSS
        DO
        N
        
        2
        
          2027-01-25
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOTA DO TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Notas do Tesouro Nacional Serie F
        000000000
        
          
        
        420000.00000000
        PA
        
        85213.63000000
        0.510609278679
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2025-01-01
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SWIRE PACIFIC MTN FIN
        549300B8O4ENACYK5559
        Swire Pacific MTN Financing Ltd
        000000000
        
          
        
        200000.00000000
        PA
        USD
        215654.42000000
        1.292224587078
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2023-10-09
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        70000.00000000
        PA
        
        17193.34000000
        0.103024351098
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2027-05-31
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2110000.00000000
        PA
        
        29434.36000000
        0.176373865636
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2024-07-17
          Fixed
          7.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Co
        5586006WD91QHB7J4X50
        Saudi Arabian Oil Co
        80414L2E4
        
          
        
        75000.00000000
        PA
        USD
        85420.20000000
        0.511847068440
        Long
        DBT
        CORP
        SA
        N
        
        2
        
          2039-04-16
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPRESA DE TRANSPORTE ME
        959800T4M5QUPYMSCH69
        Empresa de Transporte de Pasajeros Metro SA
        000000000
        
          
        
        100000.00000000
        PA
        USD
        120719.50000000
        0.723364288289
        Long
        DBT
        CORP
        CL
        N
        
        2
        
          2050-05-07
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        440000.00000000
        PA
        
        21189.36000000
        0.126968934726
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2025-09-17
          Fixed
          2.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        900000.00000000
        PA
        
        34696.39000000
        0.207904517982
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2037-12-12
          Fixed
          4.26000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        Panama Government International Bond
        698299AW4
        
          
        
        35000.00000000
        PA
        USD
        47925.68000000
        0.287175853147
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2036-01-26
          Fixed
          6.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1015000.00000000
        PA
        
        36036.93000000
        0.215937178513
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2038-06-17
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        35000.00000000
        PA
        
        9173.37000000
        0.054967824264
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2038-06-08
          Fixed
          4.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        74000.00000000
        PA
        
        18703.88000000
        0.112075669999
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2030-10-25
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA CINDA FINANCE 2015
        N/A
        China Cinda Finance 2015 I Ltd
        000000000
        
          
        
        100000.00000000
        PA
        USD
        105486.00000000
        0.632083510241
        Long
        DBT
        CORP
        VG
        
        N
        
        2
        
          2025-04-23
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        345000000.00000000
        PA
        
        26831.78000000
        0.160778925055
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2032-06-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        154000.00000000
        PA
        
        41360.42000000
        0.247836105821
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2023-01-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1800000.00000000
        PA
        
        24525.53000000
        0.146959625854
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2024-02-28
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF ECUADOR
        5299003Y2U5XK0A35H71
        Ecuador Government International Bond
        000000000
        
          
        
        24450.00000000
        PA
        USD
        21455.12000000
        0.128561397363
        Long
        DBT
        NUSS
        EC
        N
        
        2
        
          2030-07-31
          Variable
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        7450000.00000000
        PA
        
        25954.65000000
        0.155523067317
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2027-10-27
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKIYE GARANTI BANKASI
        5493002XSS7K7RHN1V37
        Turkiye Garanti Bankasi AS
        000000000
        
          
        
        50000.00000000
        PA
        USD
        51658.50000000
        0.309543313935
        Long
        DBT
        CORP
        TR
        N
        
        2
        
          2022-09-13
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        1170000.00000000
        PA
        
        64922.89000000
        0.389024972092
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2029-05-31
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA INVESTMNT ISSUE
        254900GSIL471JOBYY43
        Malaysia Government Investment Issue
        000000000
        
          
        
        88000.00000000
        PA
        
        21422.11000000
        0.128363597876
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2039-09-15
          Fixed
          4.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1350000.00000000
        PA
        
        48473.40000000
        0.290457850570
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2036-06-17
          Fixed
          3.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        55000.00000000
        PA
        
        14677.00000000
        0.087946169916
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2029-02-12
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        175000.00000000
        PA
        
        48946.70000000
        0.293293915313
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2027-07-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        74000.00000000
        PA
        
        18783.07000000
        0.112550185035
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2029-02-12
          Fixed
          5.94000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Angola
        549300QHR2R3J8JSGK83
        Angolan Government International Bond
        035198AB6
        
          
        
        50000.00000000
        PA
        USD
        52719.50000000
        0.315900940581
        Long
        DBT
        NUSS
        AO
        N
        
        2
        
          2028-05-09
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GERDAU TRADE INC
        5493008RWEW71JB0LO29
        Gerdau Trade Inc
        000000000
        
          
        
        25000.00000000
        PA
        USD
        28213.25000000
        0.169056842569
        Long
        DBT
        CORP
        VG
        
        N
        
        2
        
          2027-10-24
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1800000.00000000
        PA
        
        25974.81000000
        0.155643868216
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2026-10-07
          Fixed
          7.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUARONG FINANCE II
        549300BHVD63HE2GHX17
        Huarong Finance II Co Ltd
        000000000
        
          
        
        200000.00000000
        PA
        USD
        143500.00000000
        0.859867505826
        Long
        DBT
        CORP
        VG
        
        N
        
        2
        
          2025-01-16
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        125000.00000000
        PA
        
        41981.75000000
        0.251559182318
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2023-03-31
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        100000.00000000
        PA
        
        8958.68000000
        0.053681378586
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2025-03-12
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        144000.00000000
        PA
        
        41255.60000000
        0.247208013054
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2029-10-25
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEVA PHARMACEUTICALS NE
        5493004T21MOAFINJP35
        Teva Pharmaceutical Finance Netherlands III BV
        88167AAE1
        
          
        
        20000.00000000
        PA
        USD
        19217.00000000
        0.115150340484
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2026-10-01
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        70000.00000000
        PA
        
        17588.13000000
        0.105389975437
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2023-09-25
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KINGDOM OF BAHRAIN
        549300RODM1WN85LFQ95
        Bahrain Government International Bond
        05674RAC8
        
          
        
        64000.00000000
        PA
        USD
        68611.20000000
        0.411125724151
        Long
        DBT
        NUSS
        BH
        N
        
        2
        
          2023-08-01
          Fixed
          6.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAUDI INTERNATIONAL BOND
        635400FMICXSM3SI3H65
        Saudi Government International Bond
        000000000
        
          
        
        200000.00000000
        PA
        USD
        218163.60000000
        1.307259864767
        Long
        DBT
        NUSS
        SA
        N
        
        2
        
          2026-10-26
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POWER SECTOR ASSETS & LI
        N/A
        Power Sector Assets & Liabilities Management Corp
        000000000
        
          
        
        100000.00000000
        PA
        USD
        120740.72000000
        0.723491440822
        Long
        DBT
        CORP
        PH
        N
        
        2
        
          2024-12-02
          Fixed
          7.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LETRA TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Letras do Tesouro Nacional
        000000000
        
          
        
        590000.00000000
        PA
        
        89912.08000000
        0.538762898768
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2024-07-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STATE OF QATAR
        52990074F6OJOAXK4P65
        Qatar Government International Bond
        000000000
        
          
        
        30000.00000000
        PA
        USD
        48075.00000000
        0.288070594721
        Long
        DBT
        NUSS
        QA
        N
        
        2
        
          2030-06-15
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        52000.00000000
        PA
        
        10282.62000000
        0.061614570123
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2040-08-12
          Fixed
          5.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        100000.00000000
        PA
        
        11095.94000000
        0.066488071446
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2022-08-17
          Fixed
          10.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF PHILIPPINES
        529900RAHBALMYIJ3T08
        Philippine Government International Bond
        718286BG1
        
          
        
        25000.00000000
        PA
        USD
        35340.37000000
        0.211763315727
        Long
        DBT
        NUSS
        PH
        N
        
        2
        
          2034-10-23
          Fixed
          6.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROATIA
        74780000O00QGQ7CER13
        Croatia Government International Bond
        226775AG9
        
          
        
        75000.00000000
        PA
        USD
        84893.63000000
        0.508691804102
        Long
        DBT
        NUSS
        HR
        N
        
        2
        
          2024-01-26
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERUSAHAAN GAS NEGARA
        549300OX1VFDX7ZPN240
        Perusahaan Gas Negara Tbk PT
        000000000
        
          
        
        100000.00000000
        PA
        USD
        110514.56000000
        0.662215185119
        Long
        DBT
        CORP
        ID
        N
        
        2
        
          2024-05-16
          Fixed
          5.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA GOVERNMENT BOND
        300300CHN201808MOF68
        China Government Bond
        000000000
        
          
        
        100000.00000000
        PA
        
        15643.73000000
        0.093738920536
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2024-10-17
          Fixed
          2.94000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUZANO AUSTRIA GMBH
        254900287ZNSGVP1R341
        Suzano Austria GmbH
        86964WAF9
        
          
        
        100000.00000000
        PA
        USD
        119260.00000000
        0.714618806584
        Long
        DBT
        CORP
        AT
        
        N
        
        2
        
          2029-01-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        32951.97000000
        0.197451764849
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2031-06-30
          Fixed
          4.23000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        America Movil SAB de CV
        5493000FNR3UCEAONM59
        America Movil SAB de CV
        02364WAW5
        
          
        
        125000.00000000
        PA
        USD
        180667.53000000
        1.082579361706
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2040-03-30
          Fixed
          6.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        598000000.00000000
        PA
        
        41485.65000000
        0.248586497512
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2033-05-15
          Fixed
          6.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        125000.00000000
        PA
        
        30376.48000000
        0.182019150476
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2023-03-15
          Fixed
          3.48000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        968000.00000000
        PA
        
        51245.83000000
        0.307070550704
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2024-09-05
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOTA DO TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Notas do Tesouro Nacional Serie F
        000000000
        
          
        
        370000.00000000
        PA
        
        75121.45000000
        0.450135845613
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2027-01-01
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        876000.00000000
        PA
        
        46829.25000000
        0.280605926113
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-05-29
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STATE OF ISRAEL
        213800T8ZHTFZIBYPE21
        Israel Government International Bond
        46513JB42
        
          
        
        50000.00000000
        PA
        USD
        59343.75000000
        0.355594162361
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2050-07-03
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOTA DO TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Notas do Tesouro Nacional Serie F
        000000000
        
          
        
        495000.00000000
        PA
        
        99527.45000000
        0.596379234792
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2023-01-01
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLICA ORIENT URUGUAY
        549300RDR012H2V82H43
        Uruguay Government International Bond
        917288BM3
        
          
        
        300000.00000000
        PA
        
        6984.24000000
        0.041850320758
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2031-05-21
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Kazakhstan
        5493007OEK8EF02UO833
        Kazakhstan Government International Bond
        000000000
        
          
        
        50000.00000000
        PA
        USD
        58125.00000000
        0.348291280670
        Long
        DBT
        NUSS
        KZ
        N
        
        2
        
          2025-07-21
          Fixed
          5.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        655000.00000000
        PA
        
        29067.21000000
        0.174173863163
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2061-06-17
          Fixed
          4.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        77586TAD8
        
          
        
        25000.00000000
        PA
        USD
        27514.23000000
        0.164868239197
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2024-01-22
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        55000.00000000
        PA
        
        14340.70000000
        0.085931023977
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2026-04-22
          Fixed
          4.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        700000.00000000
        PA
        
        40947.69000000
        0.245362983063
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2037-01-31
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        100500000.00000000
        PA
        
        27400.03000000
        0.164183940457
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2030-09-18
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRASKEM NETHERLANDS
        N/A
        Braskem Netherlands Finance BV
        N15516AD4
        
          
        
        50000.00000000
        PA
        USD
        52845.50000000
        0.316655946196
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2030-01-31
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROBRAS GLOBAL FINANCE
        549300FNENFFSMO3GT38
        Petrobras Global Finance BV
        71645WAS0
        
          
        
        60000.00000000
        PA
        USD
        70294.50000000
        0.421212239639
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2041-01-27
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        48000.00000000
        PA
        
        11795.23000000
        0.070678292688
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2023-08-17
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        560000.00000000
        PA
        
        26834.04000000
        0.160792467219
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2033-10-13
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        720000.00000000
        PA
        
        41561.52000000
        0.249041118750
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2044-01-31
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        6300000.00000000
        PA
        
        22336.18000000
        0.133840804085
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2031-10-22
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF ECUADOR
        5299003Y2U5XK0A35H71
        Ecuador Government International Bond
        000000000
        
          
        
        49530.00000000
        PA
        USD
        34547.67000000
        0.207013371672
        Long
        DBT
        NUSS
        EC
        N
        
        2
        
          2035-07-31
          Variable
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OOREDOO INTL FINANCE
        549300BHXCDJ03WU7N77
        Ooredoo International Finance Ltd
        000000000
        
          
        
        100000.00000000
        PA
        USD
        104098.40000000
        0.623768861104
        Long
        DBT
        CORP
        BM
        
        N
        
        2
        
          2023-02-21
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1250000.00000000
        PA
        
        43106.74000000
        0.258300243958
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2025-12-12
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        139400000.00000000
        PA
        
        41088.97000000
        0.246209548089
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2024-07-24
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        90000.00000000
        PA
        
        37073.02000000
        0.222145541748
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2047-03-31
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        108000.00000000
        PA
        
        29562.94000000
        0.177144330889
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2024-04-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southern Copper Corp
        2549007U6NAP46Q9TU15
        Southern Copper Corp
        84265VAA3
        
          
        
        35000.00000000
        PA
        USD
        50182.65000000
        0.300699861263
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2035-07-27
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        100000.00000000
        PA
        
        34377.23000000
        0.205992076775
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2024-03-31
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        40000.00000000
        PA
        
        9913.89000000
        0.059405100120
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2026-10-25
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CZECH REPUBLIC
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        200000.00000000
        PA
        
        8169.73000000
        0.048953904936
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2029-11-29
          Fixed
          0.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALE OVERSEAS LIMITED
        254900BA3U6G5DNV5V04
        Vale Overseas Ltd
        91911TAH6
        
          
        
        75000.00000000
        PA
        USD
        104737.88000000
        0.627600694363
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2036-11-21
          Fixed
          6.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        Russian Foreign Bond - Eurobond
        000000000
        
          
        
        22500.00000000
        PA
        USD
        25884.90000000
        0.155105117780
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2030-03-31
          Variable
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pertamina Persero PT
        254900NDAKGNZ2IBBL45
        Pertamina Persero PT
        69369EAE9
        
          
        
        70000.00000000
        PA
        USD
        74379.49000000
        0.445689941121
        Long
        DBT
        CORP
        ID
        N
        
        2
        
          2023-05-20
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOTA DO TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Notas do Tesouro Nacional Serie F
        000000000
        
          
        
        120000.00000000
        PA
        
        24160.82000000
        0.144774244126
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2031-01-01
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Sri Lanka
        254900HXCCIOHM74FA02
        Sri Lanka Government International Bond
        85227SAV8
        
          
        
        50000.00000000
        PA
        USD
        36608.00000000
        0.219359091660
        Long
        DBT
        NUSS
        LK
        N
        
        2
        
          2023-04-18
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Israel
        213800T8ZHTFZIBYPE21
        Israel Government International Bond
        4651387N9
        
          
        
        50000.00000000
        PA
        USD
        63778.55000000
        0.382167963161
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2043-01-30
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIA GROUP LTD
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd
        00131MAJ2
        
          
        
        200000.00000000
        PA
        USD
        223277.50000000
        1.337902906147
        Long
        DBT
        CORP
        HK
        N
        
        2
        
          2030-04-07
          Fixed
          3.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        425000000.00000000
        PA
        
        32837.77000000
        0.196767466110
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2036-05-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1700000.00000000
        PA
        
        26146.03000000
        0.156669836957
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2031-09-17
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        70000.00000000
        PA
        
        21743.89000000
        0.130291738406
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2030-03-31
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEVA PHARM FNC NL II
        549300HSQCIKJAOYIT23
        Teva Pharmaceutical Finance Netherlands II BV
        000000000
        
          
        
        100000.00000000
        PA
        
        112636.11000000
        0.674927741962
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2024-10-15
          Fixed
          1.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        88000000.00000000
        PA
        
        23270.29000000
        0.139438092140
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2025-11-26
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Peru
        254900STKLK2DBJJZ530
        Peruvian Government International Bond
        715638AS1
        
          
        
        62000.00000000
        PA
        USD
        75620.16000000
        0.453124169821
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2025-07-21
          Fixed
          7.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        559000000.00000000
        PA
        
        43966.29000000
        0.263450760437
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2026-09-15
          Fixed
          8.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Sri Lanka
        254900HXCCIOHM74FA02
        Sri Lanka Government International Bond
        85227SAQ9
        
          
        
        40000.00000000
        PA
        USD
        25756.00000000
        0.154332735052
        Long
        DBT
        NUSS
        LK
        N
        
        2
        
          2025-11-03
          Fixed
          6.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        67000000.00000000
        PA
        
        17009.57000000
        0.101923181401
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2034-10-18
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Chile
        549300FLZTJM5YJF8D34
        Chile Government International Bond
        168863BW7
        
          
        
        100000.00000000
        PA
        USD
        107055.00000000
        0.641485127778
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2025-03-27
          Fixed
          3.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        158100000.00000000
        PA
        
        43517.35000000
        0.260760663447
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2026-08-26
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        Panama Government International Bond
        698299AV6
        
          
        
        19400.00000000
        PA
        USD
        24038.15000000
        0.144039192231
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2026-01-29
          Fixed
          7.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Turkey
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123CM0
        
          
        
        75000.00000000
        PA
        USD
        65001.75000000
        0.389497509734
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2047-05-11
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Turkey
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123AY6
        
          
        
        90000.00000000
        PA
        USD
        92047.77000000
        0.551560184019
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2036-03-17
          Fixed
          6.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        60000.00000000
        PA
        
        15020.64000000
        0.090005297928
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2026-07-15
          Fixed
          3.91000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        118000.00000000
        PA
        
        32226.68000000
        0.193105748799
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2024-10-25
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        125000.00000000
        PA
        
        31189.01000000
        0.186887918034
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2024-09-30
          Fixed
          4.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LETRA TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Letras do Tesouro Nacional
        000000000
        
          
        
        800000.00000000
        PA
        
        127513.90000000
        0.764077067255
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2024-01-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        103000000.00000000
        PA
        
        26084.38000000
        0.156300423495
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2032-06-30
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        34090.48000000
        0.204273839791
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2037-04-07
          Fixed
          4.76000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF ECUADOR
        5299003Y2U5XK0A35H71
        Ecuador Government International Bond
        000000000
        
          
        
        17150.00000000
        PA
        USD
        10633.17000000
        0.063715103602
        Long
        DBT
        NUSS
        EC
        N
        
        2
        
          2040-07-31
          Variable
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        000000000
        
          
        
        45000.00000000
        PA
        
        62270.79000000
        0.373133302321
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2035-10-29
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        90000.00000000
        PA
        
        21430.40000000
        0.128413272451
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2034-07-05
          Fixed
          3.83000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF CHINA
        54930053HGCFWVHYZX42
        Bank of China Ltd
        06120TAA6
        
          
        
        100000.00000000
        PA
        USD
        111553.41000000
        0.668440086572
        Long
        DBT
        CORP
        CN
        N
        
        2
        
          2024-11-13
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        610000000.00000000
        PA
        
        46350.44000000
        0.277736844855
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2024-03-15
          Fixed
          8.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        80000.00000000
        PA
        
        20593.68000000
        0.123399555800
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2025-02-24
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF ECUADOR
        5299003Y2U5XK0A35H71
        Ecuador Government International Bond
        000000000
        
          
        
        4391.00000000
        PA
        USD
        2448.03000000
        0.014668860280
        Long
        DBT
        NUSS
        EC
        N
        
        2
        
          2030-07-31
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        540000000.00000000
        PA
        
        39484.87000000
        0.236597607559
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2025-06-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        135000.00000000
        PA
        
        37900.43000000
        0.227103471873
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2023-10-25
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        11950000.00000000
        PA
        
        41088.23000000
        0.246205113929
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2024-06-26
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMIRATES TELECOM CORP
        529900XDPQPWEQ9BGB80
        Emirates Telecommunications Group Co PJSC
        000000000
        
          
        
        100000.00000000
        PA
        
        134445.81000000
        0.805613821000
        Long
        DBT
        CORP
        AE
        N
        
        2
        
          2026-06-18
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF PHILIPPINES
        529900RAHBALMYIJ3T08
        Philippine Government International Bond
        718286AP2
        
          
        
        25000.00000000
        PA
        USD
        33918.31000000
        0.203242178547
        Long
        DBT
        NUSS
        PH
        N
        
        2
        
          2025-03-16
          Fixed
          10.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        285000.00000000
        PA
        
        8767.83000000
        0.052537784763
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2025-06-17
          Fixed
          0.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1089000.00000000
        PA
        
        40040.08000000
        0.239924485872
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2032-06-25
          Fixed
          3.78000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FED REPUBLIC OF BRAZIL
        254900ZFY40OYEADAP90
        Brazilian Government International Bond
        105756BV1
        
          
        
        25000.00000000
        PA
        USD
        27131.13000000
        0.162572662601
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2025-01-07
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        1247000.00000000
        PA
        
        61062.13000000
        0.365890881000
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2026-03-05
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        353000.00000000
        PA
        
        88434.23000000
        0.529907461879
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2027-03-15
          Fixed
          3.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        130000.00000000
        PA
        
        37091.00000000
        0.222253279850
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2028-04-25
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State of Qatar
        52990074F6OJOAXK4P65
        Qatar Government International Bond
        000000000
        
          
        
        100000.00000000
        PA
        USD
        148000.00000000
        0.886831992071
        Long
        DBT
        NUSS
        QA
        N
        
        2
        
          2040-01-20
          Fixed
          6.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        2100000.00000000
        PA
        
        30105.83000000
        0.180397386431
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2026-09-16
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1000000.00000000
        PA
        
        43025.13000000
        0.257811228020
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2044-06-29
          Fixed
          4.68000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        225000.00000000
        PA
        
        75096.46000000
        0.449986102833
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2025-08-31
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA GOVT INTL BOND
        300300CHN201808MOF68
        China Government International Bond
        000000000
        
          
        
        200000.00000000
        PA
        USD
        197427.47000000
        1.183006733174
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2030-10-21
          Fixed
          1.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GAZPROM (GAZ CAPITAL SA)
        213800568PRHV2JR9650
        Gazprom PJSC Via Gaz Capital SA
        000000000
        
          
        
        100000.00000000
        PA
        USD
        139861.40000000
        0.838064621459
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2037-08-16
          Fixed
          7.29000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
        
        735000.00000000
        PA
        
        40514.78000000
        0.242768939565
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2038-11-18
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        90000.00000000
        PA
        
        23500.82000000
        0.140819452810
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2028-08-12
          Fixed
          6.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPRESA NACIONAL DEL PET
        549300YP3P0JZBLIV197
        Empresa Nacional del Petroleo
        000000000
        
          
        
        25000.00000000
        PA
        USD
        28301.58000000
        0.169586125474
        Long
        DBT
        CORP
        CL
        N
        
        2
        
          2029-11-06
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        Petroleos Mexicanos
        71654QCC4
        
          
        
        50000.00000000
        PA
        USD
        44767.00000000
        0.268248701277
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2047-09-21
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROBRAS GLOBAL FINANCE
        549300FNENFFSMO3GT38
        Petrobras Global Finance BV
        71647NAY5
        
          
        
        50000.00000000
        PA
        USD
        57064.25000000
        0.341935152051
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2028-01-27
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED MEXICAN STATES
        254900EGTWEU67VP6075
        Mexico Government International Bond
        91087BAM2
        
          
        
        200000.00000000
        PA
        USD
        197204.00000000
        1.181667676787
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-05-24
          Fixed
          2.66000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        145000.00000000
        PA
        
        13885.36000000
        0.083202577496
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2024-07-24
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        600000.00000000
        PA
        
        37478.17000000
        0.224573244326
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2032-03-31
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Czech Republic
        3157007EFDLQABN47912
        Czech Republic Government Bond
        000000000
        
          
        
        540000.00000000
        PA
        
        26618.90000000
        0.159503325092
        Long
        DBT
        NUSS
        CZ
        N
        
        2
        
          2028-08-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS TESORERIA PESOS
        549300FLZTJM5YJF8D34
        Bonos de la Tesoreria de la Republica en pesos
        000000000
        
          
        
        20000000.00000000
        PA
        
        29450.32000000
        0.176469499680
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2043-01-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        133000.00000000
        PA
        
        33440.86000000
        0.200381246556
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2046-03-15
          Fixed
          4.74000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ecopetrol SA
        254900IDGKCJICKBPA66
        Ecopetrol SA
        279158AL3
        
          
        
        40000.00000000
        PA
        USD
        43946.00000000
        0.263329180564
        Long
        DBT
        CORP
        CO
        N
        
        2
        
          2026-06-26
          Fixed
          5.38000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Indonesia
        529900FWX0GRR7WG5W79
        Indonesia Government International Bond
        000000000
        
          
        
        75000.00000000
        PA
        USD
        114370.17000000
        0.685318416855
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2038-01-17
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Federal Republic of Nigeria
        549300GSBZD84TNEQ285
        Nigeria Government International Bond
        65412JAC7
        
          
        
        100000.00000000
        PA
        USD
        106488.80000000
        0.638092396198
        Long
        DBT
        NUSS
        NG
        N
        
        2
        
          2027-11-28
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL
        TINT358G1SSHR3L3PW36
        Anglo American Capital PLC
        000000000
        
          
        
        50000.00000000
        PA
        USD
        54123.34000000
        0.324312901552
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2024-09-11
          Fixed
          3.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ITAU UNIBANCO HLDG SA/KY
        5493002W2IVG62O3ZJ94
        Itau Unibanco Holding SA/Cayman Island
        46556MAJ1
        
          
        
        50000.00000000
        PA
        USD
        52450.50000000
        0.314289063514
        Long
        DBT
        CORP
        BR
        N
        
        2
        
          2023-05-13
          Fixed
          5.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        Petroleos Mexicanos
        71654QAZ5
        
          
        
        50000.00000000
        PA
        USD
        45353.25000000
        0.271761574624
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2041-06-02
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        1033000.00000000
        PA
        
        33259.67000000
        0.199295536498
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2023-06-16
          Fixed
          3.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS L
        549300I7UVBGWRYMYZ18
        First Quantum Minerals Ltd
        335934AL9
        
          
        
        50000.00000000
        PA
        USD
        51904.25000000
        0.311015874489
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2025-04-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LUKOIL SECURITIES BV
        724500IVNQ6LF8OFIO42
        Lukoil Securities BV
        54988LAB2
        
          
        
        50000.00000000
        PA
        USD
        53328.00000000
        0.319547138332
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2030-05-06
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERUSAHAAN LISTRIK NEGAR
        254900OYVDRYS9J51J61
        Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
        71568QAC1
        
          
        
        100000.00000000
        PA
        USD
        108699.50000000
        0.651339149474
        Long
        DBT
        CORP
        ID
        N
        
        2
        
          2027-05-15
          Fixed
          4.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNGARY GOVERNMENT BOND
        5299003F3UFKGCCMAP43
        Hungary Government Bond
        000000000
        
          
        
        6600000.00000000
        PA
        
        24137.25000000
        0.144633010139
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2023-11-24
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        180000.00000000
        PA
        
        43536.18000000
        0.260873494841
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2033-04-15
          Fixed
          3.84000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        1175000.00000000
        PA
        
        67642.57000000
        0.405321588526
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2048-02-28
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government International Bond
        836205AR5
        
          
        
        75000.00000000
        PA
        USD
        85047.00000000
        0.509610813714
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2025-09-16
          Fixed
          5.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        62000.00000000
        PA
        
        6875.80000000
        0.041200536561
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2023-01-18
          Fixed
          12.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
        
        214000000.00000000
        PA
        
        18996.84000000
        0.113831117974
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2030-08-15
          Fixed
          10.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        Petroleos Mexicanos
        706451BR1
        
          
        
        64000.00000000
        PA
        USD
        59305.28000000
        0.355363645964
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2038-06-15
          Fixed
          6.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAE Funding LLC
        635400SZTPQL3Y1P2C76
        DAE Funding LLC
        000000000
        
          
        
        100000.00000000
        PA
        USD
        102500.00000000
        0.614191075590
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGICEL GROUP HOLDINGS
        N/A
        Digicel Group Holdings Ltd
        25381YAB7
        
          
        
        10884.00000000
        PA
        USD
        9514.36000000
        0.057011073189
        Long
        DBT
        CORP
        BM
        
        N
        
        2
        
          2025-04-01
          Fixed
          8.00000000
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        TURKEY GOVERNMENT BOND
        5493000PCHOG3B6S3Q85
        Turkey Government Bond
        000000000
        
          
        
        197000.00000000
        PA
        
        19999.41000000
        0.119838625747
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2023-03-08
          Fixed
          7.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1200000.00000000
        PA
        
        16510.96000000
        0.098935456404
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2023-08-16
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        Petroleos Mexicanos
        000000000
        
          
        
        110000.00000000
        PA
        
        141633.41000000
        0.848682696852
        Long
        DBT
        CORP
        MX
        N
        
        2
        
          2025-02-24
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metinvest BV
        635400TMCKVEU87EJ582
        Metinvest BV
        591555AD9
        
          
        
        50000.00000000
        PA
        USD
        53483.20000000
        0.320477113502
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2023-04-23
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPORT-IMPORT BANK CHINA
        300300C1020211000045
        Export-Import Bank of China/The
        000000000
        
          
        
        100000.00000000
        PA
        USD
        109010.07000000
        0.653200118472
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2024-07-31
          Fixed
          3.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABU DHABI GOVT INT'L
        213800FER4348CINTA77
        Abu Dhabi Government International Bond
        29135LAC4
        
          
        
        50000.00000000
        PA
        USD
        51334.75000000
        0.307603368952
        Long
        DBT
        NUSS
        AE
        N
        
        2
        
          2022-10-11
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        70000.00000000
        PA
        
        21925.03000000
        0.131377148859
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2025-04-30
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLICA ORIENT URUGUAY
        549300RDR012H2V82H43
        Uruguay Government International Bond
        000000000
        
          
        
        370000.00000000
        PA
        
        8799.86000000
        0.052729711984
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2028-03-15
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAUDI ELECTRICITY GLOBAL
        549300NU3VI6NLNU1575
        Saudi Electricity Global Sukuk Co 2
        804133AA4
        
          
        
        100000.00000000
        PA
        USD
        104616.50000000
        0.626873372287
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2023-04-08
          Fixed
          3.47000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YAPI VE KREDI BANKASI AS
        B85ZYWEZ5IZCZ2WNIO12
        Yapi ve Kredi Bankasi AS
        984848AK7
        
          
        
        100000.00000000
        PA
        USD
        104101.60000000
        0.623788035850
        Long
        DBT
        CORP
        TR
        N
        
        2
        
          2023-03-16
          Fixed
          6.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kingdom of Bahrain
        549300RODM1WN85LFQ95
        Bahrain Government International Bond
        05674RAJ3
        
          
        
        50000.00000000
        PA
        USD
        54364.30000000
        0.325756759909
        Long
        DBT
        NUSS
        BH
        N
        
        2
        
          2029-09-20
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        70000.00000000
        PA
        
        16958.23000000
        0.101615546573
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2022-09-30
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of El Salvador
        529900AKDMUSFSDOM949
        El Salvador Government International Bond
        000000000
        
          
        
        30000.00000000
        PA
        USD
        26400.30000000
        0.158193450272
        Long
        DBT
        NUSS
        SV
        N
        
        2
        
          2035-06-15
          Fixed
          7.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POLAND GOVERNMENT BOND
        259400R9L8QEP0TPXS31
        Republic of Poland Government Bond
        000000000
        
          
        
        338000.00000000
        PA
        
        94099.12000000
        0.563852094877
        Long
        DBT
        NUSS
        PL
        N
        
        2
        
          2026-07-25
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        92000.00000000
        PA
        
        23056.24000000
        0.138155481411
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2027-11-16
          Fixed
          3.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STATE BANK INDIA/LONDON
        5493001JZ37UBBZF6L49
        State Bank of India/London
        85628UAF3
        
          
        
        100000.00000000
        PA
        USD
        109514.98000000
        0.656225593750
        Long
        DBT
        CORP
        IN
        N
        
        2
        
          2024-04-17
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAEL FIXED BOND
        213800T8ZHTFZIBYPE21
        Israel Government Bond - Fixed
        000000000
        
          
        
        110000.00000000
        PA
        
        37143.37000000
        0.222567086549
        Long
        DBT
        NUSS
        IL
        N
        
        2
        
          2027-03-31
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        605000.00000000
        PA
        
        18927.52000000
        0.113415745044
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2024-12-17
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
        
        2830000.00000000
        PA
        
        108477.75000000
        0.650010399513
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2029-06-22
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABU DHABI GOVT INT'L
        213800FER4348CINTA77
        Abu Dhabi Government International Bond
        29135LAA8
        
          
        
        65000.00000000
        PA
        USD
        71714.50000000
        0.429721033077
        Long
        DBT
        NUSS
        AE
        N
        
        2
        
          2027-10-11
          Fixed
          3.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
        
        1800000.00000000
        PA
        
        25104.24000000
        0.150427318707
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2025-11-12
          Fixed
          7.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
        
        70000.00000000
        PA
        
        17737.91000000
        0.106287473381
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2024-06-17
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        000000000
        
          
        
        50000.00000000
        PA
        
        65221.70000000
        0.390815473900
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2024-04-24
          Fixed
          3.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
        
        125000.00000000
        PA
        
        30309.04000000
        0.181615042709
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2032-08-12
          Fixed
          6.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bancolombia SA
        54930052NWJRPNMP1W58
        Bancolombia SA
        05968LAK8
        
          
        
        100000.00000000
        PA
        USD
        101324.00000000
        0.607144356518
        Long
        DBT
        CORP
        CO
        N
        
        2
        
          2027-10-18
          Fixed
          4.88000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Russian Federation
        5493004EHVGF71PDBU58
        Russian Foreign Bond - Eurobond
        000000000
        
          
        
        45000.00000000
        PA
        USD
        75628.13000000
        0.453171926922
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2028-06-24
          Fixed
          12.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Turkey
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123CL2
        
          
        
        50000.00000000
        PA
        USD
        51565.60000000
        0.308986647097
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2027-03-25
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TITULOS DE TESORERIA
        549300MHDRBVRF6B9117
        Colombian TES
        000000000
        
          
        
        132200000.00000000
        PA
        
        33110.16000000
        0.198399656423
        Long
        DBT
        NUSS
        CO
        N
        
        2
        
          2028-04-28
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Panama
        549300SHS4T08CL0LP14
        Panama Government International Bond
        698299BF0
        
          
        
        20000.00000000
        PA
        USD
        22067.90000000
        0.132233241336
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2028-03-17
          Fixed
          3.88000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MALAYSIA GOVERNMENT
        254900GSIL471JOBYY43
        Malaysia Government Bond
        000000000
        
          
        
        64000.00000000
        PA
        
        15940.44000000
        0.095516838916
        Long
        DBT
        NUSS
        MY
        N
        
        2
        
          2029-08-15
          Fixed
          3.89000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of South Africa
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
        
        547000.00000000
        PA
        
        32799.32000000
        0.196537069555
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2040-01-31
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLICA ORIENT URUGUAY
        549300RDR012H2V82H43
        Uruguay Government International Bond
        760942AZ5
        
          
        
        77000.00000000
        PA
        USD
        83545.00000000
        0.500610667416
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2024-08-14
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GAZPROM (GAZ CAPITAL SA)
        213800568PRHV2JR9650
        Gazprom PJSC Via Gaz Capital SA
        000000000
        
          
        
        60000.00000000
        PA
        USD
        89746.56000000
        0.537771085043
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2034-04-28
          Fixed
          8.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-08-30
      VanEck Vectors ETF Trust
      James Parker
      James Parker
      Assistant Treasurer
    
  
  XXXX



VANECK VECTORS BDC INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Number
of Shares
   Value 
COMMON STOCKS: 99.8%          
Diversified Financials: 99.8%          
Apollo Investment Corp. †   968,123   $13,311,691 
Ares Capital Corp. †   3,671,609    73,322,032 
Bain Capital Specialty Finance, Inc.   772,413    11,671,160 
Barings BDC, Inc.   823,092    8,823,546 
BlackRock TCP Capital Corp.   921,481    13,149,534 
Capital Southwest Corp. †   335,368    8,340,602 
Fidus Investment Corp.   366,434    6,156,091 
FS KKR Capital Corp.   2,307,010    48,424,140 
Gladstone Capital Corp. †   536,755    6,124,375 
Gladstone Investment Corp. †   529,668    7,616,626 
Goldman Sachs BDC, Inc. †   1,059,186    20,209,269 
Golub Capital BDC, Inc. †   1,340,556    21,153,974 
Hercules Capital, Inc. †   1,367,029    23,608,591 
Main Street Capital Corp. †   568,723    23,385,890 
New Mountain Finance Corp. †   1,405,535    18,777,948 
Newtek Business Services Corp. †   341,114    11,901,467 
Oaktree Specialty Lending Corp.   2,503,025    16,995,540 
Owl Rock Capital Corp. †   2,672,424    38,456,181 
PennantPark Floating Rate Capital Ltd. †   581,368    7,540,344 
PennantPark Investment Corp. †   1,069,470    6,833,913 
Prospect Capital Corp. †   2,586,795    20,953,039 
Sixth Street Specialty Lending, Inc. †   943,772    21,980,450 
SLR Investment Corp.   559,516    10,563,662 
TCG BDC, Inc. †   871,737    11,550,515 
TriplePoint Venture Growth BDC Corp. †   463,585    7,320,007 
Total Common Stocks
(Cost: $413,649,843)
        458,170,587 
           
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.7%
(Cost: $21,494,820)
          
Money Market Fund: 4.7%          
State Street Navigator Securities Lending Government Money Market Portfolio   21,494,820    21,494,820 
Total Investments: 104.5%
(Cost: $435,144,663)
        479,665,407 
Liabilities in excess of other assets: (4.5)%        (20,775,050)
NET ASSETS: 100.0%       $458,890,357 

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $62,862,028.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                        Value 
Financials         100.0%          $458,170,587 

 

VANECK VECTORS CHINAAMC CHINA BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 77.1%           
Basic Materials: 5.1%           
Aluminum Corp. of China Ltd.
3.50%, 09/05/22
  CNY 6,000   $934,133 
Anshan Iron And Steel Group Co. Ltd.
4.28% (ChinaBond Government Security Yield Curve 3Y YTM+4.81%), 07/30/23 (o)
  CNY 15,000    2,347,809 
China Chengtong Holdings Group Ltd.
3.55%, 01/20/23
  CNY 2,000    312,050 
China National Building Material Co. Ltd.
4.89%, 07/17/24
  CNY 3,000    473,419 
Hesteel Co. Ltd.
4.08%, 11/26/24
  CNY 10,000    1,540,612 
Jihua Group Corp. Ltd.
4.10%, 09/15/22
  CNY 1,294    202,985 
          5,811,008 
Consumer Cyclicals: 0.5%           
Hangzhou Commerce Tourism Group Co. Ltd.
4.71%, 07/11/22
  CNY 3,501    550,824 
Energy: 3.1%           
China Petroleum & Chemical Corp.
4.90%, 06/01/22
  CNY 1,200    189,085 
PetroChina Co. Ltd.
3.50%, 01/19/26
  CNY 1,500    234,985 
Yanzhou Coal Mining Co. Ltd.
3.43%, 03/12/25
  CNY 20,000    3,088,695 
          3,512,765 
Financials: 42.3%           
Agricultural Development Bank of China
3.28%, 05/13/22
  CNY 8,989    1,401,635 
Beijing Automotive Group Co. Ltd.
4.48%, 10/19/23
  CNY 14,600    2,261,098 
Beijing Haidian State-Owned Assets Operation & Management Center           
3.70%, 10/24/24  CNY 10,000    1,532,178 
4.14%, 12/17/23  CNY 9,000    1,394,589 
Beijing State-owned Assets Management Co. Ltd.
4.68%, 08/01/22
  CNY 500    78,862 
Beijing State-owned Capital Operation and Management Center
3.85%, 01/14/24
  CNY 25,000    3,941,642 
China Development Bank           
2.90%, 12/06/22  CNY 6,080    950,506 
2.92%, 11/27/22  CNY 8,361    1,308,064 
3.39%, 02/03/27  CNY 20,904    3,313,228 
3.87%, 08/01/23  CNY 40,645    6,462,935 
3.91%, 04/06/22  CNY 24,529    3,839,742 
4.59%, 08/01/38  CNY 20,301    3,589,757 
China Fortune Land Development Co. Ltd.           
5.50%, 10/20/22  CNY 1,000    30,880 
7.00%, 03/03/21 (d)  CNY 1,000    59,835 
China Merchants Securities Co. Ltd.
5.08%, 05/26/25
  CNY 1,000    165,213 
Chongqing Longhu Development Co. Ltd.           
3.75%, 03/21/23  CNY 1,600    249,675 
4.44%, 01/25/24  CNY 8,000    1,269,591 
Cinda Investment Co. Ltd.
4.30%, 12/22/23
  CNY 3,000    469,492 
CITIC Securities Co. Ltd.
3.78%, 09/10/24
  CNY 3,000    474,290 
Guangzhou Asset Management Co. Ltd.
3.79%, 01/22/24
  CNY 15,000    2,347,645 
Guangzhou City Construction & Development Co. Ltd.
3.60%, 09/27/24
  CNY 5,000    780,681 
Nanchang Municipal Public Investment Holding Group Co. Ltd.
3.23%, 08/22/23
  CNY 1,500    232,305 
Nanjing Yangzi State-owned Investment Group Co. Ltd.
3.63%, 10/21/24
  CNY 12,000    1,872,341 
Qingdao Conson Development Group Co. Ltd.
3.55%, 01/09/25
  CNY 5,000    779,905 
Shanxi Coking Coal Group Co. Ltd.
4.17%, 10/21/22 (o)
  CNY 10,000    1,564,714 
Shenwan Hongyuan Group Co. Ltd.
4.80%, 07/17/23
  CNY 15,000    2,404,947 
Sichuan Development Holding Co. Ltd.           
4.30%, 03/26/24  CNY 5,000    795,565 
4.55%, 08/06/25  CNY 5,000    795,994 
State Development & Investment Corp. Ltd.
3.79%, 06/03/23
  CNY 5,000    786,696 
Taiyuan Iron & Steel Group Co. Ltd.
3.88%, 08/13/24
  CNY 10,000    1,568,163 
Wuxi Guolian Development Group Co. Ltd.
4.88%, 05/09/23
  CNY 800    127,690 
Zhejiang Province Zheshang Asset Management Co. Ltd.
4.48%, 11/08/23
  CNY 9,900    1,538,675 
          48,388,533 
Industrials: 11.8%           
Beijing Capital Eco-Environment Protection Group Co. Ltd.
4.24%, 11/27/23
  CNY 10,000    1,588,738 
Beijing Capital Land Ltd.
4.89%, 09/14/23
  CNY 2,000    310,064 
Beijing Public Housing Center
3.19%, 04/16/40
  CNY 15,000    2,304,235 
Beijing Urban Construction Investment & Development Co. Ltd.
4.40%, 07/20/22
  CNY 3,000    470,959 
China Everbright Ltd.
3.80%, 11/23/23
  CNY 2,000    314,967 
China Merchants Expressway Network & Technology Holdings Co. Ltd.
4.78%, 08/07/22
  CNY 1,000    157,814 
China Railway Group Ltd.
3.99%, 07/16/24
  CNY 5,000    793,929 
China State Railway Group Co. Ltd.           
4.46%, 06/07/23  CNY 3,008    479,254 
4.63%, 08/25/21  CNY 1,248    193,387 
Guangzhou Metro Group Co. Ltd.           
4.84%, 08/09/27  CNY 1,500    236,883 
6.05%, 06/03/24  CNY 1,350    219,375 
Hubei Provincial Communications Investment Group Co. Ltd.
6.68%, 03/27/24
  CNY 500    83,955 
Jiangxi Ganyue Expressway Co. Ltd.
5.15%, 04/19/23
  CNY 1,135    182,408 
Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd.
5.60%, 03/06/23
  CNY 506    80,340 
Power Construction Corp. of China Ltd.
5.20%, 10/29/22
  CNY 4,950    788,842 
Seazen Holdings Co. Ltd.
5.90%, 03/20/24
  CNY 1,000    155,065 
Shandong Hi-Speed Group Co. Ltd.
4.00%, 10/21/24
  CNY 17,000    2,701,636 
Tianjin Infrastructure Construction & Investment Group Co. Ltd.
5.70%, 02/26/23
  CNY 540    84,075 
Xiamen C&D Corp. Ltd.
4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), (o)
  CNY 13,000    2,026,758 
Xiamen C&D, Inc.
3.50%, 10/15/21
  CNY 2,000    309,961 
          13,482,645 
Real Estate: 4.1%           
China Overseas Enterprise Development Group Co. Ltd.
3.47%, 01/24/25
  CNY 1,000    154,775 
COFCO Commercial Property Investment Co. Ltd.
3.94%, 01/25/25
  CNY 10,000    1,555,405 
Financial Street Holdings Co. Ltd.
4.74%, 08/20/21
  CNY 1,000    154,868 
Gemdale Corp.
3.95%, 10/12/25
  CNY 10,000    1,568,590 
Hefei Xingtai Finance Holding Group Co. Ltd.
4.10%, 06/14/22
  CNY 5,000    781,001 
Shanghai Shimao Co. Ltd.
4.65%, 01/15/22
  CNY 3,000    462,442 
          4,677,081 
Technology: 0.9%           
Anhui Provincial Investment Group Holdings Co. Ltd.
3.70%, 07/23/24
  CNY 7,000    1,091,610 
Utilities: 9.3%           
China Datang Corp.
3.81% (ChinaBond Government Security Yield Curve 3Y YTM+3.91%), 09/25/22 (o)
  CNY 10,000    1,563,376 
China Datang Corp. Renewable Power Co. Ltd.
3.58%, 09/26/22
  CNY 3,000    468,297 
China Huaneng Group Co. Ltd.
3.55% (ChinaBond Government Security Yield Curve 5Y+3.56%), (o)
  CNY 15,000    2,332,864 
China Southern Power Grid Co. Ltd.           
3.95%, 04/25/22  CNY 3,710    579,422 
5.90%, 03/19/24  CNY 900    149,510 
Guangdong Hengjian Investment Holding Co. Ltd.
3.84%, 08/07/24
  CNY 5,000    789,219 
Huaneng Power International, Inc.
5.17% (ChinaBond Government Security Yield Curve 5Y+5.02%), (o)
  CNY 6,000    952,160 
Shandong Luxin Investment Holdings Group Co. Ltd.
3.85%, 01/07/26
  CNY 10,000    1,568,070 
Shenzhen Energy Group Co. Ltd.
3.60%, 11/20/22
  CNY 5,000    782,155 
State Grid Corp. of China
5.14%, 12/08/21
  CNY 750    117,122 
State Power Investment Corp. Ltd.           
3.57% (ChinaBond Government Security Yield Curve 3Y YTM+4.08%), 07/06/23 (o)  CNY 2,000    312,724 
4.20%, 11/20/23  CNY 4,995    794,536 
Yalong River Hydropower Development Co. Ltd.
2.93%, 04/08/23
  CNY 2,000    309,700 
          10,719,155 
Total Corporate Bonds
(Cost: $86,464,556)
         88,233,621 
            
GOVERNMENT OBLIGATIONS: 16.0%           
China Government Bond           
2.90%, 05/05/26  CNY 846    131,934 
3.27%, 08/22/46  CNY 500    5,041,561 
3.40%, 04/17/23  CNY 71,831    11,309,571 
3.52%, 04/25/46  CNY 4,000    623,866 
4.26%, 07/31/21  CNY 7,541    1,166,543 
Total Government Obligations
(Cost: $17,742,047)
         18,273,475 
Total Investments: 93.1%
(Cost: $104,206,603)
         106,507,096 
Other assets less liabilities: 6.9%         7,946,012 
NET ASSETS: 100.0%        $114,453,108 

 

Definitions:

CNY Chinese Yuan

 

Footnotes:

(o) Perpetual Maturity — the date shown is the next call date
(d) Security in default

 

Summary of Investments by Sector  % of
Investments
                        Value 
Basic Materials           5.4%      $5,811,008 
Consumer Cyclicals   0.5    550,824 
Energy   3.3    3,512,765 
Financials   45.4    48,388,533 
Government Activity   17.2    18,273,475 
Industrials   12.7    13,482,645 
Real Estate   4.4    4,677,081 
Technology   1.0    1,091,610 
Utilities   10.1    10,719,155 
    100.0%  $106,507,096 

 

VANECK VECTORS EMERGING MARKETS AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 34.1%           
Argentina: 0.1%           
YPF SA Reg S
8.50%, 07/28/25
  USD 25   $19,531 
Bermuda: 0.1%           
Digicel Group Holdings Ltd. 144A
8.00%, 04/01/25
  USD 11    9,514 
Brazil: 3.2%           
Banco do Brasil SA Reg S
9.00% (US Treasury Yield Curve Rate T 10 Year+6.36%), 06/18/24 (o)
  USD 50    55,813 
Braskem Netherlands Finance BV Reg S
4.50%, 01/31/30
  USD 50    52,846 
Gerdau Trade, Inc. Reg S
4.88%, 10/24/27
  USD 25    28,213 
Itau Unibanco Holding SA Reg S
5.12%, 05/13/23
  USD 50    52,451 
Petrobras Global Finance BV           
6.00%, 01/27/28  USD 50    57,064 
6.75%, 01/27/41  USD 60    70,294 
Suzano Austria GmbH
6.00%, 01/15/29
  USD 100    119,260 
Vale Overseas Ltd.
6.88%, 11/21/36
  USD 75    104,738 
          540,679 
Chile: 1.7%           
Corp. Nacional del Cobre de Chile Reg S
2.25%, 07/09/24
  EUR 100    126,177 
Empresa de Transporte de Pasajeros Metro SA Reg S
4.70%, 05/07/50
  USD 100    120,719 
Empresa Nacional del Petroleo Reg S
5.25%, 11/06/29
  USD 25    28,302 
          275,198 
China: 3.1%           
Alibaba Group Holding Ltd. 144A
3.60%, 11/28/24
  USD 100    108,372 
Bank of China Ltd. Reg S
5.00%, 11/13/24
  USD 100    111,553 
China Cinda Finance 2015 I Ltd. Reg S
4.25%, 04/23/25
  USD 100    105,486 
Huarong Finance II Co. Ltd. Reg S
5.50%, 01/16/25
  USD 200    143,500 
Tencent Holdings Ltd. Reg S
3.60%, 01/19/28
  USD 50    54,977 
          523,888 
Colombia: 0.9%           
Bancolombia SA
4.88% (US Treasury Yield Curve Rate T 5 Year+2.93%), 10/18/27 †
  USD 100    101,324 
Ecopetrol SA
5.38%, 06/26/26
  USD 40    43,946 
          145,270 
Czech Republic: 0.4%           
CEZ AS Reg S
4.88%, 04/16/25
  EUR 50    70,379 
Hong Kong: 1.3%           
AIA Group Ltd. Reg S
3.38%, 04/07/30
  USD 200    223,278 
India: 2.0%           
ICICI Bank Ltd. Reg S
4.00%, 03/18/26
  USD 50    54,535 
Reliance Industries Ltd. 144A
4.12%, 01/28/25
  USD 150    164,254 
State Bank of India 144A
4.88%, 04/17/24
  USD 100    109,515 
          328,304 
Indonesia: 1.8%           
Pertamina Persero PT 144A
4.30%, 05/20/23
  USD 70    74,379 
Perusahaan Gas Negara Tbk PT Reg S
5.12%, 05/16/24
  USD 100    110,515 
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S
4.12%, 05/15/27
  USD 100    108,700 
          293,594 
Isle of Man: 0.2%           
AngloGold Ashanti Holdings Plc
3.75%, 10/01/30 †
  USD 25    26,138 
Israel: 1.0%           
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22
  USD 10    10,075 
Teva Pharmaceutical Finance Netherlands II BV Reg S
1.12%, 10/15/24
  EUR 100    112,636 
Teva Pharmaceutical Finance Netherlands III BV           
2.80%, 07/21/23  USD 20    19,795 
3.15%, 10/01/26  USD 20    19,217 
          161,723 
Kazakhstan: 0.4%           
KazMunayGas National Co. JSC 144A
5.75%, 04/19/47
  USD 50    62,402 
Malaysia: 0.8%           
Petronas Capital Ltd. Reg S
4.55%, 04/21/50
  USD 100    123,961 
Mexico: 3.9%           
America Movil SAB de CV
6.12%, 03/30/40
  USD 125    180,668 
Comision Federal de Electricidad Reg S
4.88%, 01/15/24
  USD 50    54,292 
Petróleos Mexicanos           
6.50%, 03/13/27  USD 75    79,519 
6.50%, 06/02/41 †  USD 50    45,353 
6.62%, 06/15/38  USD 64    59,305 
6.75%, 09/21/47  USD 50    44,767 
Petroleos Mexicanos Reg S
5.50%, 02/24/25
  EUR 110    141,633 
Southern Copper Corp.
7.50%, 07/27/35
  USD 35    50,183 
          655,720 
Netherlands: 0.3%           
Lukoil Securities BV 144A
3.88%, 05/06/30
  USD 50    53,328 
Peru: 0.8%           
Banco de Credito del Peru Reg S
4.25%, 04/01/23
  USD 125    130,078 
Philippines: 0.7%           
Power Sector Assets & Liabilities Management Corp. Reg S
7.39%, 12/02/24
  USD 100    120,741 
Qatar: 0.6%           
Ooredoo International Finance Ltd. Reg S
3.25%, 02/21/23
  USD 100    104,098 
Russia: 2.1%           
Gazprom PJSC Via Gaz Capital SA Reg S           
7.29%, 08/16/37  USD 100    139,861 
8.62%, 04/28/34  USD 60    89,747 
Vnesheconombank Via VEB Finance Plc Reg S
4.03%, 02/21/23
  EUR 100    124,638 
          354,246 
Saudi Arabia: 1.1%           
Saudi Arabian Oil Co. 144A
4.25%, 04/16/39
  USD 75    85,420 
Saudi Electricity Global Sukuk Co. 2 144A
3.47%, 04/08/23
  USD 100    104,617 
          190,037 
South Africa: 0.7%           
Anglo American Capital Plc Reg S           
3.62%, 09/11/24  USD 50    54,123 
4.75%, 04/10/27  USD 50    58,058 
          112,181 
Turkey: 0.9%           
Turkiye Garanti Bankasi AS Reg S
5.25%, 09/13/22
  USD 50    51,658 
Yapi ve Kredi Bankasi AS 144A
6.10%, 03/16/23
  USD 100    104,102 
          155,760 
Ukraine: 0.3%           
Metinvest BV 144A
7.75%, 04/23/23
  USD 50    53,483 
United Arab Emirates: 3.2%           
DAE Funding LLC Reg S
5.00%, 08/01/24
  USD 100    102,500 
DP World Plc Reg S
6.85%, 07/02/37
  USD 100    135,766 
Emirates
2.75%, 06/18/26
  EUR 100    134,446 
MDGH - GMTN BV 144A
3.70%, 11/07/49
  USD 150    165,492 
          538,204 
United Kingdom: 2.2%           
CK Hutchison Capital Securities 17 Ltd. Reg S
4.00% (US Treasury Yield Curve Rate T 5 Year+2.07%), 05/12/22 (o)
  USD 150    153,000 
Swire Pacific MTN Financing Ltd. Reg S
4.50%, 10/09/23
  USD 200    215,654 
          368,654 
Zambia: 0.3%           
First Quantum Minerals Ltd. 144A
7.50%, 04/01/25
  USD 50    51,904 
Total Corporate Bonds
(Cost: $5,389,774)
         5,692,293 
            
GOVERNMENT OBLIGATIONS: 64.2%           
Angola: 0.3%           
Angolan Government International Bond 144A
8.25%, 05/09/28
  USD 50    52,719 
Argentina: 0.3%           
Provincia de Buenos Aires Reg S
4.00%, 05/15/35
  EUR 120    54,072 
Bahrain: 0.7%           
Bahrain Government International Bond 144A           
6.12%, 08/01/23  USD 64    68,611 
6.75%, 09/20/29  USD 50    54,365 
          122,976 
Brazil: 4.4%           
Brazil Government International Bond           
4.25%, 01/07/25  USD 25    27,131 
5.00%, 01/27/45  USD 25    25,030 
7.12%, 01/20/37  USD 50    63,087 
Brazil Letras do Tesouro Nacional           
0.00%, 01/01/24 ^  BRL 800    127,514 
0.00%, 07/01/24 ^  BRL 590    89,912 
0.00%, 07/01/23 ^  BRL 440    73,404 
Brazil Notas do Tesouro Nacional, Series F           
10.00%, 01/01/23  BRL 495    99,527 
10.00%, 01/01/25  BRL 420    85,214 
10.00%, 01/01/27  BRL 370    75,121 
10.00%, 01/01/29  BRL 235    47,713 
10.00%, 01/01/31  BRL 120    24,161 
          737,814 
Chile: 1.4%           
Bonos de la Tesoreria de la Republica de Chile           
4.50%, 03/01/26  CLP 40,000    55,514 
5.00%, 03/01/35  CLP 25,000    34,063 
6.00%, 01/01/43  CLP 20,000    29,451 
Chile Government International Bond
3.12%, 03/27/25
  USD 100    107,055 
          226,083 
China: 1.9%           
China Government Bond
2.94%, 10/17/24
  CNY 100    15,644 
China Government International Bond Reg S
1.20%, 10/21/30
  USD 200    197,427 
Export-Import Bank of China Reg S
3.62%, 07/31/24
  USD 100    109,010 
          322,081 
Colombia: 2.0%           
Colombia Government International Bond           
4.00%, 02/26/24  USD 25    26,249 
5.00%, 06/15/45  USD 50    52,462 
6.12%, 01/18/41  USD 25    29,418 
Colombian TES            
5.75%, 11/03/27  COP 70,000    17,477 
6.00%, 04/28/28  COP 132,200    33,110 
6.25%, 11/26/25  COP 88,000    23,270 
7.00%, 06/30/32  COP 103,000    26,084 
7.25%, 10/18/34  COP 67,000    17,010 
7.50%, 08/26/26  COP 158,100    43,517 
7.75%, 09/18/30  COP 100,500    27,400 
10.00%, 07/24/24  COP 139,400    41,089 
          337,086 
Croatia: 0.5%           
Croatia Government International Bond 144A
6.00%, 01/26/24
  USD 75    84,894 
Czech Republic: 1.5%           
Czech Republic Government Bond           
0.05%, 11/29/29  CZK 200    8,170 
0.25%, 02/10/27  CZK 510    22,072 
1.20%, 03/13/31  CZK 300    13,372 
1.25%, 02/14/25  CZK 470    21,681 
2.00%, 10/13/33  CZK 560    26,834 
2.75%, 07/23/29  CZK 530    26,732 
Czech Republic Government Bond Reg S           
0.45%, 10/25/23  CZK 500    22,828 
0.95%, 05/15/30  CZK 630    27,637 
1.00%, 06/26/26  CZK 580    26,273 
2.40%, 09/17/25  CZK 440    21,189 
2.50%, 08/25/28  CZK 540    26,619 
          243,407 
Dominican Republic: 0.3%           
Dominican Republic International Bond Reg S           
5.95%, 01/25/27  USD 25    28,150 
6.85%, 01/27/45  USD 25    28,501 
          56,651 
Ecuador: 0.4%           
Ecuador Government International Bond 144A           
0.00%, 07/31/30 ^  USD 4    2,448 
0.50%, 07/31/40 (s)  USD 17    10,633 
1.00%, 07/31/35 (s)  USD 50    34,548 
5.00%, 07/31/30 (s)  USD 24    21,455 
          69,084 
Egypt: 0.3%           
Egypt Government International Bond 144A
7.50%, 01/31/27
  USD 50    55,567 
El Salvador: 0.2%           
El Salvador Government International Bond Reg S
7.65%, 06/15/35
  USD 30    26,400 
Hungary: 1.9%           
Hungary Government Bond           
1.00%, 11/26/25  HUF 3,000    9,550 
1.75%, 10/26/22  HUF 7,400    24,841 
2.50%, 10/24/24  HUF 8,650    29,272 
3.00%, 06/26/24  HUF 11,950    41,088 
3.00%, 10/27/27  HUF 7,450    25,955 
3.25%, 10/22/31  HUF 6,300    22,336 
5.50%, 06/24/25  HUF 6,520    24,475 
6.00%, 11/24/23  HUF 6,600    24,137 
Hungary Government International Bond
5.38%, 03/25/24
  USD 100    112,563 
           314,217 
Indonesia: 5.6%           
Indonesia Government International Bond Reg S           
7.75%, 01/17/38  USD 75    114,370 
8.50%, 10/12/35  USD 100    160,966 
Indonesia Treasury Bond           
5.62%, 05/15/23  IDR 399,000    28,349 
6.12%, 05/15/28  IDR 487,000    34,179 
6.50%, 06/15/25  IDR 540,000    39,485 
6.62%, 05/15/33  IDR 598,000    41,486 
7.00%, 05/15/27  IDR 526,000    39,061 
7.00%, 09/15/30  IDR 560,000    40,754 
7.50%, 06/15/35  IDR 210,000    15,283 
8.12%, 05/15/24  IDR 499,000    37,848 
8.25%, 05/15/29  IDR 1,190,000    93,159 
8.25%, 06/15/32  IDR 345,000    26,832 
8.25%, 05/15/36  IDR 425,000    32,838 
8.38%, 03/15/24  IDR 610,000    46,350 
8.38%, 09/15/26  IDR 559,000    43,966 
8.38%, 03/15/34  IDR 628,000    49,061 
8.75%, 05/15/31  IDR 393,000    31,866 
9.00%, 03/15/29  IDR 480,000    38,982 
10.50%, 08/15/30  IDR 214,000    18,997 
          933,832 
Israel: 2.9%           
Israel Government Bond           
0.50%, 04/30/25  ILS 70    21,925 
1.00%, 03/31/30  ILS 70    21,744 
1.75%, 08/31/25  ILS 225    75,096 
2.00%, 03/31/27  ILS 110    37,143 
3.75%, 03/31/24  ILS 100    34,377 
3.75%, 03/31/47  ILS 90    37,073 
4.25%, 03/31/23  ILS 125    41,982 
5.50%, 01/31/42  ILS 90    45,778 
6.25%, 10/30/26  ILS 100    41,837 
Israel Government International Bond           
3.88%, 07/03/50  USD 50    59,344 
4.50%, 01/30/43  USD 50    63,779 
          480,078 
Jamaica: 0.3%           
Jamaica Government International Bond
6.75%, 04/28/28
  USD 50    58,490 
Kazakhstan: 0.3%           
Kazakhstan Government International Bond Reg S
5.12%, 07/21/25
  USD 50    58,125 
Kuwait: 0.3%           
Kuwait International Government Bond 144A
3.50%, 03/20/27
  USD 40    44,793 
Malaysia: 4.0%           
Malaysia Government Bond            
3.42%, 08/15/22  MYR 45    10,836 
3.48%, 03/15/23  MYR 125    30,377 
3.50%, 05/31/27  MYR 70    17,193 
3.73%, 06/15/28  MYR 130    32,197 
3.76%, 05/22/40  MYR 109    25,071 
3.79%, 09/30/22  MYR 70    16,958 
3.80%, 08/17/23  MYR 48    11,795 
3.83%, 07/05/34  MYR 90    21,430 
3.84%, 04/15/33  MYR 180    43,536 
3.88%, 08/15/29  MYR 64    15,940 
3.89%, 03/15/27  MYR 353    88,434 
3.90%, 11/16/27  MYR 92    23,056 
3.91%, 07/15/26  MYR 60    15,021 
3.96%, 09/15/25  MYR 147    36,763 
4.06%, 09/30/24  MYR 125    31,189 
4.18%, 07/15/24  MYR 123    30,752 
4.23%, 06/30/31  MYR 130    32,952 
4.39%, 04/15/26  MYR 125    31,894 
4.50%, 04/15/30  MYR 125    32,415 
4.64%, 11/07/33  MYR 60    15,533 
4.74%, 03/15/46  MYR 133    33,441 
4.76%, 04/07/37  MYR 130    34,091 
4.89%, 06/08/38  MYR 35    9,173 
Malaysia Government Investment Issue
4.47%, 09/15/39
  MYR 88    21,422 
          661,469 
Mexico: 5.8%           
Mexican Bonos            
5.75%, 03/05/26  MXN 1,247    61,062 
6.75%, 03/09/23  MXN 670    34,327 
7.50%, 06/03/27  MXN 1,190    62,407 
7.75%, 05/29/31  MXN 876    46,829 
7.75%, 11/23/34  MXN 477    25,330 
7.75%, 11/13/42  MXN 762    39,075 
8.00%, 12/07/23  MXN 906    47,728 
8.00%, 09/05/24  MXN 968    51,246 
8.00%, 11/07/47  MXN 756    39,583 
8.50%, 05/31/29  MXN 1,170    64,923 
8.50%, 11/18/38  MXN 735    40,515 
10.00%, 12/05/24  MXN 1,095    61,421 
10.00%, 11/20/36  MXN 430    27,067 
Mexico Government International Bond           
2.66%, 05/24/31  USD 200    197,204 
4.00%, 10/02/23  USD 15    16,247 
4.75%, 03/08/44  USD 75    83,556 
6.05%, 01/11/40  USD 60    75,922 
          974,442 
Nigeria: 0.9%           
Nigeria Government Bond
16.39%, 01/27/22
  NGN 18,470    47,425 
Nigeria Government International Bond 144A
6.50%, 11/28/27
  USD 100    106,489 
          153,914 
Oman: 0.8%           
Oman Government International Bond 144A           
5.62%, 01/17/28  USD 75    79,108 
6.75%, 01/17/48  USD 50    50,696 
          129,804 
Panama: 0.6%           
Panama Government International Bond           
3.88%, 03/17/28  USD 20    22,068 
6.70%, 01/26/36  USD 35    47,926 
7.12%, 01/29/26  USD 19    24,038 
          94,032 
Peru: 1.8%           
Peru Government Bond           
5.35%, 08/12/40  PEN 52    10,282 
5.40%, 08/12/34  PEN 114    24,223 
5.70%, 08/12/24  PEN 45    12,002 
5.94%, 02/12/29  PEN 74    18,783 
6.15%, 08/12/32  PEN 125    30,309 
6.35%, 08/12/28  PEN 90    23,501 
6.85%, 02/12/42  PEN 60    14,031 
6.90%, 08/12/37  PEN 80    19,097 
6.95%, 08/12/31  PEN 65    16,932 
8.20%, 08/12/26  PEN 55    16,319 
Peruvian Government International Bond           
7.35%, 07/21/25  USD 62    75,620 
8.75%, 11/21/33  USD 25    38,780 
          299,879 
Philippines: 1.0%           
Philippine Government International Bond           
5.00%, 01/13/37  USD 50    63,104 
6.38%, 10/23/34  USD 25    35,340 
9.50%, 02/02/30  USD 25    39,321 
10.62%, 03/16/25  USD 25    33,918 
          171,683 
Poland: 3.0%           
Republic of Poland Government Bond           
0.25%, 10/25/26  PLN 40    9,914 
0.75%, 04/25/25  PLN 73    19,008 
1.25%, 10/25/30  PLN 74    18,704 
2.25%, 10/25/24  PLN 118    32,227 
2.50%, 01/25/23  PLN 154    41,360 
2.50%, 04/25/24  PLN 108    29,563 
2.50%, 07/25/26  PLN 338    94,099 
2.50%, 07/25/27  PLN 175    48,947 
2.75%, 04/25/28  PLN 130    37,091 
2.75%, 10/25/29  PLN 144    41,256 
3.25%, 07/25/25  PLN 130    36,947 
4.00%, 10/25/23  PLN 135    37,900 
5.75%, 09/23/22  PLN 120    33,205 
5.75%, 04/25/29  PLN 50    17,158 
          497,379 
Qatar: 1.2%           
Qatar Government International Bond Reg S           
6.40%, 01/20/40  USD 100    148,000 
9.75%, 06/15/30  USD 30    48,075 
          196,075 
Romania: 2.2%           
Romania Government Bond           
3.25%, 04/29/24  RON 120    29,413 
3.65%, 07/28/25  RON 75    18,677 
4.00%, 10/25/23  RON 30    7,483 
4.40%, 09/25/23  RON 70    17,588 
4.50%, 06/17/24  RON 70    17,738 
4.75%, 02/24/25  RON 80    20,594 
4.85%, 04/22/26  RON 55    14,341 
5.00%, 02/12/29  RON 55    14,677 
5.80%, 07/26/27  RON 60    16,619 
5.85%, 04/26/23  RON 70    17,867 
Romanian Government International Bond Reg S           
2.75%, 10/29/25  EUR 25    32,832 
3.62%, 04/24/24  EUR 50    65,222 
3.88%, 10/29/35  EUR 45    62,271 
4.88%, 01/22/24  USD 25    27,514 
          362,836 
Russia: 3.4%           
Russian Federal Bond           
5.70%, 05/17/28  RUB 2,050    26,555 
6.50%, 02/28/24  RUB 1,800    24,525 
6.90%, 05/23/29  RUB 2,190    30,278 
7.00%, 08/16/23  RUB 1,200    16,511 
7.05%, 01/19/28  RUB 2,000    27,848 
7.10%, 10/16/24  RUB 2,300    31,874 
7.15%, 11/12/25  RUB 1,800    25,104 
7.25%, 05/10/34  RUB 2,200    31,024 
7.40%, 12/07/22  RUB 1,300    17,954 
7.40%, 07/17/24  RUB 2,110    29,434 
7.65%, 04/10/30  RUB 1,000    14,512 
7.70%, 03/23/33  RUB 1,900    27,780 
7.75%, 09/16/26  RUB 2,100    30,106 
7.95%, 10/07/26  RUB 1,800    25,975 
8.15%, 02/03/27  RUB 5,080    74,182 
8.50%, 09/17/31  RUB 1,700    26,146 
Russian Foreign Bond - Eurobond Reg S           
7.50%, 03/31/30 (s)  USD 23    25,885 
12.75%, 06/24/28  USD 45    75,628 
          561,321 
Saudi Arabia: 1.7%           
Saudi Government International Bond 144A
4.50%, 10/26/46
  USD 50    58,846 
Saudi Government International Bond Reg S
3.25%, 10/26/26
  USD 200    218,163 
          277,009 
Serbia: 0.2%           
Serbia Treasury Bonds           
4.50%, 01/11/26  RSD 890    9,853 
4.50%, 08/20/32  RSD 880    9,814 
5.75%, 07/21/23  RSD 870    9,583 
          29,250 
South Africa: 4.2%           
Republic of South Africa Government Bond           
6.25%, 03/31/36  ZAR 493    23,831 
7.00%, 02/28/31  ZAR 700    41,250 
7.75%, 02/28/23  ZAR 480    34,193 
8.00%, 01/31/30  ZAR 930    60,539 
8.25%, 03/31/32  ZAR 600    37,478 
8.50%, 01/31/37  ZAR 700    40,948 
8.75%, 01/31/44  ZAR 720    41,562 
8.75%, 02/28/48  ZAR 1,175    67,643 
8.88%, 02/28/35  ZAR 550    34,142 
9.00%, 01/31/40  ZAR 547    32,799 
10.50%, 12/21/26  ZAR 1,955    152,404 
Republic of South Africa Government International Bond           
4.30%, 10/12/28  USD 50    51,705 
5.88%, 09/16/25  USD 75    85,047 
          703,541 
Sri Lanka: 0.4%           
Sri Lanka Government International Bond 144A           
5.75%, 04/18/23  USD 50    36,608 
6.85%, 11/03/25  USD 40    25,756 
          62,364 
Thailand: 3.9%           
Thailand Government Bond           
0.95%, 06/17/25  THB 285    8,768 
1.45%, 12/17/24  THB 605    18,928 
2.00%, 12/17/22  THB 1,300    40,386 
2.12%, 12/17/26  THB 1,400    45,454 
2.40%, 12/17/23  THB 730    23,191 
2.88%, 12/17/28  THB 894    30,452 
3.30%, 06/17/38  THB 1,015    36,037 
3.40%, 06/17/36  THB 1,350    48,473 
3.62%, 06/16/23  THB 1,033    33,260 
3.65%, 06/20/31  THB 1,300    47,274 
3.77%, 06/25/32  THB 1,089    40,040 
3.85%, 12/12/25  THB 1,250    43,107 
4.00%, 06/17/66  THB 700    27,147 
4.67%, 06/29/44  THB 1,000    43,025 
4.85%, 06/17/61  THB 655    29,067 
4.88%, 06/22/29  THB 2,830    108,478 
Thailand Government Bond Reg S
4.26%, 12/12/37
  THB 900    34,696 
          657,783 
Turkey: 2.3%           
Turkey Government Bond           
7.10%, 03/08/23  TRY 197    19,999 
8.00%, 03/12/25  TRY 100    8,959 
9.00%, 07/24/24  TRY 145    13,885 
10.50%, 08/11/27  TRY 130    11,685 
10.60%, 02/11/26  TRY 118    11,181 
10.70%, 08/17/22  TRY 100    11,096 
12.20%, 01/18/23  TRY 62    6,876 
12.40%, 03/08/28  TRY 110    10,801 
Turkey Government International Bond           
5.75%, 05/11/47  USD 75    65,002 
6.00%, 03/25/27  USD 50    51,566 
6.88%, 03/17/36  USD 90    92,048 
7.38%, 02/05/25  USD 80    86,996 
          390,094 
United Arab Emirates: 0.7%           
Abu Dhabi Government International Bond 144A           
2.50%, 10/11/22  USD 50    51,335 
3.12%, 10/11/27  USD 65    71,714 
          123,049 
Uruguay: 0.6%           
Uruguay Government International Bond           
4.50%, 08/14/24  USD 77    83,545 
8.25%, 05/21/31  UYU 300    6,984 
Uruguay Government International Bond Reg S
8.50%, 03/15/28
  UYU370    8,800 
         99,329 
Total Government Obligations
(Cost: $10,845,462)
        10,723,622 
Total Investments: 98.3%
(Cost: $16,235,236)
        16,415,915 
Other assets less liabilities: 1.7%        277,181 
NET ASSETS: 100.0%       $16,693,096 
   
Definitions:  
BRL Brazilian Real
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
CZK Czech Koruna
EUR Euro
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli Shekel
MXN Mexican Peso
MYR Malaysian Ringgit
NGN Nigerian Naira
PEN Peruvian Nuevo Sol
PLN Polish Zloty
RON Romanian Leu
RUB Russian Ruble
THB Thai Baht
TRY Turkish Lira
USD United States Dollar
UYU Uruguayan Peso
ZAR South African Rand
 
Footnotes:
(o) Perpetual Maturity — the date shown is the next call date
Security fully or partially on loan. Total market value of securities on loan is $162,936.
^ Zero Coupon Bond
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,057,367, or 12.3% of net assets.
   
Summary of Investments by Sector  % of
Investments
                         Value 
Basic Materials           4.1%      $671,639 
Consumer Non-Cyclicals   1.3    215,654 
Energy   7.3    1,201,573 
Financials   13.9    2,275,371 
Government Activity   64.6    10,614,612 
Healthcare   1.0    161,723 
Industrials   2.2    358,986 
Technology   2.8    457,629 
Utilities   2.8    458,728 
    100.0%  $16,415,915 

 

VANECK VECTORS EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 95.8%          
Argentina: 2.9%          
Aeropuertos Argentina 2000 SA 144A
6.88%, 02/01/27
  USD 997   $856,323 
Agua y Saneamientos Argentinos SA Reg S
6.62%, 02/01/23
  USD1,575    872,566 
Arcor SAIC 144A
6.00%, 07/06/23
  USD1,650    1,632,873 
Capex SA 144A
6.88%, 05/15/24
  USD1,000    926,750 
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 144A
9.62%, 07/27/23
  USD875    705,600 
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA Reg S
9.62%, 07/27/23
  USD250    201,600 
IRSA Propiedades Comerciales SA 144A
8.75%, 03/23/23
  USD1,050    995,621 
IRSA Propiedades Comerciales SA Reg S
8.75%, 03/23/23
  USD100    94,821 
MercadoLibre, Inc.          
2.38%, 01/14/26 †  USD1,325    1,329,982 
3.12%, 01/14/31 †  USD2,325    2,279,325 
MSU Energy SA / UGEN SA / UENSA SA 144A
6.88%, 02/01/25
  USD1,725    1,352,305 
MSU Energy SA / UGEN SA / UENSA SA Reg S
6.88%, 02/01/25
  USD300    235,183 
Pampa Energia SA 144A          
7.38%, 07/21/23  USD1,375    1,325,039 
7.50%, 01/24/27  USD2,075    1,856,907 
9.12%, 04/15/29  USD950    868,196 
Pampa Energia SA Reg S
7.50%, 01/24/27
  USD150    134,234 
Pan American Energy LLC 144A
9.12%, 04/30/27
  USD1,000    1,099,880 
Telecom Argentina SA 144A          
8.00%, 07/18/26  USD1,025    986,516 
8.50%, 08/06/25  USD1,275    1,267,057 
Telecom Argentina SA Reg S
8.00%, 07/18/26
  USD300    288,736 
Transportadora de Gas del Sur SA 144A
6.75%, 05/02/25
  USD1,335    1,259,933 
Transportadora de Gas del Sur SA Reg S
6.75%, 05/02/25
  USD300    283,131 
YPF Energia Electrica SA 144A
10.00%, 07/25/26
  USD1,400    1,238,923 
YPF SA 144A          
1.50%, 09/30/33 (s)  USD1,950    1,029,074 
2.50%, 06/30/29 (s)  USD2,400    1,582,440 
4.00%, 02/12/26 (s)  USD2,575    2,181,798 
6.95%, 07/21/27  USD2,175    1,525,545 
7.00%, 12/15/47  USD1,800    1,176,957 
8.50%, 03/23/25  USD1,200    1,093,506 
8.50%, 07/28/25  USD3,525    2,753,942 
8.50%, 06/27/29  USD1,337    961,036 
8.75%, 04/04/24  USD2,900    2,584,683 
YPF SA Reg S          
2.50%, 06/30/29 (s)  USD200    131,870 
6.95%, 07/21/27  USD500    350,700 
         37,463,052 
Armenia: 0.1%          
Ardshinbank CJSC Via Dilijan Finance BV 144A
6.50%, 01/28/25
  USD1,000    996,275 
Austria: 0.1%          
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A
5.00%, 05/07/28
  USD600    612,429 
JBS USA Food Co. Reg S          
5.75%, 01/15/28  USD200    211,100 
7.00%, 01/15/26  USD100    106,077 
Klabin Austria GmbH Reg S          
3.20%, 01/12/31  USD300    296,934 
7.00%, 04/03/49  USD200    254,764 
         1,481,304 
Azerbaijan: 1.3%          
Petkim Petrokimya Holding AS 144A
5.88%, 01/26/23
  USD1,800    1,847,736 
Southern Gas Corridor CJSC 144A
6.88%, 03/24/26 †
  USD5,875    6,982,437 
Southern Gas Corridor CJSC Reg S
6.88%, 03/24/26
  USD800    950,800 
State Oil Co. of the Azerbaijan Republic Reg S          
4.75%, 03/13/23  USD3,425    3,622,794 
6.95%, 03/18/30  USD2,450    3,051,732 
         16,455,499 
Bahrain: 1.2%          
BBK BSC Reg S
5.50%, 07/09/24
  USD 1,800    1,913,274 
GFH Sukuk Ltd. Reg S
7.50%, 01/28/25
  USD1,800    1,836,000 
Mumtalakat Sukuk Holding Co. Reg S          
4.10%, 01/21/27  USD1,600    1,623,368 
5.62%, 02/27/24  USD2,000    2,125,180 
Oil and Gas Holding Co. BSCC 144A          
7.50%, 10/25/27  USD3,075    3,418,785 
7.62%, 11/07/24  USD2,500    2,784,310 
8.38%, 11/07/28  USD1,450    1,686,067 
Oil and Gas Holding Co. BSCC Reg S          
7.50%, 10/25/27  USD200    222,360 
8.38%, 11/07/28  USD200    232,561 
         15,841,905 
Barbados: 0.1%          
Sagicor Financial Co. Ltd. 144A
5.30%, 05/13/28
  USD1,300    1,368,393 
Bermuda: 1.1%          
Digicel Group Holdings Ltd.
10.00%, 04/01/24
  USD49    47,718 
Digicel Group Holdings Ltd. 144A
8.00%, 04/01/25
  USD1,314    1,148,586 
Digicel International Finance Ltd./ Digicel international Holdings Ltd 144A          
8.75%, 05/25/24  USD2,000    4,275,152 
13.00%, 12/31/25  USD1,071    1,072,339 
Digicel Ltd. 144A
6.75%, 03/01/23
  USD2,650    2,507,602 
Digicel Ltd. Reg S
6.75%, 03/01/23
  USD300    283,879 
Eurochem Finance DAC 144A
5.50%, 03/13/24
  USD2,200    2,392,265 
Investment Energy Resources Ltd. 144A
6.25%, 04/26/29
  USD2,200    2,404,490 
Investment Energy Resources Ltd. Reg S
6.25%, 04/26/29
  USD200    218,590 
         14,350,621 
Brazil: 9.0%          
Adecoagro SA 144A
6.00%, 09/21/27
  USD1,250    1,321,450 
Adecoagro SA Reg S
6.00%, 09/21/27
  USD450    475,722 
Aegea Finance Sarl 144A
5.75%, 10/10/24
  USD500    516,628 
Amaggi Luxembourg International Sarl 144A
5.25%, 01/28/28
  USD1,000    1,046,215 
Arcos Dorados Holdings, Inc. 144A
5.88%, 04/04/27
  USD1,749    1,840,691 
Atento Luxco 1 SA 144A
8.00%, 02/10/26
  USD775    857,599 
Azul Investments LLP 144A
5.88%, 10/26/24
  USD300    282,736 
B2W Digital Lux Sarl 144A
4.38%, 12/20/30
  USD800    802,884 
Banco Bradesco SA 144A          
2.85%, 01/27/23 †  USD950    971,147 
3.20%, 01/27/25  USD1,200    1,230,132 
Banco Bradesco SA Reg S
2.85%, 01/27/23
  USD100    102,226 
Banco BTG Pactual SA 144A          
2.75%, 01/11/26  USD600    584,616 
4.50%, 01/10/25  USD1,100    1,139,875 
5.50%, 01/31/23  USD400    420,832 
5.75%, 09/28/22  USD575    599,587 
Banco BTG Pactual SA Reg S          
5.50%, 01/31/23  USD400    420,832 
5.75%, 09/28/22  USD100    104,276 
Banco Daycoval SA Reg S
4.25%, 12/13/24
  USD750    775,976 
Banco do Brasil SA
3.88%, 10/10/22
  USD2,600    2,677,779 
Banco do Brasil SA 144A          
4.62%, 01/15/25  USD1,450    1,539,030 
4.75%, 03/20/24  USD1,050    1,116,938 
4.88%, 04/19/23  USD1,050    1,106,516 
5.88%, 01/19/23  USD750    794,138 
Banco Nacional de Desenvolvimento Economico e Social 144A
4.75%, 05/09/24
  USD600    647,943 
Banco Safra SA 144A
4.12%, 02/08/23
  USD800    830,828 
Banco Votorantim SA 144A          
4.00%, 09/24/22  USD200    206,404 
4.38%, 07/29/25  USD850    882,045 
4.50%, 09/24/24  USD650    682,425 
8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/07/22 (o)  USD500    522,230 
Banco Votorantim SA Reg S
4.00%, 09/24/22
  USD200    206,404 
Braskem America Finance Co. 144A
7.12%, 07/22/41
  USD 850    1,090,002 
Braskem Finance Ltd.
6.45%, 02/03/24
  USD925    1,021,889 
Braskem Idesa SAPI 144A
7.45%, 11/15/29
  USD2,700    2,798,334 
Braskem Netherlands Finance BV 144A          
4.50%, 01/10/28  USD1,800    1,908,090 
4.50%, 01/31/30  USD2,100    2,219,511 
5.88%, 01/31/50 †  USD800    897,500 
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81  USD600    693,090 
Brazil Minas SPE via State of Minas Gerais 144A
5.33%, 02/15/28
  USD1,260    1,364,719 
BRF GmbH 144A
4.35%, 09/29/26
  USD600    630,642 
BRF SA 144A          
4.88%, 01/24/30  USD1,000    1,037,615 
5.75%, 09/21/50  USD1,000    1,016,300 
BRF SA Reg S          
4.88%, 01/24/30  USD100    103,761 
5.75%, 09/21/50  USD200    203,260 
Caixa Economica Federal 144A
3.50%, 11/07/22
  USD800    823,348 
Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24
  USD1,935    2,231,142 
Cemig Geracao e Transmissao SA Reg S
9.25%, 12/05/24
  USD200    230,609 
Centrais Eletricas Brasileiras SA 144A          
3.62%, 02/04/25  USD800    827,452 
4.62%, 02/04/30  USD800    820,404 
Centrais Eletricas Brasileiras SA Reg S
4.62%, 02/04/30
  USD200    205,101 
Cielo USA, Inc. 144A
3.75%, 11/16/22
  USD600    614,619 
Cosan Luxembourg SA 144A
7.00%, 01/20/27
  USD875    925,492 
Cosan SA 144A
5.50%, 09/20/29
  USD1,025    1,107,820 
CSN Inova Ventures 144A
6.75%, 01/28/28
  USD1,550    1,713,672 
CSN Inova Ventures Reg S
6.75%, 01/28/28
  USD200    221,119 
CSN Resources SA 144A
7.62%, 04/17/26 †
  USD800    855,000 
Embraer Netherlands Finance BV          
5.05%, 06/15/25  USD1,375    1,444,156 
5.40%, 02/01/27  USD1,100    1,166,275 
Embraer Netherlands Finance BV 144A
6.95%, 01/17/28
  USD1,100    1,242,989 
Embraer Overseas Ltd. 144A
5.70%, 09/16/23
  USD575    616,440 
FS Luxembourg Sarl 144A
10.00%, 12/15/25
  USD900    1,006,916 
Globo Comunicacao e Participacoes SA 144A          
4.84%, 06/08/25  USD550    579,494 
4.88%, 01/22/30  USD500    516,793 
Globo Comunicacao e Participacoes SA Reg S
4.88%, 01/22/30
  USD200    206,717 
Gol Finance SA 144A
7.00%, 01/31/25
  USD1,000    930,000 
Guara Norte Sarl 144A
5.20%, 06/15/34
  USD1,179    1,215,289 
InterCement Financial Operations BV 144A
5.75%, 07/17/24
  USD1,000    959,740 
Itau Unibanco Holding SA 144A          
2.90%, 01/24/23  USD1,500    1,532,265 
3.25%, 01/24/25  USD650    663,812 
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31  USD800    794,756 
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29  USD1,000    1,023,425 
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o)  USD1,025    981,504 
5.12%, 05/13/23  USD2,400    2,517,624 
5.50%, 08/06/22  USD1,650    1,707,767 
Itau Unibanco Holding SA Reg S
5.12%, 05/13/23
  USD300    314,703 
JSM Global Sarl 144A
4.75%, 10/20/30
  USD800    831,824 
Klabin Austria GmbH 144A          
3.20%, 01/12/31  USD400    395,912 
5.75%, 04/03/29  USD1,000    1,142,270 
7.00%, 04/03/49  USD 775    987,210 
Klabin Finance SA 144A
4.88%, 09/19/27
  USD700    780,941 
Light Servicos de Eletricidade SA/Light Energia SA 144A
4.38%, 06/18/26 †
  USD900    915,120 
MARB BondCo Plc 144A
3.95%, 01/29/31
  USD2,200    2,141,150 
Minerva Luxembourg SA 144A
5.88%, 01/19/28
  USD600    636,006 
MV24 Capital BV 144A
6.75%, 06/01/34
  USD1,214    1,318,066 
Natura Cosmeticos SA 144A
4.12%, 05/03/28
  USD1,200    1,235,352 
Natura Cosmeticos SA Reg S
4.12%, 05/03/28 †
  USD200    205,892 
NBM US Holdings, Inc. 144A          
6.62%, 08/06/29 †  USD550    616,261 
7.00%, 05/14/26  USD1,400    1,491,329 
Nexa Resources SA 144A          
5.38%, 05/04/27  USD1,100    1,159,653 
6.50%, 01/18/28  USD700    773,157 
Petrobras Global Finance BV          
4.38%, 05/20/23 †  USD800    844,304 
5.09%, 01/15/30  USD1,875    2,034,694 
5.30%, 01/27/25  USD850    953,772 
5.60%, 01/03/31  USD2,025    2,256,356 
5.62%, 05/20/43  USD275    298,899 
5.75%, 02/01/29  USD715    807,421 
6.00%, 01/27/28  USD1,400    1,597,799 
6.25%, 03/17/24  USD625    701,028 
6.75%, 01/27/41  USD885    1,036,844 
6.75%, 06/03/50  USD975    1,114,605 
6.85%, 06/05/15 †  USD1,875    2,095,134 
6.88%, 01/20/40  USD772    914,689 
6.90%, 03/19/49 †  USD1,300    1,525,745 
7.25%, 03/17/44  USD1,065    1,281,994 
7.38%, 01/17/27  USD1,450    1,764,904 
8.75%, 05/23/26  USD680    869,887 
Rede D’or Finance Sarl 144A          
4.50%, 01/22/30  USD1,750    1,787,861 
4.95%, 01/17/28  USD500    531,427 
Rio Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24
  USD718    799,679 
Rio Oil Finance Trust Series 2014-3 144A
9.75%, 01/06/27
  USD778    920,130 
Rio Oil Finance Trust Series 2018-1 144A
8.20%, 04/06/28
  USD708    819,225 
Rumo Luxembourg Sarl 144A          
5.25%, 01/10/28  USD800    855,840 
5.88%, 01/18/25  USD700    732,207 
Simpar Europe SA 144A
5.20%, 01/26/31
  USD900    920,223 
Tupy Overseas SA 144A
4.50%, 02/16/31
  USD300    299,910 
Ultrapar International SA 144A          
5.25%, 10/06/26  USD500    552,582 
5.25%, 06/06/29  USD1,200    1,300,248 
Unigel Luxembourg SA 144A
8.75%, 10/01/26
  USD500    540,340 
Usiminas International Sarl 144A
5.88%, 07/18/26
  USD1,000    1,078,840 
XP, Inc. 144A
3.25%, 07/01/26
  USD2,250    2,202,863 
         117,756,853 
British Virgin Islands: 0.9%             
Bright Scholar Education Holdings Ltd. Reg S
7.45%, 07/31/22
  USD400    394,000 
Central China Real Estate Ltd. Reg S          
6.88%, 08/08/22  USD400    381,500 
7.25%, 04/24/23  USD400    359,991 
7.25%, 08/13/24  USD400    313,001 
7.65%, 08/27/23  USD600    533,622 
7.75%, 05/24/24  USD500    403,122 
China Aoyuan Group Ltd. Reg S          
6.20%, 03/24/26  USD400    334,272 
6.35%, 02/08/24  USD600    548,544 
China SCE Group Holdings Ltd. Reg S          
7.00%, 05/02/25  USD700    668,548 
7.25%, 04/19/23  USD600    605,236 
7.38%, 04/09/24  USD650    651,616 
Fantasia Holdings Group Co. Ltd. Reg S          
9.25%, 07/28/23  USD400    279,000 
9.88%, 10/19/23  USD400    282,000 
10.88%, 01/09/23  USD600    484,495 
11.88%, 06/01/23  USD800    620,985 
12.25%, 10/18/22  USD400    321,442 
Health & Happiness H&H International Holdings Ltd. Reg S
5.62%, 10/24/24
  USD400    411,028 
Metalloinvest Finance DAC 144A
4.85%, 05/02/24
  USD2,200    2,366,665 
Metalloinvest Finance DAC Reg S
4.85%, 05/02/24
  USD400    430,303 
New Metro Global Ltd. Reg S
4.50%, 05/02/26
  USD 800    748,000 
Studio City Finance Ltd. Reg S          
6.00%, 07/15/25  USD200    209,200 
6.50%, 01/15/28  USD200    210,241 
Tianqi Finco Co. Ltd. Reg S
3.75%, 11/28/22
  USD200    179,648 
Yingde Gases Investment Ltd. 144A
6.25%, 01/19/23
  USD600    615,087 
         12,351,546 
Cambodia: 0.2%          
NagaCorp Ltd. Reg S
7.95%, 07/06/24
  USD1,950    1,972,055 
Canada: 0.4%          
Azure Power Energy Ltd. 144A
5.50%, 11/03/22
  USD1,475    1,495,917 
Azure Power Solar Energy Pvt Ltd. 144A
5.65%, 12/24/24
  USD865    911,041 
First Quantum Minerals Ltd. Reg S          
6.50%, 03/01/24  USD300    306,293 
7.25%, 04/01/23  USD300    306,000 
7.50%, 04/01/25  USD250    259,521 
Frontera Energy Corp. 144A
7.88%, 06/21/28
  USD1,300    1,301,664 
         4,580,436 
Cayman Islands: 1.0%          
Arabian Centres Sukuk II Ltd. 144A
5.62%, 10/07/26
  USD2,450    2,547,192 
Arabian Centres Sukuk II Ltd. Reg S
5.62%, 10/07/26
  USD200    207,934 
Banco BTG Pactual SA Reg S
4.50%, 01/10/25
  USD200    207,250 
Banco do Brasil SA Reg S
5.88%, 01/19/23
  USD250    264,713 
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC Reg S
7.12%, 07/31/26
  USD200    206,810 
Grupo Aval Ltd. Reg S
4.38%, 02/04/30 †
  USD300    296,910 
Itau Unibanco Holding SA Reg S
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29
  USD100    102,343 
Melco Resorts Finance Ltd. Reg S          
4.88%, 06/06/25  USD250    254,844 
5.75%, 07/21/28  USD200    207,644 
Nogaholding Sukuk Ltd. 144A
5.25%, 04/08/29
  USD2,050    2,149,564 
Oryx Funding Ltd. 144A
5.80%, 02/03/31
  USD1,750    1,847,837 
Oryx Funding Ltd. Reg S
5.80%, 02/03/31
  USD200    211,181 
Poinsettia Finance Ltd. Reg S
6.62%, 06/17/31
  USD1,600    1,561,224 
Ronshine China Holdings Ltd. Reg S          
7.35%, 12/15/23  USD600    537,761 
8.10%, 06/09/23  USD400    366,989 
8.75%, 10/25/22  USD1,000    962,491 
8.95%, 01/22/23  USD500    475,619 
StoneCo Ltd. 144A
3.95%, 06/16/28
  USD700    695,874 
         13,104,180 
Chile: 0.7%          
AES Andes SA Reg S           
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79  USD75    79,366 
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 †  USD200    211,549 
CAP SA 144A
3.90%, 04/27/31
  USD1,100    1,107,948 
Inversiones Latin America Power Ltda 144A
5.12%, 06/15/33
  USD1,400    1,391,145 
Kenbourne Invest SA 144A
6.88%, 11/26/24
  USD1,650    1,752,151 
VTR Comunicaciones SpA 144A          
4.38%, 04/15/29  USD1,400    1,403,353 
5.12%, 01/15/28 †  USD1,442    1,508,058 
VTR Comunicaciones SpA Reg S
5.12%, 01/15/28
  USD100    104,581 
VTR Finance NV 144A
6.38%, 07/15/28
  USD1,925    2,040,529 
         9,598,680 
China: 7.0%          
Agile Group Holdings Ltd. Reg S
5.50%, 05/17/26
  USD750    690,986 
Bank of Communications Co. Ltd. Reg S
3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o)
  USD 3,750    3,904,848 
Bank of Communications Hong Kong Ltd. Reg S
3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 03/03/25 (o)
  USD750    772,031 
Boxinyuan International Co. Ltd. Reg S
5.65%, 10/28/22
  USD200    205,999 
Central Plaza Development Ltd. Reg S
5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/24 (o)
  USD600    546,035 
CFLD Cayman Investment Ltd. Reg S          
6.90%, 01/13/23  USD200    72,999 
7.12%, 04/08/22  USD200    73,000 
8.05%, 01/13/25  USD200    72,729 
8.60%, 04/08/24  USD500    182,300 
Chalieco Hong Kong Corp. Ltd. Reg S
5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 05/21/23 (o)
  USD600    605,983 
Changde Economic Construction Investment Group Co. Ltd. Reg S
6.60%, 08/15/22
  USD400    402,716 
China Aoyuan Group Ltd. Reg S
5.88%, 03/01/27
  USD400    316,006 
China CITIC Bank International Ltd. Reg S
7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o)
  USD700    772,625 
China Evergrande Group Reg S          
7.50%, 06/28/23  USD1,450    600,359 
8.75%, 06/28/25  USD5,600    2,352,044 
9.50%, 03/29/24  USD1,100    453,475 
10.00%, 04/11/23  USD800    345,676 
10.50%, 04/11/24  USD450    184,500 
11.50%, 01/22/23  USD1,150    498,169 
12.00%, 01/22/24  USD1,200    502,860 
China Hongqiao Group Ltd. Reg S
6.25%, 06/08/24
  USD500    499,397 
China Oil & Gas Group Ltd. Reg S
5.50%, 01/25/23
  USD1,000    1,026,247 
China SCE Group Holdings Ltd. Reg S          
5.95%, 09/29/24  USD400    387,001 
6.00%, 02/04/26  USD600    542,266 
China South City Holdings Ltd. Reg S
10.75%, 04/11/23
  USD400    317,889 
Chong Hing Bank Ltd. Reg S
5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 07/15/24 (o)
  USD1,400    1,466,499 
CIFI Holdings Group Co. Ltd.
5.50%, 01/23/23
  USD400    406,499 
CIFI Holdings Group Co. Ltd. Reg S          
4.38%, 04/12/27  USD500    465,047 
4.45%, 08/17/26  USD500    476,940 
5.25%, 05/13/26  USD400    396,505 
5.95%, 10/20/25  USD800    814,038 
6.00%, 07/16/25  USD700    714,928 
6.45%, 11/07/24  USD600    622,191 
6.55%, 03/28/24  USD800    825,583 
CMB Wing Lung Bank Ltd. Reg S
6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 01/24/24 (o)
  USD1,500    1,627,501 
Dexin China Holdings Co. Ltd. Reg S
9.95%, 12/03/22
  USD500    449,374 
Easy Tactic Ltd. Reg S          
5.88%, 02/13/23  USD800    582,000 
8.12%, 02/27/23  USD1,000    749,989 
8.12%, 07/11/24  USD400    269,499 
8.62%, 02/27/24  USD300    206,997 
8.62%, 03/05/24  USD400    275,000 
12.38%, 11/18/22  USD500    428,122 
eHi Car Services Ltd. Reg S
7.75%, 11/14/24
  USD500    512,813 
E-House China Enterprise Holdings Ltd. Reg S
7.60%, 06/10/23
  USD300    253,500 
ENN Clean Energy International Investment Ltd. 144A
3.38%, 05/12/26
  USD 1,000    1,021,267 
Fortune Star BVI Ltd. Reg S          
5.95%, 10/19/25  USD900    921,442 
6.75%, 07/02/23  USD850    881,846 
6.85%, 07/02/24  USD800    842,000 
Gemstones International Ltd. Reg S
12.00%, 03/10/23
  USD600    608,999 
Golden Eagle Retail Group Ltd. 144A
4.62%, 05/21/23
  USD600    615,150 
Greenland Global Investment Ltd.
5.90%, 02/12/23
  USD400    338,995 
Greenland Global Investment Ltd. Reg S          
5.60%, 11/13/22  USD500    431,246 
5.88%, 07/03/24  USD750    564,375 
6.12%, 04/22/23  USD400    339,493 
6.25%, 12/16/22  USD600    569,250 
6.75%, 09/26/23  USD650    526,484 
6.75%, 03/03/24  USD300    234,746 
Greentown China Holdings Ltd. Reg S          
4.70%, 04/29/25  USD400    402,022 
5.65%, 07/13/25  USD500    515,025 
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S
7.00%, 09/30/22
  USD400    379,999 
Guorui Properties Ltd. Reg S
14.25%, 01/25/24
  USD200    182,005 
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. Reg S
3.38%, 09/21/22
  USD400    360,997 
Huai An Traffic Holding Co. Ltd. Reg S
6.00%, 09/19/22
  USD400    403,000 
Jingrui Holdings Ltd. Reg S
14.50%, 02/19/23
  USD500    470,254 
Jinke Properties Group Co. Ltd. Reg S
6.85%, 05/28/24
  USD200    175,501 
Kaisa Group Holdings Ltd. 144A
11.95%, 10/22/22
  USD800    730,000 
Kaisa Group Holdings Ltd. Reg S          
9.38%, 06/30/24  USD3,150    2,453,062 
9.75%, 09/28/23  USD1,300    1,059,500 
9.95%, 07/23/25  USD750    565,313 
10.50%, 01/15/25  USD600    460,495 
10.88%, 07/23/23  USD950    802,750 
11.25%, 04/16/25  USD1,000    777,500 
11.50%, 01/30/23  USD1,000    857,500 
11.65%, 06/01/26  USD200    151,757 
11.70%, 11/11/25  USD600    461,265 
11.95%, 11/12/23  USD750    642,188 
Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S
5.80%, 10/17/22
  USD600    563,997 
KWG Group Holdings Ltd. Reg S          
5.88%, 11/10/24  USD700    673,410 
6.00%, 09/15/22  USD800    810,994 
6.00%, 08/14/26  USD550    511,535 
6.30%, 02/13/26  USD600    552,038 
7.40%, 03/05/24  USD400    403,007 
7.40%, 01/13/27  USD400    380,351 
7.88%, 09/01/23  USD800    807,000 
Logan Group Co. Ltd. Reg S          
4.25%, 07/12/25  USD400    379,029 
4.50%, 01/13/28  USD450    413,962 
4.85%, 12/14/26  USD500    472,491 
5.25%, 02/23/23  USD600    601,180 
5.25%, 10/19/25  USD400    391,029 
5.75%, 01/14/25  USD450    451,097 
6.50%, 07/16/23  USD600    608,325 
7.50%, 08/25/22  USD400    408,798 
Mianyang Investment Holding Group Co. Ltd. Reg S
5.95%, 10/30/22
  USD400    407,498 
Modern Land China Co. Ltd. Reg S
9.80%, 04/11/23
  USD400    350,132 
New Metro Global Ltd. Reg S          
4.80%, 12/15/24  USD600    578,287 
6.80%, 08/05/23  USD500    516,213 
Oriental Capital Co. Ltd. Reg S
7.00%, 10/17/22
  USD500    489,998 
Powerlong Real Estate Holdings Ltd. Reg S          
5.95%, 04/30/25  USD400    390,979 
6.25%, 08/10/24  USD400    397,999 
6.95%, 07/23/23  USD600    602,979 
7.12%, 11/08/22  USD500    507,498 
Prime Bloom Holdings Ltd. Reg S
6.95%, 07/05/22
  USD220    42,900 
Redsun Properties Group Ltd. Reg S          
7.30%, 01/13/25  USD400    345,611 
9.70%, 04/16/23  USD 600    596,929 
RKPF Overseas 2019 A Ltd. Reg S          
6.00%, 09/04/25  USD600    609,406 
6.70%, 09/30/24  USD600    628,371 
7.88%, 02/01/23  USD500    520,943 
RKPF Overseas 2019 E Ltd. Reg S
7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/24 (o)
  USD500    481,902 
Scenery Journey Ltd. Reg S          
11.50%, 10/24/22  USD2,550    1,010,434 
12.00%, 10/24/23  USD2,350    839,538 
13.00%, 11/06/22  USD600    238,499 
13.75%, 11/06/23  USD700    270,375 
Seazen Group Ltd. Reg S
4.45%, 07/13/25
  USD400    380,018 
Shangrao City Construction Investment Development Group Co. Ltd. Reg S
4.38%, 10/21/23
  USD400    406,987 
Sino-Ocean Land Treasure III Ltd. Reg S
4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o)
  USD750    656,245 
Sunac China Holdings Ltd. Reg S          
5.95%, 04/26/24  USD1,200    1,090,488 
6.50%, 07/09/23  USD600    578,981 
6.50%, 01/10/25  USD900    817,894 
6.50%, 01/26/26  USD600    531,037 
6.65%, 08/03/24  USD800    733,999 
7.00%, 07/09/25  USD600    543,778 
7.50%, 02/01/24  USD800    771,984 
7.95%, 08/08/22  USD600    600,450 
7.95%, 10/11/23  USD1,000    982,470 
8.35%, 04/19/23  USD800    809,110 
Times China Holdings Ltd. Reg S          
5.75%, 01/14/27  USD600    539,987 
6.20%, 03/22/26  USD600    549,750 
6.60%, 03/02/23  USD400    402,058 
6.75%, 07/16/23  USD800    798,748 
6.75%, 07/08/25  USD800    774,544 
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S
4.75%, 10/23/23
  USD400    393,988 
Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24
  USD700    679,350 
Wanda Properties Overseas Ltd. Reg S          
6.88%, 07/23/23  USD600    569,980 
6.95%, 12/05/22  USD600    578,248 
Wealth Driven Ltd. Reg S
5.50%, 08/17/23
  USD600    600,302 
Yancoal International Resources Development Co. Ltd. Reg S
3.50%, 11/04/23
  USD700    707,853 
Yango Justice International Ltd. Reg S          
7.50%, 04/15/24  USD400    381,297 
8.25%, 11/25/23  USD400    371,506 
9.25%, 04/15/23  USD400    385,500 
Yankuang Group Cayman Ltd. Reg S
4.00%, 07/16/23
  USD600    607,478 
Yuzhou Group Holdings Co. Ltd.
5.38%, 0
  USD300    225,000 
Yuzhou Group Holdings Co. Ltd. Reg S          
6.00%, 10/25/23  USD800    633,982 
6.35%, 01/13/27  USD800    531,054 
7.38%, 01/13/26  USD800    555,044 
7.70%, 02/20/25  USD600    449,256 
8.30%, 05/27/25  USD600    449,241 
8.38%, 10/30/24  USD600    474,003 
8.50%, 02/04/23  USD700    608,125 
8.50%, 02/26/24  USD600    490,500 
Zhenro Properties Group Ltd. Reg S          
6.63%, 01/07/26  USD600    508,535 
6.70%, 08/04/26  USD600    498,813 
7.35%, 02/05/25  USD600    532,530 
8.70%, 08/03/22  USD400    401,498 
9.15%, 05/06/23  USD400    402,990 
Zhongyuan Asset Management Co. Ltd. Reg S
4.20%, 11/29/22
  USD650    516,744 
Zoomlion HK SPV Co. Ltd. 144A
6.12%, 12/20/22
  USD400    421,406 
         90,814,076 
Colombia: 5.5%          
Banco de Bogota SA 144A          
5.38%, 02/19/23  USD1,525    1,592,855 
6.25%, 05/12/26 †  USD3,258    3,568,406 
Banco de Bogota SA Reg S          
5.38%, 02/19/23  USD 100    104,450 
6.25%, 05/12/26  USD400    438,110 
Banco GNB Sudameris SA 144A
7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31
  USD1,450    1,485,670 
Bancolombia SA          
4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29  USD1,900    1,920,644 
5.12%, 09/11/22  USD2,375    2,452,686 
Cable Onda SA 144A
4.50%, 01/30/30
  USD1,900    2,006,428 
Canacol Energy Ltd. 144A
7.25%, 05/03/25
  USD1,100    1,159,197 
Colombia Telecomunicaciones SA ESP Reg S
4.95%, 07/17/30
  USD100    104,889 
Ecopetrol SA          
4.12%, 01/16/25  USD3,750    3,931,987 
5.38%, 06/26/26  USD4,550    4,998,857 
5.88%, 09/18/23  USD5,800    6,267,799 
5.88%, 05/28/45  USD6,250    6,671,750 
6.88%, 04/29/30  USD6,300    7,614,495 
7.38%, 09/18/43  USD2,500    3,055,675 
Empresas Publicas de Medellin ESP 144A          
4.25%, 07/18/29  USD3,200    3,148,800 
4.38%, 02/15/31  USD1,750    1,720,259 
Geopark Ltd. 144A
5.50%, 01/17/27 †
  USD1,700    1,716,566 
Gilex Holding Sarl 144A
8.50%, 05/02/23
  USD1,300    1,341,191 
Grupo Aval Ltd. 144A          
4.38%, 02/04/30  USD3,200    3,167,040 
4.75%, 09/26/22 †  USD3,225    3,303,674 
Grupo de Inversiones Suramericana SA 144A
5.50%, 04/29/26
  USD1,900    2,061,709 
Multibank, Inc. 144A
4.38%, 11/09/22
  USD700    715,309 
Multibank, Inc. Reg S
4.38%, 11/09/22 †
  USD400    408,748 
Oleoducto Central SA 144A
4.00%, 07/14/27
  USD1,450    1,499,416 
Oleoducto Central SA Reg S
4.00%, 07/14/27
  USD200    206,816 
Orazul Energy Egenor SCA 144A
5.62%, 04/28/27
  USD1,600    1,625,008 
Telefonica Celular del Paraguay SA 144A
5.88%, 04/15/27
  USD1,900    1,999,892 
Termocandelaria Power Ltd. 144A
7.88%, 01/30/29
  USD1,758    1,860,648 
Termocandelaria Power Ltd. Reg S
7.88%, 01/30/29
  USD185    195,858 
         72,344,832 
Costa Rica: 0.2%          
Banco Nacional de Costa Rica 144A
6.25%, 11/01/23
  USD1,200    1,295,478 
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43
  USD1,700    1,496,017 
Instituto Costarricense de Electricidad Reg S
6.38%, 05/15/43
  USD100    88,001 
         2,879,496 
Croatia: 0.2%          
Hrvatska Elektroprivreda 144A
5.88%, 10/23/22
  USD1,800    1,922,994 
Hrvatska Elektroprivreda Reg S
5.88%, 10/23/22
  USD200    213,666 
         2,136,660 
Cyprus: 0.7%          
Credit Bank of Moscow Via CBOM Finance Plc 144A
4.70%, 01/29/25
  USD1,900    1,973,332 
Eurotorg LLC Via Bonitron DAC 144A
9.00%, 10/22/25
  USD1,200    1,278,096 
MHP Lux SA 144A          
6.25%, 09/19/29  USD1,150    1,150,667 
6.95%, 04/03/26  USD1,625    1,714,611 
MHP SE 144A
7.75%, 05/10/24 †
  USD1,625    1,758,191 
TMK OAO Via TMK Capital SA Reg S
4.30%, 02/12/27
  USD1,600    1,613,570 
         9,488,467 
Dominican Republic: 0.1%          
Banco de Reservas de la Republica Dominicana 144A
7.00%, 02/01/23
  USD1,000    1,054,625 
El Salvador: 0.1%          
Grupo Unicomer Co. Ltd. 144A
7.88%, 04/01/24
  USD850    888,203 
Grupo Unicomer Co. Ltd. Reg S
7.88%, 04/01/24
  USD 200    208,989 
         1,097,192 
France: 0.1%          
Aeropuertos Dominicanos Siglo XXI SA 144A
6.75%, 03/30/29
  USD1,100    1,144,286 
Georgia: 0.2%          
Georgia Capital JSC 144A
6.12%, 03/09/24
  USD200    203,500 
Georgian Railway JSC 144A
4.00%, 06/17/28
  USD1,800    1,823,526 
TBC Bank JSC 144A
5.75%, 06/19/24
  USD1,100    1,187,312 
         3,214,338 
Ghana: 0.3%          
Kosmos Energy Ltd. 144A
7.12%, 04/04/26 †
  USD2,100    2,054,671 
Tullow Oil Plc 144A
7.00%, 03/01/25
  USD2,700    2,345,760 
         4,400,431 
Greece: 0.1%          
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A
10.75%, 07/01/25
  USD1,675    1,822,970 
Guatamala: 0.3%          
Banco Industrial SA 144A
4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31
  USD1,100    1,142,850 
Central American Bottling Corp. 144A
5.75%, 01/31/27
  USD2,191    2,286,309 
Central American Bottling Corp. Reg S
5.75%, 01/31/27
  USD200    208,700 
Energuate Trust Reg S
5.88%, 05/03/27
  USD200    209,337 
         3,847,196 
Honduras: 0.1%          
Inversiones Atlantida SA 144A
7.50%, 05/19/26
  USD1,000    1,042,635 
Hong Kong: 3.5%          
Agile Group Holdings Ltd. Reg S          
5.75%, 01/02/25  USD700    679,824 
6.05%, 10/13/25  USD650    619,169 
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o)  USD650    616,163 
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 07/31/24 (o)  USD700    661,601 
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o)  USD1,050    1,020,710 
Bank of East Asia Ltd. Reg S           
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o)  USD2,300    2,486,185 
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 09/19/24 (o)  USD2,100    2,255,400 
CAS Capital No 1 Ltd. Reg S
4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 07/12/26 (o)
  USD2,600    2,636,387 
Champion Path Holdings Ltd. Reg S          
4.50%, 01/27/26  USD1,600    1,653,734 
4.85%, 01/27/28  USD1,750    1,813,277 
Easy Tactic Ltd. Reg S          
11.62%, 09/03/24  USD400    284,000 
11.75%, 08/02/23  USD600    450,736 
Fortune Star BVI Ltd.
5.95%, 01/29/23
  USD700    713,998 
Fortune Star BVI Ltd. Reg S          
5.00%, 05/18/26  USD500    497,506 
5.05%, 01/27/27  USD700    695,256 
Franshion Brilliant Ltf.
4.88%, 0
  USD200    172,603 
Jiayuan International Group Ltd. Reg S          
12.50%, 04/08/23  USD400    393,484 
12.50%, 07/21/23  USD400    392,453 
13.75%, 02/18/23  USD400    407,000 
Lai Fung Bonds 2018 Ltd. Reg S
5.65%, 01/18/23
  USD1,300    1,280,496 
Melco Resorts Finance Ltd. 144A          
4.88%, 06/06/25  USD3,050    3,109,094 
5.25%, 04/26/26  USD1,650    1,690,219 
5.38%, 12/04/29  USD3,650    3,780,031 
5.62%, 07/17/27  USD2,000    2,078,880 
5.75%, 07/21/28  USD2,700    2,803,194 
Melco Resorts Finance Ltd. Reg S
5.38%, 12/04/29
  USD 200    207,125 
RKPF Overseas 2019 A Ltd. Reg S
5.90%, 03/05/25
  USD400    406,420 
RKPF Overseas 2020 A Ltd. Reg S
5.20%, 01/12/26
  USD800    790,058 
Seaspan Corp. 144A
5.50%, 08/01/29
  USD2,500    2,496,150 
Seaspan Corp. 144A Reg S
6.50%, 04/29/26
  USD800    859,982 
Studio City Finance Ltd. 144A          
5.00%, 01/15/29  USD3,650    3,601,309 
6.00%, 07/15/25  USD1,425    1,490,550 
6.50%, 01/15/28  USD1,515    1,592,576 
Yanlord Land HK Co. Ltd. Reg S
5.12%, 05/20/26
  USD400    400,004 
Zoomlion HK SPV Co. Ltd. Reg S
6.12%, 12/20/22
  USD200    210,703 
         45,246,277 
India: 5.6%          
ABJA Investment Co. Pte Ltd. Reg S          
4.45%, 07/24/23  USD1,100    1,124,709 
5.45%, 01/24/28  USD3,250    3,461,412 
5.95%, 07/31/24  USD3,300    3,525,208 
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ 144A
6.25%, 12/10/24
  USD1,500    1,636,845 
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ Reg S
6.25%, 12/10/24
  USD200    218,246 
Axis Bank Ltd. 144A
3.00%, 08/08/22
  USD1,600    1,631,383 
Bank of Baroda Reg S
3.88%, 04/04/24
  USD1,050    1,108,044 
Canara Bank Reg S          
3.25%, 08/10/22  USD2,100    2,142,093 
3.88%, 03/28/24  USD1,300    1,368,265 
Delhi International Airport Ltd. 144A          
6.12%, 10/31/26  USD1,500    1,482,525 
6.45%, 06/04/29 †  USD1,400    1,363,740 
Delhi International Airport Ltd. Reg S           
6.12%, 10/31/26  USD200    197,670 
6.45%, 06/04/29  USD300    292,230 
Future Retail Ltd. 144A
5.60%, 01/22/25
  USD1,200    863,100 
Future Retail Ltd. Reg S
5.60%, 01/22/25
  USD200    143,850 
GMR Hyderabad International Airport Ltd. 144A          
4.25%, 10/27/27  USD900    871,975 
4.75%, 02/02/26  USD900    914,978 
5.38%, 04/10/24  USD1,200    1,227,149 
GMR Hyderabad International Airport Ltd. Reg S
4.25%, 10/27/27
  USD200    193,772 
HPCL-Mittal Energy Ltd. Reg S          
5.25%, 04/28/27  USD1,400    1,438,439 
5.45%, 10/22/26  USD1,000    1,036,710 
IIFL Finance Ltd. Reg S
5.88%, 04/20/23
  USD1,300    1,261,134 
India Green Energy Holdings 144A
5.38%, 04/29/24
  USD1,150    1,191,837 
JSW Hydro Energy Ltd. 144A
4.12%, 05/18/31
  USD2,400    2,385,180 
JSW Steel Ltd. Reg S          
5.38%, 04/04/25  USD1,400    1,474,760 
5.95%, 04/18/24  USD1,700    1,791,771 
Manappuram Finance Ltd. Reg S
5.90%, 01/13/23
  USD1,000    1,028,984 
Muthoot Finance Ltd. 144A          
4.40%, 09/02/23  USD1,650    1,687,331 
6.12%, 10/31/22  USD1,300    1,343,160 
Muthoot Finance Ltd. Reg S          
4.40%, 09/02/23  USD200    204,525 
6.12%, 10/31/22  USD200    206,640 
Network i2i Ltd. 144A
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o)
  USD3,000    3,153,675 
Periama Holdings LLC Reg S
5.95%, 04/19/26
  USD2,400    2,542,920 
ReNew Power Pvt Ltd. 144A          
5.88%, 03/05/27  USD1,150    1,207,531 
6.45%, 09/27/22  USD1,000    1,027,800 
ReNew Power Pvt Ltd. Reg S
5.88%, 03/05/27
  USD250    262,507 
ReNew Power Synthetic 144A
6.67%, 03/12/24
  USD 1,750    1,832,124 
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A
4.50%, 07/14/28
  USD2,050    2,071,699 
Shriram Transport Finance Co. Ltd. 144A          
4.40%, 03/13/24 †  USD2,300    2,295,975 
5.10%, 07/16/23  USD1,500    1,508,970 
5.95%, 10/24/22  USD2,300    2,336,834 
Shriram Transport Finance Co. Ltd. Reg S          
5.10%, 07/16/23  USD200    201,196 
5.95%, 10/24/22  USD200    203,203 
Tata Motors Ltd. Reg S
5.88%, 05/20/25
  USD1,300    1,381,406 
TML Holdings Pte Ltd. Reg S
5.50%, 06/03/24
  USD1,300    1,339,650 
UPL Corp. Ltd. Reg S
5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 02/27/25 (o)
  USD1,400    1,425,585 
Vedanta Resources Finance II Plc 144A          
8.00%, 04/23/23  USD1,300    1,211,197 
9.25%, 04/23/26  USD2,000    1,642,330 
13.88%, 01/21/24  USD3,150    3,322,762 
Vedanta Resources Ltd. 144A          
6.12%, 08/09/24  USD3,050    2,443,965 
7.12%, 05/31/23  USD1,425    1,299,443 
Yes Bank Ifsc Banking Unit Branch Reg S
3.75%, 02/06/23
  USD1,300    1,291,852 
         72,820,289 
Indonesia: 2.2%          
ABM Investama Tbk PT 144A
7.12%, 08/01/22
  USD1,300    1,212,900 
Adaro Indonesia PT 144A
4.25%, 10/31/24
  USD2,200    2,239,424 
Adaro Indonesia PT Reg S
4.25%, 10/31/24
  USD300    305,376 
APL Realty Holdings Pte Ltd. Reg S
5.95%, 06/02/24
  USD1,000    499,994 
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d)
  USD111    1,457 
Bank Tabungan Negara Persero Tbk PT Reg S
4.20%, 01/23/25
  USD1,000    1,026,283 
Bukit Makmur Mandiri Utama PT 144A
7.75%, 02/10/26
  USD1,100    1,108,409 
Bukit Makmur Mandiri Utama PT Reg S
7.75%, 02/10/26
  USD200    201,529 
Cikarang Listrindo Tbk PT 144A
4.95%, 09/14/26
  USD1,600    1,645,184 
Cikarang Listrindo Tbk PT Reg S
4.95%, 09/14/26
  USD200    205,648 
Global Prime Capital Pte Ltd. Reg S
5.95%, 01/23/25
  USD1,000    1,037,964 
Indika Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24
  USD1,623    1,622,562 
Indika Energy Capital IV Pte Ltd. 144A
8.25%, 10/22/25
  USD2,200    2,312,948 
Jababeka International BV 144A
6.50%, 10/05/23
  USD990    937,996 
Japfa Comfeed Indonesia Tbk PT Reg S
5.38%, 03/23/26
  USD1,150    1,209,823 
Medco Bell Pte Ltd. 144A
6.38%, 01/30/27
  USD2,025    2,036,502 
Medco Oak Tree Pte Ltd. 144A
7.38%, 05/14/26
  USD1,900    2,020,564 
Medco Oak Tree Pte Ltd. Reg S
7.38%, 05/14/26
  USD300    319,036 
Medco Platinum Road Pte Ltd. 144A
6.75%, 01/30/25
  USD1,600    1,658,904 
Pakuwon Jati Tbk PT Reg S
4.88%, 04/29/28
  USD1,350    1,371,779 
Saka Energi Indonesia PT 144A
4.45%, 05/05/24
  USD2,100    1,933,984 
SSMS Plantation Holdings Pte Ltd. Reg S
7.75%, 01/23/23
  USD1,100    871,796 
Star Energy Geothermal Wayang Windu Ltd. Reg S
6.75%, 04/24/33
  USD177    201,496 
Theta Capital Pte Ltd. Reg S          
6.75%, 10/31/26  USD1,400    1,314,407 
8.12%, 01/22/25 †  USD1,450    1,455,473 
         28,751,438 
Ireland: 0.3%            
Eurochem Finance DAC Reg S
5.50%, 03/13/24
  USD 200    217,479 
Hacienda Investments Ltd. Via DME Airport DAC 144A
5.35%, 02/08/28
  USD 1,600    1,680,856 
SCF Capital Designated Activity Co. 144A
3.85%, 04/26/28
  USD 1,500    1,552,717 
           3,451,052 
Isle of Man: 0.0%            
Gold Fields Orogen Holdings BVI Ltd. Reg S
5.12%, 05/15/24
  USD 300    325,973 
Israel: 3.6%            
Leviathan Bond Ltd. 144A Reg S            
5.75%, 06/30/23   USD 1,700    1,774,773 
6.12%, 06/30/25   USD 2,050    2,236,931 
6.50%, 06/30/27   USD 2,000    2,211,350 
6.75%, 06/30/30   USD 1,825    2,054,704 
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22
  USD 2,400    2,418,000 
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 †
  USD 2,275    2,511,213 
Teva Pharmaceutical Finance Netherlands III BV            
2.80%, 07/21/23   USD 8,575    8,487,106 
3.15%, 10/01/26   USD 9,975    9,584,479 
4.10%, 10/01/46   USD 5,700    5,040,310 
6.00%, 04/15/24   USD 3,592    3,778,335 
6.75%, 03/01/28 †   USD 3,565    3,952,694 
7.12%, 01/31/25   USD 2,875    3,160,919 
           47,210,814 
Jamaica: 0.0%            
Digicel Group Two Ltd. 144A
8.25%, 09/30/22
  USD 437    10,925 
Kazakhstan: 1.0%            
Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42
  USD 2,825    3,940,875 
KazMunayGas National Co. JSC 144A            
4.75%, 04/19/27   USD 3,300    3,764,310 
5.75%, 04/19/47   USD 3,850    4,804,954 
KazMunayGas National Co. JSC Reg S
5.75%, 04/19/47
  USD 300    374,412 
           12,884,551 
Kuwait: 0.4%           
Kuwait Projects Co. SPC Ltd. Reg S           
4.23%, 10/29/26  USD 1,700    1,671,814 
4.50%, 02/23/27  USD 1,700    1,663,681 
5.00%, 03/15/23  USD 1,700    1,740,613 
          5,076,108 
Luxembourg: 1.7%           
AI Candelaria Spain SLU 144A
7.50%, 12/15/28
  USD 1,100    1,227,732 
Consolidated Energy Finance SA Reg S
6.88%, 06/15/25
  USD 200    203,718 
CSN Resources SA 144A
4.62%, 06/10/31
  USD 1,350    1,398,398 
Energean Israel Finance Ltd. 144A Reg S           
4.50%, 03/30/24  USD 2,075    2,116,432 
4.88%, 03/30/26  USD 2,075    2,125,962 
5.38%, 03/30/28  USD 2,075    2,125,995 
5.88%, 03/30/31  USD 2,075    2,131,938 
Gol Finance SA 144A
8.00%, 06/30/26
  USD 700    698,264 
Hidrovias International Finance SARL 144A
4.95%, 02/08/31
  USD 800    813,912 
JBS Finance Luxembourg Sarl 144A
3.62%, 01/15/32
  USD 1,200    1,209,600 
Kenbourne Invest SA 144A
4.70%, 01/22/28
  USD 1,450    1,460,556 
MC Brazil Downstream Trading SARL 144A
7.25%, 06/30/31
  USD 2,250    2,339,325 
MHP Lux SA Reg S
6.95%, 04/03/26
  USD 250    263,786 
Minerva Luxembourg SA 144A
4.38%, 03/18/31 †
  USD 1,200    1,180,500 
Minerva Luxembourg SA Reg S
4.38%, 03/18/31
  USD 200    196,750 
Movida Europe SA 144A
5.25%, 02/08/31
  USD 700    711,046 
Petrorio Luxembourg Sarl 144A
6.12%, 06/09/26
  USD 900    927,090 
Puma International Financing SA Reg S           
5.00%, 01/24/26  USD 200    200,740 
5.12%, 10/06/24  USD 200    201,232 
Rede D’or Finance Sarl Reg S
4.95%, 01/17/28
  USD 200    212,571 
Tupy Overseas SA Reg S
4.50%, 02/16/31
  USD 200    199,940 
Ultrapar International SA Reg S
5.25%, 10/06/26
  USD 200    221,033 
Unigel Luxembourg SA Reg S
8.75%, 10/01/26
  USD 200    216,136 
VTB Bank OJSC Via VTB Capital SA Reg S
6.95%, 10/17/22
  USD 300    316,731 
          22,699,387 
Macao: 0.1%           
MGM China Holdings Ltd. 144A
4.75%, 02/01/27
  USD 900    908,577 
MGM China Holdings Ltd. Reg S
5.38%, 05/15/24
  USD 200    203,879 
Wynn Macau Ltd. Reg S           
4.88%, 10/01/24  USD 200    201,629 
5.50%, 10/01/27  USD 200    205,898 
          1,519,983 
Malta: 0.0%           
VistaJet Malta Finance Plc / XO Management Holding, Inc. Reg S
10.50%, 06/01/24
  USD 200    217,651 
Mauritius: 1.2%           
Azure Power Energy Ltd. Reg S
5.50%, 11/03/22
  USD 200    202,836 
Azure Power Solar Energy Pvt Ltd. Reg S
5.65%, 12/24/24
  USD 200    210,645 
Clean Renewable Power Mauritius Pte Ltd. 144A
4.25%, 03/25/27
  USD 1,100    1,094,748 
Clean Renewable Power Mauritius Pte Ltd. Reg S
4.25%, 03/25/27
  USD 200    199,045 
Cliffton Ltd. 144A
6.25%, 10/25/25
  USD 1,500    1,436,032 
Greenko Mauritius Ltd. Reg S
6.25%, 02/21/23
  USD 200    205,509 
IHS Netherlands Holdco BV 144A           
7.12%, 03/18/25  USD 1,700    1,763,750 
8.00%, 09/18/27  USD 2,875    3,090,625 
IHS Netherlands Holdco BV Reg S
8.00%, 09/18/27
  USD 200    215,000 
India Green Power Holdings 144A
4.00%, 02/22/27
  USD 1,350    1,351,026 
India Green Power Holdings Reg S
4.00%, 02/22/27
  USD 200    200,152 
India Toll Roads 144A
5.50%, 08/19/24
  USD 1,100    1,059,823 
Liquid
5.50%, 09/04/26
  USD 2,100    2,174,445 
MTN Mauritius Investments Ltd. Reg S
4.75%, 11/11/24
  USD 200    212,076 
Network i2i Ltd. 144A
3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 06/03/26 (o)
  USD 1,700    1,688,704 
Network i2i Ltd. Reg S
5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 01/15/25 (o)
  USD 300    315,367 
          15,419,783 
Mexico: 6.3%           
Alpha Holding SA de CV 144A
9.00%, 02/10/25
  USD 850    99,875 
Axtel SAB de CV 144A
6.38%, 11/14/24
  USD 1,418    1,474,039 
Braskem Idesa SAPI Reg S
7.45%, 11/15/29
  USD 300    310,926 
Cemex SAB de CV 144A           
3.88%, 07/11/31  USD 5,500    5,705,233 
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 06/08/26 (o)  USD 3,350    3,521,051 
5.20%, 09/17/30  USD 3,110    3,412,354 
5.45%, 11/19/29  USD 3,100    3,402,994 
7.38%, 06/05/27  USD 3,055    3,461,468 
Cemex SAB de CV Reg S           
3.88%, 07/11/31 †  USD 350    363,060 
5.20%, 09/17/30  USD 250    274,305 
5.45%, 11/19/29  USD 200    219,548 
7.38%, 06/05/27 †  USD 300    339,915 
Credito Real SAB de CV SOFOM ER 144A           
8.00%, 01/21/28 †  USD 1,100    948,728 
9.50%, 02/07/26 †  USD 900    833,224 
Cydsa SAB de CV 144A
6.25%, 10/04/27
  USD 1,600    1,669,872 
Grupo Axo SAPI de CV 144A
5.75%, 06/08/26 †
  USD 1,050    1,060,642 
Grupo Bimbo SAB de CV 144A
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o)
  USD 1,500    1,578,352 
Grupo Bimbo SAB de CV Reg S
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o)
  USD 200    210,447 
Grupo KUO SAB De CV 144A
5.75%, 07/07/27
  USD 1,585    1,664,084 
Metalsa SA de CV 144A
3.75%, 05/04/31
  USD 950    936,852 
Mexarrend SAPI de CV 144A
10.25%, 07/24/24
  USD 950    912,428 
Operadora de Servicios Mega SA de CV Sofom ER 144A
8.25%, 02/11/25
  USD 1,700    1,713,736 
Petróleos Mexicanos           
3.50%, 01/30/23  USD 800    815,480 
4.25%, 01/15/25 †  USD 500    515,602 
4.50%, 01/23/26 †  USD 950    963,728 
4.62%, 09/21/23  USD 625    651,966 
4.88%, 01/18/24 †  USD 700    734,944 
5.35%, 02/12/28  USD 1,675    1,652,806 
5.50%, 06/27/44  USD 525    431,959 
5.62%, 01/23/46  USD 650    534,765 
5.95%, 01/28/31  USD 2,500    2,460,625 
6.35%, 02/12/48  USD 1,925    1,648,021 
6.38%, 01/23/45  USD 1,050    905,153 
6.49%, 01/23/27  USD 1,575    1,674,934 
6.50%, 03/13/27  USD 3,625    3,843,406 
6.50%, 01/23/29  USD 1,300    1,351,857 
6.50%, 06/02/41  USD 1,050    952,418 
6.62%, 06/15/35  USD 1,900    1,839,001 
6.62%, 06/15/38  USD 350    324,326 
6.75%, 09/21/47  USD 4,100    3,670,894 
6.84%, 01/23/30  USD 3,000    3,133,350 
6.88%, 08/04/26  USD 2,000    2,203,660 
6.95%, 01/28/60  USD 2,525    2,269,217 
7.69%, 01/23/50  USD 5,475    5,328,544 
Petróleos Mexicanos 144A
6.88%, 10/16/25
  USD 1,000    1,102,440 
Petróleos Mexicanos Reg S
6.88%, 10/16/25
  USD 100    110,244 
Sixsigma Networks Mexico SA de CV 144A
7.50%, 05/02/25
  USD 700    660,656 
Sixsigma Networks Mexico SA de CV Reg S
7.50%, 05/02/25
  USD 200    188,759 
Total Play Telecomunicaciones SA de CV 144A
7.50%, 11/12/25
  USD 1,700    1,819,731 
Total Play Telecomunicaciones SA de CV Reg S
7.50%, 11/12/25
  USD 200    214,086 
Unifin Financiera SAB de CV 144A           
7.00%, 01/15/25  USD 1,250    1,207,375 
7.25%, 09/27/23  USD 1,200    1,196,694 
8.38%, 01/27/28  USD 1,500    1,410,900 
9.88%, 01/28/29 †  USD 1,850    1,831,324 
          81,761,998 
Mongolia: 0.1%           
Mongolian Mining Corp./ Energy Resources LLC 144A
9.25%, 04/15/24
  USD 1,400    1,203,272 
Morocco: 0.9%           
OCP SA 144A           
3.75%, 06/23/31  USD 2,550    2,591,496 
4.50%, 10/22/25  USD 2,250    2,446,137 
5.12%, 06/23/51  USD 2,500    2,556,455 
5.62%, 04/25/24  USD 1,650    1,820,156 
6.88%, 04/25/44  USD 1,900    2,343,874 
OCP SA Reg S
4.50%, 10/22/25
  USD 200    217,435 
          11,975,553 
Netherlands: 0.6%           
Braskem Netherlands Finance BV Reg S            
5.88%, 01/31/50  USD 200    224,375 
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81  USD 250    288,788 
Greenko Dutch BV 144A
3.85%, 03/29/26
  USD 3,200    3,231,312 
Kazakhstan Temir Zholy Finance BV Reg S
6.95%, 07/10/42
  USD 200    279,000 
Metinvest BV Reg S
7.75%, 10/17/29
  USD 200    220,988 
MV24 Capital BV Reg S
6.75%, 06/01/34
  USD 187    202,779 
Petrobras Global Finance BV
5.50%, 06/10/51
  USD 1,275    1,255,697 
Tecpetrol SA 144A
4.88%, 12/12/22
  USD 1,665    1,667,522 
VEON Holdings BV Reg S           
3.38%, 11/25/27  USD 200    202,069 
4.00%, 04/09/25  USD 200    210,981 
5.95%, 02/13/23  USD 200    213,547 
7.25%, 04/26/23  USD 250    269,950 
          8,267,008 
Nigeria: 0.5%           
EBN Finance Co. BV 144A
7.12%, 02/16/26
  USD 1,100    1,099,065 
Fidelity Bank Plc 144A
10.50%, 10/16/22
  USD 1,400    1,506,071 
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A
8.62%, 10/27/25
  USD 1,200    1,305,283 
SEPLAT Energy Plc 144A
7.75%, 04/01/26
  USD 1,900    1,980,142 
SEPLAT Energy Plc Reg S
7.75%, 04/01/26
  USD 200    208,436 
          6,098,997 
Oman: 1.5%           
Bank Muscat SAOG Reg S           
4.75%, 03/17/26  USD 1,300    1,343,542 
4.88%, 03/14/23  USD 1,950    2,024,059 
Lamar Funding Ltd. 144A
3.96%, 05/07/25
  USD 2,800    2,805,241 
Lamar Funding Ltd. Reg S
3.96%, 05/07/25
  USD 550    551,030 
Mazoon Assets Co. SAOC 144A
5.20%, 11/08/27
  USD 1,750    1,860,696 
National Bank of Oman SAOG Reg S
5.62%, 09/25/23
  USD 1,650    1,739,034 
OmGrid Funding Ltd. 144A
5.20%, 05/16/27
  USD 1,650    1,703,165 
OQ SAOC 144A
5.12%, 05/06/28
  USD 2,300    2,311,022 
OQ SAOC Reg S
5.12%, 05/06/28
  USD 200    200,958 
Oztel Holdings SPC Ltd. 144A           
5.62%, 10/24/23  USD 2,000    2,124,650 
6.62%, 04/24/28 †  USD 2,750    3,036,228 
Oztel Holdings SPC Ltd. Reg S
6.62%, 04/24/28
  USD 200    220,817 
          19,920,442 
Panama: 1.0%           
Aeropuerto Internacional de Tocumen SA 144A           
5.62%, 05/18/36  USD 600    685,947 
6.00%, 11/18/48  USD 2,614    3,056,541 
Aeropuerto Internacional de Tocumen SA Reg S           
5.62%, 05/18/36  USD 1,300    1,486,219 
6.00%, 11/18/48  USD 296    346,023 
Banco General SA 144A
5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 05/07/31 (o) †
  USD 1,400    1,453,921 
Banistmo SA 144A           
3.65%, 09/19/22  USD 1,400    1,420,384 
4.25%, 07/31/27  USD 1,400    1,441,440 
Cable Onda SA Reg S
4.50%, 01/30/30
  USD 200    211,203 
Global Bank Corp. 144A
5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29
  USD 1,450    1,538,791 
Industrial Senior Trust 144A
5.50%, 11/01/22
  USD 1,700    1,762,611 
          13,403,080 
Paraguay: 0.1%           
Banco Continental SAECA 144A
2.75%, 12/10/25
  USD 1,000    989,515 
Frigorifico Concepcion SA 144A
7.70%, 07/21/28
  USD 800    833,620 
          1,823,135 
Peru: 1.4%           
Auna SAA 144A
6.50%, 11/20/25
  USD 1,000    1,029,930 
Banco Internacional del Peru SAA Interbank 144A           
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30  USD 950    933,346 
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29  USD 1,000    1,054,590 
Camposol SA 144A
6.00%, 02/03/27
  USD 1,200    1,236,738 
Cia de Minas Buenaventura SAA 144A
5.50%, 07/23/26
  USD 2,200    2,120,294 
Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A
6.38%, 06/01/28
  USD 2,050    2,032,062 
InRetail Consumer 144A
3.25%, 03/22/28
  USD 1,700    1,666,706 
InRetail Consumer Reg S
3.25%, 03/22/28
  USD 200    196,083 
InRetail Shopping Malls 144A
5.75%, 04/03/28
  USD 1,175    1,205,785 
Orazul Energy Egenor SCA Reg S
5.62%, 04/28/27
  USD 200    203,126 
Peru LNG Srl 144A
5.38%, 03/22/30
  USD 2,400    1,853,556 
Peru LNG Srl Reg S
5.38%, 03/22/30
  USD 800    617,852 
SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA 144A
3.50%, 08/02/28
  USD 1,000    981,620 
SAN Miguel Industrias Pet SA 144A
4.50%, 09/18/22
  USD 1,000    1,011,170 
Volcan Cia Minera SAA 144A
4.38%, 02/11/26
  USD 1,500    1,452,705 
          17,595,563 
Philippines: 0.1%           
Rizal Commercial Banking Corp. Reg S
6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 08/27/25 (o)
  USD 1,000    1,058,795 
Poland: 0.1%           
CANPACK SA / Eastern PA Land Investment Holding LLC 144A
3.12%, 11/01/25
  USD 1,500    1,530,075 
Qatar: 0.2%           
QNB Finansbank AS 144A
6.88%, 09/07/24 †
  USD 2,200    2,403,830 
Russia: 4.2%           
Borets Finance DAC 144A
6.00%, 09/17/26
  USD 1,100    1,158,080 
Celtic Resources Holdings DAC 144A
4.12%, 10/09/24
  USD 1,350    1,426,698 
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A
4.50%, 09/19/24
  USD 1,000    1,039,050 
Evraz Plc 144A           
5.25%, 04/02/24  USD 2,225    2,396,325 
5.38%, 03/20/23  USD 2,550    2,700,425 
Gazprom PJSC via Gaz Finance Plc 144A
4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o)
  USD 3,600    3,762,266 
Gtlk Europe Capital DAC Reg S           
4.65%, 03/10/27  USD 2,100    2,210,926 
4.80%, 02/26/28  USD 1,750    1,842,181 
4.95%, 02/18/26  USD 1,750    1,874,537 
5.95%, 04/17/25  USD 1,700    1,877,762 
GTLK Europe DAC Reg S
5.12%, 05/31/24
  USD 1,600    1,709,616 
Petropavlovsk 2016 Ltd. 144A
8.12%, 11/14/22
  USD 1,050    1,100,425 
PJSC Koks via IMH Capital DAC 144A
5.90%, 09/23/25
  USD 1,200    1,287,338 
Polyus Finance Plc 144A           
4.70%, 01/29/24  USD 1,500    1,607,232 
5.25%, 02/07/23  USD 2,300    2,438,000 
Polyus Finance Plc Reg S
4.70%, 01/29/24
  USD 200    214,298 
Sberbank of Russia Via SB Capital SA 144A
5.12%, 10/29/22
  USD 6,675    6,975,408 
Sovcombank Via SovCom Capital DAC 144A
3.40%, 01/26/25
  USD 1,000    1,006,920 
VEON Holdings BV 144A           
3.38%, 11/25/27  USD 3,900    3,940,346 
4.00%, 04/09/25  USD 3,245    3,423,167 
4.95%, 06/16/24  USD 1,750    1,889,186 
5.95%, 02/13/23  USD 1,500    1,601,603 
7.25%, 04/26/23  USD 2,075    2,240,585 
VTB Bank OJSC Via VTB Capital SA 144A
6.95%, 10/17/22
  USD 4,350    4,592,599 
          54,314,973 
Saudi Arabia: 0.5%           
Arabian Centres Sukuk Ltd. 144A
5.38%, 11/26/24
  USD 1,700    1,767,490 
Dar Al-Arkan Sukuk Co. Ltd. Reg S           
6.75%, 02/15/25  USD 1,950    2,028,449 
6.88%, 03/21/23  USD 1,750    1,822,931 
6.88%, 02/26/27  USD 1,400    1,415,659 
          7,034,529 
Singapore: 1.9%           
Continuum Energy Levanter Pte Ltd. 144A
4.50%, 02/09/27
  USD 2,000    2,024,470 
GLP Pte Ltd. Reg S
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 05/17/26 (o)
  USD 3,600    3,582,652 
Greenko Investment Co. 144A
4.88%, 08/16/23
  USD 1,600    1,618,924 
Greenko Mauritius Ltd. 144A
6.25%, 02/21/23
  USD 1,400    1,438,561 
Greenko Solar Mauritius Ltd. 144A           
5.55%, 01/29/25  USD 1,500    1,533,791 
5.95%, 07/29/26  USD 1,700    1,808,624 
Indika Energy Capital III Pte Ltd. Reg S
5.88%, 11/09/24
  USD 300    299,919 
Inkia Energy Ltd. 144A
5.88%, 11/09/27
  USD 2,066    2,114,758 
Medco Platinum Road Pte Ltd. Reg S
6.75%, 01/30/25
  USD 200    207,363 
Mersin Uluslararasi Liman Isletmeciligi AS 144A
5.38%, 11/15/24
  USD 1,800    1,911,276 
Puma International Financing SA 144A           
5.00%, 01/24/26  USD 2,300    2,308,510 
5.12%, 10/06/24  USD 1,900    1,911,708 
Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33
  USD 1,552    1,763,093 
TML Holdings Pte Ltd. Reg S
4.35%, 06/09/26
  USD 700    688,980 
Yanlord Land HK Co. Ltd. Reg S           
6.75%, 04/23/23  USD 600    619,459 
6.80%, 02/27/24  USD 600    622,500 
          24,454,588 
South Africa: 3.2%           
Absa Group Ltd. Reg S
6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%),  04/25/28
  USD 1,400    1,473,055 
Eskom Holdings SOC Ltd. 144A           
6.35%, 08/10/28  USD 3,550    3,946,357 
6.75%, 08/06/23  USD 3,500    3,655,820 
7.12%, 02/11/25  USD 4,175    4,398,780 
8.45%, 08/10/28  USD 1,800    2,031,732 
Eskom Holdings SOC Ltd. Reg S           
6.35%, 08/10/28  USD 200    222,330 
6.75%, 08/06/23  USD 400    417,808 
7.12%, 02/11/25  USD 200    210,720 
FirstRand Bank Ltd. Reg S
6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/28
  USD 1,650    1,740,539 
Gold Fields Orogen Holdings BVI Ltd. 144A           
5.12%, 05/15/24  USD 1,450    1,575,534 
6.12%, 05/15/29  USD 1,600    1,900,000 
Growthpoint Properties International Pty Ltd. 144A
5.87%, 05/02/23
  USD 1,400    1,494,598 
MTN Mauritius Investments Ltd. 144A           
4.75%, 11/11/24  USD 2,400    2,544,917 
6.50%, 10/13/26  USD 1,600    1,845,293 
Sasol Financing International Ltd.
4.50%, 11/14/22
  USD 3,300    3,383,325 
Sasol Financing USA LLC           
5.88%, 03/27/24  USD 5,000    5,303,300 
6.50%, 09/27/28  USD 2,575    2,873,648 
Standard Bank Group Ltd. Reg S
5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%),  05/31/29
  USD 1,400    1,490,748 
Stillwater Mining Co. 144A
 7.12%, 06/27/25
  USD 1,300    1,348,165 
          41,856,669 
South Korea: 0.3%           
SK Innovation Co. Ltd. Reg S
4.12%, 07/13/23
  USD 1,800    1,893,705 
Woori Bank 144A
4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o)
  USD 1,650    1,716,000 
Woori Bank Reg S
4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o)
  USD 200    208,000 
          3,817,705 
Spain: 1.0%           
AES Andres BV 144A
5.70%, 05/04/28
  USD 1,000    1,034,795 
AI Candelaria Spain SLU 144A
5.75%, 06/15/33
  USD 1,650    1,687,315 
AI Candelaria Spain SLU Reg S           
5.75%, 06/15/33  USD 300    306,784 
7.50%, 12/15/28  USD 200    223,224 
Banco Bilbao Vizcaya Argentaria Colombia SA 144A
4.88%, 04/21/25
  USD 1,350    1,411,128 
Banco Bilbao Vizcaya Argentaria Colombia SA Reg S
4.88%, 04/21/25
  USD 100    104,528 
BBVA Bancomer SA 144A
6.75%, 09/30/22
  USD 4,700    4,986,794 
Colombia Telecomunicaciones SA ESP 144A
4.95%, 07/17/30 †
  USD 1,700    1,783,113 
International Airport Finance SA 144A
12.00%, 03/15/33
  USD 1,231    1,337,850 
International Airport Finance SA Reg S
12.00%, 03/15/33
  USD 200    216,832 
          13,092,363 
Switzerland: 0.2%           
Consolidated Energy Finance SA 144A           
6.50%, 05/15/26  USD 1,350    1,370,122 
6.88%, 06/15/25  USD 1,450    1,476,955 
          2,847,077 
Tanzania: 0.3%           
AngloGold Ashanti Holdings Plc           
5.12%, 08/01/22  USD 2,350    2,441,180 
6.50%, 04/15/40  USD 1,100    1,375,000 
          3,816,180 
Thailand: 0.6%           
Bangkok Bank PCL 144A
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34
  USD 3,700    3,857,324 
Bangkok Bank PCL Reg S
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34
  USD 400    416,688 
Kasikornbank PCL Reg S
3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31
  USD 2,800    2,871,204 
          7,145,216 
Togo: 0.2%           
Ecobank Transnational, Inc. 144A
9.50%, 04/18/24
  USD 1,600    1,723,120 
Ecobank Transnational, Inc. Reg S
9.50%, 04/18/24
  USD 200    215,390 
          1,938,510 
Trinidad and Tobago: 0.5%            
National Gas Co. of Trinidad & Tobago Ltd. 144A
6.05%, 01/15/36
  USD 1,000    1,050,445 
National Gas Co. of Trinidad & Tobago Ltd. Reg S
6.05%, 01/15/36
  USD 500    525,222 
Telecommunications Services of Trinidad & Tobago Ltd. 144A
8.88%, 10/18/29
  USD 950    1,019,208 
Trinidad Generation UnLtd Reg S
5.25%, 11/04/27
  USD 200    205,717 
Trinidad Generation UnLtd. 144A
5.25%, 11/04/27
  USD 1,800    1,851,453 
Trinidad Petroleum Holdings Ltd. 144A
9.75%, 06/15/26
  USD 1,950    2,190,796 
          6,842,841 
Turkey: 6.7%           
Akbank TAS 144A           
5.00%, 10/24/22  USD 1,150    1,183,062 
5.12%, 03/31/25 †  USD 1,750    1,769,775 
6.80%, 02/06/26  USD 1,450    1,539,574 
6.80% (USD Swap Semi 30/360 5 Year+4.03%),  04/27/28  USD 1,050    1,064,185 
6.80% (USD Swap Semi 30/360 5 Year+6.01%), 06/22/31  USD 1,700    1,708,508 
Akbank TAS Reg S           
5.00%, 10/24/22  USD 500    514,375 
6.80%, 02/06/26  USD 200    212,355 
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/28  USD 200    202,702 
Anadolu Efes Biracilik Ve Malt Sanayii AS Reg S
3.38%, 11/01/22
  USD 200    205,190 
Arcelik AS 144A
5.00%, 04/03/23
  USD 1,800    1,870,812 
Coca-Cola Icecek AS 144A
4.21%, 09/19/24
  USD 1,400    1,474,500 
Coca-Cola Icecek AS Reg S
4.21%, 09/19/24
  USD 200    210,643 
Fibabanka AS Reg S
6.00%, 01/25/23
  USD 950    968,098 
7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27  USD 1,000    1,014,000 
KOC Holding AS 144A           
5.25%, 03/15/23  USD 1,925    1,996,918 
6.50%, 03/11/25  USD 2,300    2,495,799 
KOC Holding AS Reg S           
5.25%, 03/15/23  USD 500    518,680 
6.50%, 03/11/25  USD 200    217,026 
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A
9.50%, 07/10/36
  USD 1,200    1,263,304 
Mersin Uluslararasi Liman Isletmeciligi AS Reg S
5.38%, 11/15/24
  USD 200    212,364 
ODEA BANK AS
7.63%, 08/01/27
  USD 400    330,200 
Pegasus Hava Tasimaciligi AS 144A
9.25%, 04/30/26
  USD 1,200    1,271,615 
Roenesans Gayrimenkul Yatirim AS 144A
7.25%, 04/26/23
  USD 950    926,664 
TC Ziraat Bankasi AS 144A           
5.12%, 09/29/23  USD 1,350    1,388,651 
5.38%, 03/02/26  USD 2,050    2,032,227 
TC Ziraat Bankasi AS Reg S
5.12%, 09/29/23
  USD 200    205,726 
Turk Telekomunikasyon AS 144A           
4.88%, 06/19/24  USD 1,700    1,782,263 
6.88%, 02/28/25  USD 1,460    1,616,512 
Turk Telekomunikasyon AS Reg S
6.88%, 02/28/25
  USD 200    221,440 
Turkcell Iletisim Hizmetleri AS 144A           
5.75%, 10/15/25  USD 1,500    1,622,124 
5.80%, 04/11/28  USD 1,600    1,724,160 
Turkcell Iletisim Hizmetleri AS Reg S
5.75%, 10/15/25
  USD 200    216,283 
Turkiye Garanti Bankasi AS 144A           
5.25%, 09/13/22  USD 2,425    2,505,437 
5.88%, 03/16/23  USD 1,500    1,575,064 
Turkiye Garanti Bankasi AS Reg S
5.88%, 03/16/23
  USD 200    210,009 
Turkiye Ihracat Kredi Bankasi AS 144A
5.38%, 10/24/23
  USD 1,350    1,395,846 
Turkiye Is Bankasi AS 144A           
6.00%, 10/24/22  USD 3,150    3,241,744 
6.12%, 04/25/24  USD 4,050    4,224,105 
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28  USD 1,600    1,634,640 
7.85%, 12/10/23  USD 1,055    1,133,812 
Turkiye Is Bankasi AS Reg S           
6.00%, 10/24/22  USD 200    205,825 
6.12%, 04/25/24  USD 200    208,598 
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28  USD 200    204,330 
7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30  USD 2,450    2,554,003 
Turkiye Petrol Rafinerileri AS 144A
4.50%, 10/18/24
  USD 2,100    2,113,524 
Turkiye Petrol Rafinerileri AS Reg S
4.50%, 10/18/24
  USD 200    201,288 
Turkiye Sinai Kalkinma Bankasi AS 144A           
5.88%, 01/14/26  USD 1,000    1,010,750 
6.00%, 01/23/25 †  USD 1,400    1,432,438 
Turkiye Sinai Kalkinma Bankasi AS Reg S           
5.50%, 01/16/23  USD 1,150    1,181,535 
5.88%, 01/14/26  USD 200    202,150 
Turkiye Sise ve Cam Fabrikalari AS 144A
 6.95%, 03/14/26 †
  USD 2,250    2,512,687 
Turkiye Vakiflar Bankasi TAO 144A           
5.25%, 02/05/25 †  USD 2,400    2,401,236 
5.75%, 01/30/23 †  USD 1,850    1,912,438 
6.00%, 11/01/22  USD 2,300    2,361,748 
6.50%, 01/08/26  USD 2,350    2,418,045 
8.12%, 03/28/24  USD 1,850    2,020,737 
Turkiye Vakiflar Bankasi TAO Reg S           
5.75%, 01/30/23  USD 200    206,750 
6.50%, 01/08/26  USD 200    205,791 
8.12%, 03/28/24  USD 200    218,458 
Ulker Biskuvi Sanayi AS 144A
6.95%, 10/30/25
  USD 1,900    2,060,723 
Ulker Biskuvi Sanayi AS Reg S
6.95%, 10/30/25
  USD 200    216,918 
Yapi ve Kredi Bankasi AS 144A           
5.50%, 12/06/22  USD 3,300    3,386,625 
5.85%, 06/21/24  USD 1,650    1,704,268 
6.10%, 03/16/23  USD 1,450    1,509,473 
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 †  USD 1,500    1,571,587 
8.25%, 10/15/24  USD 1,625    1,783,438 
Yapi ve Kredi Bankasi AS Reg S
6.10%, 03/16/23
  USD 200    208,203 
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31  USD 200    209,545 
Zorlu Yenilenebilir Enerji AS 144A
9.00%, 06/01/26
  USD 950    943,526 
          87,067,029 
Ukraine: 1.3%           
Kernel Holding SA 144A           
6.50%, 10/17/24  USD 700    749,665 
6.75%, 10/27/27 †  USD 1,050    1,130,062 
Kernel Holding SA Reg S
6.50%, 10/17/24
  USD 200    214,190 
Metinvest BV 144A           
7.65%, 10/01/27  USD 1,100    1,216,253 
7.75%, 04/23/23  USD 1,075    1,149,889 
7.75%, 10/17/29  USD 1,500    1,657,410 
8.50%, 04/23/26  USD 1,850    2,101,493 
Metinvest BV Reg S
8.50%, 04/23/26
  USD 200    227,188 
NAK Naftogaz Ukraine via Kondor Finance Plc 144A
7.62%, 11/08/26
  USD 1,700    1,741,590 
State Agency of Roads of Ukraine 144A
6.25%, 06/24/28
  USD 2,400    2,383,008 
Ukraine Railways Via Rail Capital Markets Plc Reg S
8.25%, 07/09/24
  USD 2,800    2,933,000 
VF Ukraine PAT via VFU Funding Plc 144A
6.20%, 02/11/25
  USD 1,400    1,452,948 
          16,956,696 
United Arab Emirates: 2.2%            
Alpha Star Holding V Ltd. Reg S
6.62%, 04/18/23
  USD 1,400    1,399,978 
DIB Tier 1 Sukuk 3 Ltd. Reg S
6.25% (USD Swap Semi 30/360 6 Year+3.66%), 01/22/25 (o)
  USD 2,550    2,764,748 
DP World Salaam Reg S
6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o)
  USD 5,000    5,469,735 
Emaar Sukuk Ltd. Reg S           
3.63%, 09/15/26  USD 2,600    2,696,130 
3.88%, 09/17/29  USD 2,900    2,965,612 
Emirates NBD Bank PJSC Reg S
6.12% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o)
  USD 3,300    3,545,718 
Emirates Reit Sukuk Ltd. Reg S
5.12%, 12/12/22
  USD 1,100    852,500 
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A
7.12%, 07/31/26
  USD 2,800    2,895,340 
MAF Global Securities Ltd. Reg S            
5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o)  USD 1,600    1,644,170 
6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/25 (o)  USD 1,400    1,529,500 
Shelf Drilling Holdings Ltd. 144A           
8.25%, 02/15/25  USD 3,175    2,396,379 
8.88%, 11/15/24  USD 1,000    1,028,710 
          29,188,520 
United Kingdom: 1.0%           
Gazprom PJSC via Gaz Finance Plc Reg S
4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o)
  USD 1,000    1,045,074 
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S
7.62%, 11/08/26
  USD 200    204,893 
Petra Diamonds US Treasury Plc 144A
10.50%, 03/08/26
  USD 929    941,647 
Polyus Finance Plc Reg S
5.25%, 02/07/23
  USD 300    318,000 
Tullow Oil Plc 144A
10.25%, 05/15/26
  USD 5,750    6,005,703 
Tullow Oil Plc Reg S
10.25%, 05/15/26
  USD 200    208,894 
Vedanta Resources Finance II Plc 144A
8.95%, 03/11/25
  USD 3,700    3,492,189 
Vedanta Resources Finance II Plc Reg S           
8.95%, 03/11/25  USD 350    330,342 
13.88%, 01/21/24  USD 200    210,969 
Vedanta Resources Ltd. Reg S
6.12%, 08/09/24
  USD 300    240,390 
7.12%, 05/31/23  USD 200    182,378 
          13,180,479 
United States: 3.5%           
AES Andes SA 144A            
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79  USD 1,375    1,455,046 
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79  USD 1,650    1,745,279 
AES Argentina Generacion SA 144A
7.75%, 02/02/24
  USD 1,000    858,965 
AES El Salvador Trust II 144A
6.75%, 03/28/23
  USD 1,050    1,009,375 
Azul Investments LLP 144A
7.25%, 06/15/26 †
  USD 1,000    938,465 
Azul Investments LLP Reg S
5.88%, 10/26/24
  USD 200    188,491 
BBVA Bancomer SA Reg S
6.75%, 09/30/22
  USD 300    318,306 
Empresa Electrica Cochrane SpA 144A
5.50%, 05/14/27
  USD 1,193    1,187,402 
Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25
  USD 1,750    987,996 
Energuate Trust 144A
5.88%, 05/03/27
  USD 1,000    1,046,685 
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A
5.38%, 12/30/30
  USD 2,400    2,399,880 
JBS USA Food Co. 144A           
5.75%, 01/15/28  USD 900    949,950 
7.00%, 01/15/26  USD 1,350    1,432,033 
Kosmos Energy Ltd. 144A
7.50%, 03/01/28 †
  USD 1,500    1,454,535 
Kosmos Energy Ltd. Reg S
7.12%, 04/04/26
  USD 200    195,683 
MGM China Holdings Ltd. 144A           
5.25%, 06/18/25  USD 600    617,037 
5.38%, 05/15/24  USD 800    815,516 
5.88%, 05/15/26  USD 1,100    1,142,735 
Mong Duong Finance Holdings BV 144A
5.12%, 05/07/29
  USD 2,050    2,035,773 
Mong Duong Finance Holdings BV Reg S
5.12%, 05/07/29
  USD 200    198,612 
NBM US Holdings, Inc. Reg S
6.62%, 08/06/29
  USD 100    112,047 
Sasol Financing USA LLC           
4.38%, 09/18/26 †  USD 2,175    2,233,823 
5.50%, 03/18/31  USD 2,825    2,949,300 
SierraCol Energy Andina LLC 144A
6.00%, 06/15/28
  USD 2,000    2,005,000 
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A
10.50%, 06/01/24
  USD 2,175    2,366,955 
Wynn Macau Ltd. 144A           
4.88%, 10/01/24 †  USD 1,925    1,940,679 
5.12%, 12/15/29  USD 3,300    3,337,702 
5.50%, 01/15/26  USD 3,300    3,419,823 
5.50%, 10/01/27  USD 2,250    2,316,353 
5.62%, 08/26/28  USD 4,450    4,567,480 
          46,226,926 
Uruguay: 0.0%           
Arcos Dorados Holdings, Inc. Reg S
5.88%, 04/04/27
  USD 150    157,864 
Uzbekistan: 0.3%           
Ipoteka-Bank ATIB Reg S
5.50%, 11/19/25
  USD 1,000    1,044,870 
Uzauto Motors AJ 144A
4.85%, 05/04/26
  USD 900    907,256 
Uzauto Motors AJ Reg S
4.85%, 05/04/26
  USD 200    201,216 
Uzbek Industrial and Construction Bank ATB Reg S
5.75%, 12/02/24
  USD 1,050    1,116,413 
          3,269,755 
Zambia: 1.6%           
First Quantum Minerals Ltd. 144A           
6.50%, 03/01/24  USD 2,500    2,552,437 
6.88%, 03/01/26  USD 3,300    3,454,440 
6.88%, 10/15/27  USD 4,950    5,371,072 
7.25%, 04/01/23  USD 5,000    5,100,000 
7.50%, 04/01/25  USD 4,225    4,385,909 
          20,863,858 
Total Corporate Bonds
(Cost: $1,253,749,088)
         1,249,355,760 
GOVERNMENT OBLIGATIONS: 2.0%           
Argentina: 0.6%           
Ciudad Autonoma De Buenos Aires 144A
7.50%, 06/01/27
  USD 2,700    2,405,795 
Ciudad Autonoma De Buenos Aires Reg S
7.50%, 06/01/27
  USD 200    178,207 
Provincia de Cordoba 144A           
3.00%, 02/01/29  USD 1,457    932,448 
5.00%, 06/01/27 (s)  USD 1,632    1,126,235 
Provincia de Cordoba Reg S
3.00%, 02/01/29 (s)
  USD 152    97,331 
Provincia de Mendoza Argentina 144A
2.75%, 03/19/29 (s)
  USD 1,825    1,243,281 
Provincia de Neuquen Argentina 144A
2.50%, 04/27/30 (s)
  USD 1,200    759,012 
Provincia de Neuquen Argentina Reg S
2.50%, 04/27/30 (s)
  USD 75    47,438 
Provincia del Chubut Argentina 144A
7.24%, 07/26/30 (s)
  USD 1,604    1,286,942 
Provincia del Chubut Argentina Reg S
7.24%, 07/26/30 (s)
  USD 141    113,554 
          8,190,243 
Belarus: 0.1%           
Development Bank of the Republic of Belarus JSC 144A
6.75%, 05/02/24
  USD 1,600    1,496,000 
Development Bank of the Republic of Belarus JSC Reg S
6.75%, 05/02/24
  USD 200    187,000 
          1,683,000 
Brazil: 0.1%           
Banco Nacional de Desenvolvimento Economico e Social 144A
5.75%, 09/26/23
  USD 1,300    1,439,204 
Banco Nacional de Desenvolvimento Economico e Social Reg S
5.75%, 09/26/23
  USD 250    276,770 
          1,715,974 
Mongolia: 0.2%           
Development Bank of Mongolia LLC 144A
7.25%, 10/23/23
  USD 1,500    1,606,825 
Development Bank of Mongolia LLC Reg S
7.25%, 10/23/23
  USD 200    214,243 
          1,821,068 
Pakistan: 0.1%           
Pakistan Water & Power Development Authority Reg S
7.50%, 06/04/31
  USD 1,600    1,588,000 
Turkey: 0.8%           
Istanbul Metropolitan Municipality 144A
6.38%, 12/09/25
  USD 1,800    1,793,529 
Istanbul Metropolitan Municipality Reg S
6.38%, 12/09/25
  USD 200    199,281 
Turkiye Ihracat Kredi Bankasi AS 144A           
4.25%, 09/18/22  USD 1,500    1,526,115 
5.75%, 07/06/26  USD 2,400    2,403,000 
6.12%, 05/03/24  USD 1,550    1,616,158 
8.25%, 01/24/24  USD 1,665    1,816,765 
Turkiye Ihracat Kredi Bankasi AS Reg S           
4.25%, 09/18/22  USD 200    203,482 
5.38%, 10/24/23  USD 300    310,188 
          9,868,518 
Uzbekistan: 0.1%           
National Bank of Uzbekistan Reg S
4.85%, 10/21/25
  USD 1,000    1,043,750 
Total Government Obligations
(Cost: $25,885,047)
         25,910,553 
Total Investments Before Collateral for Securities Loaned: 97.8%
(Cost: $1,279,634,135)
         1,275,266,313 
            
     Number      
     of Shares      
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
(Cost: $27,732,873)
      
Money Market Fund: 2.1%           
State Street Navigator Securities Lending Government Money Market Portfolio    27,732,873    27,732,873 
Total Investments: 99.9%
(Cost: $1,307,367,008)
         1,302,999,186 
Other assets less liabilities: 0.1%         1,374,405 
NET ASSETS: 100.0%        $1,304,373,591 

 

Definitions:

USD United States Dollar
   

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $34,369,103.
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(o) Perpetual Maturity — the date shown is the next call date
(d) Security in default
Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $805,176,950, or 61.7% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned 
  % of
 Investments
                       Value 
Academic & Educational Services        0.0%        $394,000 
Basic Materials   11.6    148,387,932 
Consumer Cyclicals   3.4    42,674,904 
Consumer Non-Cyclicals   3.9    49,620,928 
Energy   15.6    198,547,019 
Financials   38.1    485,933,462 
Government Activity   0.8    10,183,053 
Healthcare   3.4    42,905,874 
Industrials   8.3    105,997,146 
Real Estate   4.9    62,046,079 
Technology   3.7    47,732,096 
Utilities   6.3    80,843,820 
    100.0%  $1,275,266,313 

 

VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
 (000’s)
   Value  
CORPORATE BONDS: 98.7%          
Australia: 1.2%          
Buckeye Partners LP          
3.95%, 12/01/26  $14,332   $14,539,097 
4.12%, 12/01/27   9,567    9,791,107 
4.15%, 07/01/23   11,957    12,390,441 
4.35%, 10/15/24 †   7,170    7,532,981 
5.60%, 10/15/44   7,198    7,135,054 
5.85%, 11/15/43   9,589    9,688,774 
         61,077,454 
Brazil: 0.2%          
Avon Products, Inc.
6.50%, 03/15/23
   11,131    11,868,429 
Canada: 1.3%          
Bombardier, Inc. 144A
7.45%, 05/01/34 †
   12,636    14,376,356 
Methanex Corp.          
4.25%, 12/01/24 †   7,177    7,632,058 
5.25%, 12/15/29   16,733    18,528,451 
5.65%, 12/01/44 †   7,188    7,691,160 
TransAlta Corp.          
4.50%, 11/15/22   9,578    9,873,194 
6.50%, 03/15/40   7,179    8,273,797 
         66,375,016 
Cayman Islands: 0.2%          
North Queensland Export Terminal Pty Ltd.
144A 4.45%, 12/15/22
   12,504    11,965,133 
China: 0.2%          
Ingram Micro, Inc.
5.45%, 12/15/24
   8,504    9,720,137 
Finland: 0.3%          
Nokia Oyj
6.62%, 05/15/39
   12,356    16,970,163 
France: 1.7%          
Electricite de France SA 144A          
5.25% (USD Swap Semi 30/360 10 Year+3.71%), 01/29/23 (o)   50,101    52,706,252 
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)   35,840    38,599,680 
         91,305,932 
Germany: 2.1%          
Deutsche Bank AG          
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28   32,491    33,654,426 
4.50%, 04/01/25   35,802    38,639,122 
Dresdner Funding Trust I 144A
8.15%, 06/30/31
   23,948    34,626,485 
         106,920,033 
Italy: 3.3%          
Intesa Sanpaolo SpA 144A
5.02%, 06/26/24
   47,744    51,822,201 
Telecom Italia Capital SA          
6.00%, 09/30/34   23,893    27,467,393 
6.38%, 11/15/33   23,881    28,274,149 
7.20%, 07/18/36   23,897    30,623,527 
7.72%, 06/04/38   23,925    32,172,665 
         170,359,935 
Luxembourg: 1.4%          
ArcelorMittal SA          
3.60%, 07/16/24   6,945    7,434,910 
4.25%, 07/16/29   11,951    13,510,294 
4.55%, 03/11/26   9,602    10,825,347 
7.00%, 03/01/41   10,398    14,940,039 
7.25%, 10/15/39   16,401    23,986,801 
         70,697,391 
United Kingdom: 2.8%          
Lloyds Banking Group Plc 144A          
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o)   9,049    12,544,176 
6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o)   10,451    14,851,394 
Marks & Spencer Plc 144A
7.12%, 12/01/37 †
   7,164    8,608,721 
Rolls-Royce Plc 144A
3.62%, 10/14/25 †
   24,448    24,665,098 
Standard Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) †
   17,950    24,726,125 
Vodafone Group Plc
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79
   48,209    59,931,191 
         145,326,705 
United States: 84.0%          
ADT Security Corp.
4.12%, 06/15/23
   16,696    17,661,196 
Allegheny Technologies, Inc.
7.88%, 08/15/23
   11,994    13,153,460 
Apache Corp.          
4.25%, 01/15/30 †   13,855    14,492,261 
4.25%, 01/15/44   13,080    12,849,792 
4.38%, 10/15/28   23,709    25,160,702 
4.75%, 04/15/43 †   26,910    27,723,624 
5.10%, 09/01/40   31,849    34,203,597 
5.25%, 02/01/42   9,538    10,293,410 
5.35%, 07/01/49   9,269    9,793,162 
6.00%, 01/15/37   10,620    12,252,825 
Bed Bath & Beyond, Inc.          
3.75%, 08/01/24 †   6,948    7,181,904 
5.17%, 08/01/44 †   16,294    15,511,888 
Carnival Corp. 144A
11.50%, 04/01/23
   47,717    53,860,564 
Carpenter Technology Corp.
4.45%, 03/01/23
   7,684    8,029,042 
CDK Global, Inc.
5.00%, 10/15/24
   12,458    13,778,610 
CF Industries, Inc.          
3.45%, 06/01/23   17,937    18,618,247 
4.95%, 06/01/43   17,935    22,117,263 
5.15%, 03/15/34   17,956    22,321,373 
5.38%, 03/15/44   17,962    23,124,907 
Cleveland-Cliffs, Inc.
6.25%, 10/01/40
   6,245    6,775,794 
Continental Resources, Inc./OK          
3.80%, 06/01/24   21,782    22,867,506 
4.90%, 06/01/44   16,784    19,390,555 
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26
   8,815    10,872,597 
DCP Midstream Operating LP          
3.88%, 03/15/23   11,950    12,297,446 
5.60%, 04/01/44   9,630    11,074,500 
8.12%, 08/16/30   7,204    9,624,976 
DCP Midstream Operating LP 144A          
6.45%, 11/03/36   7,217    8,702,114 
6.75%, 09/15/37   10,826    13,397,175 
Dell, Inc.          
5.40%, 09/10/40 †   6,333    7,542,223 
6.50%, 04/15/38   9,296    12,282,340 
7.10%, 04/15/28   7,177    9,255,208 
Delta Air Lines, Inc.          
2.90%, 10/28/24   21,478    21,786,949 
3.75%, 10/28/29   14,333    14,241,012 
3.80%, 04/19/23   11,926    12,312,611 
4.38%, 04/19/28   11,936    12,531,415 
Diversified Healthcare Trust          
4.75%, 05/01/24   6,115    6,334,712 
4.75%, 02/15/28   12,091    12,237,906 
DPL, Inc.
4.35%, 04/15/29
   10,050    11,035,654 
Embarq Corp.
8.00%, 06/01/36
   34,361    38,538,439 
EMC Corp.
3.38%, 06/01/23
   23,882    24,734,110 
EnLink Midstream Partners LP          
4.15%, 06/01/25   17,202    17,786,438 
4.40%, 04/01/24   12,453    13,105,413 
5.05%, 04/01/45   10,760    9,982,805 
5.60%, 04/01/44   8,363    8,196,576 
EPR Properties          
3.75%, 08/15/29   11,964    12,157,123 
4.50%, 04/01/25   7,186    7,662,138 
4.50%, 06/01/27   10,750    11,455,733 
4.75%, 12/15/26   10,759    11,620,834 
4.95%, 04/15/28   9,558    10,350,027 
5.25%, 07/15/23   6,577    6,949,627 
EQM Midstream Partners LP          
4.00%, 08/01/24   11,963    12,265,664 
4.12%, 12/01/26   11,947    12,103,565 
4.75%, 07/15/23   14,355    14,990,568 
5.50%, 07/15/28   20,323    22,028,709 
6.50%, 07/15/48   13,160    14,494,990 
EQT Corp.          
3.00%, 10/01/22 †   13,589    13,798,746 
3.90%, 10/01/27   29,857    32,433,211 
6.62%, 02/01/25   23,896    27,646,716 
7.50%, 02/01/30   17,915    23,557,240 
FirstEnergy Corp.          
1.60%, 01/15/26   7,194    7,160,607 
2.05%, 03/01/25   7,181    7,314,049 
2.25%, 09/01/30   10,761    10,626,568 
2.65%, 03/01/30   14,346    14,637,492 
3.40%, 03/01/50   20,319    20,512,286 
4.65%, 07/15/27   35,850    39,987,016 
4.75%, 03/15/23   20,330    21,404,462 
5.60%, 07/15/47   23,893    30,083,842 
7.38%, 11/15/31   35,829    50,125,143 
FirstEnergy Transmission LLC 144A
4.55%, 04/01/49
   11,954    14,458,280 
Fluor Corp.          
3.50%, 12/15/24 †   11,812    12,373,070 
4.25%, 09/15/28 †   14,468    14,947,253 
Ford Holdings LLC
9.30%, 03/01/30
   4,964    6,825,500 
Ford Motor Co.          
4.35%, 12/08/26   25,168    27,228,630 
4.75%, 01/15/43   33,556    36,881,903 
5.29%, 12/08/46   21,834    25,045,454 
6.38%, 02/01/29   4,336    5,045,630 
6.62%, 10/01/28   10,703    12,865,006 
7.40%, 11/01/46 †   6,641    8,861,717 
7.45%, 07/16/31   30,092    39,888,601 
Ford Motor Credit Co. LLC          
2.98%, 08/03/22   14,677    14,897,595 
3.09%, 01/09/23   25,185    25,692,604 
3.10%, 05/04/23   16,801    17,160,289 
3.35%, 11/01/22   20,989    21,514,774 
3.55%, 10/07/22   10,078    10,316,093 
3.66%, 09/08/24   12,612    13,196,188 
3.81%, 01/09/24   12,616    13,183,875 
3.81%, 11/02/27   12,523    13,180,457 
4.06%, 11/01/24   25,176    26,744,465 
4.13%, 08/04/25   23,508    25,179,419 
4.14%, 02/15/23   15,111    15,678,418 
4.25%, 09/20/22   16,801    17,303,686 
4.27%, 01/09/27   15,104    16,307,789 
4.38%, 08/06/23   16,800    17,648,400 
4.39%, 01/08/26   20,154    21,892,283 
4.54%, 08/01/26   12,589    13,691,922 
4.69%, 06/09/25   10,085    10,967,438 
5.11%, 05/03/29   24,957    28,292,378 
5.58%, 03/18/24   25,176    27,468,275 
Freeport-McMoRan, Inc.          
3.88%, 03/15/23   23,803    24,702,158 
4.55%, 11/14/24   17,464    19,035,498 
5.40%, 11/14/34   17,924    22,811,875 
5.45%, 03/15/43   44,591    57,380,591 
Frontier Florida LLC
6.86%, 02/01/28
   7,700    8,448,979 
Genworth Holdings, Inc.          
4.80%, 02/15/24   9,168    9,145,584 
4.90%, 08/15/23   9,056    9,112,962 
6.50%, 06/15/34 †   7,162    7,410,414 
Global Marine, Inc.
7.00%, 06/01/28
   6,224    4,241,220 
Goldman Sachs Capital I
6.34%, 02/15/34
   28,305    40,318,740 
HB Fuller Co.
4.00%, 02/15/27
   7,685    7,964,503 
HCA, Inc.
7.69%, 06/15/25
   7,439    9,068,922 
Hexcel Corp.          
4.20%, 02/15/27   9,660    10,485,936 
4.95%, 08/15/25   7,269    8,049,235 
Hillenbrand, Inc.
5.00%, 09/15/26
   9,474    10,564,931 
Howmet Aerospace, Inc.          
5.90%, 02/01/27   14,931    17,697,714 
5.95%, 02/01/37   14,955    18,987,167 
6.75%, 01/15/28   7,177    8,854,014 
Kraft Heinz Foods Co.          
3.00%, 06/01/26   44,793    47,706,418 
3.75%, 04/01/30   17,710    19,616,001 
4.38%, 06/01/46   71,293    82,296,269 
4.62%, 01/30/29   17,952    20,837,424 
4.62%, 10/01/39   9,511    11,311,746 
4.88%, 10/01/49   35,820    44,759,714 
5.00%, 07/15/35   19,256    23,872,577 
5.00%, 06/04/42   39,613    49,717,915 
5.20%, 07/15/45   45,257    57,484,348 
6.50%, 02/09/40   17,550    25,147,531 
6.75%, 03/15/32   8,890    12,197,902 
6.88%, 01/26/39   20,049    29,522,078 
Kraft Heinz Foods Co. 144A
7.12%, 08/01/39
   20,939    31,306,883 
L Brands, Inc.
6.95%, 03/01/33
   8,345    10,213,445 
Lumen Technologies, Inc.          
6.88%, 01/15/28   10,175    11,558,902 
7.60%, 09/15/39   12,407    14,157,255 
Macy’s Retail Holdings LLC          
2.88%, 02/15/23   12,035    12,154,387 
3.62%, 06/01/24 †   8,347    8,586,809 
4.30%, 02/15/43   5,976    4,931,007 
4.50%, 12/15/34 †   8,769    8,152,013 
5.12%, 01/15/42   5,976    5,468,638 
Magellan Health, Inc.
4.90%, 09/22/24
   9,109    10,155,988 
Mattel, Inc.          
3.15%, 03/15/23 †   5,990    6,132,742 
5.45%, 11/01/41   7,197    8,505,307 
6.20%, 10/01/40   5,993    7,602,930 
Michael Kors USA, Inc. 144A
4.50%, 11/01/24
   10,819    11,523,696 
Murphy Oil Corp.          
6.38%, 12/01/42   8,345    8,367,323 
7.05%, 05/01/29   5,977    6,666,118 
Navient Corp.
5.62%, 08/01/33
   14,467    14,070,677 
Newell Brands, Inc.          
4.35%, 04/01/23   25,992    27,233,118 
4.70%, 04/01/26   47,410    52,862,150 
5.88%, 04/01/36   10,051    12,797,134 
6.00%, 04/01/46   15,938    20,740,677 
Occidental Petroleum Corp.          
0.00%, 10/10/36 ^   53,115    27,938,756 
2.70%, 08/15/22   50    50,615 
2.70%, 02/15/23   10,414    10,538,083 
2.90%, 08/15/24   51,436    51,878,864 
3.00%, 02/15/27   15,501    15,423,495 
3.20%, 08/15/26   19,210    19,092,819 
3.40%, 04/15/26   23,176    23,438,468 
3.50%, 06/15/25   14,385    14,672,700 
3.50%, 08/15/29   30,975    30,977,633 
4.10%, 02/15/47   17,455    16,543,849 
4.20%, 03/15/48   23,259    22,302,008 
4.30%, 08/15/39   17,467    17,341,238 
4.40%, 04/15/46   27,931    27,474,607 
4.40%, 08/15/49   17,452    16,959,592 
4.50%, 07/15/44   14,530    14,351,281 
4.62%, 06/15/45   17,463    17,576,510 
5.55%, 03/15/26   22,186    24,321,513 
6.20%, 03/15/40   17,172    19,943,303 
6.45%, 09/15/36   40,326    48,748,085 
6.60%, 03/15/46   25,563    31,484,158 
6.95%, 07/01/24   11,954    13,359,372 
7.50%, 05/01/31   18,345    23,363,458 
7.88%, 09/15/31   10,449    13,609,718 
7.95%, 06/15/39   7,503    9,785,563 
Oceaneering International, Inc.          
4.65%, 11/15/24   11,938    11,893,233 
6.00%, 02/01/28   7,153    7,209,354 
Ovintiv, Inc.          
6.50%, 08/15/34   17,947    23,993,145 
6.50%, 02/01/38   11,664    15,902,167 
6.62%, 08/15/37   11,068    15,092,214 
7.20%, 11/01/31   8,382    11,215,999 
7.38%, 11/01/31   11,962    16,198,021 
8.12%, 09/15/30   7,180    9,896,992 
Pactiv LLC
7.95%, 12/15/25
   6,709    7,556,011 
Patterson-UTI Energy, Inc.          
3.95%, 02/01/28 †   12,314    12,401,723 
5.15%, 11/15/29 †   8,472    8,776,349 
Pitney Bowes, Inc.
4.62%, 03/15/24
   6,744    7,089,630 
ProAssurance Corp.
5.30%, 11/15/23
   6,470    6,957,499 
Qwest Corp.
7.25%, 09/15/25
   5,965    7,068,525 
Rockies Express Pipeline LLC 144A          
3.60%, 05/15/25   9,575    9,793,789 
4.80%, 05/15/30   8,367    8,543,167 
4.95%, 07/15/29   13,170    13,591,769 
6.88%, 04/15/40   11,959    12,637,434 
7.50%, 07/15/38   5,994    6,684,029 
Royal Caribbean Cruises Ltd.          
3.70%, 03/15/28 †   11,966    11,315,684 
7.50%, 10/15/27 †   7,164    8,211,878 
Royal Caribbean Cruises Ltd. 144A          
10.88%, 06/01/23   23,878    27,179,372 
11.50%, 06/01/25   55,419    63,524,029 
Safeway, Inc.
7.25%, 02/01/31 †
   6,705    7,946,028 
Seagate HDD Cayman          
4.75%, 01/01/25   11,452    12,654,460 
4.88%, 03/01/24   11,943    12,986,639 
4.88%, 06/01/27   12,088    13,508,340 
5.75%, 12/01/34   11,719    13,902,250 
Seagate HDD Cayman 144A          
4.09%, 06/01/29   11,960    12,578,810 
4.12%, 01/15/31   11,959    12,527,053 
Sealed Air Corp. 144A
6.88%, 07/15/33
   11,203    14,398,824 
Service Properties Trust          
3.95%, 01/15/28   9,586    8,998,858 
4.35%, 10/01/24   19,724    19,889,386 
4.38%, 02/15/30   9,572    8,973,606 
4.50%, 06/15/23   1,899    1,944,101 
4.50%, 03/15/25   8,378    8,362,752 
4.65%, 03/15/24   18,319    18,698,386 
4.75%, 10/01/26   10,759    10,589,277 
4.95%, 02/15/27   9,570    9,414,535 
4.95%, 10/01/29 †   10,154    9,865,119 
5.00%, 08/15/22   11,510    11,697,843 
5.25%, 02/15/26   8,366    8,455,265 
Southeast Supply Header LLC 144A  
4.25%, 06/15/24
   10,059    9,966,608 
Southwestern Energy Co.
6.45%, 01/23/25
   20,901    22,911,885 
Spirit AeroSystems, Inc.          
3.85%, 06/15/26   7,183    7,627,017 
3.95%, 06/15/23 †   7,180    7,310,317 
4.60%, 06/15/28   16,738    16,230,839 
Sprint Capital Corp.          
6.88%, 11/15/28   59,102    76,321,959 
8.75%, 03/15/32   47,708    73,595,544 
Tenet Healthcare Corp.
6.88%, 11/15/31
   9,130    10,479,825 
Topaz Solar Farms LLC 144A
5.75%, 09/30/39
   15,494    18,096,633 
Transocean, Inc.          
6.80%, 03/15/38   14,482    7,912,820 
7.50%, 04/15/31   9,388    5,881,066 
Travel + Leisure Co.          
3.90%, 03/01/23   9,576    9,750,618 
5.65%, 04/01/24   7,172    7,691,970 
6.00%, 04/01/27   9,555    10,373,051 
6.60%, 10/01/25   8,376    9,410,604 
Trinity Industries, Inc.
4.55%, 10/01/24
   10,080    10,744,524 
Under Armour, Inc.
3.25%, 06/15/26
   14,541    15,110,644 
United States Cellular Corp.
6.70%, 12/15/33
   13,256    16,498,418 
United States Steel Corp.
6.65%, 06/01/37 †
   8,604    9,335,082 
Western Midstream Operating LP          
3.95%, 06/01/25   11,955    12,343,538 
4.35%, 02/01/25   23,900    25,067,276 
4.50%, 03/01/28 †   9,576    10,316,656 
4.65%, 07/01/26   11,966    12,841,911 
4.75%, 08/15/28   9,576    10,413,517 
5.30%, 02/01/30   28,683    32,241,126 
5.30%, 03/01/48   16,741    18,499,391 
5.45%, 04/01/44   14,358    16,172,851 
5.50%, 08/15/48   8,391    9,386,928 
6.50%, 02/01/50   23,914    28,184,562 
Xerox Corp.
3.80%, 05/15/24 †
   7,189    7,535,402 
4.38%, 03/15/23   23,903    25,041,022 
4.80%, 03/01/35   6,000    6,148,800 
6.75%, 12/15/39   8,384    9,475,555 
XPO CNW, Inc.
6.70%, 05/01/34
   7,590    9,133,351 
Yum! Brands, Inc.          
3.88%, 11/01/23   7,795    8,265,896 
5.35%, 11/01/43   6,611    7,222,220 
6.88%, 11/15/37   7,801    10,055,489 
         4,365,969,762 
Total Corporate Bonds
(Cost: $4,784,596,621)
        5,128,556,090 
           
   Number
of Shares
     
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%
(Cost: $61,228,919)
          
Money Market Fund: 1.2%          
State Street Navigator Securities Lending Government Money Market Portfolio   61,228,919    61,228,919 
Total Investments: 99.9%
(Cost: $4,845,825,540)
        5,189,785,009 
Other assets less liabilities: 0.1%        5,172,545 
NET ASSETS: 100.0%       $5,194,957,554 

 

Definitions:
USD   United States Dollar

 

Footnotes:
  Security fully or partially on loan. Total market value of securities on loan is $82,716,113.
(o)   Perpetual Maturity — the date shown is the next call date
^   Zero Coupon Bond
144A   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $632,261,850, or 12.2% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                       Value 
Basic Materials   7.4%         $379,592,826 
Communications   0.2    8,448,979 
Consumer Cyclicals   18.9    971,613,678 
Consumer Non-Cyclicals   9.3    475,591,264 
Energy   28.5    1,464,011,608 
Financials   5.9    304,948,330 
Healthcare   0.6    29,704,735 
Industrials   6.0    307,657,731 
Real Estate   3.8    195,657,229 
Technology   12.8    654,531,388 
Utilities   6.6    336,798,322 
    100.0%  $5,128,556,090 

 

VANECK VECTORS GREEN BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 79.4%          
Australia: 0.4%          
National Australia Bank Ltd.
3.62%, 06/20/23
  $375   $398,818 
Bermuda: 0.4%          
Investment Energy Resources Ltd. 144A
6.25%, 04/26/29 †
   350    382,532 
Brazil: 2.4%          
Banco BTG Pactual SA 144A
2.75%, 01/11/26
   250    243,590 
Fibria Overseas Finance Ltd.
5.50%, 01/17/27
   375    433,866 
FS Luxembourg Sarl 144A
10.00%, 12/15/25
   300    335,638 
Klabin Austria GmbH 144A
7.00%, 04/03/49
   150    191,073 
Klabin Finance SA 144A
4.88%, 09/19/27
   465    518,768 
Rumo Luxembourg Sarl 144A
5.25%, 01/10/28
   250    267,450 
Suzano Austria GmbH 144A
5.75%, 07/14/26
   250    291,848 
         2,282,233 
British Virgin Islands: 0.2%          
Beijing Capital Polaris Investment Co. Ltd. Reg S
2.80%, 03/18/23
   200    200,749 
Canada: 1.4%          
Alimentation Couche-Tard, Inc. 144A
3.62%, 05/13/51
   150    162,731 
Bank of Nova Scotia
2.38%, 01/18/23
   225    231,959 
Brookfield Finance, Inc.
2.72%, 04/15/31
   250    263,042 
Canadian Imperial Bank of Commerce
0.95%, 10/23/25
   250    250,764 
Liberty Utilities Finance GP 1 144A
2.05%, 09/15/30
   300    296,229 
Tucson Electric Power Co.
1.50%, 08/01/30
   150    145,647 
         1,350,372 
Cayman Islands: 0.4%          
Saudi Electricity Global Sukuk Co. 5 Reg S
1.74%, 09/17/25
   400    405,505 
Chile: 0.3%          
Inversiones CMPC SA 144A
4.38%, 04/04/27
  250   278,939 
China: 9.3%          
Bank of China Ltd. Reg S           
0.95%, 09/21/23   450    452,982 
0.96% (ICE LIBOR USD 3 Month+0.83%), 06/07/23   200    201,048 
1.00% (United States Secured Overnight Financing Rate+0.95%), 10/17/22   200    200,976 
1.03% (ICE LIBOR USD 3 Month+0.88%), 11/22/22   300    302,002 
Capital Environment Holdings Ltd. Reg S
5.62%, 09/11/21
   200    200,587 
Central China Real Estate Ltd. Reg S
7.50%, 07/14/25
   200    155,007 
China Construction Bank Corp. Reg S           
0.80% (ICE LIBOR USD 3 Month+0.66%), 10/22/22   400    401,448 
1.00%, 08/04/23   200    201,306 
1.25%, 08/04/25   400    402,481 
China Everbright Bank Co. Ltd. Reg S
0.98% (ICE LIBOR USD 3 Month+0.85%), 09/19/21
   200    200,040 
China Merchants Bank Co. Ltd. Reg S
1.20%, 09/10/25
   400    398,632 
CIFI Holdings Group Co. Ltd. Reg S
5.95%, 10/20/25
   400    407,019 
ICBCIL Finance Co. Ltd. Reg S
1.21% (ICE LIBOR USD 3 Month+1.05%), 11/20/24
   400    398,579 
Industrial & Commercial Bank of China Ltd. Reg S           
0.79% (ICE LIBOR USD 3 Month+0.67%), 09/16/22   200    200,446 
0.85% (ICE LIBOR USD 3 Month+0.72%), 04/25/22   275    275,652 
0.90% (ICE LIBOR USD 3 Month+0.78%), 09/16/24   800    807,036 
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/14/23   400    403,398 
0.96% (ICE LIBOR USD 3 Month+0.83%), 04/25/24   200    201,700 
2.25%, 09/16/22   200    203,575 
2.88%, 10/12/22   300    307,785 
Industrial Bank Co. Ltd. Reg S
1.01% (ICE LIBOR USD 3 Month+0.85%), 11/20/21
   200    200,103 
Industrial Bank Co. Ltd./Hong Kong Reg S
1.12%, 11/06/23
   400    401,433 
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S
3.40%, 12/05/22
   200    203,998 
KWG Group Holdings Ltd. Reg S
6.00%, 08/14/26
   200    186,013 
Modern Land China Co. Ltd. Reg S
9.80%, 04/11/23
   200    175,066 
Rongshi International Finance Ltd. Reg S
3.25%, 05/21/24
   200    211,789 
Shanghai Pudong Development Bank Co. Ltd. Reg S
0.83% (ICE LIBOR USD 3 Month+0.70%), 10/29/22
   200    199,976 
Shuifa International Holdings BVI Co. Ltd. Reg S
4.00%, 03/24/24
   200    194,997 
Wuhan Metro Group Co. Ltd. Reg S
2.96%, 09/24/24
   200    206,885 
Yuzhou Group Holdings Co. Ltd. Reg S          
6.35%, 01/13/27   200    132,763 
7.85%, 08/12/26   200    138,016 
Zhenro Properties Group Ltd. Reg S          
6.63%, 01/07/26   200    169,512 
7.35%, 02/05/25   200    177,510 
         8,919,760 
Colombia: 0.4%          
Consorcio Transmantaro SA 144A
4.70%, 04/16/34
   300    337,801 
Dominican Republic: 0.1%          
UEP Penonome II SA 144A
6.50%, 10/01/38
   99    102,085 
France: 0.7%          
Electricite de France SA 144A
3.62%, 10/13/25
   600    662,926 
Georgia: 0.3%          
Georgia Global Utilities JSC 144A
7.75%, 07/30/25
   100    106,964 
Georgian Railway JSC 144A
4.00%, 06/17/28
   200    202,614 
         309,578 
Germany: 3.4%          
Kreditanstalt fuer Wiederaufbau          
0.75%, 09/30/30   950    910,928 
1.75%, 09/14/29   1,650    1,730,879 
2.00%, 09/29/22   300    306,674 
Landesbank Baden-Wuerttemberg Reg S
2.38%, 05/31/22
   350    356,311 
         3,304,792 
Hong Kong: 2.2%          
Franshion Brilliant Ltd. Reg S
4.00%, 06/21/24
   200    208,899 
Link Finance Cayman 2009 Ltd. Reg S
2.88%, 07/21/26
   200    210,467 
Modern Land China Co. Ltd. Reg S          
11.50%, 11/13/22   300    270,236 
12.85%, 10/25/21   200    196,000 
MTR Corp. CI Ltd. Reg S
2.50%, 11/02/26
   400    427,465 
MTR Corp. Ltd. Reg S
1.62%, 08/19/30
   400    395,450 
Yango Justice International Ltd. Reg S
7.50%, 02/17/25
   200    172,998 
Yanlord Land HK Co. Ltd. Reg S
5.12%, 05/20/26
   200    200,002 
         2,081,517 
India: 2.8%          
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ 144A
6.25%, 12/10/24
   50    54,562 
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd / Parampujya Solar Energ Reg S
6.25%, 12/10/24
   200    218,246 
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A
4.62%, 10/15/39
   189    191,032 
India Green Energy Holdings 144A
5.38%, 04/29/24 †
   150    155,457 
Indian Railway Finance Corp. Ltd. Reg S
3.83%, 12/13/27
   200    217,414 
JSW Hydro Energy Ltd. 144A
4.12%, 05/18/31
   250    248,456 
Power Finance Corp. Ltd. Reg S
3.75%, 12/06/27
   200    208,827 
REC Ltd. Reg S
3.88%, 07/07/27
   200    211,432 
ReNew Power Pvt Ltd. 144A
5.88%, 03/05/27
   200    210,005 
ReNew Power Synthetic 144A
6.67%, 03/12/24
   500    523,464 
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A
4.50%, 07/14/28
   200    202,117 
State Bank of India/ London Reg S
4.50%, 09/28/23
   200    214,066 
         2,655,078 
Indonesia: 0.6%          
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A
4.85%, 10/14/38
   550    604,247 
Japan: 1.4%          
Central Nippon Expressway Co. Ltd. Reg S
0.89%, 12/10/25
   200    198,248 
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/23
   250    261,237 
Sumitomo Mitsui Financial Group, Inc.
0.51%, 01/12/24
   250    249,907 
Sumitomo Mitsui Trust Bank Ltd. 144A
1.55%, 03/25/26
   225    229,405 
Toyota Motor Credit Corp.
2.15%, 02/13/30
   400    417,648 
         1,356,445 
Luxembourg: 1.0%          
Bank of China Ltd. Reg S
1.40%, 04/28/26
   200    202,091 
European Investment Bank
1.62%, 05/13/31
   700    722,676 
         924,767 
Mauritius: 0.6%          
Clean Renewable Power Mauritius Pte Ltd. 144A
4.25%, 03/25/27
   150    149,284 
Cliffton Ltd. 144A
6.25%, 10/25/25
   200    191,471 
India Green Power Holdings 144A
4.00%, 02/22/27
   200    200,152 
         540,907 
Mexico: 0.4%          
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32
   400    389,076 
Netherlands: 3.4%          
Cooperatieve Rabobank UA 144A           
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26   450    448,968 
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27   550    546,967 
Greenko Dutch BV 144A
3.85%, 03/29/26
   550    555,382 
ING Groep NV 144A           
1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26   450    455,109 
4.62%, 01/06/26   650    745,148 
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A
2.50%, 05/11/31
  550   571,051 
         3,322,625 
Philippines: 0.2%          
Bank of the Philippine Islands Reg S
2.50%, 09/10/24
   200    208,295 
Portugal: 0.4%          
EDP Finance BV 144A
1.71%, 01/24/28
   400    399,138 
Qatar: 0.2%          
QNB Finance Ltd. Reg S
1.62%, 09/22/25
   200    202,225 
Saudi Arabia: 0.3%          
Saudi Electricity Global Sukuk Co. 5 Reg S
2.41%, 09/17/30
   300    304,353 
Singapore: 1.5%          
Continuum Energy Levanter Pte Ltd. 144A
4.50%, 02/09/27
   300    303,671 
DBS Group Holdings Ltd. 144A
0.75% (ICE LIBOR USD 3 Month+0.62%), 07/25/22
   250    251,214 
Greenko Investment Co. 144A
4.88%, 08/16/23
   200    202,365 
Greenko Solar Mauritius Ltd. 144A
5.95%, 07/29/26
   400    425,559 
Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33
   222    251,870 
         1,434,679 
South Korea: 3.0%          
Hanwha Energy USA Holdings Corp. 144A
2.38%, 07/30/22 †
   150    152,647 
Hyundai Capital Services, Inc. 144A
1.25%, 02/08/26
   300    296,960 
Kia Corp. 144A
1.75%, 10/16/26
   400    405,633 
Korea Electric Power Corp. 144A
2.50%, 06/24/24
   250    263,267 
Korea Midland Power Co. Ltd. Reg S
3.38%, 01/22/22
   200    202,741 
Korea Water Resources Corp. Reg S
3.88%, 05/15/23
   200    212,235 
LG Chem Ltd. 144A          
1.38%, 07/07/26   200    199,432 
2.38%, 07/07/31   225    227,436 
3.25%, 10/15/24   250    268,684 
3.62%, 04/15/29   250    280,469 
LG Display Co. Ltd. Reg S
3.88%, 11/15/21
   200    201,920 
NAVER Corp. Reg S
1.50%, 03/29/26
   200    201,015 
         2,912,439 
Spain: 1.2%          
Avangrid, Inc.          
3.20%, 04/15/25   631    680,094 
3.80%, 06/01/29 †   450    514,559 
         1,194,653 
Supranational: 9.1%          
African Development Bank
3.00%, 12/06/21 †
   150    151,485 
Asian Development Bank          
1.75%, 08/14/26   275    288,691 
2.12%, 03/19/25   400    423,386 
2.38%, 08/10/27   300    325,360 
3.12%, 09/26/28   400    457,978 
Central American Bank for Economic Integration Reg S
1.01% (ICE LIBOR USD 3 Month+0.85%), 11/15/24
   200    201,499 
European Bank for Reconstruction & Development          
1.50%, 02/13/25   500    516,961 
1.62%, 09/27/24   400    414,742 
European Investment Bank          
0.75%, 09/23/30   600    574,344 
1.62%, 10/09/29   500    519,636 
2.12%, 04/13/26   800    855,268 
2.38%, 05/24/27   700    759,818 
2.50%, 10/15/24 †   450    479,674 
European Investment Bank 144A
2.88%, 06/13/25
   750    816,600 
International Bank for Reconstruction & Development          
2.12%, 03/03/25   430    454,391 
3.12%, 11/20/25   375    414,783 
International Finance Corp.          
2.00%, 10/24/22   270    276,218 
2.12%, 04/07/26   794    847,775 
         8,778,609 
United Arab Emirates: 1.1%          
First Abu Dhabi Bank PJSC Reg S
3.00%, 03/30/22
   400    407,176 
MAF Sukuk Ltd. Reg S          
3.93%, 02/28/30   200    217,708 
4.64%, 05/14/29   400    451,908 
         1,076,792 
United Kingdom: 1.1%          
Atlantica Sustainable Infrastructure Plc 144A
4.12%, 06/15/28
   200    207,910 
Natwest Group Plc
2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24
   300    308,842 
Niagara Mohawk Power Corp. 144A
1.96%, 06/27/30
   300    301,512 
Swire Properties MTN Financing Ltd. Reg S
3.50%, 01/10/28
   200    221,267 
         1,039,531 
United States: 29.2%          
AES Andes SA 144A
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79
   200    211,643 
AES Corp. 144A          
1.38%, 01/15/26   450    449,711 
2.45%, 01/15/31 †   455    460,770 
Agricultural Bank of China Ltd. Reg S
1.25%, 01/19/26
   200    200,044 
Alexandria Real Estate Equities, Inc.          
2.00%, 05/18/32   350    349,034 
3.80%, 04/15/26   300    337,114 
Apple, Inc.          
2.85%, 02/23/23   125    129,567 
3.00%, 06/20/27   1,100    1,215,392 
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A          
3.25%, 09/01/28 †   400    401,062 
4.00%, 09/01/29   475    476,781 
Arizona Public Service Co.
2.65%, 09/15/50
   200    196,383 
Boston Properties LP          
2.55%, 04/01/32 †   450    464,103 
3.40%, 06/21/29  375   413,555 
4.50%, 12/01/28   400    472,949 
Citigroup, Inc.
1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24
   750    765,695 
Clearway Energy Operating LLC 144A          
3.75%, 02/15/31   500    500,698 
4.75%, 03/15/28   425    451,367 
Consolidated Edison Co. of New York, Inc.
3.60%, 06/15/61
   275    304,222 
Dana, Inc.
4.25%, 09/01/30
   200    208,127 
Deutsche Bank AG
1.69%, 03/19/26
   400    406,292 
DTE Electric Co.           
1.90%, 04/01/28   400    414,201 
3.25%, 04/01/51   200    222,297 
3.95%, 03/01/49   290    358,742 
Duke Energy Carolinas LLC           
3.35%, 05/15/22   50    51,249 
3.95%, 11/15/28   300    347,760 
Duke Energy Florida LLC
2.50%, 12/01/29
   350    374,184 
Duke Energy Progress LLC
3.45%, 03/15/29
   350    394,686 
Duke Realty LP          
1.75%, 02/01/31   200    195,579 
2.88%, 11/15/29 †   225    241,357 
Equinix, Inc.          
1.00%, 09/15/25 †   325    325,038 
1.55%, 03/15/28   200    199,448 
2.50%, 05/15/31   550    571,109 
ERP Operating LP
4.15%, 12/01/28
   200    233,512 
Evergy Kansas Central, Inc.
2.55%, 07/01/26
   200    213,343 
Federal Realty Investment Trust
1.25%, 02/15/26
   200    200,915 
HAT Holdings I LLC / HAT Holdings II LLC 144A
6.00%, 04/15/25
   300    316,152 
Host Hotels & Resorts LP
3.38%, 12/15/29
   350    369,804 
Interstate Power & Light Co.          
3.50%, 09/30/49   150    166,522 
4.10%, 09/26/28   250    290,977 
Interstate Power and Light Co.
3.60%, 04/01/29
   150    168,856 
Johnson Controls International plc / Tyco Fire & Security Finance SCA
1.75%, 09/15/30
   300    296,344 
JPMorgan Chase & Co.
0.65% (United States Secured Overnight Financing Rate+0.60%), 09/16/24
   525    526,747 
Kaiser Foundation Hospitals          
2.81%, 06/01/41   500    525,019 
3.15%, 05/01/27   280    309,441 
Kilroy Realty LP          
2.50%, 11/15/32   50    50,491 
4.75%, 12/15/28   350    412,393 
Massachusetts Institute of Technology
3.96%, 07/01/38
   150    182,995 
Metropolitan Life Global Funding I 144A
0.95%, 07/02/25
   350    352,290 
MidAmerican Energy Co.          
3.10%, 05/01/27   325    359,531 
3.15%, 04/15/50   200    217,121 
3.65%, 04/15/29   400    458,616 
3.65%, 08/01/48   350    410,160 
3.95%, 08/01/47   300    367,634 
4.25%, 07/15/49 †   425    545,366 
NextEra Energy Capital Holdings, Inc.
1.90%, 06/15/28
   600    613,187 
Norfolk Southern Corp.
2.30%, 05/15/31 †
   250    258,351 
Northern States Power Co.          
2.60%, 06/01/51   250    250,218 
2.90%, 03/01/50   250    263,765 
3.20%, 04/01/52   200    223,164 
NSTAR Electric Co.
3.25%, 05/15/29
   200    222,996 
Owens Corning
3.95%, 08/15/29
   225    256,815 
PacifiCorp
2.90%, 06/15/52
   200    204,505 
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A
4.50%, 08/15/28
   350    361,972 
Piedmont Operating Partnership LP
3.15%, 08/15/30
   150    155,806 
PNC Financial Services Group, Inc.
2.20%, 11/01/24
  310   325,569 
Prologis LP
1.25%, 10/15/30
   375    360,010 
Public Service Co. of Colorado          
3.20%, 03/01/50   250    279,703 
3.70%, 06/15/28   550    628,492 
4.10%, 06/15/48   460    571,771 
Regency Centers LP
3.75%, 06/15/24
   125    133,979 
Renewable Energy Group, Inc. 144A
5.88%, 06/01/28
   300    313,265 
Seattle Children’s Hospital
2.72%, 10/01/50
   150    152,538 
SK Battery America, Inc. Reg S          
1.62%, 01/26/24   250    250,656 
2.12%, 01/26/26   200    199,407 
Southern Power Co.
4.15%, 12/01/25
   700    788,551 
Southwestern Public Service Co.
3.15%, 05/01/50 †
   100    108,678 
UDR, Inc.
1.90%, 03/15/33
   175    167,936 
Union Electric Co.
2.62%, 03/15/51
   275    271,139 
Vena Energy Capital Pte Ltd. Reg S
3.13%, 02/26/25
   200    206,192 
Verizon Communications, Inc.          
1.50%, 09/18/30   200    194,359 
3.88%, 02/08/29   725    832,751 
Vornado Realty LP
2.15%, 06/01/26 †
   200    204,986 
Welltower, Inc.
2.70%, 02/15/27
   250    267,668 
         28,152,817 
Total Corporate Bonds
(Cost: $75,433,858)
        76,514,283 
GOVERNMENT OBLIGATIONS: 19.2%          
Brazil: 0.3%          
Banco Nacional de Desenvolvimento Economico e Social Reg S
4.75%, 05/09/24
   250    269,976 
Canada: 0.3%          
CDP Financial, Inc. Reg S
1.00%, 05/26/26
   300    301,748 
Chile: 2.1%          
Chile Government International Bond          
2.55%, 01/27/32   750    770,325 
3.50%, 01/25/50   1,150    1,216,487 
         1,986,812 
China: 0.2%          
China Development Bank Reg S
2.75%, 11/16/22
   200    205,709 
Egypt: 0.4%          
Egypt Government International Bond 144A
5.25%, 10/06/25
   200    210,263 
Egypt Government International Bond Reg S
5.25%, 10/06/25
   200    210,263 
         420,526 
Finland: 0.2%          
Kuntarahoitus Oyj 144A
1.38%, 09/21/21
   150    150,259 
Hong Kong: 1.8%          
Hong Kong Government International Bond 144A          
0.62%, 02/02/26   600    594,849 
1.38%, 02/02/31   500    495,389 
2.38%, 02/02/51   200    198,409 
2.50%, 05/28/24   450    474,812 
         1,763,459 
Indonesia: 1.7%          
Perusahaan Penerbit SBSN Indonesia III 144A          
2.30%, 06/23/25   300    311,964 
3.55%, 06/09/51   150    152,543 
3.75%, 03/01/23   650    682,458 
3.90%, 08/20/24   450    490,286 
         1,637,251 
Netherlands: 1.5%          
Nederlandse Financierings-Maatschappij voor
2.75%, 02/20/24
   200    212,103 
Nederlandse Waterschapsbank NV 144A          
1.00%, 05/28/30   300    292,185 
2.38%, 03/24/26   750    807,263 
3.12%, 12/05/22   150    155,954 
         1,467,505 
Norway: 0.8%          
Kommunalbanken AS 144A           
0.50%, 10/21/24   300    300,696 
2.12%, 02/11/25  475   500,767 
         801,463 
South Korea: 1.6%          
Export-Import Bank of Korea Reg S
0.87% (ICE LIBOR USD 3 Month+0.74%), 03/22/23
   200    201,734 
Incheon International Airport Corp. Reg S
1.25%, 05/04/26
   200    200,830 
Korea Development Bank           
0.40%, 06/19/24   350    349,075 
0.86% (ICE LIBOR USD 3 Month+0.72%), 07/06/22   300    301,574 
Korea Hydro & Nuclear Power Co. Ltd. 144A
3.75%, 07/25/23
   300    318,974 
Korea South-East Power Co. Ltd. Reg S
2.12%, 02/03/25
   200    207,959 
         1,580,146 
Sweden: 1.1%          
Kommuninvest I Sverige AB 144A          
0.38%, 06/19/24   500    499,820 
1.62%, 04/24/23   500    512,304 
         1,012,124 
United States: 7.2%          
City of San Francisco CA Public Utilities Commission Water Revenue          
2.83%, 11/01/41   100    103,251 
3.30%, 11/01/39   100    108,743 
3.47%, 11/01/43   250    272,475 
Commonwealth of Massachusetts
3.28%, 06/01/46
   150    171,048 
District of Columbia Water & Sewer Authority
4.81%, 10/01/14
   170    253,846 
Fannie Mae-Aces          
2.44%, 10/25/29   37    40,183 
2.52%, 08/25/29   614    667,392 
2.55%, 07/25/24   188    197,717 
2.80%, 02/25/27   335    365,853 
2.90%, 01/25/28   415    460,893 
2.94%, 04/25/29   10    11,148 
2.96%, 09/25/27   275    303,872 
3.05%, 03/25/28   925    1,032,602 
3.09%, 02/25/30   388    442,442 
3.14%, 11/25/27   15    16,252 
3.32%, 06/25/28  350   397,035 
3.55%, 09/25/28   1,165    1,342,945 
3.70%, 09/25/30   15    17,871 
Freddie Mac Multifamily Structured Pass Through Certificates          
1.30%, 06/25/30   20    19,941 
2.88%, 04/25/26   285    309,939 
Metropolitan Transportation Authority          
5.17%, 11/15/49   300    407,390 
         6,942,838 
Total Government Obligations
(Cost: $18,283,677)
        18,539,816 
           
   Number
of Shares
      
PREFERRED SECURITIES: 0.2%
(Cost: $173,320)
          
Canada: 0.2%          
Brookfield Finance, Inc. (USD),
4.62%, 10/16/80 * †
   7,000   179,760 
Total Investments Before Collateral for Securities Loaned: 98.8%
(Cost: $93,890,855)
        95,233,859 
           
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%
(Cost: $1,108,464)
          
Money Market Fund: 1.2%          
State Street Navigator Securities Lending Government Money Market Portfolio   1,108,464    1,108,464 
Total Investments: 100.0%
(Cost: $94,999,319)
        96,342,323 
Other assets less liabilities: 0.0%        30,147 
NET ASSETS: 100.0%       $96,372,470 
   
Definitions:
USD United States Dollar
   
Footnotes:
Security fully or partially on loan. Total market value of securities on loan is $3,244,499.
* Non-income producing
Reg S   Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $27,362,738, or 28.4% of net assets.
         
Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
 Investments
                Value 
Academic & Educational Services   0.2%        $182,995 
Basic Materials   3.7    3,568,357 
Consumer Cyclicals   1.2    1,167,535 
Consumer Non-Cyclicals   0.7    658,771 
Energy   1.6    1,500,120 
Financials   38.9    37,019,286 
Government Activity   9.1    8,620,217 
Healthcare   1.0    986,998 
Industrials   4.5    4,252,692 
Mortgage Securities   5.9    5,626,084 
Real Estate   8.5    8,109,917 
Technology   3.7    3,498,702 
Utilities   21.0    20,042,185 
    100.0%  $95,233,859 

 

VANECK VECTORS INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 97.8%           
Argentina: 0.8%           
Arcor SAIC 144A
6.00%, 07/06/23
  USD 50   $49,481 
MercadoLibre, Inc.
3.12%, 01/14/31 †
  USD 100    98,036 
Pampa Energia SA 144A           
7.38%, 07/21/23  USD 50    48,183 
7.50%, 01/24/27  USD 50    44,745 
9.12%, 04/15/29  USD 50    45,694 
Pan American Energy LLC 144A
9.12%, 04/30/27
  USD 35    38,496 
Telecom Argentina SA 144A
8.00%, 07/18/26
  USD 75    72,184 
YPF Energia Electrica SA 144A
10.00%, 07/25/26
  USD 35    30,973 
YPF SA 144A           
2.50%, 06/30/29 (s)  USD 75    49,451 
4.00%, 02/12/26 (s)  USD 75    63,548 
6.95%, 07/21/27  USD 100    70,140 
7.00%, 12/15/47  USD 75    49,040 
8.50%, 03/23/25  USD 25    22,781 
8.50%, 07/28/25  USD 150    117,189 
8.75%, 04/04/24  USD 75    66,845 
          866,786 
Australia: 0.4%           
FMG Resources August 2006 Pty Ltd. 144A           
4.38%, 04/01/31  USD 150    163,318 
4.50%, 09/15/27  USD 25    27,361 
5.12%, 05/15/24 †  USD 75    81,225 
Mineral Resources Ltd. 144A
8.12%, 05/01/27
  USD 100    109,645 
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A
5.75%, 04/30/26
  USD 50    51,603 
          433,152 
Austria: 0.3%           
ams AG 144A
7.00%, 07/31/25 †
  USD 100    107,312 
Novomatic AG
1.62%, 09/20/23
  EUR 50    58,624 
Wienerberger AG Reg S
2.75%, 06/04/25
  EUR 100    127,861 
          293,797 
Azerbaijan: 0.2%           
State Oil Co. of the Azerbaijan Republic Reg S
6.95%, 03/18/30
  USD 200    249,121 
Bahamas: 0.2%           
Akelius Residential Property AB Reg S
3.88% (EUR Swap Annual 5 Year+3.49%), 10/05/78
  EUR 175    220,227 
Bahrain: 0.1%           
Mclaren Finance Plc Reg S
5.00%, 08/01/22
  GBP 100    139,035 
Belgium: 0.3%           
La Financiere Atalian SASU Reg S
4.00%, 05/15/24
  EUR 150    175,125 
Solvay Finance SACA Reg S
5.42% (EUR Swap Annual 5 Year+3.70%), 11/12/23 (o)
  EUR 150    196,797 
          371,922 
Bermuda: 0.4%           
Digicel Group Holdings Ltd.
10.00%, 04/01/24
  USD 53    51,796 
Digicel Group Holdings Ltd. 144A
8.00%, 04/01/25
  USD 60    52,630 
Digicel International Finance Ltd./ Digicel international Holdings Ltd 144A
8.75%, 05/25/24
  USD 100    104,272 
Digicel Ltd. 144A
6.75%, 03/01/23
  USD 50    47,313 
Eurochem Finance DAC 144A
5.50%, 03/13/24
  USD 100    108,739 
Investment Energy Resources Ltd. 144A
6.25%, 04/26/29
  USD 100    109,295 
          474,045 
Brazil: 7.5%           
Adecoagro SA 144A
6.00%, 09/21/27
  USD 150    158,574 
Amaggi Luxembourg International Sarl 144A
5.25%, 01/28/28
  USD 100    104,621 
Arcos Dorados Holdings, Inc. 144A
5.88%, 04/04/27
  USD 105    110,505 
Banco Bradesco SA 144A           
2.85%, 01/27/23 †  USD 100    102,226 
3.20%, 01/27/25  USD 100    102,511 
Banco BTG Pactual SA 144A
5.50%, 01/31/23
  USD 200    210,416 
Banco do Brasil SA
3.88%, 10/10/22
  USD 200    205,983 
Banco do Brasil SA 144A           
4.62%, 01/15/25  USD 100    106,140 
5.88%, 01/19/23  USD 150    158,827 
Banco Votorantim SA 144A           
4.38%, 07/29/25  USD 100    103,770 
4.50%, 09/24/24  USD 100    104,989 
Braskem America Finance Co. 144A
7.12%, 07/22/41
  USD 50    64,118 
Braskem Finance Ltd.
6.45%, 02/03/24
  USD 75    82,856 
Braskem Idesa SAPI 144A
7.45%, 11/15/29
  USD 200    207,284 
Braskem Netherlands Finance BV 144A           
4.50%, 01/10/28  USD 100    106,005 
4.50%, 01/31/30  USD 125    132,114 
5.88%, 01/31/50 †  USD 100    112,187 
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81  USD 50    57,757 
BRF SA 144A
4.75%, 05/22/24
  USD 200    213,307 
Caixa Economica Federal 144A
3.50%, 11/07/22
  USD 50    51,459 
Cemig Geracao e Transmissao SA 144A
9.25%, 12/05/24
  USD 200    230,609 
Centrais Eletricas Brasileiras SA 144A
4.62%, 02/04/30
  USD 100    102,551 
Cosan Luxembourg SA 144A
7.00%, 01/20/27
  USD 100    105,771 
Cosan SA 144A
5.50%, 09/20/29
  USD 100    108,080 
CSN Inova Ventures 144A
6.75%, 01/28/28
  USD 200    221,119 
Embraer Netherlands Finance BV           
5.05%, 06/15/25  USD 100    105,030 
5.40%, 02/01/27  USD 125    132,531 
Embraer Overseas Ltd. 144A
5.70%, 09/16/23
  USD 100    107,207 
FS Luxembourg Sarl 144A
10.00%, 12/15/25
  USD 100    111,879 
Globo Comunicacao e Participacoes SA 144A
4.88%, 01/22/30
  USD 100    103,358 
Guara Norte Sarl 144A
5.20%, 06/15/34
  USD 98    101,274 
Itau Unibanco Holding SA 144A           
2.90%, 01/24/23  USD 125    127,689 
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29  USD 100    102,342 
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 02/27/25 (o)  USD 100    95,757 
5.12%, 05/13/23  USD 200    209,802 
5.50%, 08/06/22  USD 100    103,501 
Klabin Austria GmbH 144A
5.75%, 04/03/29
  USD 200    228,454 
Light Servicos de Eletricidade SA/Light Energia SA 144A
4.38%, 06/18/26 †
  USD 100    101,680 
MARB BondCo Plc 144A
3.95%, 01/29/31
  USD 100    97,325 
Minerva Luxembourg SA 144A
5.88%, 01/19/28 †
  USD 75    79,501 
MV24 Capital BV 144A
6.75%, 06/01/34
  USD 93    101,390 
Natura Cosmeticos SA 144A
4.12%, 05/03/28
  USD 100    102,946 
NBM US Holdings, Inc. 144A           
6.62%, 08/06/29 †  USD 100    112,048 
7.00%, 05/14/26  USD 100    106,524 
Nexa Resources SA 144A
6.50%, 01/18/28
  USD 100    110,451 
Petrobras Global Finance BV           
4.25%, 10/02/23  EUR 100    128,671 
4.38%, 05/20/23  USD 75    79,153 
4.75%, 01/14/25  EUR 100    133,328 
5.09%, 01/15/30  USD 200    217,034 
5.30%, 01/27/25  USD 100    112,208 
5.60%, 01/03/31  USD 125    139,281 
5.75%, 02/01/29  USD 75    84,694 
6.00%, 01/27/28  USD 150    171,193 
6.25%, 03/17/24  USD 100    112,165 
6.75%, 01/27/41  USD 100    117,157 
6.75%, 06/03/50  USD 75    85,739 
6.85%, 06/05/15 †  USD 175    195,546 
6.88%, 01/20/40  USD 100    118,483 
6.90%, 03/19/49 †  USD 125    146,706 
7.25%, 03/17/44  USD 125    150,469 
7.38%, 01/17/27  USD 150    182,576 
8.75%, 05/23/26  USD 50    63,962 
Rede D’or Finance Sarl 144A
4.50%, 01/22/30
  USD 200    204,327 
Rio Oil Finance Trust Series 2014-1 144A
9.25%, 07/06/24
  USD 174    194,208 
Rumo Luxembourg Sarl 144A
5.88%, 01/18/25
  USD 100    104,601 
Ultrapar International SA 144A
5.25%, 10/06/26
  USD 100    110,517 
Usiminas International Sarl 144A
5.88%, 07/18/26
  USD 100    107,884 
          8,564,370 
British Virgin Islands: 0.7%           
Central China Real Estate Ltd. Reg S
7.25%, 04/24/23
  USD 200    179,996 
China Aoyuan Group Ltd. Reg S
5.38%, 09/13/22
  USD 200    189,499 
China SCE Group Holdings Ltd. Reg S
7.38%, 04/09/24
  USD 200    200,497 
Fantasia Holdings Group Co. Ltd. Reg S
10.88%, 01/09/23
  USD 200    161,498 
Metalloinvest Finance DAC 144A
4.85%, 05/02/24
  USD 100    107,576 
          839,066 
Bulgaria: 0.1%           
Bulgarian Energy Holding EAD Reg S
3.50%, 06/28/25
  EUR 100    126,457 
Burkina Faso: 0.0%           
IAMGOLD Corp. 144A
5.75%, 10/15/28
  USD 25    25,770 
Canada: 5.1%           
1011778 BC ULC / New Red Finance, Inc. 144A           
3.50%, 02/15/29  USD 65    64,740 
3.88%, 01/15/28  USD 50    50,495 
4.00%, 10/15/30  USD 250    249,648 
4.38%, 01/15/28  USD 100    101,630 
5.75%, 04/15/25  USD 25    26,417 
Altera Infrastructure LP/Teekay Offshore Finance Corp. 144A
8.50%, 07/15/23
  USD 100    92,010 
ATS Automation Tooling Systems, Inc. 144A
4.12%, 12/15/28
  USD 50    51,000 
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A
8.75%, 07/15/26
  USD 50    53,355 
Baytex Energy Corp. 144A
5.62%, 06/01/24
  USD 75    75,063 
Bombardier, Inc. 144A           
6.00%, 10/15/22  USD 65    65,332 
6.12%, 01/15/23  USD 150    157,987 
7.12%, 06/15/26  USD 100    104,124 
7.50%, 12/01/24  USD 100    104,125 
7.50%, 03/15/25  USD 125    127,588 
7.88%, 04/15/27  USD 150    155,479 
Brookfield Property Finance ULC           
3.93%, 08/24/25  CAD 50    41,421 
3.93%, 01/15/27  CAD 50    41,201 
4.30%, 03/01/24  CAD 75    62,543 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A
6.25%, 09/15/27
  USD 150    158,606 
Cascades, Inc./Cascades USA, Inc. 144A
5.38%, 01/15/28 †
  USD 100    105,383 
Emera, Inc.
6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76
  USD 100    117,299 
Empire Communities Corp. 144A
7.00%, 12/15/25
  USD 25    26,438 
Ensign Drilling, Inc. 144A
9.25%, 04/15/24
  USD 50    45,949 
Garda World Security Corp. 144A
9.50%, 11/01/27
  USD 50    54,569 
GFL Environmental, Inc. 144A           
3.50%, 09/01/28  USD 150    150,684 
3.75%, 08/01/25  USD 50    51,437 
4.75%, 06/15/29  USD 50    51,745 
5.12%, 12/15/26  USD 75    78,973 
Gibson Energy, Inc.           
2.85%, 07/14/27  CAD 25    20,811 
3.60%, 09/17/29  CAD 75    64,729 
goeasy Ltd. 144A           
4.38%, 05/01/26  USD 25    25,856 
5.38%, 12/01/24  USD 50    52,048 
Hudbay Minerals, Inc. 144A
4.50%, 04/01/26
  USD 100    101,875 
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A
6.00%, 09/15/28
  USD 40    41,738 
Inter Pipeline Ltd.
6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79
  CAD 65    57,887 
Intertape Polymer Group, Inc. 144A
4.38%, 06/15/29
  USD 50    51,263 
Keyera Corp.
6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79
  CAD 75    66,977 
Lightstream Resources Ltd. 144A
8.62%, 02/01/20 (d)
  USD 256    0 
Mattamy Group Corp. 144A           
4.62%, 03/01/30  USD 50    51,983 
5.25%, 12/15/27  USD 50    52,164 
MEG Energy Corp. 144A           
5.88%, 02/01/29  USD 50    51,756 
7.12%, 02/01/27  USD 150    157,820 
Mercer International, Inc.
5.12%, 02/01/29
  USD 50    51,063 
Methanex Corp.           
4.25%, 12/01/24  USD 50    53,170 
5.12%, 10/15/27  USD 50    54,281 
5.25%, 12/15/29  USD 75    83,048 
New Gold, Inc. 144A
7.50%, 07/15/27
  USD 50    53,979 
Northriver Midstream Finance LP 144A
5.62%, 02/15/26
  USD 50    51,647 
NOVA Chemicals Corp. 144A           
4.25%, 05/15/29  USD 50    50,665 
4.88%, 06/01/24  USD 100    105,865 
5.00%, 05/01/25  USD 50    53,620 
5.25%, 06/01/27  USD 100    107,875 
Open Text Corp. 144A           
3.88%, 02/15/28  USD 100    103,466 
5.88%, 06/01/26  USD 100    103,385 
Parkland Corp.
6.00%, 06/23/28
  CAD 50    43,190 
Parkland Corp. 144A           
4.50%, 10/01/29  USD 100    103,000 
5.88%, 07/15/27  USD 125    133,524 
Pembina Pipeline Corp.
4.80% (Generic Canadian 5 Year+4.17%), 01/25/81
  CAD 50    40,048 
Precision Drilling Corp. 144A
7.12%, 01/15/26 †
  USD 100    103,376 
Quebecor Media, Inc.
5.75%, 01/15/23
  USD 50    53,670 
Ritchie Bros Auctioneers, Inc. 144A
5.38%, 01/15/25
  USD 50    51,276 
Rockpoint Gas Storage Canada Ltd. 144A
7.00%, 03/31/23
  USD 50    51,031 
SIG Combibloc PurchaseCo Sarl Reg S
2.12%, 06/18/25
  EUR 100    125,747 
SNC-Lavalin Group, Inc.
3.23%, 03/02/23
  CAD 50    40,636 
Superior Plus LP / Superior General Partner, Inc. 144A
4.50%, 03/15/29
  USD 100    103,015 
Taseko Mines Ltd. 144A
7.00%, 02/15/26
  USD 25    25,758 
Teine Energy Ltd. 144A
6.88%, 04/15/29
  USD 50    50,875 
Telesat Canada / Telesat LLC 144A
5.62%, 12/06/26
  USD 50    46,438 
Terraform Global Operating LLC 144A
6.12%, 03/01/26
  USD 50    51,541 
Tervita Corp. 144A
11.00%, 12/01/25
  USD 40    45,850 
TransAlta Corp.           
4.50%, 11/15/22  USD 25    25,770 
6.50%, 03/15/40  USD 75    86,437 
Trivium Packaging Finance BV Reg S
3.75%, 08/15/26
  EUR 200    240,394 
Vermilion Energy, Inc. 144A
5.62%, 03/15/25
  USD 25    25,210 
Videotron Ltd.           
3.12%, 01/15/31  CAD 100    75,851 
4.50%, 01/15/30  CAD 75    63,069 
5.62%, 06/15/25  CAD 150    133,286 
Videotron Ltd. Reg S
5.75%, 01/15/26
  CAD 50    41,254 
          5,894,458 
Cayman Islands: 0.4%           
North Queensland Export Terminal Pty Ltd. 144A
4.45%, 12/15/22
  USD 100    95,691 
Ronshine China Holdings Ltd. Reg S
8.75%, 10/25/22
  USD 200    192,498 
UPCB Finance VII Ltd. Reg S
3.62%, 06/15/29
  EUR 100    122,061 
          410,250 
Chile: 0.1%           
Kenbourne Invest SA 144A
6.88%, 11/26/24
  USD 50    53,095 
VTR Comunicaciones SpA 144A
5.12%, 01/15/28
  USD 100    104,581 
          157,676 
China: 6.1%           
Bank of Communications Co. Ltd. Reg S
3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/25 (o)
  USD 400    416,517 
CFLD Cayman Investment Ltd. Reg S
8.60%, 04/08/24
  USD 200    72,920 
China Evergrande Group Reg S           
7.50%, 06/28/23  USD 200    82,808 
8.75%, 06/28/25  USD 400    168,003 
9.50%, 03/29/24  USD 300    123,675 
CIFI Holdings Group Co. Ltd. Reg S           
6.00%, 07/16/25  USD 200    204,265 
6.55%, 03/28/24  USD 200    206,396 
Easy Tactic Ltd. Reg S
5.88%, 02/13/23
  USD 200    145,500 
ENN Clean Energy International Investment Ltd. 144A
3.38%, 05/12/26
  USD 200    204,254 
Fortune Star BVI Ltd. Reg S
6.75%, 07/02/23
  USD 200    207,493 
Global Aircraft Leasing Co. Ltd. 144A
6.50%, 09/15/24
  USD 215    216,104 
Greenland Global Investment Ltd. Reg S           
5.88%, 07/03/24  USD 200    150,500 
6.75%, 09/26/23  USD 200    161,995 
Greentown China Holdings Ltd. Reg S
5.65%, 07/13/25
  USD 200    206,010 
Kaisa Group Holdings Ltd. Reg S           
9.38%, 06/30/24  USD 250    194,688 
9.75%, 09/28/23  USD 200    163,000 
10.50%, 01/15/25  USD 200    153,498 
10.88%, 07/23/23  USD 200    169,000 
KWG Group Holdings Ltd. Reg S
5.88%, 11/10/24
  USD 350    336,705 
Logan Group Co. Ltd. Reg S
5.25%, 02/23/23
  USD 200    200,393 
New Metro Global Ltd. Reg S
6.80%, 08/05/23
  USD 200    206,485 
Powerlong Real Estate Holdings Ltd. Reg S
6.25%, 08/10/24
  USD 200    199,000 
Redsun Properties Group Ltd. Reg S
9.70%, 04/16/23
  USD 200    198,976 
Scenery Journey Ltd. Reg S           
13.00%, 11/06/22  USD 200    79,500 
13.75%, 11/06/23  USD 200    77,250 
Seazen Group Ltd. Reg S
6.00%, 08/12/24
  USD 200    201,014 
Sino-Ocean Land Treasure III Ltd. Reg S
4.90% (US Treasury Yield Curve Rate T 5 Year+3.26%), 09/21/22 (o)
  USD 200    174,999 
Sunac China Holdings Ltd. Reg S           
7.00%, 07/09/25  USD 200    181,259 
7.95%, 08/08/22  USD 400    400,300 
Times China Holdings Ltd. Reg S
6.75%, 07/16/23
  USD 200    199,687 
Volvo Car AB Reg S
2.12%, 04/02/24
  EUR 100    124,060 
Wanda Properties International Co. Ltd. Reg S
7.25%, 01/29/24
  USD 200    194,100 
Wealth Driven Ltd. Reg S
5.50%, 08/17/23
  USD 200    200,101 
Yango Justice International Ltd. Reg S
9.25%, 04/15/23
  USD 200    192,750 
Yuzhou Group Holdings Co. Ltd. Reg S           
6.00%, 10/25/23  USD 300    237,743 
7.38%, 01/13/26  USD 200    138,761 
Zhenro Properties Group Ltd. Reg S
6.63%, 01/07/26
  USD 200    169,512 
          6,959,221 
Colombia: 2.1%           
Banco de Bogota SA 144A           
5.38%, 02/19/23  USD 100    104,450 
6.25%, 05/12/26  USD 100    109,527 
Bancolombia SA
5.12%, 09/11/22
  USD 100    103,271 
Cable Onda SA 144A
4.50%, 01/30/30
  USD 100    105,602 
Ecopetrol SA           
4.12%, 01/16/25  USD 100    104,853 
5.38%, 06/26/26  USD 125    137,331 
5.88%, 09/18/23  USD 150    162,098 
5.88%, 05/28/45  USD 175    186,809 
6.88%, 04/29/30  USD 175    211,514 
7.38%, 09/18/43  USD 75    91,670 
Empresas Publicas de Medellin ESP 144A           
4.25%, 07/18/29  USD 125    123,000 
4.38%, 02/15/31  USD 75    73,725 
Gran Tierra Energy International Holdings Ltd. 144A
6.25%, 02/15/25
  USD 50    44,312 
Grupo Aval Ltd. 144A           
4.38%, 02/04/30  USD 100    98,970 
4.75%, 09/26/22  USD 100    102,439 
Grupo de Inversiones Suramericana SA 144A
5.50%, 04/29/26
  USD 100    108,511 
Millicom International Cellular SA 144A           
5.12%, 01/15/28  USD 54    56,348 
6.25%, 03/25/29  USD 90    98,219 
Oleoducto Central SA 144A
4.00%, 07/14/27 †
  USD 100    103,408 
Orazul Energy Egenor SCA 144A
5.62%, 04/28/27
  USD 100    101,563 
Telefonica Celular del Paraguay SA 144A
5.88%, 04/15/27
  USD 100    105,258 
Termocandelaria Power Ltd. 144A
7.88%, 01/30/29
  USD 93    97,929 
          2,430,807 
Curacao: 0.1%           
Nyrstar Holdings Plc Reg S
0.00%, 07/31/26 ^
  USD 31    20,597 
Trafigura Funding SA 144A
5.25%, 03/19/23
  USD 11    11,353 
Trafigura Group Pte Ltd. Reg S
7.50% (EUR Swap Annual 5 Year+10.82%), 07/31/24 (o)
  EUR 34    43,736 
          75,686 
Cyprus: 0.5%           
Credit Bank of Moscow Via CBOM Finance Plc 144A
4.70%, 01/29/25
  USD 200    207,719 
MHP Lux SA 144A
6.95%, 04/03/26
  USD 200    211,029 
Vivion Investments Sarl Reg S
3.00%, 08/08/24 †
  EUR 100    118,418 
          537,166 
Czech Republic: 0.3%           
CPI Property Group SA Reg S
4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/25 (o)
  EUR 100    126,149 
Energo-Pro AS Reg S
4.50%, 05/04/24
  EUR 100    117,180 
Sazka Group AS Reg S
3.88%, 02/15/27
  EUR 100    120,015 
          363,344 
Denmark: 0.2%           
DKT Finance ApS Reg S
7.00%, 06/17/23
  EUR 175    211,123 
Finland: 0.7%           
Citycon Oyj Reg S
4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/24 (o)
  EUR 100    124,035 
Nokia Oyj           
4.38%, 06/12/27  USD 100    110,565 
6.62%, 05/15/39  USD 100    137,344 
Nokia Oyj Reg S
2.00%, 03/15/24
  EUR 100    123,963 
SpA Holdings 3 Oy Reg S
3.62%, 02/04/28
  EUR 100    120,276 
Teollisuuden Voima Oyj Reg S
2.12%, 02/04/25
  EUR 175    217,682 
          833,865 
France: 6.9%           
Accor SA Reg S           
2.50%, 01/25/24  EUR 100    124,393 
2.62% (EUR Swap Annual 5 Year+3.25%), 04/30/25 (o)  EUR 100    114,767 
3.00%, 02/04/26  EUR 100    126,295 
Altice France SA 144A
5.12%, 07/15/29
  USD 200    201,732 
Altice France SA Reg S           
2.50%, 01/15/25  EUR 100    117,240 
4.12%, 01/15/29  EUR 100    120,430 
5.88%, 02/01/27  EUR 100    125,496 
Banijay Entertainment SASU 144A
5.38%, 03/01/25
  USD 100    103,678 
CAB SELAS Reg S
3.38%, 02/01/28
  EUR 100    119,881 
CASINO GUICHARD PERRACHO
4.05%, 08/05/26
  EUR 100    113,368 
Casino Guichard Perrachon SA Reg S
4.50%, 03/07/24
  EUR 100    119,019 
CGG SA 144A
8.75%, 04/01/27
  USD 100    99,883 
CMA CGM SA Reg S
5.25%, 01/15/25
  EUR 100    121,153 
Constellium SE 144A
3.75%, 04/15/29
  USD 100    99,888 
eircom Finance DAC Reg S
3.50%, 05/15/26
  EUR 100    121,724 
Electricite de France SA 144A
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o)
  USD 250    269,250 
Electricite de France SA Reg S           
3.00% (EUR Swap Annual 5 Year+3.20%), 12/03/28 (o)  EUR 200    248,277 
3.38% (EUR Swap Annual 5 Year+4.00%), 06/15/30 (o)  EUR 200    252,912 
4.00% (EUR Swap Annual 6 Year+3.44%), 07/04/24 (o)  EUR 200    255,017 
5.00% (EUR Swap Annual 12 Year+3.04%), 01/22/26 (o)  EUR 200    268,911 
5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/25 (o)  EUR 200    267,681 
Elis SA Reg S           
1.62%, 04/03/28  EUR 100    118,946 
1.88%, 02/15/23  EUR 100    120,981 
Faurecia SE Reg S           
2.62%, 06/15/25  EUR 100    120,359 
3.12%, 06/15/26  EUR 100    122,762 
3.75%, 06/15/28  EUR 100    125,153 
Fnac Darty SA Reg S
1.88%, 05/30/24
  EUR 125    149,801 
Getlink SE Reg S
3.50%, 10/30/25
  EUR 100    122,804 
La Poste SA Reg S
3.12% (EUR Swap Annual 5 Year+2.44%), 01/29/26 (o)
  EUR 100    126,314 
Loxam SAS Reg S           
2.88%, 04/15/26  EUR 100    118,660 
3.25%, 01/14/25  EUR 100    119,593 
Matterhorn Telecom SA Reg S
3.12%, 09/15/26
  EUR 100    120,181 
Orano SA
4.88%, 09/23/24
  EUR 150    201,677 
Orano SA Reg S
3.12%, 03/20/23
  EUR 100    123,648 
Paprec Holding SA Reg S
4.00%, 03/31/25
  EUR 100    120,966 
Parts Europe SA Reg S
6.50%, 07/16/25
  EUR 100    124,830 
Quatrim SASU Reg S
5.88%, 01/15/24
  EUR 100    122,678 
RCI Banque SA Reg S
2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30
  EUR 100    120,833 
Renault SA Reg S           
1.00%, 03/08/23  EUR 50    59,929 
1.00%, 04/18/24  EUR 100    119,073 
1.00%, 11/28/25  EUR 100    118,507 
1.25%, 06/24/25  EUR 100    117,887 
2.00%, 09/28/26  EUR 100    118,734 
2.38%, 05/25/26  EUR 100    120,667 
Rexel SA Reg S 2.75%, 06/15/26  EUR 100    121,810 
Rubis Terminal Infra SAS Reg S
5.62%, 05/15/25
  EUR 100    125,251 
Societe Generale SA 144A
4.75% (US Treasury Yield Curve Rate T 5 Year+3.93%), 05/26/26 (o)
  USD 100    103,500 
SPCM SA 144A
4.88%, 09/15/25
  USD 100    102,510 
SPIE SA Reg S
2.62%, 06/18/26
  EUR 100    124,087 
Tereos Finance Groupe I SA Reg S
4.12%, 06/16/23
  EUR 100    120,639 
Unibail-Rodamco-Westfield SE Reg S           
2.12% (EUR Swap Annual 5 Year+1.68%), 07/25/23 (o)  EUR 100    117,818 
2.88% (EUR Swap Annual 5 Year+2.11%), 01/25/26 (o)  EUR 100    120,260 
Valeo SA Reg S           
0.38%, 09/12/22  EUR 100    119,213 
1.62%, 03/18/26  EUR 100    124,110 
3.25%, 01/22/24  EUR 100    127,998 
Veolia Environnement SA Reg S           
2.25% (EUR Swap Annual 5 Year+2.71%), 01/20/26 (o)  EUR 100    122,463 
2.50% (EUR Swap Annual 5 Year+2.84%), 01/20/29 (o)  EUR 100    121,376 
Verallia SA Reg S
1.62%, 05/14/28
  EUR 100    120,893 
          7,897,906 
Germany: 6.0%           
ADLER Group SA Reg S           
2.75%, 11/13/26  EUR 100    117,886 
3.25%, 08/05/25  EUR 100    120,550 
ADLER Real Estate AG Reg S
1.88%, 04/27/23
  EUR 100    118,104 
Bayer AG Reg S           
2.38% (EUR Swap Annual 5 Year+2.01%), 04/02/75  EUR 100    120,567 
2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79  EUR 100    120,507 
3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79  EUR 100    124,431 
3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74  EUR 100    125,556 
Bertelsmann SE & Co. KGaA Reg S
3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75
  EUR 100    123,330 
Cheplapharm Arzneimittel GmbH Reg S           
3.50%, 02/11/27  EUR 100    120,062 
4.38%, 01/15/28  EUR 100    123,559 
Commerzbank AG 144A
8.12%, 09/19/23
  USD 50    56,789 
Commerzbank AG Reg S           
4.00%, 03/23/26  EUR 75    101,181 
4.00%, 03/30/27  EUR 100    137,499 
CT Investment GmbH Reg S
5.50%, 04/15/26
  EUR 100    121,974 
Deutsche Bank AG           
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28  USD 150    155,371 
4.50%, 04/01/25  USD 150    161,887 
Deutsche Bank AG Reg S           
2.75%, 02/17/25  EUR 125    157,070 
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31  EUR 100    140,209 
Deutsche Bank AG/New York NY           
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32  USD 140    144,303 
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32  USD 125    135,812 
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31  USD 25    29,582 
Deutsche Lufthansa AG
0.25%, 09/06/24
  EUR 200    230,519 
Deutsche Lufthansa AG Reg S           
3.00%, 05/29/26  EUR 100    120,158 
3.75%, 02/11/28  EUR 100    123,057 
Douglas GmbH Reg S
6.00%, 04/08/26
  EUR 100    118,253 
Dresdner Funding Trust I 144A
8.15%, 06/30/31
  USD 150    216,885 
Evonik Industries AG Reg S
2.12% (EUR Swap Annual 5 Year+1.95%), 07/07/77
  EUR 100    120,744 
Gruenenthal GmbH Reg S
3.62%, 11/15/26
  EUR 100    121,967 
IHO Verwaltungs GmbH 144A
4.75%, 09/15/26
  USD 200    206,140 
IHO Verwaltungs GmbH Reg S
3.62%, 05/15/25
  EUR 100    120,758 
Infineon Technologies AG Reg S
3.62% (EUR Swap Annual 5 Year+4.00%), 01/01/28 (o)
  EUR 100    132,199 
K+S AG Reg S
3.25%, 07/18/24
  EUR 100    124,268 
KION Group AG Reg S
1.62%, 09/24/25
  EUR 100    124,211 
Kirk Beauty SUN GmbH Reg S
8.25%, 10/01/26
  EUR 100    116,964 
LANXESS AG Reg S
4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76
  EUR 100    126,716 
Mahle GmbH Reg S
2.38%, 05/14/28
  EUR 100    118,323 
Mercer International, Inc.
5.50%, 01/15/26
  USD 41    41,988 
Novelis Sheet Ingot GmbH Reg S
3.38%, 04/15/29
  EUR 100    123,095 
ProGroup AG Reg S
3.00%, 03/31/26
  EUR 130    156,120 
RWE AG Reg S
6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75
  USD 100    116,539 
Schaeffler AG Reg S           
1.88%, 03/26/24  EUR 100    122,848 
2.88%, 03/26/27  EUR 50    63,953 
3.38%, 10/12/28  EUR 100    131,345 
Tele Columbus AG Reg S
3.88%, 05/02/25
  EUR 100    119,501 
thyssenkrupp AG Reg S           
1.88%, 03/06/23  EUR 100    119,602 
2.50%, 02/25/25  EUR 100    121,004 
2.88%, 02/22/24  EUR 100    121,204 
WEPA Hygieneprodukte GmbH Reg S
2.88%, 12/15/27
  EUR 100    117,089 
ZF Europe Finance BV Reg S           
2.00%, 02/23/26  EUR 100    121,115 
3.00%, 10/23/29  EUR 100    125,405 
ZF Finance GmbH Reg S           
3.00%, 09/21/25  EUR 100    126,376 
3.75%, 09/21/28  EUR 100    131,304 
ZF North America Capital, Inc. 144A
4.75%, 04/29/25
  USD 175    190,221 
ZF North America Capital, Inc. Reg S
2.75%, 04/27/23
  EUR 100    123,730 
          6,849,830 
Ghana: 0.2%           
Kosmos Energy Ltd. 144A
7.12%, 04/04/26
  USD 100    97,841 
Tullow Oil Plc 144A
7.00%, 03/01/25
  USD 100    86,880 
          184,721 
Greece: 0.8%           
Alpha Services and Holdings SA Reg S
5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31
  EUR 100    119,462 
Crystal Almond SARL Reg S
4.25%, 10/15/24
  EUR 100    121,354 
Ellaktor Value Plc Reg S
6.38%, 12/15/24
  EUR 100    113,901 
Intralot Capital Luxembourg SA Reg S
5.25%, 09/15/24
  EUR 200    146,976 
Mytilineos Financial Partners SA Reg S
2.50%, 12/01/24
  EUR 100    122,517 
National Bank of Greece SA Reg S
2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26
  EUR 100    122,815 
Public Power Corp. SA Reg S
3.88%, 03/30/26
  EUR 100    123,840 
          870,865 
Guatamala: 0.2%           
Banco Industrial SA 144A
4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31
  USD 100    103,895 
Central American Bottling Corp. 144A
5.75%, 01/31/27
  USD 100    104,350 
          208,245 
Hong Kong: 1.5%           
Agile Group Holdings Ltd. Reg S           
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 03/07/23 (o)  USD 200    189,589 
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/04/23 (o)  USD 200    194,421 
Bank of East Asia Ltd. Reg S
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/25 (o)
  USD 250    270,238 
Champion Path Holdings Ltd. Reg S
4.85%, 01/27/28
  USD 200    207,232 
Melco Resorts Finance Ltd. 144A           
4.88%, 06/06/25  USD 100    101,937 
5.38%, 12/04/29 †  USD 100    103,562 
5.62%, 07/17/27  USD 100    103,944 
5.75%, 07/21/28  USD 100    103,822 
RKPF Overseas 2020 A Ltd. Reg S
5.20%, 01/12/26
  USD 200    197,515 
Studio City Finance Ltd. 144A           
5.00%, 01/15/29  USD 100    98,666 
6.50%, 01/15/28  USD 100    105,120 
          1,676,046 
Hungary: 0.1%           
OTP Bank Nyrt Reg S
2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29
  EUR 100    122,309 
India: 2.1%           
ABJA Investment Co. Pte Ltd. Reg S
5.95%, 07/31/24
  USD 250    267,061 
Canara Bank Reg S
3.88%, 03/28/24
  USD 200    210,502 
Delhi International Airport Ltd. 144A
6.45%, 06/04/29 †
  USD 100    97,410 
GMR Hyderabad International Airport Ltd. 144A
4.75%, 02/02/26
  USD 200    203,328 
Jaguar Land Rover Automotive Plc Reg S           
2.20%, 01/15/24  EUR 100    117,210 
3.88%, 03/01/23  GBP 125    176,296 
6.88%, 11/15/26  EUR 100    135,973 
JSW Steel Ltd. Reg S
5.95%, 04/18/24
  USD 200    210,797 
Muthoot Finance Ltd. 144A
4.40%, 09/02/23
  USD 100    102,262 
Network i2i Ltd. 144A
5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 01/15/25 (o)
  USD 100    105,123 
ReNew Power Synthetic 144A
6.67%, 03/12/24
  USD 100    104,693 
Shriram Transport Finance Co. Ltd. 144A
4.40%, 03/13/24
  USD 200    199,650 
Tata Motors Ltd. Reg S
5.75%, 10/30/24
  USD 200    210,060 
Vedanta Resources Finance II Plc 144A           
9.25%, 04/23/26  USD 100    82,117 
13.88%, 01/21/24  USD 100    105,485 
Vedanta Resources Ltd. 144A
6.12%, 08/09/24
  USD 150    120,195 
          2,448,162 
Indonesia: 0.8%           
Adaro Indonesia PT 144A
4.25%, 10/31/24
  USD 100    101,792 
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d)
  USD 150    1,969 
Cikarang Listrindo Tbk PT 144A
4.95%, 09/14/26
  USD 200    205,648 
Indika Energy Capital III Pte Ltd. 144A
5.88%, 11/09/24
  USD 100    99,973 
Medco Platinum Road Pte Ltd. 144A
6.75%, 01/30/25
  USD 200    207,363 
Saka Energi Indonesia PT 144A
4.45%, 05/05/24
  USD 100    92,095 
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26
  USD 200    187,772 
          896,612 
Ireland: 1.1%           
AerCap Global Aviation Trust 144A
6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45
  USD 150    161,345 
AIB Group Plc Reg S
1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29
  EUR 100    122,140 
Bank of Ireland Group Plc Reg S            
3.12% (UK Govt Bonds 5 Year Note Generic Bid Yield+2.70%), 09/19/27  GBP 100    141,484 
4.12% (US Treasury Yield Curve Rate T 5 Year+2.50%), 09/19/27  USD 200    204,700 
C&W Senior Financing DAC 144A
6.88%, 09/15/27 †
  USD 200    212,450 
Cimpress Plc 144A
7.00%, 06/15/26
  USD 100    105,325 
Permanent TSB Group Holdings Plc Reg S
2.12% (EUR Swap Annual 1 Year+2.55%), 09/26/24
  EUR 100    121,546 
Uralkali OJSC Via Uralkali Finance DAC 144A
4.00%, 10/22/24
  USD 100    104,662 
Virgin Media Vendor Financing Notes III DAC Reg S
4.88%, 07/15/28
  GBP 100    141,788 
          1,315,440 
Israel: 1.8%           
Leviathan Bond Ltd. 144A Reg S           
5.75%, 06/30/23  USD 50    52,199 
6.12%, 06/30/25  USD 50    54,559 
6.50%, 06/30/27  USD 50    55,284 
6.75%, 06/30/30  USD 50    56,293 
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22
  USD 100    100,750 
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36 †
  USD 100    110,383 
Teva Pharmaceutical Finance Netherlands II BV
6.00%, 01/31/25
  EUR 100    129,614 
Teva Pharmaceutical Finance Netherlands II BV Reg S           
1.12%, 10/15/24  EUR 100    112,636 
1.25%, 03/31/23  EUR 100    116,862 
Teva Pharmaceutical Finance Netherlands III BV           
2.80%, 07/21/23  USD 300    296,925 
3.15%, 10/01/26  USD 350    336,298 
4.10%, 10/01/46  USD 225    198,960 
6.00%, 04/15/24  USD 150    157,781 
6.75%, 03/01/28 †  USD 150    166,312 
7.12%, 01/31/25  USD 150    164,918 
          2,109,774 
Italy: 8.0%           
Abertis Infraestructuras Finance BV Reg S
3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/25 (o)
  EUR 200    246,966 
Assicurazioni Generali SpA Reg S           
4.60% (Euribor 3 Month ACT/360+4.50%), 11/21/25 (o)  EUR 125    167,662 
6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/16/26 (o)  GBP 50    80,905 
Atlantia SpA Reg S           
1.62%, 02/03/25  EUR 100    121,983 
1.88%, 07/13/27  EUR 100    123,480 
1.88%, 02/12/28  EUR 100    122,814 
Autostrade per l’Italia SpA           
1.62%, 06/12/23  EUR 100    121,006 
5.88%, 06/09/24  EUR 100    136,916 
Autostrade per l’Italia SpA Reg S           
1.75%, 06/26/26  EUR 100    123,389 
1.75%, 02/01/27  EUR 125    153,859 
1.88%, 09/26/29  EUR 100    123,501 
2.00%, 12/04/28  EUR 100    124,613 
4.38%, 09/16/25  EUR 50    68,357 
Azzurra Aeroporti SpA Reg S
2.12%, 05/30/24
  EUR 100    121,888 
Banca IFIS SpA Reg S
4.50% (EUR Swap Annual 5 Year+4.25%), 10/17/27
  EUR 100    120,382 
Banca Monte dei Paschi di Siena SpA Reg S           
3.62%, 09/24/24  EUR 150    187,909 
5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28 †  EUR 100    97,708 
Banca Popolare di Sondrio SCPA Reg S
2.38%, 04/03/24
  EUR 100    124,513 
Banco BPM SpA Reg S           
1.75%, 04/24/23  EUR 100    122,055 
1.75%, 01/28/25  EUR 100    123,595 
2.50%, 06/21/24  EUR 100    125,931 
4.38% (EUR Swap Annual 5 Year+4.18%), 09/21/27  EUR 100    123,151 
BPER Banca Reg S
1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27
  EUR 100    120,277 
Esselunga SpA Reg S
0.88%, 10/25/23
  EUR 100    120,724 
Iccrea Banca SpA Reg S
1.50%, 10/11/22
  EUR 100    120,536 
IMA Industria Macchine Automatiche SpA 144A
3.75%, 01/15/28
  EUR 100    119,469 
Infrastrutture Wireless Italiane SpA Reg S            
1.62%, 10/21/28   EUR 100    122,153 
1.88%, 07/08/26   EUR 100    124,329 
International Design Group SPA Reg S
6.50%, 11/15/25
  EUR 100    123,910 
Intesa Sanpaolo SpA 144A            
4.95%, 06/01/42   USD 50    52,109 
5.02%, 06/26/24   USD 125    135,677 
5.71%, 01/15/26   USD 75    84,759 
Intesa Sanpaolo SpA Reg S            
2.85%, 04/23/25   EUR 100    127,793 
3.93%, 09/15/26   EUR 100    134,305 
4.45% (EUR Swap Annual 5 Year+4.24%), 09/15/27   EUR 150    186,299 
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29   EUR 100    133,084 
6.62%, 09/13/23   EUR 200    267,919 
Intesa Sanpaolo Vita SpA Reg S
4.75% (Euribor 6 Month ACT/360+4.82%), 12/17/24 (o)
  EUR 100    130,911 
Leonardo SpA
4.88%, 03/24/25
  EUR 50    68,086 
Leonardo SpA Reg S
1.50%, 06/07/24
  EUR 100    122,208 
SACE SPA Reg S
3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/25 (o)
  EUR 100    123,130 
Saipem Finance International BV Reg S
3.75%, 09/08/23
  EUR 150    186,960 
Societa Cattolica Di Assicurazione SPA Reg S            
4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47   EUR 100    134,662 
Telecom Italia Finance SA
7.75%, 01/24/33
  EUR 100    175,477 
Telecom Italia SpA
5.25%, 03/17/55
  EUR 100    147,462 
Telecom Italia SpA/ Milano
5.88%, 05/19/23
  GBP 100    150,360 
Telecom Italia SpA/ Milano 144A
5.30%, 05/30/24
  USD 100    108,566 
Telecom Italia SpA/ Milano Reg S            
1.62%, 01/18/29   EUR 100    117,075 
2.38%, 10/12/27   EUR 100    123,914 
2.50%, 07/19/23   EUR 100    123,591 
2.75%, 04/15/25   EUR 100    125,319 
2.88%, 01/28/26   EUR 200    252,722 
3.00%, 09/30/25   EUR 100    127,100 
3.25%, 01/16/23   EUR 100    124,050 
3.62%, 05/25/26   EUR 150    198,209 
4.00%, 04/11/24   EUR 200    255,973 
UniCredit SpA 144A
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35
  USD 100    110,596 
UniCredit SpA Reg S            
2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29   EUR 200    239,978 
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32   EUR 200    244,317 
6.95%, 10/31/22   EUR 300    386,057 
Unipol Gruppo SpA Reg S
3.00%, 03/18/25
  EUR 200    257,165 
UnipolSai Assicurazioni SpA Reg S
5.75% (Euribor 3 Month ACT/360+5.18%), 06/18/24 (o)
  EUR 100    131,035 
Webuild SpA Reg S
1.75%, 10/26/24
  EUR 100    118,837 
           9,119,686 
Japan: 1.9%            
Rakuten Group, Inc.
144A 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 04/22/26 (o)
  USD 150    151,031 
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 04/22/31 (o)   USD 150    155,332 
SoftBank Group Corp. Reg S            
3.12%, 09/19/25   EUR 100    120,461 
4.00%, 04/20/23   EUR 100    122,425 
4.00%, 09/19/29   EUR 100    121,197 
4.75%, 09/19/24   USD 200    208,264 
4.75%, 07/30/25   EUR 100    127,979 
5.00%, 04/15/28   EUR 100    129,555 
5.12%, 09/19/27   USD 200    206,986 
6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 07/19/23 (o)   USD 250    251,425 
6.25%, 04/15/28   USD 350    382,483 
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 07/19/27 (o)   USD 200    206,040 
           2,183,178 
Jersey, Channel Islands: 0.4%             
eG Global Finance Plc 144A
6.75%, 02/07/25
  USD 200    205,252 
eG Global Finance Plc Reg S
4.38%, 02/07/25
  EUR 100    116,935 
Very Group Funding Plc Reg S
7.75%, 11/15/22
  GBP 100    141,871 
           464,058 
Kazakhstan: 0.4%            
Kazakhstan Temir Zholy Finance BV 144A
6.95%, 07/10/42
  USD 100    139,500 
KazMunayGas National Co. JSC 144A            
4.75%, 04/19/27   USD 100    114,070 
5.75%, 04/19/47   USD 125    156,005 
           409,575 
Kuwait: 0.2%            
Kuwait Projects Co. SPC Ltd. Reg S
4.23%, 10/29/26
  USD 200    196,684 
Liechtenstein: 0.1%            
Louis Dreyfus Co. BV Reg S
2.38%, 11/27/25
  EUR 100    126,241 
Luxembourg: 5.2%            
ADLER Group SA Reg S
2.25%, 01/14/29
  EUR 100    112,580 
AI Candelaria Spain SLU 144A
7.50%, 12/15/28
  USD 75    83,709 
Altice Financing SA 144A            
5.00%, 01/15/28   USD 250    245,941 
7.50%, 05/15/26   USD 200    208,304 
Altice Finco SA Reg S
4.75%, 01/15/28
  EUR 100    116,651 
Altice France Holding SA 144A
10.50%, 05/15/27
  USD 50    55,066 
Altice France Holding SA Reg S            
4.00%, 02/15/28   EUR 100    114,695 
8.00%, 05/15/27   EUR 100    127,550 
Altice France SA 144A            
5.50%, 01/15/28   USD 100    102,636 
7.38%, 05/01/26   USD 250    260,313 
8.12%, 02/01/27   USD 300    325,214 
Altice France SA Reg S
3.38%, 01/15/28
  EUR 100    116,888 
ArcelorMittal SA            
7.00%, 03/01/41   USD 25    35,920 
7.25%, 10/15/39   USD 50    73,126 
ArcelorMittal SA Reg S            
0.95%, 01/17/23   EUR 100    120,112 
1.00%, 05/19/23   EUR 100    120,613 
1.75%, 11/19/25   EUR 200    251,328 
ARD Finance SA Reg S
5.00%, 06/30/27
  EUR 200    244,298 
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A            
4.12%, 08/15/26   USD 150    155,068 
5.25%, 08/15/27   USD 125    127,798 
6.00%, 02/15/25   USD 100    103,350 
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S
2.12%, 08/15/26
  EUR 175    208,180 
Arena Luxembourg Finance Sarl Reg S
1.88%, 02/01/28
  EUR 100    110,445 
Centurion Bidco SpA Reg S
5.88%, 09/30/26
  EUR 100    124,036 
Cidron Aida Finco Sarl Reg S
5.00%, 04/01/28
  EUR 100    119,706 
CSN Resources SA 144A
4.62%, 06/10/31
  USD 100    103,585 
Energean Israel Finance Ltd. 144A Reg S            
4.50%, 03/30/24   USD 60    61,198 
4.88%, 03/30/26   USD 60    61,474 
5.38%, 03/30/28   USD 60    61,475 
5.88%, 03/30/31   USD 60    61,646 
Eurofins Scientific SE Reg S
3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/25 (o)
  EUR 100    126,212 
Galaxy Bidco Ltd. Reg S
6.50%, 07/31/26
  GBP 100    146,608 
Herens Midco Sarl Reg S
5.25%, 05/15/29
  EUR 100    115,011 
Kenbourne Invest SA 144A
4.70%, 01/22/28
  USD 50    50,364 
MC Brazil Downstream Trading SARL 144A
7.25%, 06/30/31
  USD 200    207,940 
Millicom International Cellular SA 144A
4.50%, 04/27/31 †
  USD 100    104,137 
Minerva Luxembourg SA 144A
4.38%, 03/18/31
  USD 125    122,969 
Nidda Healthcare Holding GmbH Reg S
3.50%, 09/30/24
  EUR 200    237,605 
Petrorio Luxembourg Sarl 144A
6.12%, 06/09/26
  USD 100    103,010 
Rossini Sarl Reg S
6.75%, 10/30/25
  EUR 100    124,059 
SES SA Reg S
5.62% (EUR Swap Annual 5 Year+5.40%), 01/29/24 (o)
  EUR 100    129,859 
Sisal Group SpA Reg S
7.00%, 07/31/23
  EUR 69    81,891 
Summer BC Holdco B Sarl Reg S
5.75%, 10/31/26
  EUR 100    124,357 
TK Elevator Midco GmbH Reg S
4.38%, 07/15/27
  EUR 100    124,266 
TK Elevator US Newco, Inc. 144A
5.25%, 07/15/27
  USD 200    211,460 
          6,022,653 
Mauritius: 0.3%           
HTA Group Ltd./ Mauritius 144A
7.00%, 12/18/25
  USD 100    106,139 
IHS Netherlands Holdco BV 144A
8.00%, 09/18/27
  USD 200    215,000 
          321,139 
Mexico: 4.0%           
Axtel SAB de CV 144A
6.38%, 11/14/24
  USD 82    85,241 
Cemex SAB de CV 144A           
3.88%, 07/11/31  USD 200    207,463 
5.20%, 09/17/30  USD 100    109,722 
5.45%, 11/19/29  USD 100    109,774 
7.38%, 06/05/27  USD 100    113,305 
Cemex SAB de CV Reg S
3.12%, 03/19/26
  EUR 100    121,890 
Credito Real SAB de CV SOFOM ER 144A
9.50%, 02/07/26 †
  USD 100    92,581 
Grupo Bimbo SAB de CV 144A
5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 04/17/23 (o)
  USD 50    52,612 
Grupo KUO SAB De CV 144A
5.75%, 07/07/27
  USD 100    104,989 
Petróleos Mexicanos           
3.50%, 01/30/23  USD 75    76,451 
4.25%, 01/15/25  USD 50    51,560 
4.50%, 01/23/26 †  USD 75    76,084 
4.62%, 09/21/23  USD 50    52,157 
4.88%, 01/18/24  USD 50    52,496 
5.35%, 02/12/28  USD 125    123,344 
5.50%, 06/27/44  USD 50    41,139 
5.62%, 01/23/46 †  USD 50    41,136 
5.95%, 01/28/31  USD 200    196,850 
6.35%, 02/12/48  USD 150    128,417 
6.38%, 01/23/45  USD 75    64,654 
6.49%, 01/23/27  USD 100    106,345 
6.50%, 03/13/27  USD 275    291,569 
6.50%, 01/23/29  USD 100    103,989 
6.50%, 06/02/41 †  USD 75    68,030 
6.62%, 06/15/35  USD 150    145,184 
6.62%, 06/15/38  USD 25    23,166 
6.75%, 09/21/47  USD 300    268,602 
6.84%, 01/23/30  USD 200    208,890 
6.88%, 08/04/26  USD 150    165,274 
6.95%, 01/28/60  USD 200    179,740 
7.69%, 01/23/50 †  USD 375    364,969 
Petróleos Mexicanos 144A
6.88%, 10/16/25
  USD 75    82,683 
Petroleos Mexicanos Reg S           
2.75%, 04/21/27  EUR 100    109,925 
3.75%, 02/21/24  EUR 100    121,335 
4.75%, 02/26/29  EUR 100    116,185 
4.88%, 02/21/28  EUR 100    118,731 
5.50%, 02/24/25  EUR 50    64,379 
Unifin Financiera SAB de CV 144A           
7.00%, 01/15/25  USD 100    96,590 
7.25%, 09/27/23  USD 100    99,724 
          4,637,175 
Morocco: 0.2%           
OCP SA 144A           
5.62%, 04/25/24  USD 150    165,469 
6.88%, 04/25/44  USD 100    123,362 
          288,831 
Netherlands: 2.5%           
Athora Netherlands NV Reg S
2.25% (EUR Swap Annual 5 Year+2.60%), 07/15/31
  EUR 100    120,320 
ELM BV for Firmenich International SA Reg S
3.75% (EUR Swap Annual 5 Year+4.39%), 06/03/25 (o)
  EUR 100    129,135 
Greenko Dutch BV 144A
3.85%, 03/29/26
  USD 100    100,979 
Intertrust Group BV Reg S
3.38%, 11/15/25
  EUR 100    121,384 
Koninklijke KPN NV 144A
7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73
  USD 125    135,312 
Lincoln Financing SARL Reg S
3.62%, 04/01/24
  EUR 150    179,817 
OCI NV Reg S
3.12%, 11/01/24
  EUR 200    242,021 
Petrobras Global Finance BV
5.50%, 06/10/51
  USD 150    147,729 
PPF Telecom Group BV Reg S           
3.12%, 03/27/26  EUR 100    127,390 
3.50%, 05/20/24  EUR 100    126,777 
Repsol International Finance BV Reg S
4.25% (EUR Swap Annual 5 Year+4.41%), 09/11/28 (o)
  EUR 100    132,078 
Selecta Group BV Reg S
8.00%, 04/01/26
  EUR 50    59,628 
Tecpetrol SA 144A
4.88%, 12/12/22
  USD 55    55,083 
Telefonica Europe BV Reg S
2.38% (EUR Swap Annual 8 Year+2.62%), 02/12/29 (o)
  EUR 100    117,121 
TenneT Holding BV Reg S
3.00% (EUR Swap Annual 5 Year+2.53%), 03/01/24 (o)
  EUR 175    219,503 
UPC Broadband Finco BV 144A
4.88%, 07/15/31
  USD 100    102,140 
Wintershall Dea Finance 2 BV Reg S
3.00% (EUR Swap Annual 5 Year+3.32%), 07/20/28 (o)
  EUR 100    117,679 
Ziggo Bond Co. BV 144A           
5.12%, 02/28/30  USD 50    51,551 
6.00%, 01/15/27  USD 50    52,187 
Ziggo Bond Co. BV Reg S
3.38%, 02/28/30
  EUR 125    147,784 
Ziggo BV 144A           
4.88%, 01/15/30  USD 100    103,470 
5.50%, 01/15/27  USD 200    207,619 
Ziggo BV Reg S
4.25%, 01/15/27
  EUR 80    98,117 
          2,894,824 
Nigeria: 0.1%           
SEPLAT Energy Plc 144A
7.75%, 04/01/26
  USD 100    104,218 
Norway: 0.2%           
Adevinta ASA Reg S
2.62%, 11/15/25
  EUR 100    121,503 
Heimstaden Bostad AB Reg S
3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/24 (o)
  EUR 100    123,372 
          244,875 
Oman: 0.6%           
Bank Muscat SAOG Reg S
4.75%, 03/17/26
  USD 200    206,699 
Lamar Funding Ltd. Reg S
3.96%, 05/07/25
  USD 225    225,421 
OQ SAOC 144A
5.12%, 05/06/28
  USD 100    100,479 
Oztel Holdings SPC Ltd. 144A
5.62%, 10/24/23
  USD 200    212,465 
          745,064 
Panama: 0.3%           
Aeropuerto Internacional de Tocumen SA 144A
6.00%, 11/18/48
  USD 99    115,341 
Banistmo SA 144A
4.25%, 07/31/27
  USD 100    102,960 
Global Bank Corp. 144A
5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29
  USD 100    106,124 
          324,425 
Peru: 0.2%           
Banco Internacional del Peru SAA Interbank 144A
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29
  USD 75    79,094 
Hudbay Minerals, Inc. 144A
6.12%, 04/01/29 †
  USD 25    27,000 
Peru LNG Srl 144A
5.38%, 03/22/30
  USD 100    77,232 
Volcan Cia Minera SAA 144A
4.38%, 02/11/26
  USD 100    96,847 
          280,173 
Poland: 0.1%           
CANPACK SA / Eastern PA Land Investment Holding LLC Reg S
2.38%, 11/01/27
  EUR 100    122,130 
Portugal: 0.4%           
Banco Comercial Portugues SA Reg S
3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30
  EUR 100    120,308 
Caixa Geral de Depositos SA Reg S
5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28
  EUR 100    130,056 
EDP - Energias de Portugal SA Reg S
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79
  EUR 200    259,415 
          509,779 
Romania: 0.1%           
RCS & RDS SA Reg S
2.50%, 02/05/25
  EUR 100    118,534 
Russia: 1.6%           
Evraz Plc 144A
5.38%, 03/20/23
  USD 200    211,798 
Gazprom PJSC via Gaz Finance Plc 144A
4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/25 (o)
  USD 200    209,015 
Gtlk Europe Capital DAC Reg S
4.65%, 03/10/27
  USD 200    210,564 
GTLK Europe DAC Reg S
5.12%, 05/31/24
  USD 200    213,702 
Polyus Finance Plc 144A
5.25%, 02/07/23
  USD 100    106,000 
Sberbank of Russia Via SB Capital SA 144A
5.12%, 10/29/22
  USD 250    261,251 
VEON Holdings BV 144A           
3.38%, 11/25/27  USD 100    101,034 
4.00%, 04/09/25  USD 100    105,491 
4.95%, 06/16/24  USD 100    107,954 
7.25%, 04/26/23  USD 100    107,980 
VTB Bank OJSC Via VTB Capital SA 144A
6.95%, 10/17/22
  USD 200    211,154 
          1,845,943 
Saudi Arabia: 0.4%           
Arabian Centres Sukuk Ltd. 144A
5.38%, 11/26/24
  USD 200    207,940 
Dar Al-Arkan Sukuk Co. Ltd. Reg S
6.88%, 03/21/23
  USD 200    208,335 
          416,275 
Singapore: 1.0%           
GLP Pte Ltd. Reg S
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 05/17/26 (o)
  USD 200    199,036 
Greenko Investment Co. 144A
4.88%, 08/16/23
  USD 200    202,366 
Inkia Energy Ltd. 144A
5.88%, 11/09/27
  USD 100    102,360 
Mersin Uluslararasi Liman Isletmeciligi AS 144A
5.38%, 11/15/24
  USD 100    106,182 
Puma International Financing SA 144A
5.00%, 01/24/26
  USD 250    250,925 
Star Energy Geothermal Wayang Windu Ltd. 144A
6.75%, 04/24/33
  USD 89    100,748 
Yanlord Land HK Co. Ltd. Reg S
6.80%, 02/27/24
  USD 200    207,500 
          1,169,117 
South Africa: 1.0%           
Eskom Holdings SOC Ltd. 144A           
6.75%, 08/06/23  USD 100    104,452 
7.12%, 02/11/25  USD 100    105,360 
Gold Fields Orogen Holdings BVI Ltd. 144A
5.12%, 05/15/24
  USD 100    108,658 
K2016470219 South Africa Ltd. 144A
3.00%, 12/31/22
  USD 138    443 
MTN Mauritius Investments Ltd. 144A
4.75%, 11/11/24
  USD 150    159,057 
Sappi Papier Holding GmbH Reg S
3.12%, 04/15/26
  EUR 100    119,000 
Sasol Financing International Ltd.
4.50%, 11/14/22 †
  USD 100    102,525 
Sasol Financing USA LLC
5.88%, 03/27/24
  USD 300    318,198 
Stillwater Mining Co. 144A
7.12%, 06/27/25
  USD 100    103,705 
          1,121,398 
South Korea: 0.1%           
Woori Bank 144A
4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/04/24 (o)
  USD 100    104,000 
Spain: 3.1%           
Abanca Corp. Bancaria SA Reg S
6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29
  EUR 100    129,678 
Abengoa SA
0.00%, 03/31/27(s) ^
  EUR 100    594 
ACS Actividades de Construccion y Servicios SA Reg S
1.38%, 06/17/25
  EUR 100    120,914 
Banco de Sabadell SA Reg S            
1.75%, 05/10/24  EUR 100    123,316 
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28  EUR 100    129,914 
5.62%, 05/06/26  EUR 100    138,683 
BBVA Bancomer SA 144A
6.75%, 09/30/22
  USD 150    159,153 
Cellnex Finance Co. SA Reg S           
1.25%, 01/15/29  EUR 100    117,727 
1.50%, 06/08/28  EUR 100    120,655 
2.00%, 02/15/33  EUR 200    239,579 
Cellnex Telecom SA
1.88%, 06/26/29
  EUR 100    122,670 
Cellnex Telecom SA Reg S           
1.75%, 10/23/30  EUR 100    119,965 
2.38%, 01/16/24  EUR 100    124,611 
El Corte Ingles SA Reg S
3.00%, 03/15/24
  EUR 100    120,205 
Ferrovial Netherlands BV Reg S
2.12% (EUR Swap Annual 5 Year+2.13%), 02/14/23 (o)
  EUR 100    119,403 
Grifols SA Reg S           
2.25%, 11/15/27  EUR 100    120,976 
3.20%, 05/01/25  EUR 100    119,724 
Ibercaja Banco SA Reg S
2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30
  EUR 100    118,674 
Lorca Telecom Bondco SA Reg S
4.00%, 09/18/27
  EUR 100    122,163 
Naturgy Finance BV Reg S
4.12% (EUR Swap Annual 8 Year+3.35%), 11/18/22 (o)
  EUR 100    124,559 
Repsol International Finance BV Reg S
4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75
  EUR 225    292,908 
Telefonica Europe BV Reg S            
2.62% (EUR Swap Annual 5 Year+2.33%), 03/07/23 (o)  EUR 100    121,678 
3.00% (EUR Swap Annual 5 Year+2.45%), 09/04/23 (o)  EUR 100    123,005 
3.88% (EUR Swap Annual 8 Year+2.97%), 06/22/26 (o)  EUR 100    129,256 
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/24 (o)  EUR 200    259,667 
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/24 (o)  EUR 100    132,839 
          3,552,516 
Sweden: 0.9%           
Dometic Group AB Reg S
3.00%, 05/08/26
  EUR 100    126,397 
Fastighets AB Balder Reg S
2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81
  EUR 100    118,407 
Heimstaden Bostad AB Reg S
3.38% (EUR Swap Annual 5 Year+3.91%), 01/15/26 (o)
  EUR 100    123,468 
Intrum AB Reg S           
3.00%, 09/15/27  EUR 100    117,246 
3.12%, 07/15/24  EUR 200    238,929 
Norican A/S Reg S            
4.50%, 05/15/23  EUR 100    116,291 
2.62% (EUR Swap Annual 5 Year+2.81%), 01/30/25 (o)  EUR 100    120,325 
Stena AB 144A
7.00%, 02/01/24 †
  USD 100    105,143 
          1,066,206 
Switzerland: 0.6%           
Consolidated Energy Finance SA 144A
6.88%, 06/15/25
  USD 75    76,394 
Dufry One BV Reg S
2.50%, 10/15/24
  EUR 225    264,652 
Holcim Finance Luxembourg SA Reg S
3.00% (EUR Swap Annual 5 Year+3.07%), 04/05/24 (o)
  EUR 100    124,502 
Peach Property Finance GmbH Reg S
4.38%, 11/15/25
  EUR 100    124,262 
Techem
2.00%, 07/15/25
  EUR 100    118,207 
          708,017 
Tanzania: 0.1%           
AngloGold Ashanti Holdings Plc           
5.12%, 08/01/22  USD 50    51,940 
6.50%, 04/15/40  USD 80    100,000 
          151,940 
Thailand: 0.2%           
Bangkok Bank PCL 144A
3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34
  USD 200    208,504 
Trinidad and Tobago: 0.2%            
Trinidad Generation UnLtd. 144A
5.25%, 11/04/27
  USD 100    102,859 
Trinidad Petroleum Holdings Ltd. 144A
9.75%, 06/15/26
  USD 75    84,261 
          187,120 
Turkey: 2.1%           
Akbank TAS 144A           
5.12%, 03/31/25 †  USD 150    151,695 
6.80%, 02/06/26  USD 100    106,178 
Arcelik AS 144A
5.00%, 04/03/23
  USD 100    103,934 
KOC Holding AS 144A
5.25%, 03/15/23
  USD 200    207,472 
TC Ziraat Bankasi AS 144A
5.38%, 03/02/26
  USD 100    99,133 
Turk Telekomunikasyon AS 144A
4.88%, 06/19/24
  USD 100    104,839 
Turkcell Iletisim Hizmetleri AS 144A
5.80%, 04/11/28
  USD 100    107,760 
Turkiye Garanti Bankasi AS 144A
5.25%, 09/13/22
  USD 200    206,634 
Turkiye Is Bankasi AS 144A           
6.00%, 10/24/22  USD 100    102,913 
6.12%, 04/25/24  USD 150    156,448 
7.85%, 12/10/23  USD 100    107,470 
Turkiye Sinai Kalkinma Bankasi AS 144A
6.00%, 01/23/25
  USD 100    102,317 
Turkiye Sise ve Cam Fabrikalari AS 144A
6.95%, 03/14/26 †
  USD 100    111,675 
Turkiye Vakiflar Bankasi TAO 144A           
5.25%, 02/05/25 †  USD 100    100,051 
5.75%, 01/30/23  USD 100    103,375 
6.00%, 11/01/22  USD 100    102,685 
Ulker Biskuvi Sanayi AS 144A
6.95%, 10/30/25
  USD 100    108,459 
Yapi ve Kredi Bankasi AS 144A           
5.50%, 12/06/22  USD 100    102,625 
5.85%, 06/21/24  USD 50    51,645 
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 †  USD 50    52,386 
8.25%, 10/15/24  USD 100    109,750 
          2,399,444 
Ukraine: 0.4%           
Metinvest BV 144A           
7.75%, 04/23/23  USD 150    160,450 
8.50%, 04/23/26  USD 100    113,594 
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S
7.12%, 07/19/24
  EUR 100    122,790 
Ukraine Railways Via Shortline Plc Reg S
9.88%, 09/15/21
  USD 9    9,100 
          405,934 
United Arab Emirates: 0.8%        
DP World Salaam Reg S
6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/01/25 (o)
  USD 200    218,789 
Emaar Sukuk Ltd. Reg S
3.63%, 09/15/26
  USD 200    207,395 
Emirates NBD Bank PJSC Reg S
6.12% (USD Swap Semi 30/360 6 Year+3.66%), 03/20/25 (o)
  USD 200    214,892 
MAF Global Securities Ltd. Reg S
5.50% (USD Swap Semi 30/360 5 Year+3.48%), 09/07/22 (o)
  USD 200    205,521 
Shelf Drilling Holdings Ltd. 144A
8.25%, 02/15/25
  USD 100    75,477 
          922,074 
United Kingdom: 8.5%           
Amigo Luxembourg SA Reg S
7.62%, 01/15/24
  GBP 100    128,225 
Anglian Water Osprey Financing Plc Reg S
4.00%, 03/08/26
  GBP 100    151,761 
Arqiva Broadcast Finance Plc Reg S
6.75%, 09/30/23
  GBP 100    142,656 
Aston Martin Capital Holdings Ltd. 144A
10.50%, 11/30/25
  USD 50    55,563 
Bellis Acquisition Co. Plc Reg S
3.25%, 02/16/26
  GBP 200    277,896 
Bellis Finco Plc Reg S
4.00%, 02/16/27
  GBP 100    138,861 
Centrica Plc Reg S
5.25% (GBP Swap 5 Year+3.61%), 04/10/75
  GBP 100    149,966 
Co.-Operative Group Ltd. Reg S
5.12%, 05/17/24
  GBP 100    148,814 
Connect Finco Sarl / Connect US Finco LLC 144A
6.75%, 10/01/26
  USD 200    210,500 
Drax Finco Plc 144A
6.62%, 11/01/25
  USD 100    103,125 
Garfunkelux Holdco 3 SA Reg S
6.75%, 11/01/25
  EUR 100    123,320 
GKN Holdings Ltd. Reg S
4.62%, 05/12/32
  GBP 100    154,508 
Heathrow Finance Plc Reg S
6.25%, 03/03/25
  GBP 150    227,922 
Iceland Bondco Plc Reg S
4.62%, 03/15/25
  GBP 100    136,081 
INEOS Group Holdings SA Reg S
5.38%, 08/01/24
  EUR 200    237,716 
INEOS Styrolution Group GmbH Reg S
2.25%, 01/16/27
  EUR 200    234,788 
International Consolidated Airlines Group SA Reg S           
0.50%, 07/04/23  EUR 100    115,280 
1.50%, 07/04/27  EUR 100    107,180 
Iqera Group SAS Reg S
4.25%, 09/30/24
  EUR 100    118,962 
Jerrold Finco Plc Reg S
4.88%, 01/15/26
  GBP 100    143,957 
Ladbrokes Group Finance Plc Reg S
5.12%, 09/16/22
  GBP 100    145,304 
Lloyds Banking Group Plc 144A            
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/01/35 (o)  USD 50    69,313 
6.66% (ICE LIBOR USD 3 Month+1.27%), 05/21/37 (o)  USD 50    71,053 
Marks & Spencer Plc Reg S
6.00%, 06/12/25
  GBP 150    234,626 
Motion Bondco DAC 144A
6.62%, 11/15/27 †
  USD 200    203,773 
National Express Group Plc Reg S
4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/25 (o)
  GBP 100    144,770 
Neptune Energy Bondco Plc 144A
6.62%, 05/15/25
  USD 100    101,973 
Nexi SpA Reg S
1.75%, 10/31/24
  EUR 300    365,078 
NGG Finance Plc Reg S           
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82  EUR 100    121,444 
5.62% (GBP Swap 12 Year+3.48%), 06/18/73  GBP 100    155,743 
Pinewood Finance Co. Ltd. Reg S
3.25%, 09/30/25
  GBP 100    141,541 
Pinnacle Bidco Plc Reg S
5.50%, 02/15/25
  EUR 100    121,742 
Playtech Plc Reg S
3.75%, 10/12/23
  EUR 100    120,359 
Rolls-Royce Plc Reg S           
0.88%, 05/09/24  EUR 100    116,872 
1.62%, 05/09/28  EUR 200    220,783 
5.75%, 10/15/27  GBP 100    152,143 
Standard Chartered Plc 144A
7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) †
  USD 100    137,750 
Stonegate Pub Co. Financing 2019 Plc Reg S
8.00%, 07/13/25
  GBP 100    144,346 
Summer BidCo BV Reg S
9.00%, 11/15/25
  EUR 105    127,152 
TalkTalk Telecom Group Plc Reg S
3.88%, 02/20/25
  GBP 100    136,807 
Telenet Finance Luxembourg Notes Sarl 144A
5.50%, 03/01/28
  USD 200    211,040 
Travis Perkins Plc Reg S
4.50%, 09/07/23
  GBP 100    148,658 
Tullow Oil Plc 144A
10.25%, 05/15/26
  USD 100    104,447 
United Group BV Reg S
4.88%, 07/01/24
  EUR 100    120,062 
UPC Holding BV 144A
5.50%, 01/15/28 †
  USD 100    105,609 
Vedanta Resources Finance II Plc 144A
8.95%, 03/11/25
  USD 200    188,767 
Victoria Plc Reg S
3.62%, 08/24/26
  EUR 100    121,308 
Virgin Media Finance Plc 144A
5.00%, 07/15/30
  USD 150    152,813 
Virgin Media Secured Finance Plc 144A
5.50%, 05/15/29
  USD 100    106,963 
Virgin Media Secured Finance Plc Reg S           
4.12%, 08/15/30  GBP 100    138,486 
4.25%, 01/15/30  GBP 100    139,470 
5.00%, 04/15/27  GBP 100    144,695 
Vmed O2 UK Financing I Plc 144A
4.25%, 01/31/31
  USD 200    198,516 
Vmed O2 UK Financing I Plc Reg S           
3.25%, 01/31/31  EUR 100    120,142 
4.00%, 01/31/29  GBP 100    138,124 
Vodafone Group Plc           
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81  USD 150    151,500 
7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79  USD 250    310,788 
Vodafone Group Plc Reg S           
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79  EUR 300    372,018 
4.88% (GBP Swap 5 Year+3.27%), 10/03/78  GBP 100    151,336 
6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78  USD 200    222,014 
Weir Group Plc 144A
2.20%, 05/13/26
  USD 100    101,184 
William Hill Plc Reg S
4.88%, 09/07/23
  GBP 100    145,657 
          9,733,250 
United States: 3.0%           
AES Andes SA 144A
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79
  USD 100    105,775 
Burford Capital Global Finance LLC 144A
6.25%, 04/15/28
  USD 100    105,581 
Cirsa Finance International Sarl 144A
6.25%, 12/20/23
  EUR 150    180,321 
Constellium SE Reg S
4.25%, 02/15/26
  EUR 100    120,688 
DEMIRE Deutsche Mittelstand Real Estate AG Reg S
1.88%, 10/15/24
  EUR 100    115,048 
Empresa Electrica Guacolda SA 144A
4.56%, 04/30/25
  USD 100    56,457 
Energia Group NI FinanceCo Plc/ Energia Group ROI Holdings DAC Reg S
4.00%, 09/15/25
  EUR 100    119,652 
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A
5.38%, 12/30/30
  USD 100    99,995 
Enstar Finance LLC
5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40
  USD 25    26,693 
Gamma Bidco SpA Reg S
6.25%, 07/15/25
  EUR 100    124,840 
Garda World Security Corp. 144A
4.62%, 02/15/27
  USD 100    100,500 
IPD 3 BV Reg S
5.50%, 12/01/25
  EUR 100    123,554 
James Hardie International Finance DAC 144A
5.00%, 01/15/28
  USD 50    53,170 
JBS USA Food Co. 144A            
5.75%, 01/15/28  USD 100    105,550 
7.00%, 01/15/26  USD 100    106,076 
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A
7.00%, 12/31/27 †
  USD 75    73,492 
LCPR Senior Secured Financing DAC 144A
6.75%, 10/15/27
  USD 200    213,958 
MGM China Holdings Ltd. 144A
5.88%, 05/15/26
  USD 200    207,770 
Mong Duong Finance Holdings BV 144A
5.12%, 05/07/29
  USD 100    99,306 
Open Text Holdings, Inc. 144A
4.12%, 02/15/30
  USD 50    51,697 
Q-Park Holding I BV Reg S
2.00%, 03/01/27
  EUR 100    112,198 
Resolute Forest Products, Inc. 144A
4.88%, 03/01/26
  USD 25    25,897 
Schenck Process Holding GmbH/Darmstadt Reg S
5.38%, 06/15/23
  EUR 100    119,604 
Sigma Holdco BV Reg S
5.75%, 05/15/26
  EUR 100    114,874 
Telesat Canada / Telesat LLC 144A           
4.88%, 06/01/27  USD 50    45,787 
6.50%, 10/15/27  USD 50    42,500 
Verisure Holding AB Reg S           
3.50%, 05/15/23  EUR 150    179,696 
3.88%, 07/15/26  EUR 150    183,018 
Wynn Macau Ltd. 144A           
5.12%, 12/15/29 †  USD 100    101,142 
5.50%, 01/15/26  USD 100    103,631 
5.50%, 10/01/27  USD 200    205,898 
          3,424,368 
Zambia: 0.5%           
First Quantum Minerals Ltd. 144A           
6.88%, 03/01/26  USD 100    104,680 
6.88%, 10/15/27  USD 50    54,253 
7.25%, 04/01/23  USD 200    204,000 
7.50%, 04/01/25  USD 200    207,617 
          570,550 
Total Corporate Bonds
(Cost: $109,957,184)
         112,157,152 
GOVERNMENT OBLIGATIONS: 0.2%            
Turkey: 0.2%           
Turkiye Ihracat Kredi Bankasi AS 144A           
6.12%, 05/03/24  USD 100    104,268 
8.25%, 01/24/24  USD 100    109,115 
Total Government Obligations
(Cost: $195,331)
         213,383 
            
   Number      
   of Shares      
COMMON STOCK: 0.0%
(Cost: $5,620)
           
Canada: 0.0%      
Secure Energy Services, Inc. (CAD)   1,259    4,256 
Total Investments Before Collateral for Securities Loaned: 98.0%
(Cost: $110,158,135)
        112,374,791 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.3%
(Cost: $2,659,532)
          
Money Market Fund: 2.3%            
State Street Navigator Securities Lending Government Money Market Portfolio   2,659,532    2,659,532 
Total Investments: 100.3%
(Cost: $112,817,667)
        115,034,323 
Liabilities in excess of other assets: (0.3)%        (374,008)
NET ASSETS: 100.0%       $114,660,315 

 

Definitions:

CAD Canadian Dollar
EUR Euro
GBP British Pound USD United States Dollar

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $3,861,654.
(s) The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
(o) Perpetual Maturity — the date shown is the next call date
(d) Security in default
^ Zero Coupon Bond
Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $39,199,676, or 34.2% of net assets.

 

Summary of Investments by Sector  % of   
Excluding Collateral for Securities Loaned  Investments  Value  
Basic Materials   8.2%  $9,188,391 
Consumer Cyclicals   7.2    8,068,812 
Consumer Non-Cyclicals   3.2    3,619,759 
Energy   10.6    11,929,413 
Financials   33.1    37,233,293 
Healthcare   3.0    3,312,996 
Industrials   12.2    13,711,338 
Real Estate   5.8    6,563,081 
Technology   11.4    12,828,029 
Utilities         5.3           5,919,679 
    100.0%  $112,374,791 

 

VANECK VECTORS INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
FLOATING RATE NOTES: 99.9%          
Australia: 3.6%          
ASB Bank Ltd. 144A
1.09% (ICE LIBOR USD 3 Month+0.97%), 06/14/23
  $1,175   $1,192,433 
Australia & New Zealand Banking Group Ltd. 144A          
0.64% (ICE LIBOR USD 3 Month+0.49%), 11/21/22   725    729,760 
0.86% (ICE LIBOR USD 3 Month+0.71%), 05/19/22   700    703,710 
Commonwealth Bank of Australia 144A          
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/16/23   1,225    1,236,888 
0.83% (ICE LIBOR USD 3 Month+0.70%), 03/10/22   800    803,306 
Macquarie Group Ltd. 144A          
1.16% (ICE LIBOR USD 3 Month+1.02%), 11/28/23   3,975    4,014,346 
1.50% (ICE LIBOR USD 3 Month+1.35%), 03/27/24   3,375    3,432,270 
National Australia Bank Ltd. 144A          
0.53% (ICE LIBOR USD 3 Month+0.41%), 12/13/22   1,400    1,407,311 
0.72% (ICE LIBOR USD 3 Month+0.60%), 04/12/23   1,125    1,134,933 
0.87% (ICE LIBOR USD 3 Month+0.72%), 05/22/22   700    704,413 
Westpac Banking Corp.          
0.52% (ICE LIBOR USD 3 Month+0.39%), 01/13/23   1,675    1,684,258 
0.69% (ICE LIBOR USD 3 Month+0.57%), 01/11/23   1,125    1,133,701 
0.86% (ICE LIBOR USD 3 Month+0.71%), 06/28/22 †   700    704,477 
0.88% (ICE LIBOR USD 3 Month+0.72%), 05/15/23   1,675    1,694,075 
0.91% (ICE LIBOR USD 3 Month+0.77%), 02/26/24   3,050    3,099,660 
         23,675,541 
Canada: 9.4%          
Bank of Montreal          
0.37% (United States Secured Overnight Financing Rate+0.32%), 07/09/24   3,350    3,354,470 
0.39% (United States Secured Overnight Financing Rate+0.35%), 12/08/23 †   3,675    3,690,795 
0.72% (ICE LIBOR USD 3 Month+0.57%), 03/26/22   650    652,547 
0.73% (United States Secured Overnight Financing Rate+0.68%), 03/10/23   3,350    3,379,664 
Bank of Nova Scotia
0.77% (ICE LIBOR USD 3 Month+0.64%), 03/07/22
   660    662,371 
Bank of Nova Scotia/The          
0.33% (United States Secured Overnight Financing Rate+0.28%), 06/23/23   1,625    1,626,389 
0.50% (United States Secured Overnight Financing Rate+0.45%), 04/15/24 †   3,975    3,995,686 
0.60% (United States Secured Overnight Financing Rate+0.55%), 09/15/23   3,575    3,604,453 
Canadian Imperial Bank of Commerce          
0.39% (United States Secured Overnight Financing Rate+0.34%), 06/22/23   1,125    1,126,177 
0.45% (United States Secured Overnight Financing Rate+0.40%), 12/14/23   3,650    3,656,261 
0.78% (ICE LIBOR USD 3 Month+0.66%), 09/13/23   1,100    1,113,691 
0.84% (ICE LIBOR USD 3 Month+0.72%), 06/16/22   700    704,290 
0.85% (United States Secured Overnight Financing Rate+0.80%), 03/17/23   2,800    2,829,141 
Enbridge, Inc.          
0.43% (United States Secured Overnight Financing Rate+0.40%), 02/17/23   1,125    1,127,573 
0.66% (ICE LIBOR USD 3 Month+0.50%), 02/18/22   925    927,372 
Federation des Caisses Desjardins du Quebec 144A
0.47% (United States Secured Overnight Financing Rate+0.43%), 05/21/24
   3,100    3,105,684 
Rogers Communications, Inc.
0.73% (ICE LIBOR USD 3 Month+0.60%), 03/22/22
   1,000    1,002,782 
Royal Bank of Canada          
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/19/24   4,267    4,273,683 
0.49% (ICE LIBOR USD 3 Month+0.36%), 01/17/23   1,900    1,908,961 
0.50% (United States Secured Overnight Financing Rate+0.45%), 10/26/23   6,075    6,126,247 
0.60% (ICE LIBOR USD 3 Month+0.47%), 04/29/22   675    677,181 
0.85% (ICE LIBOR USD 3 Month+0.73%), 02/01/22   600    602,293 
Toronto-Dominion Bank
0.53% (United States Secured Overnight Financing Rate+0.48%), 01/27/23
   2,225    2,236,638 
Toronto-Dominion Bank/The          
0.26% (United States Secured Overnight Financing Rate+0.22%), 06/02/23   1,800    1,802,525 
0.29% (United States Secured Overnight Financing Rate+0.24%), 01/06/23   1,350    1,351,677 
0.40% (United States Secured Overnight Financing Rate+0.35%), 03/04/24   4,575    4,583,629 
0.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23   1,125    1,132,413 
         61,254,593 
Cayman Islands: 0.6%          
MassMutual Global Funding II 144A
0.41% (United States Secured Overnight Financing Rate+0.36%), 04/12/24
   3,675    3,686,959 
China: 0.9%          
Tencent Holdings Ltd. 144A          
0.74% (ICE LIBOR USD 3 Month+0.60%), 01/19/23   1,125    1,128,920 
1.03% (ICE LIBOR USD 3 Month+0.91%), 04/11/24   4,575    4,611,646 
         5,740,566 
France: 0.7%          
BPCE SA
1.01% (ICE LIBOR USD 3 Month+0.88%), 05/31/22
   925    931,580 
BPCE SA 144A          
0.48% (United States Secured Overnight Financing Rate+0.44%), 02/17/22   600    600,914 
1.36% (ICE LIBOR USD 3 Month+1.24%), 09/12/23   1,125    1,148,752 
1.37% (ICE LIBOR USD 3 Month+1.22%), 05/22/22   700    706,117 
Credit Agricole SA 144A
1.15% (ICE LIBOR USD 3 Month+1.02%), 04/24/23
   1,140    1,156,372 
         4,543,735 
Germany: 2.0%          
Bayer US Finance II LLC 144A
1.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23
   7,650    7,754,996 
BMW Finance NV 144A
0.96% (ICE LIBOR USD 3 Month+0.79%), 08/12/22
   675    680,389 
Daimler Finance North America LLC 144A          
1.03% (ICE LIBOR USD 3 Month+0.88%), 02/22/22   850    853,539 
1.06% (ICE LIBOR USD 3 Month+0.90%), 02/15/22   1,950    1,959,094 
Deutsche Bank AG
1.35% (ICE LIBOR USD 3 Month+1.19%), 11/16/22
   675    680,052 
Siemens
0.73% (ICE LIBOR USD 3 Month+0.61%), 03/16/22
   1,125    1,129,728 
         13,057,798 
Japan: 6.0%          
American Honda Finance Corp.          
0.61% (ICE LIBOR USD 3 Month+0.45%), 02/15/22   600    601,544 
0.69% (ICE LIBOR USD 3 Month+0.54%), 06/27/22   700    703,167 
Mitsubishi UFJ Financial Group, Inc.          
0.83% (ICE LIBOR USD 3 Month+0.70%), 03/07/22   640    642,431 
0.87% (ICE LIBOR USD 3 Month+0.74%), 03/02/23   1,675    1,690,326 
0.92% (ICE LIBOR USD 3 Month+0.79%), 07/25/22   1,400    1,409,875 
0.99% (ICE LIBOR USD 3 Month+0.86%), 07/26/23   3,675    3,723,150 
1.07% (ICE LIBOR USD 3 Month+0.92%), 02/22/22   575    577,851 
Mizuho Financial Group, Inc.          
0.78% (ICE LIBOR USD 3 Month+0.63%), 05/25/24   6,700    6,736,789 
0.92% (ICE LIBOR USD 3 Month+0.79%), 03/05/23   1,900    1,920,753 
0.97% (ICE LIBOR USD 3 Month+0.84%), 07/16/23   1,100    1,106,933 
0.97% (ICE LIBOR USD 3 Month+0.85%), 09/13/23   1,125    1,132,740 
1.00% (ICE LIBOR USD 3 Month+0.88%), 09/11/22   1,600    1,614,117 
1.07% (ICE LIBOR USD 3 Month+0.94%), 02/28/22   1,650    1,658,588 
1.12% (ICE LIBOR USD 3 Month+1.00%), 09/11/24   3,975    4,027,661 
Sumitomo Mitsui Financial Group, Inc.          
0.87% (ICE LIBOR USD 3 Month+0.74%), 10/18/22   675    680,292 
0.87% (ICE LIBOR USD 3 Month+0.74%), 01/17/23   1,125    1,134,751 
0.90% (ICE LIBOR USD 3 Month+0.78%), 07/12/22   700    704,190 
0.93% (ICE LIBOR USD 3 Month+0.80%), 10/16/23   5,193    5,263,460 
0.99% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 †   1,100    1,115,240 
Toyota Motor Credit Corp.          
0.30% (ICE LIBOR USD 3 Month+0.15%), 02/14/22   925    925,715 
0.35% (United States Secured Overnight Financing Rate+0.30%), 06/13/22 †   1,050    1,051,165 
0.61% (ICE LIBOR USD 3 Month+0.48%), 09/08/22   850    854,270 
         39,275,008 
Netherlands: 2.5%          
Cooperatieve Rabobank UA/NY
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/12/24
   4,575    4,585,916 
ING Groep NV          
1.15% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 †   1,125    1,144,402 
1.30% (ICE LIBOR USD 3 Month+1.15%), 03/29/22   1,290    1,299,835 
Shell International Finance BV
0.56% (ICE LIBOR USD 3 Month+0.40%), 11/13/23
   3,100    3,121,917 
Siemens
0.48% (United States Secured Overnight Financing Rate+0.43%), 03/11/24
   6,100    6,148,686 
         16,300,756 
Norway: 0.1%          
DNB Bank ASA 144A
0.75% (ICE LIBOR USD 3 Month+0.62%), 12/02/22
   925    931,402 
Singapore: 0.1%          
DBS Group Holdings Ltd. 144A
0.75% (ICE LIBOR USD 3 Month+0.62%), 07/25/22
   725    728,520 
Spain: 0.5%          
Banco Santander SA          
1.24% (ICE LIBOR USD 3 Month+1.09%), 02/23/23   1,100    1,114,224 
1.24% (ICE LIBOR USD 3 Month+1.12%), 04/12/23   1,125    1,140,905 
1.68% (ICE LIBOR USD 3 Month+1.56%), 04/11/22   675    681,527 
         2,936,656 
Sweden: 0.2%          
Skandinaviska Enskilda Banken AB 144A
0.76% (ICE LIBOR USD 3 Month+0.65%), 12/12/22
   725    730,616 
Swedbank AB 144A
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/14/22
   650    652,375 
         1,382,991 
Switzerland: 3.4%          
Credit Suisse AG
0.48% (United States Secured Overnight Financing Rate+0.45%), 02/04/22
   2,625    2,629,090 
Credit Suisse Group AG 144A          
1.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23   3,050    3,086,832 
1.36% (ICE LIBOR USD 3 Month+1.24%), 06/12/24   4,575    4,647,673 
UBS AG/London 144A
0.39% (United States Secured Overnight Financing Rate+0.36%), 02/09/24
   6,075    6,098,866 
UBS Group AG 144A          
1.11% (ICE LIBOR USD 3 Month+0.95%), 08/15/23   2,735    2,758,932 
1.37% (ICE LIBOR USD 3 Month+1.22%), 05/23/23   2,225    2,245,372 
1.66% (ICE LIBOR USD 3 Month+1.53%), 02/01/22   525    529,080 
         21,995,845 
United Kingdom: 6.9%          
Barclays Plc          
1.54% (ICE LIBOR USD 3 Month+1.38%), 05/16/24   9,125    9,287,383 
1.59% (ICE LIBOR USD 3 Month+1.43%), 02/15/23   1,700    1,711,304 
1.74% (ICE LIBOR USD 3 Month+1.62%), 01/10/23   1,700    1,710,702 
BAT Capital Corp.
1.04% (ICE LIBOR USD 3 Month+0.88%), 08/15/22
   1,050    1,056,551 
HSBC Holdings Plc          
1.16% (ICE LIBOR USD 3 Month+1.00%), 05/18/24   12,150    12,312,538 
1.35% (ICE LIBOR USD 3 Month+1.23%), 03/11/25   3,050    3,116,453 
1.50% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 †   4,575    4,723,631 
Jackson National Life Global Funding 144A
0.65% (United States Secured Overnight Financing Rate+0.60%), 01/06/23
   1,725    1,734,413 
Reckitt Benckiser Treasury Services Plc 144A
0.69% (ICE LIBOR USD 3 Month+0.56%), 06/24/22
   1,050    1,054,233 
Standard Chartered Plc 144A          
1.28% (ICE LIBOR USD 3 Month+1.15%), 01/20/23   1,300    1,305,933 
1.30% (United States Secured Overnight Financing Rate+1.25%), 10/14/23   3,075    3,104,691 
1.33% (ICE LIBOR USD 3 Month+1.20%), 09/10/22   2,100    2,102,260 
UBS AG/London 144A
0.36% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 †
   2,225    2,232,167 
         45,452,259 
United States: 63.0%          
7-Eleven, Inc. 144A
0.61% (ICE LIBOR USD 3 Month+0.45%), 08/10/22
   2,150    2,150,549 
AbbVie, Inc.
0.80% (ICE LIBOR USD 3 Month+0.65%), 11/21/22
   1,125    1,132,466 
Air Lease Corp.
0.48% (ICE LIBOR USD 3 Month+0.35%), 12/15/22
   1,375    1,376,680 
American Electric Power Co., Inc.
0.61% (ICE LIBOR USD 3 Month+0.48%), 11/01/23
   3,700    3,702,730 
American Express Co.          
0.78% (ICE LIBOR USD 3 Month+0.62%), 05/20/22   1,250    1,255,404 
0.87% (ICE LIBOR USD 3 Month+0.75%), 08/03/23   1,125    1,138,337 
American Honda Finance Corp.
0.30% (ICE LIBOR USD 3 Month+0.15%), 02/22/23
   1,125    1,125,512 
Apple, Inc.          
0.51% (ICE LIBOR USD 3 Month+0.35%), 05/11/22   1,050    1,053,416 
0.66% (ICE LIBOR USD 3 Month+0.50%), 02/09/22   1,265    1,268,223 
AT&T, Inc.          
0.69% (United States Secured Overnight Financing Rate+0.64%), 03/25/24   4,575    4,586,030 
1.30% (ICE LIBOR USD 3 Month+1.18%), 06/12/24   9,825    10,075,507 
Athene Global Funding 144A          
0.74% (United States Secured Overnight Financing Rate+0.70%), 05/24/24   9,125    9,172,648 
1.37% (ICE LIBOR USD 3 Month+1.23%), 07/01/22   775    782,500 
Atmos Energy Corp.
0.50% (ICE LIBOR USD 3 Month+0.38%), 03/09/23
   2,450    2,450,692 
Bank of America Corp.          
0.54% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24   7,600    7,611,400 
0.74% (United States Secured Overnight Financing Rate+0.69%), 04/22/25   3,675    3,708,161 
0.78% (United States Secured Overnight Financing Rate+0.73%), 10/24/24   3,050    3,072,617 
0.92% (ICE LIBOR USD 3 Month+0.79%), 03/05/24   9,125    9,206,473 
0.95% (ICE LIBOR USD 3 Month+0.77%), 02/05/26   9,125    9,254,534 
1.10% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 †   3,075    3,121,161 
1.13% (ICE LIBOR USD 3 Month+1.00%), 04/24/23   3,350    3,371,737 
1.29% (ICE LIBOR USD 3 Month+1.16%), 01/20/23   1,675    1,683,638 
1.31% (ICE LIBOR USD 3 Month+1.18%), 10/21/22   675    676,768 
Bank of New York Mellon Corp./The
1.18% (ICE LIBOR USD 3 Month+1.05%), 10/30/23
   4,650    4,707,609 
Becton Dickinson and Co.
1.16% (ICE LIBOR USD 3 Month+1.03%), 06/06/22
   725    730,666 
BMW US Capital LLC 144A
0.58% (United States Secured Overnight Financing Rate+0.53%), 04/01/24
   4,575    4,617,381 
Caterpillar Financial Services Corp.          
0.18% (United States Secured Overnight Financing Rate+0.15%), 11/17/22   1,400    1,400,601 
0.28% (United States Secured Overnight Financing Rate+0.24%), 05/17/24   3,075    3,079,088 
CenterPoint Energy Resources Corp.
0.63% (ICE LIBOR USD 3 Month+0.50%), 03/02/23
   2,250    2,250,567 
CenterPoint Energy, Inc.
0.68% (United States Secured Overnight Financing Rate+0.65%), 05/13/24
   4,275    4,280,714 
Charles Schwab Corp./ The          
0.55% (United States Secured Overnight Financing Rate+0.50%), 03/18/24   7,600    7,661,964 
0.55% (United States Secured Overnight Financing Rate+0.52%), 05/13/26   3,050    3,076,983 
Chevron USA, Inc.
0.36% (ICE LIBOR USD 3 Month+0.20%), 08/11/23
   1,125    1,128,457 
Cigna Corp.
1.02% (ICE LIBOR USD 3 Month+0.89%), 07/15/23
   1,627    1,648,390 
Citigroup, Inc.          
0.70% (ICE LIBOR USD 3 Month+0.55%), 08/25/36   3,200    2,820,612 
0.72% (United States Secured Overnight Financing Rate+0.67%), 05/01/25   3,075    3,090,322 
0.90% (United States Secured Overnight Financing Rate+0.87%), 11/04/22   700    701,498 
1.08% (ICE LIBOR USD 3 Month+0.95%), 07/24/23   1,700    1,712,728 
1.09% (ICE LIBOR USD 3 Month+0.96%), 04/25/22   1,750    1,760,323 
1.16% (ICE LIBOR USD 3 Month+1.02%), 06/01/24   6,100    6,191,446 
1.26% (ICE LIBOR USD 3 Month+1.10%), 05/17/24   9,175    9,309,119 
1.39% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 †   3,975    4,094,044 
1.56% (ICE LIBOR USD 3 Month+1.43%), 09/01/23   4,475    4,533,469 
Comcast Corp.
0.76% (ICE LIBOR USD 3 Month+0.63%), 04/15/24
   3,125    3,163,550 
ConocoPhillips Co.
1.06% (ICE LIBOR USD 3 Month+0.90%), 05/15/22
   725    729,573 
Credit Suisse AG/New York NY
0.44% (United States Secured Overnight Financing Rate+0.39%), 02/02/24
   6,075    6,079,910 
Dominion Energy, Inc.
0.65% (ICE LIBOR USD 3 Month+0.53%), 09/15/23
   2,300    2,302,508 
Duke Energy Corp.
0.30% (United States Secured Overnight Financing Rate+0.25%), 06/10/23
   1,125    1,125,494 
Duke Energy Progress LLC
0.34% (ICE LIBOR USD 3 Month+0.18%), 02/18/22
   875    875,020 
Equitable Financial Life Global Funding 144A
0.44% (United States Secured Overnight Financing Rate+0.39%), 04/06/23
   1,475    1,480,142 
Exxon Mobil Corp.          
0.49% (ICE LIBOR USD 3 Month+0.33%), 08/16/22   1,050    1,053,454 
0.50% (ICE LIBOR USD 3 Month+0.37%), 03/06/22 †   650    651,612 
Florida Power & Light Co.          
0.28% (United States Secured Overnight Financing Rate+0.25%), 05/10/23   2,250    2,250,538 
0.51% (ICE LIBOR USD 3 Month+0.38%), 07/28/23   2,850    2,850,140 
General Electric Co.
0.56% (ICE LIBOR USD 3 Month+0.38%), 05/05/26
   5,725    5,653,466 
General Motors Financial Co., Inc.          
1.23% (United States Secured Overnight Financing Rate+1.20%), 11/17/23   4,575    4,656,778 
1.46% (ICE LIBOR USD 3 Month+1.31%), 06/30/22   675    681,265 
Gilead Sciences, Inc.
0.67% (ICE LIBOR USD 3 Month+0.52%), 09/29/23
   1,175    1,175,730 
Goldman Sachs Group, Inc.          
0.90% (ICE LIBOR USD 3 Month+0.75%), 02/23/23   5,850    5,902,320 
0.91% (ICE LIBOR USD 3 Month+0.78%), 10/31/22   1,750    1,752,840 
1.13% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 †   1,675    1,687,320 
1.18% (ICE LIBOR USD 3 Month+1.05%), 06/05/23   1,675    1,686,886 
1.33% (ICE LIBOR USD 3 Month+1.17%), 05/15/26   9,150    9,398,362 
1.74% (ICE LIBOR USD 3 Month+1.60%), 11/29/23   10,950    11,285,062 
1.88% (ICE LIBOR USD 3 Month+1.75%), 10/28/27   6,125    6,470,679 
Goldman Sachs Group, Inc./The          
0.46% (United States Secured Overnight Financing Rate+0.41%), 01/27/23   1,700    1,701,132 
0.57% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 †   3,050    3,058,162 
0.62% (United States Secured Overnight Financing Rate+0.58%), 03/08/24   4,269    4,282,471 
Hartford Financial Services Group, Inc. 144A
2.28% (ICE LIBOR USD 3 Month+2.12%), 02/12/47
   2,975    2,881,915 
Honeywell International, Inc.          
0.38% (ICE LIBOR USD 3 Month+0.23%), 08/19/22   700    700,113 
0.53% (ICE LIBOR USD 3 Month+0.37%), 08/08/22   850    853,672 
Hyatt Hotels Corp.
3.13% (ICE LIBOR USD 3 Month+3.00%), 09/01/22
   1,075    1,077,303 
Intel Corp.
0.51% (ICE LIBOR USD 3 Month+0.35%), 05/11/22
   1,200    1,203,232 
JPMorgan Chase & Co.          
0.58% (United States Secured Overnight Financing Rate+0.54%), 06/01/25   3,050    3,057,298 
0.63% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 †   7,625    7,673,888 
0.63% (United States Secured Overnight Financing Rate+0.58%), 06/23/25   3,050    3,058,554 
0.87% (ICE LIBOR USD 3 Month+0.73%), 04/23/24   3,050    3,078,724 
0.94% (United States Secured Overnight Financing Rate+0.89%), 04/22/27   3,050    3,093,675 
0.97% (ICE LIBOR USD 3 Month+0.85%), 01/10/25   3,050    3,090,100 
1.03% (ICE LIBOR USD 3 Month+0.90%), 04/25/23   2,825    2,847,204 
1.03% (ICE LIBOR USD 3 Month+0.89%), 07/23/24   6,100    6,189,587 
1.13% (ICE LIBOR USD 3 Month+1.00%), 01/15/23   1,125    1,130,207 
1.36% (ICE LIBOR USD 3 Month+1.23%), 10/24/23   12,150    12,318,155 
LYB International Finance III LLC
1.14% (ICE LIBOR USD 3 Month+1.00%), 10/01/23
   1,550    1,552,201 
Met Tower Global Funding 144A
0.60% (United States Secured Overnight Financing Rate+0.55%), 01/17/23
   1,125    1,132,445 
Metropolitan Life Global Funding I 144A          
0.37% (United States Secured Overnight Financing Rate+0.32%), 01/07/24   3,825    3,836,748 
0.62% (United States Secured Overnight Financing Rate+0.57%), 01/13/23   2,225    2,240,251 
Morgan Stanley          
0.75% (United States Secured Overnight Financing Rate+0.70%), 01/20/23   5,550    5,565,674 
1.38% (ICE LIBOR USD 3 Month+1.22%), 05/08/24   10,650    10,840,150 
1.53% (ICE LIBOR USD 3 Month+1.40%), 10/24/23   12,900    13,092,749 
MPLX LP
1.22% (ICE LIBOR USD 3 Month+1.10%), 09/09/22
   1,475    1,475,984 
New York Life Global Funding 144A          
0.27% (United States Secured Overnight Financing Rate+0.22%), 02/02/23   1,800    1,803,069 
0.40% (ICE LIBOR USD 3 Month+0.28%), 01/10/23   1,125    1,128,375 
NextEra Energy Capital Holdings, Inc.          
0.42% (ICE LIBOR USD 3 Month+0.27%), 02/22/23   3,675    3,675,517 
0.58% (United States Secured Overnight Financing Rate+0.54%), 03/01/23   1,125    1,130,655 
ONE Gas, Inc.
0.73% (ICE LIBOR USD 3 Month+0.61%), 03/11/23
   1,850    1,850,718 
Otis Worldwide Corp.
0.59% (ICE LIBOR USD 3 Month+0.45%), 04/05/23
   1,125    1,125,084 
Pacific Gas and Electric Co.
1.60% (ICE LIBOR USD 3 Month+1.48%), 06/16/22
   725    725,378 
PNC Bank NA          
0.48% (ICE LIBOR USD 3 Month+0.33%), 02/24/23   2,250    2,254,129 
0.55% (ICE LIBOR USD 3 Month+0.43%), 12/09/22   1,075    1,076,600 
0.63% (ICE LIBOR USD 3 Month+0.50%), 07/27/22   725    728,372 
PPL Electric Utilities Corp.
0.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24
   4,000    4,001,840 
Public Storage
0.52% (United States Secured Overnight Financing Rate+0.47%), 04/23/24
   4,330    4,337,108 
QUALCOMM, Inc.
0.86% (ICE LIBOR USD 3 Month+0.73%), 01/30/23
   1,175    1,186,380 
Toyota Motor Credit Corp.          
0.27% (United States Secured Overnight Financing Rate+0.22%), 03/28/22   1,550    1,550,556 
0.37% (United States Secured Overnight Financing Rate+0.32%), 04/06/23   1,675    1,679,966 
0.38% (United States Secured Overnight Financing Rate+0.33%), 01/11/24 †   4,575    4,595,553 
0.39% (United States Secured Overnight Financing Rate+0.34%), 10/14/22 †   850    852,424 
Truist Bank          
0.75% (ICE LIBOR USD 3 Month+0.59%), 05/17/22   925    929,067 
0.78% (United States Secured Overnight Financing Rate+0.73%), 03/09/23   1,125    1,133,616 
Truist Financial Corp.
0.45% (United States Secured Overnight Financing Rate+0.40%), 06/09/25
   6,100    6,107,856 
TWDC Enterprises 18 Corp.
0.52% (ICE LIBOR USD 3 Month+0.39%), 03/04/22
   670    671,630 
United Parcel Service, Inc.
0.59% (ICE LIBOR USD 3 Month+0.45%), 04/01/23
   1,175    1,181,835 
US Bank NA          
0.52% (ICE LIBOR USD 3 Month+0.40%), 12/09/22   850    854,650 
0.59% (ICE LIBOR USD 3 Month+0.44%), 05/23/22   1,000    1,003,280 

US Bank NA/Cincinnati OH
0.26% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23

   2,250    2,252,140 
Valero Energy Corp.
1.27% (ICE LIBOR USD 3 Month+1.15%), 09/15/23
   1,325    1,326,516 
Verizon Communications, Inc.          
0.55% (United States Secured Overnight Financing Rate+0.50%), 03/22/24   4,575    4,607,296 
0.84% (United States Secured Overnight Financing Rate+0.79%), 03/20/26   4,575    4,657,584 
1.12% (ICE LIBOR USD 3 Month+1.00%), 03/16/22   1,473    1,481,813 
1.26% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 †   10,882    11,206,818 
Walt Disney Co.
0.52% (ICE LIBOR USD 3 Month+0.39%), 09/01/22
   700    702,740 
Wells Fargo & Co.          
1.24% (ICE LIBOR USD 3 Month+1.11%), 01/24/23   1,275    1,281,418 
1.36% (ICE LIBOR USD 3 Month+1.23%), 10/31/23   12,175    12,338,629 
Wells Fargo Bank NA
0.78% (ICE LIBOR USD 3 Month+0.66%), 09/09/22
   1,400    1,401,524 
         412,557,543 
Total Floating Rate Notes
(Cost: $650,219,609)
        653,520,172 
           
   Number
of Shares
      
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
(Cost: $745,529)
          
Money Market Fund: 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio   745,529    745,529 
Total Investments: 100.0%
(Cost: $650,965,138)
        654,265,701 
Other assets less liabilities: 0.0%        178,685 
NET ASSETS: 100.0%       $654,444,386 

 

Definitions:
USD   United States Dollar

 

Footnotes:
  Security fully or partially on loan. Total market value of securities on loan is $4,499,488.
144A   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $115,200,554, or 17.6% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value 
Consumer Cyclicals   2.8%                 $18,000,871 
Consumer Non-Cyclicals   2.7    17,692,766 
Energy   1.8    11,542,457 
Financials   76.0    496,986,642 
Healthcare   1.9    12,442,248 
Industrials   1.8    11,978,704 
Real Estate   0.7    4,337,108 
Technology   7.2    47,066,865 
Utilities   5.1    33,472,511 
        100.0%        $653,520,172 

 

VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

  Par
(000’s)
   Value 
CORPORATE BONDS: 4.7%           
Colombia: 0.0%           
Empresas Públicas de Medellín ESP Reg S
7.62%, 09/10/24
  COP 3,596,000   $942,026 
Germany: 0.0%           
Kreditanstalt fuer Wiederaufbau
7.75%, 06/06/23
  ZAR 8,300    592,142 
Kreditanstalt fuer Wiederaufbau Reg S
1.70%, 01/17/22
  PLN 3,000    784,646 
          1,376,788 
Mexico: 0.1%           
Petróleos Mexicanos Reg S           
7.19%, 09/12/24  MXN 28,330    1,364,143 
7.65%, 11/24/21  MXN 21,555    1,085,182 
          2,449,325 
Philippines: 0.0%           
Asian Development Bank
12.00%, 05/13/22
  TRY 9,400    1,054,956 
Russia: 0.0%           
RusHyrdo Via RusHydro Capital Markets DAC Reg S
8.12%, 09/28/22
  RUB 134,900    1,866,112 
South Africa: 0.4%           
Eskom Holdings SOC Ltd.           
0.01%, 08/18/27  ZAR 82,330    2,727,802 
7.50%, 09/15/33  ZAR 11,000    572,602 
7.85%, 04/02/26  ZAR 25,350    1,703,455 
Transnet SOC Ltd.           
9.50%, 08/19/25  ZAR 21,000    1,491,368 
10.80%, 11/06/23  ZAR 85,800    6,367,831 
13.50%, 04/18/28  ZAR 5,000    415,039 
          13,278,097 
Supranational: 4.1%           
European Bank for Reconstruction & Development           
0.20%, 12/23/22  PLN 7,400    1,914,414 
0.25%, 11/20/23  PLN 8,500    2,184,186 
6.25%, 07/25/22  IDR 67,170,000    4,723,706 
6.45%, 12/13/22  IDR 5,600,000    397,760 
7.50%, 05/15/22  IDR 37,220,000    2,623,492 
European Bank for Reconstruction & Development Reg S
6.00%, 07/24/23
  RUB 62,000    847,348 
European Investment Bank           
4.25%, 10/25/22  PLN 40,070    10,928,282 
7.25%, 02/28/23  ZAR 5,200    367,442 
7.62%, 01/12/22  MXN 44,420    2,262,882 
7.75%, 01/30/25  MXN 17,210    903,990 
8.12%, 12/21/26  ZAR 214,265    15,661,136 
European Investment Bank 144A
5.75%, 01/24/25
  IDR 51,750,000    3,684,815 
European Investment Bank Reg S           
2.75%, 08/25/26  PLN 39,253    10,935,926 
3.00%, 05/24/24  PLN 47,602    13,171,706 
5.20%, 03/01/22  IDR 45,000,000    3,123,008 
8.00%, 05/05/27  ZAR 17,500    1,275,181 
8.50%, 09/17/24  ZAR 7,600    558,463 
Inter-American Development Bank           
7.50%, 12/05/24  MXN 129,870    6,721,890 
7.88%, 03/14/23  IDR 53,740,000    3,913,814 
Inter-American Development Bank Reg S           
7.70%, 02/12/24  MXN 52,500    2,713,361 
International Bank for Reconstruction & Development           
2.00%, 07/23/25  PHP 34,800    658,997 
5.00%, 01/28/25  RUB 160,000    2,146,548 
6.00%, 07/31/24  RUB 467,400    6,429,069 
6.14%, 06/27/22  RUB 198,500    2,730,566 
6.75%, 11/14/22  RUB 474,000    6,526,656 
7.25%, 03/15/24  IDR 32,100,000    2,357,588 
International Finance Corp.           
5.50%, 03/20/23  RUB 540,000    7,336,508 
6.38%, 04/11/22  RUB 37,300    510,071 
6.50%, 02/04/26  RUB 537,100    7,612,107 
7.00%, 02/14/24  BRL 1,800    347,095 
7.00%, 07/20/27  MXN 175,100    8,918,334 
7.25%, 02/02/24  MXN 2,500    128,717 
7.50%, 01/18/28  MXN 104,600    5,469,254 
7.75%, 01/18/30  MXN 122,880    6,490,653 
8.00%, 10/09/23  IDR 17,500,000    1,293,457 
8.00%, 07/27/27  ZAR 3,000    212,719 
International Finance Corp. Reg S
8.38%, 05/31/29
  MXN 50,500    2,720,864 
          150,802,005 
United Kingdom: 0.1%           
European Bank for Reconstruction & Development           
5.00%, 11/05/24  RUB 34,200    456,856 
8.00%, 10/17/22  TRY 810    86,150 
12.50%, 02/09/23  TRY 8,100    888,865 
European Bank for Reconstruction & Development Reg S
10.00%, 09/28/22
  TRY 5,400    590,525 
          2,022,396 
United States: 0.0%           
International Finance Corp.
8.80%, 10/11/22
  TRY 1,000   109,809 
Total Corporate Bonds
(Cost: $189,381,166)
         173,901,514 
GOVERNMENT OBLIGATIONS: 92.9%           
Brazil: 9.0%           
Brazil Letras do Tesouro Nacional           
0.00%, 01/01/24 ^  BRL 489,930    78,091,107 
0.00%, 07/01/24 ^  BRL 161,770    24,652,672 
0.00%, 07/01/23 ^  BRL 245,400    40,939,170 
0.01%, 07/01/22  BRL 184,160    33,532,377 
Brazil Notas do Tesouro Nacional, Series F           
10.00%, 01/01/23  BRL 235,283    46,931,930 
10.00%, 01/01/25  BRL 183,715    36,968,013 
10.00%, 01/01/27  BRL 177,010    35,650,008 
10.00%, 01/01/29  BRL 107,030    21,556,318 
10.00%, 01/01/31  BRL 53,970    10,778,367 
Brazilian Government International Bond           
8.50%, 01/05/24  BRL 6,490    1,286,828 
10.25%, 01/10/28  BRL 9,540    1,948,869 
          332,335,659 
Chile: 3.0%           
Bonos de la Tesoreria de la Republica de Chile           
2.50%, 03/01/25  CLP 18,735,000    24,115,400 
4.50%, 03/01/26  CLP 12,215,000    16,638,345 
5.00%, 03/01/35  CLP 13,855,000    18,480,886 
6.00%, 01/01/43  CLP 10,925,000    16,011,361 
Bonos de la Tesoreria de la Republica de Chile 144A Reg S           
2.30%, 10/01/28  CLP 3,550,000    4,085,879 
4.00%, 03/01/23  CLP 6,225,000    8,416,345 
4.70%, 09/01/30  CLP 11,615,000    15,581,490 
5.00%, 10/01/28  CLP 5,040,000    7,004,116 
          110,333,822 
China: 9.9%           
China Government Bond           
1.99%, 04/09/25  CNY 142,000    21,463,196 
2.36%, 07/02/23  CNY 112,090    17,323,328 
2.68%, 05/21/30  CNY 164,090    24,871,521 
2.84%, 04/08/24  CNY 52,260    8,162,251 
2.85%, 06/04/27  CNY 183,460    28,538,900 
2.88%, 11/05/23  CNY 125,050    19,543,068 
2.94%, 10/17/24  CNY 95,450    14,950,675 
3.01%, 05/13/28  CNY 45,310    7,095,474 
3.02%, 10/22/25  CNY 124,190    19,517,852 
3.02%, 05/27/31  CNY 38,770    6,095,567 
3.03%, 03/11/26  CNY 74,300    11,688,127 
3.12%, 12/05/26  CNY 108,760    17,179,104 
3.13%, 11/21/29  CNY 102,280    16,088,129 
3.19%, 04/11/24  CNY 130,510    20,585,609 
3.22%, 12/06/25  CNY 78,450    12,395,121 
3.25%, 06/06/26  CNY 136,750    21,714,187 
3.25%, 11/22/28  CNY 72,310    11,473,695 
3.27%, 11/19/30  CNY 127,050    20,312,100 
3.28%, 12/03/27  CNY 88,190    14,083,955 
3.29%, 10/18/23  CNY 72,280    11,397,285 
3.29%, 05/23/29  CNY 110,760    17,579,484 
3.72%, 04/12/51  CNY 23,420    3,817,071 
3.81%, 09/14/50  CNY 133,930    22,013,260 
          367,888,959 
Colombia: 3.9%           
Colombia Government International Bond           
4.38%, 03/21/23  COP 2,825,000    745,711 
9.85%, 06/28/27  COP 4,334,000    1,337,113 
Colombian TES           
5.75%, 11/03/27  COP 45,890,000    11,457,435 
6.00%, 04/28/28  COP 70,313,100    17,610,271 
6.25%, 11/26/25  COP 45,566,000    12,049,251 
6.25%, 07/09/36  COP 18,425,000    4,133,145 
7.00%, 05/04/22  COP 49,746,900    13,310,407 
7.00%, 06/30/32  COP 57,151,700    14,473,465 
7.25%, 10/18/34  COP 62,150,000    15,778,278 
7.25%, 10/26/50  COP 26,949,000    6,358,478 
7.50%, 08/26/26  COP 64,821,700    17,842,308 
7.75%, 09/18/30  COP 47,862,100    13,048,984 
10.00%, 07/24/24  COP 45,733,800    13,480,308 
Financiera de Desarrollo Territorial SA Findeter Reg S
7.88%, 08/12/24
  COP 12,300,000    3,262,436 
          144,887,590 
Czech Republic: 3.9%           
Czech Republic Government Bond           
0.05%, 11/29/29  CZK 113,990    4,656,335 
0.25%, 02/10/27  CZK 271,250    11,739,206 
1.20%, 03/13/31  CZK 253,820    11,313,949 
1.75%, 06/23/32  CZK 97,500    4,576,661 
2.00%, 10/13/33  CZK 264,950    12,695,856 
2.75%, 07/23/29  CZK 239,050    12,056,936 
Czech Republic Government Bond Reg S           
0.45%, 10/25/23  CZK 254,330    11,611,525 
0.95%, 05/15/30  CZK 277,080    12,155,092 
1.00%, 06/26/26  CZK 297,130    13,459,531 
2.40%, 09/17/25  CZK 256,550    12,354,842 
2.50%, 08/25/28  CZK 271,450    13,380,928 
4.20%, 12/04/36  CZK 144,800    8,835,674 
4.70%, 09/12/22  CZK 174,310    8,494,556 
5.70%, 05/25/24  CZK 154,710    8,075,871 
          145,406,962 
Dominican Republic: 1.4%           
Dominican Republic International Bond 144A
9.75%, 06/05/26
  DOP 1,378,750    27,670,040 
Dominican Republic International Bond Reg S          
8.90%, 02/15/23  DOP 1,019,450   18,868,826 
9.75%, 06/05/26  DOP 360,250    7,229,833 
          53,768,699 
Hungary: 3.7%           
Hungary Government Bond           
1.00%, 11/26/25  HUF 3,119,880    9,931,295 
1.50%, 08/23/23  HUF 1,344,020    4,483,064 
1.50%, 04/22/26  HUF 3,147,780    10,201,547 
1.50%, 08/26/26  HUF 1,280,860    4,138,167 
1.75%, 10/26/22  HUF 1,531,720    5,141,782 
2.00%, 05/23/29  HUF 1,611,830    5,248,148 
2.25%, 04/20/33  HUF 2,054,900    6,404,189 
2.50%, 10/24/24  HUF 2,592,900    8,774,539 
2.75%, 12/22/26  HUF 2,384,970    8,187,463 
3.00%, 06/26/24  HUF 2,071,580    7,122,809 
3.00%, 10/27/27  HUF 2,955,320    10,295,879 
3.00%, 08/21/30  HUF 2,637,770    9,212,019 
3.00%, 10/27/38  HUF 1,539,140    5,023,689 
3.25%, 10/22/31  HUF 3,280,940    11,632,328 
5.50%, 06/24/25  HUF 2,893,090    10,860,017 
6.00%, 11/24/23  HUF 2,483,110    9,081,127 
6.75%, 10/22/28  HUF 1,493,820    6,465,529 
7.00%, 06/24/22  HUF 1,260,620    4,412,393 
          136,615,984 
Indonesia: 9.2%           
Indonesia Treasury Bond           
5.50%, 04/15/26  IDR 154,070,000    10,812,864 
5.62%, 05/15/23  IDR 143,640,000    10,205,783 
6.12%, 05/15/28  IDR 187,811,000    13,181,253 
6.25%, 06/15/36  IDR 36,960,000    2,547,397 
6.50%, 06/15/25  IDR 251,770,000    18,409,457 
6.50%, 02/15/31  IDR 155,790,000    10,948,657 
6.62%, 05/15/33  IDR 149,973,000    10,404,226 
7.00%, 05/15/22  IDR 19,250,000    1,371,625 
7.00%, 05/15/27  IDR 206,028,000    15,299,849 
7.00%, 09/15/30  IDR 262,280,000    19,087,274 
7.50%, 08/15/32  IDR 94,850,000    7,019,783 
7.50%, 06/15/35  IDR 215,070,000    15,651,594 
7.50%, 05/15/38  IDR 125,480,000    9,100,562 
7.50%, 04/15/40  IDR 198,300,000    14,374,950 
8.12%, 05/15/24  IDR 151,510,000    11,491,537 
8.25%, 05/15/29  IDR 176,560,000    13,822,039 
8.25%, 06/15/32  IDR 107,014,000    8,322,831 
8.25%, 05/15/36  IDR 178,865,000    13,820,063 
8.38%, 03/15/24  IDR 198,473,000    15,080,839 
8.38%, 09/15/26  IDR 284,797,000    22,399,764 
8.38%, 03/15/34  IDR 243,014,000    18,984,912 
8.38%, 04/15/39  IDR 152,520,000    11,879,950 
8.75%, 05/15/31  IDR 121,347,000    9,839,343 
9.00%, 03/15/29  IDR 175,612,000    14,261,775 
9.50%, 07/15/31  IDR 118,131,000    9,948,458 
10.50%, 08/15/30  IDR 42,002,000    3,728,530 
11.00%, 09/15/25  IDR 51,912,000    4,346,466 
Perusahaan Penerbit SBSN            
6.50%, 05/15/23  IDR 60,870,000   4,385,537 
6.62%, 10/15/24  IDR 59,690,000    4,362,113 
8.25%, 09/15/23  IDR 68,599,000    5,104,828 
8.75%, 08/15/23  IDR 38,720,000    2,905,411 
8.88%, 11/15/31  IDR 112,280,000    9,072,301 
          342,171,971 
Malaysia: 5.5%           
Malaysia Government Bond           
2.63%, 04/15/31  MYR 23,150    5,240,775 
3.48%, 03/15/23  MYR 16,378    3,980,047 
3.48%, 06/14/24  MYR 22,425    5,489,561 
3.50%, 05/31/27  MYR 32,087    7,881,183 
3.73%, 06/15/28  MYR 36,858    9,128,662 
3.76%, 04/20/23  MYR 38,318    9,361,029 
3.76%, 05/22/40  MYR 35,217    8,100,156 
3.80%, 08/17/23  MYR 16,471    4,047,483 
3.83%, 07/05/34  MYR 36,470    8,684,072 
3.88%, 08/15/29  MYR 38,757    9,653,183 
3.90%, 11/30/26  MYR 17,444    4,395,027 
3.90%, 11/16/27  MYR 27,405    6,868,002 
3.91%, 07/15/26  MYR 25,830    6,466,384 
3.96%, 09/15/25  MYR 48,321    12,084,365 
4.06%, 09/30/24  MYR 22,414    5,592,564 
4.07%, 06/15/50  MYR 24,638    5,721,396 
4.18%, 07/15/24  MYR 20,950    5,237,775 
4.25%, 05/31/35  MYR 17,961    4,514,144 
4.76%, 04/07/37  MYR 29,780    7,809,342 
Malaysia Government Investment Issue           
3.15%, 05/15/23  MYR 20,934    5,065,330 
3.42%, 09/30/27  MYR 30,086    7,321,456 
3.45%, 07/15/36  MYR 14,890    3,344,771 
3.46%, 10/15/30  MYR 39,607    9,514,692 
3.65%, 10/15/24  MYR 23,831    5,883,521 
3.73%, 03/31/22  MYR 4,865    1,167,467 
3.73%, 03/31/26  MYR 36,831    9,156,052 
3.95%, 04/14/22  MYR 13,875    3,337,216 
4.09%, 11/30/23  MYR 14,829    3,671,786 
4.13%, 08/15/25  MYR 28,510    7,184,122 
4.13%, 07/09/29  MYR 22,545    5,714,050 
4.26%, 07/26/27  MYR 24,654    6,275,051 
4.37%, 10/31/28  MYR 24,878    6,393,709 
          204,284,373 
Mexico: 7.3%           
Mexican Bonos           
5.75%, 03/05/26  MXN 624,273    30,568,935 
6.50%, 06/09/22  MXN 462,543    23,494,795 
6.75%, 03/09/23  MXN 462,328    23,687,087 
7.50%, 06/03/27  MXN 280,840    14,726,903 
7.75%, 05/29/31  MXN 306,638    16,392,252 
7.75%, 11/23/34  MXN 149,904    7,960,214 
7.75%, 11/13/42  MXN 346,322    17,759,436 
8.00%, 12/07/23  MXN 412,430    21,726,911 
8.00%, 09/05/24  MXN 434,220    22,987,538 
8.00%, 11/07/47  MXN 355,726    18,625,376 
8.50%, 05/31/29  MXN 473,021   26,247,754 
8.50%, 11/18/38  MXN 378,551    20,866,567 
10.00%, 12/05/24  MXN 330,036    18,512,303 
10.00%, 11/20/36  MXN 128,221    8,070,961 
          271,627,032 
Peru: 2.6%           
Peru Government Bond           
5.35%, 08/12/40  PEN 28,575    5,650,498 
5.40%, 08/12/34  PEN 38,990    8,284,744 
5.70%, 08/12/24  PEN 22,480    5,995,503 
5.94%, 02/12/29  PEN 57,875    14,690,133 
6.15%, 08/12/32  PEN 50,750    12,305,471 
6.35%, 08/12/28  PEN 52,435    13,691,841 
6.90%, 08/12/37  PEN 50,995    12,173,084 
6.95%, 08/12/31  PEN 49,922    13,004,230 
8.20%, 08/12/26  PEN 41,745    12,385,972 
          98,181,476 
Philippines: 1.4%           
Philippine Government International Bond           
3.90%, 11/26/22  PHP 831,200    16,796,282 
6.25%, 01/14/36  PHP 1,556,500    36,875,512 
          53,671,794 
Poland: 5.2%           
Republic of Poland Government Bond           
0.25%, 10/25/26  PLN 33,364    8,269,180 
0.75%, 04/25/25  PLN 54,204    14,114,205 
1.25%, 10/25/30  PLN 62,512    15,800,225 
2.25%, 04/25/22  PLN 33,704    8,907,426 
2.25%, 10/25/24  PLN 62,716    17,128,206 
2.50%, 01/25/23  PLN 55,442    14,890,289 
2.50%, 04/25/24  PLN 10,611    2,904,559 
2.50%, 07/25/26  PLN 46,491    12,943,084 
2.50%, 07/25/27  PLN 63,627    17,796,180 
2.75%, 04/25/28  PLN 66,026    18,838,234 
2.75%, 10/25/29  PLN 88,844    25,453,560 
3.25%, 07/25/25  PLN 72,491    20,602,550 
4.00%, 10/25/23  PLN 43,714    12,272,439 
5.75%, 09/23/22  PLN 11,583    3,205,133 
          193,125,270 
Romania: 3.3%           
Romania Government Bond           
3.25%, 04/29/24  RON 29,695    7,278,653 
3.25%, 06/24/26  RON 12,315    3,008,880 
3.40%, 03/08/22  RON 26,100    6,343,277 
3.50%, 12/19/22  RON 28,355    6,945,856 
3.65%, 07/28/25  RON 31,975    7,962,872 
3.65%, 09/24/31  RON 28,110    6,754,153 
3.70%, 11/25/24  RON 24,720    6,156,432 
4.00%, 10/25/23  RON 27,640    6,894,619 
4.15%, 01/26/28  RON 26,200    6,639,089 
4.15%, 10/24/30  RON 15,280    3,852,994 
4.25%, 06/28/23  RON 28,170    7,024,181 
4.40%, 09/25/23  RON 27,700    6,959,873 
4.50%, 06/17/24  RON 31,230    7,913,640 
4.75%, 02/24/25  RON 26,635    6,856,409 
4.85%, 04/22/26  RON 29,650   7,730,943 
5.00%, 02/12/29  RON 27,405    7,313,147 
5.80%, 07/26/27  RON 28,800    7,977,033 
5.85%, 04/26/23  RON 27,120    6,922,069 
          120,534,120 
Russia: 4.8%           
Russian Federal Bond           
4.50%, 07/16/25  RUB 692,743    8,784,283 
5.70%, 05/17/28  RUB 970,944    12,577,461 
6.00%, 10/06/27  RUB 901,282    11,885,308 
6.10%, 07/18/35  RUB 882,143    11,227,739 
6.50%, 02/28/24  RUB 580,206    7,905,477 
6.90%, 05/23/29  RUB 686,509    9,491,286 
7.00%, 08/16/23  RUB 321,313    4,420,988 
7.05%, 01/19/28  RUB 664,145    9,247,511 
7.10%, 10/16/24  RUB 545,045    7,553,318 
7.15%, 11/12/25  RUB 440,677    6,146,033 
7.25%, 05/10/34  RUB 673,038    9,490,950 
7.40%, 12/07/22  RUB 166,665    2,301,713 
7.40%, 07/17/24  RUB 479,464    6,688,491 
7.60%, 07/20/22  RUB 77,348    1,068,582 
7.65%, 04/10/30  RUB 873,939    12,682,651 
7.70%, 03/23/33  RUB 689,967    10,088,110 
7.70%, 03/16/39  RUB 577,432    8,514,476 
7.75%, 09/16/26  RUB 717,365    10,284,224 
7.95%, 10/07/26  RUB 613,808    8,857,524 
8.15%, 02/03/27  RUB 670,985    9,798,225 
8.50%, 09/17/31  RUB 491,893    7,565,324 
          176,579,674 
Serbia: 1.5%           
Serbia Treasury Bonds           
4.50%, 01/11/26  RSD 1,889,550    20,918,462 
4.50%, 08/20/32  RSD 1,714,700    19,123,937 
5.88%, 02/08/28  RSD 1,406,330    17,154,913 
          57,197,312 
South Africa: 6.5%           
Republic of South Africa Government Bond           
6.25%, 03/31/36  ZAR 188,514    9,112,618 
6.50%, 02/28/41  ZAR 194,078    8,858,955 
7.00%, 02/28/31  ZAR 252,428    14,875,198 
7.75%, 02/28/23  ZAR 85,190    6,068,610 
8.00%, 01/31/30  ZAR 504,395    32,834,169 
8.25%, 03/31/32  ZAR 387,629    24,212,732 
8.50%, 01/31/37  ZAR 394,732    23,090,500 
8.75%, 01/31/44  ZAR 340,673    19,665,143 
8.75%, 02/28/48  ZAR 565,437    32,551,171 
8.88%, 02/28/35  ZAR 360,265    22,363,775 
9.00%, 01/31/40  ZAR 270,094    16,195,423 
10.50%, 12/21/26  ZAR 385,259    30,033,265 
          239,861,559 
Thailand: 6.5%           
Thailand Government Bond           
0.75%, 06/17/24  THB 317,434    9,710,722 
0.95%, 06/17/25  THB 449,360    13,824,259 
1.45%, 12/17/24  THB 470,278    14,712,719 
1.58%, 12/17/35  THB 203,231    5,951,819 
1.60%, 12/17/29  THB 395,506   12,265,039 
1.60%, 06/17/35  THB 185,815    5,367,630 
1.88%, 06/17/22  THB 215,798    6,647,301 
2.00%, 12/17/22  THB 340,938    10,591,728 
2.00%, 12/17/31  THB 102,025    3,238,309 
2.00%, 06/17/42  THB 99,712    2,905,390 
2.12%, 12/17/26  THB 457,266    14,845,949 
2.40%, 12/17/23  THB 417,875    13,275,469 
2.88%, 12/17/28  THB 385,794    13,141,261 
2.88%, 06/17/46  THB 338,978    11,218,230 
3.30%, 06/17/38  THB 485,493    17,237,118 
3.40%, 06/17/36  THB 362,192    13,004,945 
3.62%, 06/16/23  THB 336,471    10,833,410 
3.65%, 06/20/31  THB 375,874    13,668,622 
3.77%, 06/25/32  THB 512,227    18,833,434 
3.85%, 12/12/25  THB 382,542    13,192,110 
4.75%, 12/20/24  THB 824    28,543 
4.88%, 06/22/29  THB 405,269    15,534,512 
          240,028,519 
Turkey: 2.8%           
Turkey Government Bond           
7.10%, 03/08/23  TRY 66,894    6,791,067 
8.00%, 03/12/25  TRY 50,881    4,558,266 
8.50%, 09/14/22  TRY 34,754    3,749,528 
9.00%, 07/24/24  TRY 74,423    7,126,829 
10.40%, 03/20/24  TRY 29,053    2,939,552 
10.50%, 08/11/27  TRY 59,658   5,362,278 
10.60%, 02/11/26  TRY 100,029    9,477,932 
10.70%, 08/17/22  TRY 65,744    7,294,914 
11.00%, 03/02/22  TRY 48,725    5,577,167 
11.00%, 02/24/27  TRY 61,595    5,719,222 
11.70%, 11/13/30  TRY 103,013    9,418,192 
12.20%, 01/18/23  TRY 80,240    8,898,618 
12.40%, 03/08/28  TRY 40,662    3,992,813 
12.60%, 10/01/25  TRY 157,415    16,130,084 
16.20%, 06/14/23  TRY 68,855    7,963,046 
          104,999,508 
Uruguay: 1.5%           
Uruguay Government International Bond
8.25%, 05/21/31
  UYU 1,418,053    33,013,388 
Uruguay Government International Bond 144A
8.50%, 03/15/28
  UYU 138,894    3,303,374 
Uruguay Government International Bond Reg S
8.50%, 03/15/28
  UYU 738,236    17,557,772 
          53,874,534 
Total Government Obligations
(Cost: $3,541,160,577)
         3,447,374,817 
Total Investments: 97.6%
(Cost: $3,730,541,743)
         3,621,276,331 
Other assets less liabilities: 2.4%         87,510,857 
NET ASSETS: 100.0%        $3,708,787,188 

 

Definitions:

BRL Brazilian Real
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
CZK Czech Koruna
DOP Dominican Peso
HUF Hungarian Forint
IDR Indonesian Rupiah
MXN Mexican Peso
MYR Malaysian Ringgit
PEN Peruvian Nuevo Sol
PHP Philippine Peso
PLN Polish Zloty
RON Romanian Leu
RUB Russian Ruble
THB Thai Baht
TRY Turkish Lira
UYU Uruguayan Peso
ZAR South African Rand

 

Footnotes:

^ Zero Coupon Bond
Reg S Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $69,746,059, or 1.9% of net assets.

 

Summary of Investments by Sector  % of
Investments
  Value 
Energy        0.1%       $2,449,325 
Financials   4.3    157,232,066 
Government Activity   95.2    3,447,374,817 
Industrials   0.2    8,274,238 
Utilities   0.2    5,945,885 
    100.0%  $3,621,276,331 

 

VANECK VECTORS MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 98.8%           
Brazil: 1.5%           
Vale Overseas Ltd.           
3.75%, 07/08/30  USD 50   $53,563 
6.88%, 11/21/36  USD 75    104,738 
          158,301 
Canada: 5.3%           
Alimentation Couche-Tard, Inc. 144A
3.55%, 07/26/27
  USD 50    55,659 
Bank of Nova Scotia
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)
  USD 50    54,938 
Canadian Natural Resources Ltd.
6.25%, 03/15/38
  USD 50    68,174 
Enbridge, Inc.           
3.12%, 11/15/29  USD 75    80,866 
5.50%, 07/15/77  USD 50    53,680 
Spectra Energy Partners LP
4.75%, 03/15/24
  USD 50    54,829 
Suncor Energy, Inc.
6.50%, 06/15/38
  USD 50    71,457 
TransCanada PipeLines Ltd.
7.62%, 01/15/39
  USD 50    79,650 
Transcanada Trust
5.50% (United States Secured Overnight Financing Rate+4.42%), 09/15/79
  USD 25    27,856 
          547,109 
China: 0.5%           
Bank of China Hong Kong Ltd. 144A
5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)
  USD 50    53,969 
Denmark: 1.5%           
Danske Bank A/S 144A
1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23
  USD 150    150,731 
France: 6.3%           
BNP Paribas SA 144A           
4.62%, 03/13/27  USD 50    56,805 
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †  USD 125    132,969 
Credit Agricole SA 144A
4.38%, 03/17/25
  USD 100    110,427 
Societe Generale SA 144A           
3.00%, 01/22/30 †  USD 50    52,866 
4.25%, 04/14/25  USD 50    54,672 
4.75%, 09/14/28  USD 100    117,316 
5.00%, 01/17/24  USD 100    108,725 
          633,780 
Germany: 1.4%           
Deutsche Bank AG
3.30%, 11/16/22
  USD 100    103,434 
E.ON International Finance BV 144A
6.65%, 04/30/38
  USD 25    37,641 
          141,075 
India: 0.5%           
Bharti Airtel Ltd. 144A
4.38%, 06/10/25
  USD 50    54,750 
Italy: 3.4%           
Enel Finance International NV 144A           
3.62%, 05/25/27  USD 200    223,659 
6.00%, 10/07/39  USD 50    71,525 
Intesa Sanpaolo SpA 144A
3.38%, 01/12/23
  USD 50    51,964 
          347,148 
Luxembourg: 1.5%           
DH Europe Finance II Sarl
3.25%, 11/15/39
  USD 50    54,827 
Gazprom PJSC Via Gaz Capital SA 144A
7.29%, 08/16/37
  USD 75    104,896 
          159,723 
Mexico: 1.2%           
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A
4.38%, 04/11/27
  USD 50    53,675 
Southern Copper Corp.
6.75%, 04/16/40
  USD 50    69,676 
          123,351 
Netherlands: 1.3%           
Heineken NV 144A
2.75%, 04/01/23
  USD 25    25,923 
Lukoil Securities BV 144A
3.88%, 05/06/30
  USD 50    53,328 
Prosus NV 144A
3.68%, 01/21/30
  USD 50    52,738 
          131,989 
Saudi Arabia: 0.6%           
Motiva Enterprises LLC 144A
6.85%, 01/15/40
  USD 50    65,469 
Spain: 1.9%           
Banco Santander SA
2.75%, 12/03/30
  USD 50    50,499 
Santander Holdings USA, Inc.           
4.40%, 07/13/27  USD 50    56,582 
4.50%, 07/17/25  USD 75    83,408 
          190,489 
Switzerland: 2.4%           
Credit Suisse Group AG 144A           
3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32  USD 100    104,610 
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31  USD 125    142,672 
          247,282 
United Kingdom: 5.3%           
Barclays Plc           
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31  USD 200    204,576 
5.20%, 05/12/26  USD 100    115,348 
Standard Chartered Plc 144A
4.30%, 02/19/27 †
  USD 200    221,331 
          541,255 
United States: 64.2%           
7-Eleven, Inc. 144A
0.62%, 02/10/23
  USD 25    25,017 
Ally Financial, Inc.
8.00%, 11/01/31
  USD 50    72,821 
Altria Group, Inc.           
4.00%, 02/04/61  USD 50    49,466 
4.25%, 08/09/42  USD 100    106,912 
4.80%, 02/14/29  USD 125    146,442 
Ares Capital Corp.           
3.50%, 02/10/23  USD 50    51,846 
3.88%, 01/15/26  USD 50    54,018 
AT&T, Inc.           
2.62%, 12/01/22  USD 25    25,633 
4.12%, 02/17/26  USD 75    84,439 
4.30%, 02/15/30  USD 100    116,685 
4.35%, 03/01/29  USD 100    116,468 
4.45%, 04/01/24  USD 50    54,540 
5.25%, 03/01/37  USD 100    127,345 
Bayer US Finance II LLC 144A
3.88%, 12/15/23
  USD 50    53,515 
Becton Dickinson and Co.
3.36%, 06/06/24
  USD 75    80,374 
Brighthouse Financial, Inc.
4.70%, 06/22/47
  USD 50    56,340 
Broadridge Financial Solutions, Inc.
2.60%, 05/01/31
  USD 25    26,035 
Charter Communications Operating LLC / Charter Communications Operating Capital           
4.50%, 02/01/24  USD 25    27,212 
4.91%, 07/23/25  USD 125    141,955 
5.05%, 03/30/29  USD 125    149,293 
5.38%, 05/01/47  USD 75    93,031 
6.48%, 10/23/45  USD 50    70,509 
CoStar Group, Inc. 144A
2.80%, 07/15/30
  USD 25    25,866 
Discover Financial Services
4.10%, 02/09/27
  USD 50    56,841 
Dow Chemical Co.
9.40%, 05/15/39
  USD 50    90,507 
Enterprise Products Operating LLC
5.95%, 02/01/41
  USD 50    70,575 
Exelon Corp.
4.05%, 04/15/30
  USD 100    115,667 
Exelon Generation Co. LLC
3.25%, 06/01/25
  USD 50    54,158 
Fifth Third Bancorp
8.25%, 03/01/38
  USD 35    59,374 
FS KKR Capital Corp.
3.40%, 01/15/26
  USD 25    26,134 
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35
  USD 200    245,695 
General Electric Co.           
3.45%, 05/01/27  USD 75    83,213 
4.35%, 05/01/50 †  USD 50    61,727 
5.88%, 01/14/38  USD 50    69,230 
6.75%, 03/15/32  USD 50    69,758 
GLP Capital LP / GLP Financing II, Inc.
5.38%, 04/15/26
  USD 50    57,939 
HCA, Inc.           
4.12%, 06/15/29  USD 75    85,666 
5.00%, 03/15/24  USD 100    110,671 
5.12%, 06/15/39  USD 50    63,888 
5.25%, 06/15/26  USD 50    58,287 
5.50%, 06/15/47  USD 50    66,689 
Kinder Morgan Energy Partners LP
6.95%, 01/15/38
  USD 75    108,753 
Lowe’s Cos, Inc.
4.00%, 04/15/25
  USD 25    27,719 
McDonald’s Corp.           
2.62%, 09/01/29  USD 35    37,410 
3.60%, 07/01/30  USD 50    56,888 
4.45%, 03/01/47  USD 50    62,952 
4.88%, 12/09/45  USD 50    66,244 
6.30%, 03/01/38  USD 50    73,211 
Midwest Connector Capital Co. LLC 144A
3.90%, 04/01/24
  USD 50    52,420 
Mondelez International, Inc.           
1.50%, 05/04/25  USD 25    25,596 
2.75%, 04/13/30  USD 25    26,714 
Oracle Corp.           
2.50%, 04/01/25  USD 125    131,647 
2.88%, 03/25/31  USD 75    79,442 
3.60%, 04/01/40  USD 75    80,436 
3.80%, 11/15/37  USD 50    55,629 
4.00%, 07/15/46  USD 50    55,566 
6.50%, 04/15/38  USD 75    107,443 
Owl Rock Capital Corp.
3.40%, 07/15/26
  USD 50    52,593 
Phillips 66
5.88%, 05/01/42
  USD 25    35,061 
Prudential Financial, Inc.
5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48
  USD 50    59,168 
Sabine Pass Liquefaction LLC
5.00%, 03/15/27
  USD 25    29,155 
Sherwin-Williams Co.
3.45%, 06/01/27
  USD 50    55,633 
Stellantis NV
5.25%, 04/15/23
  USD 50    53,747 
Synchrony Financial           
3.95%, 12/01/27  USD 50    55,985 
4.25%, 08/15/24  USD 50    54,627 
Sysco Corp.           
3.30%, 07/15/26  USD 25    27,407 
5.95%, 04/01/30  USD 75    97,369 
Thermo Fisher Scientific, Inc.           
2.95%, 09/19/26  USD 50    54,456 
4.10%, 08/15/47  USD 50    62,215 
4.50%, 03/25/30  USD 50    60,544 
Time Warner Cable LLC
7.30%, 07/01/38
  USD 100    147,099 
Time Warner Entertainment Co. LP           
8.38%, 03/15/23  USD 75    84,362 
8.38%, 07/15/33  USD 50    76,812 
T-Mobile USA, Inc.           
3.50%, 04/15/25  USD 150    163,304 
3.75%, 04/15/27  USD 155    173,097 
3.88%, 04/15/30  USD 35    39,638 
Valero Energy Corp.
6.62%, 06/15/37
  USD 50    69,461 
Verizon Communications, Inc.           
1.45%, 03/20/26  USD 100    101,421 
3.38%, 02/15/25  USD 50    54,427 
3.50%, 11/01/24  USD 50    54,219 
4.02%, 12/03/29  USD 50    57,925 
4.12%, 03/16/27  USD 100    114,641 
4.33%, 09/21/28  USD 100    117,439 
Volkswagen Group of America Finance LLC 144A
2.70%, 09/26/22
  USD 50    51,307 
Wells Fargo & Co.           
4.65%, 11/04/44  USD 50    62,999 
5.38%, 11/02/43  USD 100    136,799 
Westinghouse Air Brake Technologies Corp.
4.95%, 09/15/28
  USD 50    58,707 
          6,511,468 
Total Corporate Bonds
(Cost: $9,881,678)
         10,057,889 
            
   Number
of Shares
     
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3%
(Cost: $128,916)
           
Money Market Fund: 1.3%           
State Street Navigator Securities Lending Government Money Market Portfolio    128,916    128,916 
Total Investments: 100.1%
(Cost: $10,010,594)
         10,186,805 
Liabilities in excess of other assets: (0.1)%         (9,520)
NET ASSETS: 100.0%        $10,177,285 
            

Definitions:

USD United States Dollar

 

Footnotes:

(o) Perpetual Maturity — the date shown is the next call date
Security fully or partially on loan. Total market value of securities on loan is $443,505.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,366,445, or 23.3% of net assets.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                        Value 
Basic Materials       3.7%        $374,116 
Consumer Cyclicals   9.1    911,477 
Consumer Non-Cyclicals   8.7    870,434 
Energy   8.1    813,486 
Financials   34.1    3,428,240 
Healthcare   6.9    696,305 
Industrials   1.6    165,953 
Real Estate   0.6    57,939 
Technology   22.2    2,231,950 
Utilities   5.0    507,989 
    100.0%  $10,057,889 

 

VANECK VECTORS MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Par
(000’s)
   Value 
CORPORATE BONDS: 98.9%           
Brazil: 1.1%           
Vale Overseas Ltd.           
3.75%, 07/08/30  USD 50   $53,563 
6.88%, 11/21/36  USD 75    104,738 
          158,301 
Canada: 7.8%           
Alimentation Couche- Tard, Inc. 144A
2.95%, 01/25/30
  USD 100    105,900 
Bank of Nova Scotia           
3.40%, 02/11/24  USD 50    53,565 
4.50%, 12/16/25  USD 50    56,955 
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o)  USD 100    109,875 
Brookfield Finance, Inc.
4.35%, 04/15/30
  USD 100    117,757 
Canadian Imperial Bank of Commerce
3.10%, 04/02/24 †
  USD 100    106,620 
Canadian Natural Resources Ltd.
6.25%, 03/15/38
  USD 50    68,174 
CI Financial Corp.
3.20%, 12/17/30
  USD 40    41,628 
Enbridge, Inc.           
3.12%, 11/15/29  USD 100    107,822 
5.50%, 07/15/77  USD 100    107,360 
Suncor Energy, Inc.
6.80%, 05/15/38
  USD 75    109,599 
Toronto-Dominion Bank
3.25%, 03/11/24
  USD 50    53,504 
TotalEnergies Capital Canada Ltd.
2.75%, 07/15/23
  USD 25    26,119 
TransCanada PipeLines Ltd.
6.20%, 10/15/37
  USD 75    104,304 
          1,169,182 
China: 1.4%           
Bank of China Hong Kong Ltd. 144A
5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o)
  USD 100    107,938 
Tencent Holdings Ltd. 144A
3.28%, 04/11/24
  USD 100    106,272 
          214,210 
Denmark: 1.0%           
Danske Bank A/S 144A
1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26
  USD 150    151,494 
France: 5.2%           
BNP Paribas SA 144A           
2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35  USD 50    49,418 
2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32  USD 50    52,029 
4.38%, 05/12/26  USD 75    83,766 
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) †  USD 100    106,375 
Credit Agricole SA 144A
3.25%, 01/14/30
  USD 100    106,864 
Societe Generale SA 144A           
3.00%, 01/22/30 †  USD 100    105,732 
4.25%, 04/14/25  USD 200    218,688 
TotalEnergies Capital International SA
3.70%, 01/15/24
  USD 75    80,825 
          803,697 
Germany: 1.6%           
Deutsche Bank AG           
3.30%, 11/16/22  USD 100    103,434 
3.70%, 05/30/24  USD 50    53,624 
E.ON International Finance BV 144A
6.65%, 04/30/38
  USD 50    75,283 
          232,341 
Italy: 2.9%           
Enel Finance International NV 144A           
3.50%, 04/06/28  USD 100    111,417 
3.62%, 05/25/27  USD 50    55,914 
6.80%, 09/15/37  USD 100    151,479 
Eni SpA 144A
4.75%, 09/12/28
  USD 100    119,061 
          437,871 
Japan: 0.8%           
Nomura Holdings, Inc.
2.65%, 01/16/25
  USD 50    52,726 
NTT Finance Corp. 144A
0.37%, 03/03/23
  USD 25    25,020 
Sumitomo Mitsui Financial Group, Inc.
2.78%, 10/18/22
  USD 50    51,517 
          129,263 
Luxembourg: 0.7%           
Gazprom PJSC Via Gaz Capital SA 144A
4.95%, 02/06/28
  USD 100    111,750 
Mexico: 1.1%           
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A
4.38%, 04/11/27
  USD 50    53,675 
Southern Copper Corp.
6.75%, 04/16/40
  USD 75    104,513 
          158,188 
Saudi Arabia: 3.3%           
Motiva Enterprises LLC 144A
6.85%, 01/15/40
  USD 50    65,469 
Saudi Arabian Oil Co. 144A           
2.88%, 04/16/24  USD 100    105,155 
3.50%, 04/16/29  USD 200    219,055 
4.25%, 04/16/39  USD 100    113,894 
          503,573 
Spain: 1.1%           
Santander Holdings USA, Inc.           
4.40%, 07/13/27  USD 50    56,582 
4.50%, 07/17/25  USD 100    111,211 
          167,793 
Switzerland: 1.8%           
Credit Suisse Group AG 144A
4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31
  USD 250    285,344 
United Kingdom: 8.3%           
Barclays Plc           
2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31  USD 200    204,576 
5.20%, 05/12/26  USD 200    230,695 
Credit Agricole SA 144A           
1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26  USD 50    51,204 
4.12%, 01/10/27  USD 100    113,391 
HSBC Holdings Plc
6.10%, 01/14/42
  USD 50    73,565 
Lloyds Banking Group Plc
4.55%, 08/16/28
  USD 200    235,213 
Sky Ltd. 144A
3.75%, 09/16/24
  USD 50    54,718 
Standard Chartered Plc 144A           
5.20%, 01/26/24  USD 200    219,256 
5.30%, 01/09/43  USD 125    156,297 
          1,338,915 
United States: 60.8%           
Ally Financial, Inc.
8.00%, 11/01/31
  USD 50    72,821 
Altria Group, Inc.           
4.25%, 08/09/42  USD 100    106,912 
4.80%, 02/14/29  USD 100    117,154 
5.38%, 01/31/44  USD 100    122,265 
Amazon.com, Inc.
5.20%, 12/03/25
  USD 50    58,829 
Apple, Inc.           
2.85%, 05/11/24  USD 75    79,718 
3.20%, 05/11/27  USD 100    111,055 
3.25%, 02/23/26  USD 100    110,126 
3.35%, 02/09/27  USD 75    83,697 
4.65%, 02/23/46  USD 50    67,290 
Ares Capital Corp.
4.20%, 06/10/24
  USD 100    107,849 
AT&T, Inc.           
3.40%, 05/15/25  USD 50    54,571 
3.80%, 02/15/27  USD 100    112,380 
4.30%, 02/15/30  USD 150    175,027 
5.25%, 03/01/37  USD 100    127,345 
Bank of America Corp.           
4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51  USD 125    151,704 
4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48  USD 100    126,094 
BBVA Bancomer SA 144A
4.38%, 04/10/24
  USD 50    54,458 
Becton Dickinson and Co.
3.36%, 06/06/24
  USD 50    53,583 
Berkshire Hathaway Energy Co.           
2.85%, 05/15/51  USD 25    25,034 
3.70%, 07/15/30  USD 100    114,877 
4.25%, 10/15/50  USD 50    62,924 
6.12%, 04/01/36  USD 75    107,605 
Berkshire Hathaway Finance Corp.
4.20%, 08/15/48
  USD 110    139,034 
Berkshire Hathaway, Inc.
3.12%, 03/15/26
  USD 125    137,159 
Booking Holdings, Inc.
4.62%, 04/13/30
  USD 50    60,201 
Brighthouse Financial, Inc.
4.70%, 06/22/47
  USD 50    56,340 
Broadridge Financial Solutions, Inc.
2.60%, 05/01/31
  USD 50    52,070 
Capital One Financial Corp.
3.75%, 07/28/26
  USD 75    83,124 
Charter Communications Operating LLC / Charter Communications Operating Capital           
4.91%, 07/23/25  USD 100    113,564 
5.05%, 03/30/29  USD 100    119,434 
5.38%, 04/01/38  USD 75    94,029 
6.48%, 10/23/45  USD 100    141,018 
Chevron Corp.           
2.90%, 03/03/24 †  USD 50    53,034 
3.19%, 06/24/23  USD 25    26,197 
Chevron USA, Inc.
6.00%, 03/01/41
  USD 50    75,148 
DH Europe Finance II Sarl
2.60%, 11/15/29
  USD 75    79,714 
Discover Financial Services
4.10%, 02/09/27
  USD 50    56,841 
Dow Chemical Co.
9.40%, 05/15/39
  USD 50    90,507 
DuPont de Nemours, Inc.
5.32%, 11/15/38
  USD 50    66,931 
Enterprise Products Operating LLC
5.95%, 02/01/41
  USD 40    56,460 
Exelon Generation Co. LLC           
3.25%, 06/01/25  USD 50    54,158 
6.25%, 10/01/39  USD 50    63,007 
Exxon Mobil Corp.           
1.57%, 04/15/23  USD 75    76,627 
2.99%, 03/19/25  USD 150    161,165 
3.48%, 03/19/30 †  USD 50    56,906 
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35
  USD 175    214,982 
General Electric Co.           
6.75%, 03/15/32  USD 40    55,807 
6.88%, 01/10/39  USD 125    190,618 
GLP Capital LP / GLP Financing II, Inc.
5.25%, 06/01/25
  USD 75    84,904 
HCA, Inc.           
4.12%, 06/15/29  USD 75    85,666 
5.00%, 03/15/24  USD 100    110,671 
5.25%, 04/15/25  USD 75    86,130 
5.50%, 06/15/47  USD 125    166,724 
Home Depot, Inc.
3.75%, 02/15/24
  USD 50    53,877 
Kinder Morgan Energy Partners LP
6.95%, 01/15/38
  USD 75    108,753 
Lockheed Martin Corp.
2.90%, 03/01/25
  USD 50    53,825 
Marathon Petroleum Corp.           
6.50%, 03/01/41  USD 50    70,341 
McDonald’s Corp.           
4.70%, 12/09/35  USD 50    63,492 
4.88%, 12/09/45  USD 50    66,244 
6.30%, 10/15/37  USD 50    72,838 
Microsoft Corp.           
2.70%, 02/12/25  USD 50    53,690 
2.88%, 02/06/24  USD 50    52,997 
3.12%, 11/03/25  USD 100    109,616 
3.30%, 02/06/27  USD 120    134,242 
Midwest Connector Capital Co. LLC 144A
3.90%, 04/01/24
  USD 50    52,420 
Mondelez International, Inc.
2.75%, 04/13/30
  USD 25    26,714 
Nestle Holdings, Inc. 144A
3.35%, 09/24/23
  USD 50    53,133 
Oracle Corp.           
2.95%, 04/01/30  USD 50    53,542 
3.85%, 07/15/36  USD 75    84,644 
4.12%, 05/15/45  USD 100    112,977 
4.30%, 07/08/34  USD 50    59,290 
5.38%, 07/15/40  USD 75    98,761 
6.50%, 04/15/38  USD 50    71,629 
PepsiCo, Inc.
2.75%, 04/30/25
  USD 100    107,442 
Phillips 66           
4.65%, 11/15/34  USD 25    30,048 
5.88%, 05/01/42  USD 50    70,122 
Prudential Financial, Inc.
5.38% (ICE LIBOR USD 3 Month+3.03%), 05/15/45
  USD 100    110,517 
Synchrony Financial           
4.25%, 08/15/24  USD 50    54,627 
4.50%, 07/23/25  USD 75    83,855 
Sysco Corp.           
3.30%, 07/15/26  USD 50    54,813 
5.95%, 04/01/30  USD 100    129,825 
Thermo Fisher Scientific, Inc.           
2.95%, 09/19/26 †  USD 50    54,456 
4.10%, 08/15/47  USD 50    62,215 
4.50%, 03/25/30  USD 50    60,544 
Time Warner Cable LLC           
6.55%, 05/01/37  USD 100    138,012 
6.75%, 06/15/39  USD 75    106,819 
Time Warner Entertainment Co. LP
8.38%, 03/15/23
  USD 75    84,362 
T-Mobile USA, Inc.           
3.50%, 04/15/25  USD 50    54,435 
3.75%, 04/15/27  USD 150    167,513 
3.88%, 04/15/30  USD 200    226,503 
Valero Energy Corp.
7.50%, 04/15/32
  USD 75    106,137 
Verizon Communications, Inc.           
3.38%, 02/15/25  USD 50    54,427 
4.02%, 12/03/29  USD 150    173,775 
4.12%, 03/16/27  USD 125    143,301 
Walmart, Inc.           
2.85%, 07/08/24  USD 50    53,402 
3.30%, 04/22/24  USD 50    53,568 
Wells Fargo & Co.           
4.90%, 11/17/45  USD 100    130,572 
5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51  USD 150    209,508 
Westinghouse Air Brake Technologies Corp.
4.95%, 09/15/28
  USD 50    58,707 
         9,144,018 
Total Corporate Bonds
(Cost: $14,842,081)
        15,005,940 
           
   Number
of Shares
     
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2%
(Cost: $183,275)
          
Money Market Fund: 1.2%          
State Street Navigator Securities Lending Government Money Market Portfolio   183,275    183,275 
Total Investments: 100.1%
(Cost: $15,025,356)
        15,189,215 
Liabilities in excess of other assets: (0.1)%        (8,254)
NET ASSETS: 100.0%       $15,180,961 

 

Definitions:

USD United States Dollar

 

Footnotes:

(o) Perpetual Maturity — the date shown is the next call date
Security fully or partially on loan. Total market value of securities on loan is $382,229.
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,441,869, or 22.7% of net assets.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                        Value 
Basic Materials        2.8%       $420,251 
Consumer Cyclicals   6.0    898,245 
Consumer Non-Cyclicals   11.8    1,764,186 
Energy   14.1    2,117,775 
Financials   37.0    5,548,221 
Healthcare   4.5    679,988 
Industrials   1.6    244,664 
Real Estate   0.6    84,904 
Technology   18.9    2,840,276 
Utilities   2.7    407,430 
    100.0%  $15,005,940 

 

VANECK VECTORS MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Number
of Shares
   Value 
COMMON STOCKS: 99.7%          
Real Estate Investment Trusts: 99.7%          
AGNC Investment Corp.   1,785,381   $28,333,996 
Annaly Capital Management, Inc.   4,814,075    40,871,497 
Apollo Commercial Real Estate Finance, Inc.   922,349    14,038,152 
Arbor Realty Trust, Inc.   829,985    15,172,126 
Ares Commercial Real Estate Corp.   406,053    6,123,279 
ARMOUR Residential REIT, Inc. †   519,581    5,403,642 
Blackstone Mortgage Trust, Inc. †   529,256    17,158,480 
BrightSpire Capital, Inc.   661,157    6,287,603 
Broadmark Realty Capital, Inc.   887,389    9,202,224 
Chimera Investment Corp.   1,134,750    16,703,520 
Dynex Capital, Inc.   259,141    4,522,010 
Ellington Financial, Inc.   328,047    5,963,894 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †   336,592    19,118,426 
Invesco Mortgage Capital, Inc. †   2,043,243    7,028,756 
KKR Real Estate Finance Trust, Inc. †   211,220    4,501,098 
Ladder Capital Corp.   984,521    11,243,230 
MFA Financial, Inc.   2,909,666    13,588,140 
New Residential Investment Corp.   1,644,584    16,051,140 
New York Mortgage Trust, Inc.   2,879,707    12,584,320 
Orchid Island Capital, Inc. †   856,543    4,239,888 
PennyMac Mortgage Investment Trust   704,482    13,892,385 
Ready Capital Corp.   512,304    7,746,036 
Redwood Trust, Inc.   711,285    8,442,953 
Starwood Property Trust, Inc.   999,653    26,020,968 
Two Harbors Investment Corp. †   2,077,124    13,314,365 
Total Common Stocks
(Cost: $305,798,424)
        327,552,128 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%
(Cost: $5,537,285)
          
Money Market Fund: 1.7%          
State Street Navigator Securities Lending Government Money Market Portfolio   5,537,285    5,537,285 
Total Investments: 101.4%
(Cost: $311,335,709)
        333,089,413 
Liabilities in excess of other assets: (1.4)%        (4,695,926)
NET ASSETS: 100.0%       $328,393,487 

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $42,289,669.
   

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                        Value 
Financials        100.0%        $327,552,128 

 

VANECK VECTORS PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

July 31, 2021 (unaudited)

 

   Number
of Shares
   Value 
PREFERRED SECURITIES: 99.7%          
Basic Materials: 3.4%          
ArcelorMittal SA (USD)
5.50%, 05/18/23 *
   414,622   $34,417,772 
Consumer Cyclicals: 6.6%          
Aptiv Plc
5.50%, 06/15/23
   119,204    22,381,743 
Ford Motor Co.          
6.00%, 12/01/59 * †   331,697    9,154,837 
6.20%, 06/01/59 *   310,966    8,632,416 
Qurate Retail, Inc.
8.00%, 03/15/31
   129,569    14,055,645 
QVC, Inc.
6.25%, 11/26/68 * †
   207,394    5,442,019 
ViacomCBS, Inc.
5.75%, 04/01/24 †
   103,655    7,533,646 
         67,200,306 
Consumer Non-Cyclicals: 2.9%          
Brookfield Infrastructure Finance ULC (USD)
5.00%, 05/24/81 * †
   103,655    2,710,578 
CHS, Inc.          
6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 †   204,201    5,752,342 
7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 †   174,141    4,936,898 
7.50%, 01/21/25   214,567    6,273,939 
7.88%, 09/26/23   222,444    6,386,367 
8.00%, 07/18/23 †   127,206    3,809,820 
         29,869,944 
Energy: 3.4%          
Enbridge, Inc. (USD)
6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 *
   248,773    6,779,064 
Energy Transfer LP          
7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 †   186,580    4,677,560 
7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24   331,697    8,318,961 
7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23   184,507    4,679,097 
NGL Energy Partners LP
9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22
   130,440    1,792,246 
NuStar Energy LP
7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22
   159,629    3,719,356 
NuStar Logistics LP
6.86% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 *
   166,885    4,217,184 
         34,183,468 
Financials: 2.1%          
Qwest Corp.          
6.50%, 09/01/56 *   405,293    10,278,230 
6.75%, 06/15/57 *   273,650    7,218,887 
SCE Trust IV
5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 †
   134,752    3,375,538 
         20,872,655 
Healthcare: 9.4%          
Avantor, Inc.
6.25%, 05/15/22
   214,567    24,814,674 
Becton Dickinson and Co.
6.00%, 06/01/23 †
   310,966    17,482,509 
Boston Scientific Corp.
5.50%, 06/01/23
   104,298    12,814,052 
Danaher Corp.
4.75%, 04/15/22
   17,103    34,082,003 
Elanco Animal Health, Inc.
5.00%, 02/01/23 †
   114,021    6,295,099 
         95,488,337 
Industrials: 4.8%          
Clarivate Plc (USD)
5.25%, 06/01/24 *
   149,005    13,544,554 
Crestwood Equity Partners LP
9.25%, 0
   738,648    7,046,702 
GFL Environmental, Inc. (USD)
6.00%, 03/15/23
   150,259    12,205,539 
Stanley Black & Decker, Inc.
5.25%, 11/15/22 †
   77,742    9,173,556 
WESCO International, Inc.
10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25
   224,020    6,955,821 
         48,926,172 
Materials: 0.9%          
International Flavors & Fragrances, Inc.
6.00%, 09/15/21
   171,031    8,712,319 
Real Estate: 4.1%          
DigitalBridge Group, Inc.
7.12%, 0
   249,810    6,375,897 
7.15%, 06/05/22   143,044    3,650,483 
Diversified Healthcare Trust
6.25%, 02/01/46 * †
   103,655    2,625,581 
Public Storage
4.00%, 06/16/26 *
   250,348    6,381,371 
4.62%, 06/17/25 †   234,261    6,521,826 
5.15%, 06/02/22   116,094    3,067,204 
5.60%, 03/11/24 †   118,167    3,318,129 
QTS Realty Trust, Inc.
6.50%, 0
   32,776    5,633,211 
RLJ Lodging Trust
1.95%, 0
   133,508    3,786,287 
         41,359,989 
Real Estate Investment Trusts: 11.8%          
AGNC Investment Corp.
6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25
   238,407    6,055,538 
6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24   166,885    4,297,289 
7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 †   134,752    3,538,588 
Annaly Capital Management, Inc.
6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23
   176,214    4,602,710 
6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24   183,470    4,836,269 
6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22   298,527    7,791,555 
Brookfield Property REIT, Inc. (USD)
6.38%, 0
   103,655    2,611,069 
Capstead Mortgage Corp.
7.50%, 0 †
   107,055    2,715,985 
Chimera Investment Corp.
7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25
   107,802    2,784,526 
8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24   134,752    3,539,935 
Digital Realty Trust, Inc.
5.20%, 10/10/24
   143,044    3,955,167 
Diversified Healthcare Trust
5.62%, 08/01/42 †
   145,118    3,555,391 
Invesco Mortgage Capital, Inc.
7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 †
   119,204    3,006,325 
Kimco Realty Corp.
5.25%, 12/20/22
   109,667    2,948,946 
MFA Financial, Inc.
6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25
   114,021    2,645,287 
Monmouth Real Estate Investment Corp.
6.12%, 09/15/21
   227,876    5,778,935 
National Retail Properties, Inc.
5.20%, 10/11/21
   143,044    3,650,483 
New Residential Investment Corp.
6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25
   166,885    3,935,148 
7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24   117,131    2,957,558 
PS Business Parks, Inc.
4.88%, 11/04/24 †
   134,752    3,750,148 
Public Storage
3.88%, 10/06/25 †
   117,131    3,045,406 
4.70%, 11/15/24 †   107,304    3,000,220 
4.88%, 09/12/24 †   131,103    3,655,152 
4.90%, 10/14/21 †   145,118    3,725,179 
5.05%, 08/09/22 †   124,386    3,277,571 
Two Harbors Investment Corp.          
7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25   122,313    3,059,048 
7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 †   119,204    3,055,198 
VEREIT, Inc.
6.70%, 0
   154,156    3,853,900 
Vornado Realty Trust          
5.25%, 12/13/22   256,858    6,905,325 
5.40%, 0   124,386    3,257,669 
5.70%, 0   124,386    3,263,889 
         119,055,409 
Technology: 15.4%          
AT&T, Inc.
4.75%, 02/18/25 †
   725,588    19,206,314 
5.00%, 12/12/24 †   497,546    13,354,135 
5.35%, 11/01/66 * †   548,337    14,530,930 
5.62%, 08/01/67 *   342,063    9,382,788 
Broadcom, Inc.
8.00%, 09/30/22 *
   41,462    64,031,425 
Pitney Bowes, Inc.
6.70%, 03/07/43 †
   176,214    4,498,743 
Sabre Corp.
6.50%, 09/01/23
   34,621    5,281,780 
Telephone and Data Systems, Inc.
6.62%, 03/31/26
   174,141    4,943,863 
United States Cellular Corp.
5.50%, 03/01/70 *
   207,311    5,462,645 
5.50%, 06/01/70 *   207,311    5,394,232 
6.25%, 09/01/69 *   207,311    5,759,100 
6.95%, 05/15/60 * †   141,801    3,675,482 
         155,521,437 
Utilities: 34.9%          
AES Corp.
6.88%, 02/15/24
   108,113    10,960,496 
Alabama Power Co.
5.00%, 10/01/22 †
   103,655    2,762,406 
Algonquin Power & Utilities Corp. (USD)          
6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 *   145,118    4,058,951 
6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 *   119,204    3,313,871 
7.75%, 06/15/24 *   238,407    12,533,056 
American Electric Power Co., Inc.          
6.12%, 03/15/22   166,885    8,389,309 
6.12%, 08/15/23   176,214    9,351,677 
Brookfield BRP Holdings Canada, Inc. (USD)
4.62%, 04/30/26 *
   145,118    3,636,657 
CenterPoint Energy, Inc.
7.00%, 09/01/21
   202,626    9,541,658 
CMS Energy Corp.          
5.88%, 10/15/78 *   116,094    3,192,585 
5.88%, 03/01/79 * †   261,212    7,217,288 
Dominion Energy, Inc.          
5.25%, 07/30/76 *   331,697    8,385,300 
7.25%, 06/01/22   166,885    16,643,441 
DTE Energy Co.          
5.25%, 12/01/77 *   165,849    4,388,365 
6.00%, 12/15/76 * †   116,094    2,999,869 
6.25%, 11/01/22   238,407    12,230,279 
Duke Energy Corp.          
5.12%, 01/15/73 * †   207,311    5,510,326 
5.62%, 09/15/78 * †   207,311    5,707,272 
5.75%, 06/15/24   414,622    11,795,996 
Entergy Arkansas LLC
4.88%, 09/01/66 *
   169,995    4,334,873 
Entergy Louisiana LLC
4.88%, 09/01/66 *
   111,948    2,871,466 
Entergy Mississippi LLC
4.90%, 10/01/66 *
   107,802    2,779,136 
Essential Utilities, Inc.
6.00%, 04/30/22
   100,442    6,091,807 
Georgia Power Co.
5.00%, 10/01/77 *
   111,948    2,946,471 
NextEra Energy Capital Holdings, Inc.          
5.25%, 06/01/76 * †   236,334    6,026,517 
5.65%, 03/01/79 * †   285,052    7,961,502 
NextEra Energy, Inc.          
4.87%, 09/01/22   310,966    18,275,472 
5.28%, 03/01/23   518,277    26,608,341 
6.22%, 09/01/23   414,622    21,514,736 
NiSource, Inc.          
6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24   207,311    5,875,194 
7.75%, 03/01/24   89,403    9,423,076 
PG&E Corp.
5.50%, 08/16/23
   165,849    14,996,067 
SCE Trust III
5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 †
   114,021    2,890,432 
SCE Trust V
5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26
   124,386    3,171,843 
SCE Trust VI
5.00%, 06/26/22 †
   196,945    4,929,533 
Sempra Energy
5.75%, 07/01/79 *
   314,076    8,750,157 
South Jersey Industries, Inc.
8.75%, 04/01/24 * †
   69,449    3,785,665 
Southern Co.          
4.20%, 10/15/60 * †   310,966    8,153,529 
4.95%, 01/30/80 * †   414,622    11,120,162 
5.25%, 10/01/76 *   331,697    8,561,100 
5.25%, 12/01/77 *   186,580    5,024,599 
6.75%, 08/01/22   357,611    18,542,130 
Spire, Inc.
5.90%, 08/15/24 †
   103,655    2,917,888 
Tennessee Valley Authority
2.13% (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year+0.94%), 06/01/28
   113,606    3,049,185 
         353,219,683 
Total Preferred Securities
(Cost: $919,149,868)
        1,008,827,491 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8%
(Cost: $18,160,897)
          
Money Market Fund: 1.8%          
State Street Navigator Securities Lending Government Money Market Portfolio   18,160,897    18,160,897 
Total Investments: 101.5%
(Cost: $937,310,765)
        1,026,988,388 
Liabilities in excess of other assets: (1.5)%        (14,935,763)
NET ASSETS: 100.0%       $1,012,052,625 

 

Definitions:

USD United States Dollar

 

Footnotes:

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $41,820,031.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value 
Basic Materials         3.4%           $34,417,772 
Consumer Cyclicals   6.7    67,200,306 
Consumer Non-Cyclicals   3.8    38,582,263 
Energy   3.4    34,183,468 
Financials   2.1    20,872,655 
Healthcare   9.5    95,488,337 
Industrials   4.8    48,926,172 
Real Estate   15.9    160,415,398 
Technology   15.4    155,521,437 
Utilities   35.0    353,219,683 
    100.0%  $1,008,827,491 
   


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